Cryptocurrency mining is an activity that generates passions and controversies in the digital world. It is a process that consists of using powerful computers to solve complex mathematical problems and validate transactions on a decentralized network. In exchange, miners receive a reward in the form of cryptocurrencies, introducing new units into circulation.
But not all cryptocurrencies are mined in the same way or offer the same profitability. Some require specialized and expensive equipment, while others can be mined with common graphics cards. In addition, the competition among miners is increasing, making it more difficult to obtain rewards.
Therefore, if you want to start mining cryptocurrencies or improve your results, you must be attentive to the trends and opportunities that arise in this market. In this article, we reveal which cryptocurrencies could skyrocket in 2024 and how you can take advantage of them to obtain profits.

Bitcoin: the king of mining

Bitcoin is the most popular and valuable cryptocurrency in the world, and also the most difficult to mine. Its network uses the proof-of-work (PoW) algorithm, which requires a great computational power and a high energy consumption. Only miners who have ASIC (application-specific integrated circuit) equipment can compete for the rewards, which are currently 6.25 bitcoins per block.
But the difficulty of bitcoin mining is not constant, but it is adjusted every 2016 blocks (approximately every two weeks) depending on the hashrate or processing power of the network. The higher the hashrate, the higher the difficulty and the lower the probability of obtaining rewards.
In addition, bitcoin mining is subject to an event known as halving, which occurs every 210,000 blocks (approximately every four years) and reduces the reward per block by half. The next halving is expected for April 2024, and will reduce the reward to 3.125 bitcoins per block.
This means that bitcoin mining will become increasingly scarce and competitive, which could boost its price upwards. According to some analysts, the halving of 2024 could lead bitcoin to exceed 100,000 dollars per unit2.
Therefore, if you want to mine bitcoin in 2024, you must be prepared to invest in state-of-the-art ASIC equipment, join a mining pool that allows you to share resources and rewards with other miners, and look for a low electricity rate that does not affect your profits.

Ethereum: the leader of altcoins

Ethereum is the second most important cryptocurrency in the market, and the leading platform in the development of decentralized applications (dApps) and smart contracts. Its network also uses the proof-of-work algorithm, but with some differences from bitcoin.
First, the reward per block of ethereum is 2 ethers, and it is not halved, but it is adjusted periodically according to supply and demand. Second, the difficulty of ethereum mining does not depend only on the hashrate, but also on a variable called difficulty bomb, which increases the complexity of the mathematical problems exponentially.
The difficulty bomb aims to force the transition of ethereum from proof-of-work to proof-of-stake (PoS), an alternative algorithm that does not require mining, but validation of transactions by holding a certain amount of ethers. This change is part of the Ethereum 2.0 update, which has been implemented gradually since December 2020.
However, the exact date of the complete transition to proof-of-stake is not yet defined, and could be delayed until 2024 or later1. This means that ethereum mining will remain viable for a while, as long as you can cope with the difficulty bomb and the competition of miners.
To mine ethereum in 2024, it is recommended to have high-performance graphics cards (GPU), preferably from Nvidia or AMD, and with at least 4 GB of memory. It is also advisable to join a mining pool and use a software optimized for the Ethash algorithm, such as Claymore or Phoenix.

Other profitable cryptocurrencies to mine in 2024

In addition to bitcoin and ethereum, there are other cryptocurrencies that could offer a good profitability for miners in 2024. These are some of them:

• Bitcoin Gold (BTG): it is a fork of bitcoin that uses the Equihash-BTG algorithm, which prevents the use of ASIC and favors GPUs. The reward per block is 6.25 BTG, and the difficulty is adjusted every block. It can be mined with Nvidia or AMD graphics cards, and it is recommended to use a pool like 2Miners or Mining Pool Hub3.
• Kaspa (KSP): it is a cryptocurrency that uses the proof-of-space (PoSpace) algorithm, which is based on the use of disk storage space instead of computational power. The reward per block is 50 KSP, and the difficulty is adjusted every 10 minutes. It can be mined with conventional hard drives or SSDs, and it is recommended to use a software like Kaspa Miner or Kaspa Plotter4.
• Ethereum ETF Token (ETHF): it is a token that replicates the performance of ethereum, but with a lower volatility and a lower energy consumption. Its network uses the delegated proof-of-stake (DPoS) algorithm, which allows users to delegate their tokens to a validator who is in charge of mining. The reward per block is 0.2 ETHF, and the difficulty is adjusted every 24 hours. It can be mined with any device that has an internet connection, and it is recommended to use a wallet like MetaMask or Trust Wallet5.

Cryptocurrency mining is an activity that can be very lucrative, but also very demanding. It requires an initial investment, a technical knowledge and a constant adaptation to the market conditions. Therefore, before embarking on the adventure, it is important to inform yourself well about the characteristics, advantages and disadvantages of each cryptocurrency, and choose the one that best suits your capabilities and expectations.
In this article, we have seen which cryptocurrencies could skyrocket in 2024 and how we can mine them efficiently. However, this is not an exhaustive list, but a guidance based on the information available at the time of writing this article. The world of cryptocurrencies is very dynamic and changing, and what is profitable today, may not be tomorrow.
Therefore, we invite you to continue researching, learning and experimenting with cryptocurrency mining, and to share your experiences and opinions with us. What cryptocurrencies do you mine or would you like to mine in 2024? What advice would you give to someone who wants to start mining? Leave us your comments and suggestions, and remember that at Copilot we are here to help you.