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In July, the proof-of-work (PoW) crypto mining algorithm Kheavyhash, used by the kaspa (KAS) crypto asset, held the top spot for profitability among consensus algorithms. Fast forward to today, and it’s the Blake3 algorithm that’s taking the lead, with alephium (ALPH) miners raking in an estimated $40.53 in daily profits.
Blake3 Tops PoW Mining, Followed by Scrypt, Kheavyhash, SHA256, and Eaglesong
Ninety-six days ago, our newsdesk shared an analysis of the top five PoW consensus algorithms, but things have shifted since then. Kheavyhash, once the leader, has now dropped to third place as KAS mining rigs have shuffled the rankings. At the moment, data from asicminervalue.com reveals that Blake3 is now the most profitable algorithm.
Miners using Blake3 machines can mine decred (DCR) or alephium (ALPH). Currently, Bitmain’s Antminer AL1 Pro, boasting 16.6 terahash per second (TH/s), can earn about $40.53 in daily profits. Meanwhile, the Antminer AL1 with 15.6 TH/s pulls in around $38.07 per day. These estimates assume electricity costs of $0.04 per kilowatt-hour (kWh).
Scrypt currently ranks as the second most profitable consensus algorithm, powering the mining of dogecoin (DOGE) and litecoin (LTC). For example, a Bitmain Antminer L9 unit, running at 17 gigahash per second (GH/s), can generate roughly $18.09 in daily profit, based on current market prices and an electricity rate of $0.04 per kilowatt-hour (kWh).
Taking third place is the Kheavyhash algorithm, used to mine KAS. The Antminer KS5 Pro, delivering 21 terahash per second (TH/s), pulls in about $9.95 per day, according to data from asicminervalue.com. The fourth spot goes to the SHA256 algorithm, used for mining bitcoin (BTC) and bitcoin cash (BCH), along with merged-mined coins like namecoin and fractal bitcoin.
At the top of the list for BTC miners is Bitmain’s Antminer S21 XP Hydro, which produces 473 TH/s of hashpower. As of this weekend, it can bring in an estimated $6.15 per day with electricity costs set at $0.04 per kWh. Microbt’s hydro-cooled M63S+ with 450 TH/s gets an estimated $5.86 per day.
Rounding out the top five for the first week of October is the Eaglesong algorithm, which is associated with the nervos (CKB) crypto asset. The Antminer K7, offering 63.5 TH/s, can earn around $3.94 per day in profits. Per usual, as the crypto mining landscape continues to evolve, profitability hinges on algorithm efficiency, hardware advancements, and energy costs.
What do you think about the most profitable consensus algorithms in October 2024? Share your thoughts and opinions about this subject in the comments section below.