2024 New Mining Coins Panorama: In-Depth Comparison and Practical Guide for 7 Major PoW Coins

Analyzing Cryptocurrency Selection from Mining Trends

Cryptocurrency mining is entering a new phase. As the halving cycles of mainstream coins like Bitcoin and Litecoin in 2024 become increasingly evident, many miners are adjusting their strategies, exploring new mining coins and opportunities in traditional PoW currencies. Instead of relying on luck to choose coins, it depends on your understanding of three dimensions: hardware compatibility, energy economics, and the market vitality of the coin itself.

The Mining Profit Equation: Four Essential Variables

Before diving into specific coins, it’s crucial to understand the core logic behind miner profits. A coin valued at 100 yuan but with exponentially increasing difficulty may not be profitable. Conversely, a less well-known coin with low energy consumption and stable difficulty could unexpectedly become a profitable tool.

Trade-offs of Difficulty Coefficient
Miners need to solve increasingly complex mathematical problems to earn block rewards. The higher the difficulty, the lower the probability of earning rewards per unit time, directly affecting ROI cycles. Bitcoin’s difficulty has long reached astronomical levels, making GPU mining obsolete; Litecoin, while also difficult, remains more friendly.

Hidden Killer: Energy Costs
Electricity costs are not just expenses—they are critical variables determining survival. Low electricity prices in Nordic regions can turn seemingly insignificant coins into gold mines, while high-cost areas may never see a return. That’s why industrial-scale mining farms tend to cluster where water and electricity are abundant.

Hardware Investment and Obsolescence Cycles
ASIC miners see new generations annually, and GPUs depreciate by half in two to three years. Choosing the wrong direction may mean buying new equipment only to be overtaken by the next hardware generation within half a year. Therefore, selecting coins resistant to ASIC (like Ravencoin) or GPU-friendly coins (like Ethereum Classic) can extend hardware lifespan.

Coin Price and Market Cycles
When coin prices increase fivefold, mining profits don’t just increase five times—they increase even more (difficulty hasn’t caught up yet). Conversely, if prices halve, miners’ days become very tough. This explains why many mining farms shut down during bear markets and why new miners flood in during bull markets.

7 Major PoW Coins to Watch in 2024

Bitcoin (BTC): The King’s Perseverance

Bitcoin remains the absolute center of the mining ecosystem. Despite difficulty reaching astronomical levels, its huge market value makes it a must for professional miners. The 2024 halving will further raise mining thresholds—this time, only those with the latest S19 Pro or higher-end ASICs will be competitive.

Individual miners almost cannot mine solo; joining a mining pool is essential. Mainstream software like CGMiner and BFGMiner have been optimized to the extreme. However, this also means that without hundreds of thousands of dollars in equipment and extremely low electricity costs, Bitcoin mining is more of a “watch and not participate” scenario.

Litecoin (LTC): The Last Glow of the “Silver”

Litecoin is known as Bitcoin’s “silver,” using the Scrypt algorithm, with confirmation speeds much faster than BTC. Compared to Bitcoin, Litecoin’s difficulty is relatively moderate, and ASIC miners like Antminer L3+ can still be profitable.

In 2024, Litecoin’s halving will also push difficulty higher, but due to its lower difficulty base, small-scale ASIC setups still have opportunities. Software like EasyMiner simplifies configuration, making it attractive for beginners.

Zcash (ZEC): Niche Opportunity for Privacy Coins

Zcash holds a place in the privacy coin field thanks to its zero-knowledge proof technology. This high-end technical feature gives it a relatively stable user base, with long-term demand solid.

ZEC uses the Equihash algorithm, with ASIC miners like Antminer Z9 designed specifically for it. Compared to Bitcoin’s “universal competition,” Zcash mining is much gentler, leaving room for small and medium miners. Cuda Miner, optimized by EWBF, offers stable performance.

Ethereum Classic (ETC): The Last Bastion of GPU Mining

Ethereum Classic is one of the main GPU mining territories. Since Ethereum’s mainnet shifted to PoS, ETC remains one of the few large-cap coins still mineable with GPUs. Using ordinary Nvidia or AMD graphics cards, participation is accessible, lowering entry barriers.

PhoenixMiner and GMiner perform stably in ETC mining. If you have one or two mid-to-high-end GPUs, ETC is the most direct way to cash out. Although single-card daily income may only be a few dozen yuan, accumulated over time, the large GPU mining community makes it feasible.

Dogecoin (DOGE): The Unexpected Resilience of “Doge”

Originally created as a joke, Dogecoin has survived thanks to community support and celebrity influence. It uses the Scrypt algorithm, same as Litecoin, and can be mined with similar ASICs or GPUs.

This multi-compatibility is Dogecoin’s advantage. Whether you choose high-end ASICs or household GPUs, you can participate. General software like EasyMiner supports Scrypt, making setup simple. Although DOGE’s market cap is smaller than BTC, this results in lower difficulty pressure, making it a “lifeline” for many retail miners.

Filecoin (FIL): A New Paradigm in Storage Mining

Filecoin redefines traditional mining. It’s not about hash power competition but rewards those providing storage space through its Proof of Space-Time mechanism. This means you don’t need super-strong GPUs or ASICs, but large-capacity, high-speed storage devices.

Filecoin’s hardware cost structure is entirely different—requiring specialized Filecoin miners equipped with fast SSDs or HDDs. Lotus software is the official client. For those with storage resources or willing to invest in storage devices, FIL offers an alternative path. Its advantages include relatively low energy consumption, but storage device depreciation is fast.

Ravencoin (RVN): The Last Line of Defense Against ASICs with GPU

Ravencoin is highly regarded by GPU miners for its ASIC resistance. In today’s landscape of increasing ASIC monopoly, Ravencoin preserves a space for ordinary players. Using Nvidia GTX 1080 Ti or AMD mid-to-high-end graphics cards, participation is feasible.

KawPow and T-Rex Miner are the main tools for Ravencoin mining. Due to its enforced ASIC resistance, RVN’s difficulty growth won’t be instantly suppressed by a single ASIC giant, providing a more stable competitive environment for GPU miners. If you want to mine long-term with consumer-grade hardware, RVN is one of the most reliable choices.

Practical Guide: How to Start Mining from Zero

Step 1: Clarify Goals and Budget
Decide your investment scale—are you testing with idle hardware or planning a professional setup? A budget of 1,000 yuan is for small-scale experiments, while 100,000 yuan or more is for industrialization. This influences your choice of coins and hardware.

Step 2: Precise Coin Selection
Choose coins based on your hardware conditions. With GPUs, consider ETC or RVN; for the most stable options, LTC or DOGE; if you have storage resources, explore FIL; for trend-following, Bitcoin—but note this path is only suitable for large farms.

Step 3: Hardware Procurement and Wallet Setup
Avoid buying gray-market or refurbished equipment. It’s recommended to purchase directly from official or certified channels. Register corresponding light wallets (like official wallets or hardware wallets) to keep your private keys under control.

Step 4: Download and Configure Mining Software
Download the official recommended mining clients (CGMiner, PhoenixMiner, Lotus, etc.) based on your coin, and set up wallet addresses and mining pool info. Many beginners make mistakes here, resulting in mined coins not reaching their wallets.

Step 5: Join a Mining Pool or Mine Solo
Most individual miners should join a mining pool. Solo mining requires enormous hash power to produce stable blocks; ordinary people might not find a block for months. Pool mining combines efforts for steady daily rewards.

Step 6: Start and Monitor
Launch the mining software and monitor hardware temperature, hash rate stability, and pool earnings in real-time. Don’t neglect maintenance—regularly check for disconnections or faults. Mining runs 24/7, and while operational costs are small, maintenance cannot be ignored.

The Top Ten Killer Risks in Mining

1. Electricity Black Hole
High-power hardware can incur monthly electricity bills of thousands of yuan. Without low electricity prices, the payback period can extend beyond three years. If coin prices fall, you may never recover costs.

2. Hardware Depreciation Trap
ASIC miners are improving generation after generation, quickly rendering old machines obsolete. GPUs hold value better but still lose half their purchasing power after two or three years.

3. Competition Killers
Difficulty adjusts dynamically. The influx of new miners rapidly raises difficulty, diluting everyone’s profits. This is not a democratic process but a pure arms race.

4. Cryptocurrency Price Volatility
Price swings directly impact mining profitability. You mine today, but if prices halve tomorrow, yesterday’s gains turn into losses. Many miners are wiped out by this volatility.

5. Regulatory Black Swans
Sudden bans in certain countries (e.g., China in 2021) can wipe out half the industry’s miners instantly. Regulatory risks are systemic and uncontrollable.

6. Security Risks
Mining rigs can be remotely hijacked, wallets stolen via malware, or pools run away with funds. Each link carries risks.

7. Environmental Pressure
PoW mining’s energy consumption is increasingly controversial. Future environmental policies may ban high-energy-consuming mining altogether—long-term uncertainty.

8. Technical Barriers
Maintaining mining hardware, configuring software, and optimizing systems require technical knowledge. Beginners are prone to pitfalls, leading to idle hardware or poor configurations.

9. Scams and Ponzi Traps
Fake cloud mining platforms promise daily returns of several points, then run away after collecting investments. Many novices are scammed out of their savings by such schemes.

10. Geopolitical Shocks
Chip embargoes, power shortages, network restrictions, and other sudden factors can disrupt the economic balance of mining.

Rational Thinking About Mining in 2024

Mining is not a “get-rich-quick” gamble but a business of “long-term holding + hardware depreciation.” Successful miners typically have three conditions: extremely low electricity costs, accurate coin judgment, and strong psychological resilience.

If you meet these conditions, exploring new mining coins and traditional coins is worthwhile. If not, rather than blindly following trends, it’s better to admit “I am not suited for mining.”

For those interested, starting with small-scale GPU mining is recommended. ETC or RVN are ideal entry points—low cost and manageable risk. After gaining experience and understanding the market, consider scaling up or exploring other coins.

Remember: the best mining decisions often come from calm calculation rather than impulsive enthusiasm.