These Are the Most Profitable Proof-of-Work Algorithms in 2023
Mining
Eight months in the past, there was a big transformation within the realm of profitable proof-of-work (PoW) mining algorithms when Ethereum made the transition from PoW to proof-of-stake (PoS). Throughout that interval, the prevailing consensus algorithms for mining have been Kadena, Scrypt, and Cuckatoo32. Nevertheless, the panorama has developed, and presently, essentially the most worthwhile consensus algorithms for mining embody Kheavyhash, Scrypt, and Eaglesong.
The Evolving Panorama of Worthwhile Proof-of-Work Algorithms
Whereas mining bitcoin (BTC) stays a worthwhile enterprise, it isn’t the foremost crypto asset for maximizing profitability in 2023. As of Might 23, 2023, bitcoin ranks fifth among the many most worthwhile cryptocurrencies to mine this yr, whereas a number of different digital property promise greater returns.
On the top of mining profitability stands a lesser-known PoW token named kaspa (KAS). Presently, KAS may be mined using a graphics processing unit (GPU) using the Kheavyhash algorithm. Nevertheless, Bitmain has developed an application-specific built-in circuit (ASIC) particularly designed for mining KAS.
In line with data supplied on Bitmain’s web site, the provision of Bitmain’s KAS Miner KS3 to most people is scheduled for August and September 2023. Archived information from asicminervalue.com as of Might 23 means that if the KS3 have been accessible at current, it might generate an estimated every day revenue of $2,045, assuming electrical energy prices of $0.12 per kilowatt hour (kWh).
The KS3 boasts a hashpower of 8,300 gigahash per second (GH/s) or 8.3 terahash per second (TH/s) particularly designed for the Kheavyhash algorithm. Upon its launch, every unit of the miner will likely be priced at $49,800, as indicated by Bitmain’s store.
Following KAS, the subsequent noteworthy consensus algorithm when it comes to profitability is Scrypt, which allows people to mine cryptocurrencies akin to dogecoin (DOGE) and litecoin (LTC), together with numerous different crypto property, using a Scrypt-compatible ASIC gadget. Bitmain gives a variety of machines which might be a part of the Antminer L7 collection, initially launched in 2021 and subsequently expanded in 2022.
As of Might 23, an L7 gadget boasting a hashpower of 9.5 gigahash per second (GH/s) is estimated to generate a every day revenue of $13.66. It’s value noting that, on the time of writing, Bitmain’s L7 items are priced at $8,550 per gadget; nevertheless, they’re at the moment bought out.
Among the many extremely worthwhile crypto miners, the Antminer K7, an Eaglesong-compatible ASIC, stands out with hashpower of round 63.5 terahash per second (TH/s). Presently, the K7 miner is bought out, however it’s listed with a value of $4,748 per unit on Bitmain’s sold-out filter. This explicit Antminer is designed solely for mining the comparatively lesser-known crypto asset known as nervos (CKB).
Primarily based on present change charges, it’s estimated that the K7 miner can generate every day earnings of roughly $8.70. Shifting ahead, the Kadena consensus algorithm is noteworthy, particularly utilized for mining the crypto asset generally known as kadena (KDA). As soon as once more, Bitmain takes the lead because the producer of essentially the most worthwhile mining rig for KDA.
With a hashpower of 166 terahash per second (TH/s), the Antminer KA3, suitable with Kadena, is a notable mining gadget. Contemplating the present change charges for KDA, this machine is projected to generate roughly $6.79 per day in earnings. Shifting on to the fifth most worthwhile consensus algorithm for ASIC mining, we now have the SHA256 algorithm.
The Bitmain Antminer S19 XP Hydro mannequin gives hashpower of round 255 TH/s. When factoring in electrical energy prices of $0.12 per kilowatt hour (kWh) on Might 23, the S19 XP Hydro is estimated to yield round $4.79 per day in earnings. Presently, it’s the most worthwhile BTC miner in the marketplace, however a rival is on the way in which. Microbt’s Whatsminer M53S++ claims to provide 320 TH/s, which is 65 TH/s higher than Bitmain’s Antminer S19 XP Hydro. On the time of writing, the Whatsminer M53S++ is at the moment not obtainable for buy.
The values of crypto property are topic to fixed fluctuations, and the profitability panorama has undergone substantial modifications since our information desk final reported on this topic eight months in the past. As beforehand talked about, a KDA-compatible KA3 miner at the moment generates an estimated $6.79 per day in earnings. Nevertheless, 248 days in the past, this identical machine was yielding a a lot greater revenue of $69.41 per day, assuming electrical energy prices of $0.12 per kilowatt hour (kWh).
This exemplifies how the profitability of mining rigs can considerably fluctuate over time. By the point Bitmain’s KAS Miner KS3 is shipped, the every day revenue could also be significantly decrease than the present estimate. This sample holds true for all mining rigs ever created, as there have been situations when these machines have been extremely environment friendly and worthwhile, solely to be rendered out of date by both superior machines or unstable crypto costs.
