FX.co ★ Top 5 cryptocurrencies for efficient mining

Ethereum Classic (ETC)

First place in the ranking goes to Ethereum (ETC), the most popular hard fork of the Ethereum blockchain network. The hashing algorithm of this digital asset is a modified version of the Ethash algorithm. According to its developers, miners can now receive Ethereum Classic more efficiently. The peculiarity is that the cryptocurrency is not halving. The block reward is 3.2 ETC (the Ethereum Classic protocol allows for a 20% reduction in block rewards every 5,000,000 blocks). The maximum supply is 210,700,000 ETC.

Ravencoin (RVN)

Ravencoin (RVN) is seen as the second cryptocurrency most suitable for efficient mining. Its maximum supply is 21 billion. Notably, Ravencoin based on a fork of Bitcoin’s blockchain code was launched without an ICO (initial public offering of tokens). This blockchain network enables token holders to exchange assets. The Ravencoin system employs the KAWPOW mining algorithm, which is a modified version of the PoW protocol with an upgraded hashing algorithm. This allows for more decentralized mining than that of BTC. The RVN system is resistant to ASIC and specialized hardware mining.

Flux (FLUX)

Flux, a fork of the Zcash token (ZEC), takes third place on the list of the most efficient cryptocurrencies for mining. The developers of this asset are planning to create a new generation of scalable decentralized cloud infrastructure for Web 3.0 and decentralized applications (DApps). To this end, Flux has implemented several blockchain networking tools and a decentralized development environment similar to Amazon Web Services (AWS). These tools are designed to develop blockchain-based products and services. The key asset of the Flux network is the FLUX token, which uses the ERC-20 token standard. Its maximum supply is 440 million coins. The Flux system utilizes FluxHash, a PoW hashing algorithm, which is resistant to ASIC. It is the company's in-house development based on Equihash from Zcash and Zhash. This cryptocurrency can be mined using GPUs. The FLUX block reward is split 50/50 between node operators and miners.

Conflux (CFX)

According to experts, the fourth asset most suitable for efficient mining is Conflux, a smart contract platform similar to Ethereum. It is a public blockchain network developed by specialists from Tsinghua University and the University of Toronto. This network uses various DeFi applications and DApps. The project is based on the PoW protocol. It features Tree-Graph, a modern consensus algorithm, which increases transaction processing and improves the token’s scaling capabilities. This digital asset can be used to pay transaction fees, earn rewards through staking, participate in network governance, and so on. Miners who ensure the secure operation of the network, also receive coins (the reward is 2 CFX per block). The system employs an ASIC-resistant mining algorithm called Octopus. The Conflux halving happens every four years, but its developers plan to cut it in half.

Ergo (ERG)

Ergo closes the list of the top 5 cryptocurrencies most suitable for efficient mining. It is a blockchain system based on the Cardano platform. This virtual asset is built on the PoW protocol. Through smart contracts from Ethereum, the Ergo system offers decentralized financial products and services (DeFi). Ergo’s main asset is the ERG token, which can be mined using GPUs. Its maximum supply is 100 million coins. The project was launched without an IPO or pre-mining. Ninety percent of the block reward is split among miners, while the remaining 10% goes to the platform’s management. The hashing algorithm of this system is Autolykos, a modified version of the SHA-256 algorithm. The project is ASIC-resilient. In addition, its power consumption is quite low.