Since the transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS), Ethereum can no longer be mined and miners are now dedicating hashrate to various PoW chains. Since Ethereum is no longer minable, the most profitable PoW consensus algorithms are Kadena, Scrypt and Cuckatoo32. Five days ago, before The Merge, the consensus algorithm Ethash was the most profitable as the top miner brought in $79.53 per day in profits. Today’s top mining rig, which Ethereum is out of the picture, is bringing in about $69.41 per day mining Kadena.
Today’s top 7 mineable PoW algorithms include Kadena, Scrypt, Cuckatoo32, Blake2B-Sia, X11, Equihash, and SHA256
According to the latest data from asicminervalue.com, the PoW consensus algorithm is no longer the most profitable consensus scheme since the Paris upgrade triggered the Ethereum merger. As of September 15, Kadena is the most profitable consensus algorithm this year. Bitmain’s application-specific integrated circuit (ASIC) mining rig, the Antminer KA3, is making an estimated $69.41 per day at an electricity cost of $0.12 per kilowatt-hour (kWh). Miners are mining the Kadena (KDA) PoW blockchain and the Antminer KA3 is producing an estimated 166 TH/s.
Kadena’s network hash rate is around 0.21 exahash per second (EH/s) or 212.8632 petahash per second (PH/s). The second most profitable consensus algorithm using an ASIC mining rig is Scrypt, the consensus scheme associated with Litecoin (LTC) and Dogecoin (DOGE). In addition to DOGE and LTC, a handful of other digital asset networks like Verge (XVG) and Digibyte (DGB) also use Scrypt. Today’s top miner, Bitmain’s Antminer L7, can make an estimated daily profit of $13.09. The top three miners below the Antminer KA3 are all Scrypt miners produced by Bitmain.
After Kadena and Scrypt, Grin’s Cuckatoo32 is the third most profitable PoW consensus algorithm. The top mining rig Cuckatoo32 ASIC can generate an estimated profit of $7.48 per day. Below, Cuckatoo32 includes consensus algorithms like Blake2B-Sia, X11, Equihash, and SHA256. The SHA256 consensus mechanism is used by crypto networks such as Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoinsv (BSV) and Namecoin (NMC).
SHA256 is the 7th most profitable consensus algorithm and a BTC miner using an Antminer S19 XP at 140 TH/s earns around $2.60 per day. With Ethereum removed from the equations, people can still mine Ethash coins like Ethereum Classic (ETC), but the top Ethash mining devices produce little profit compared to when people were able to mine Ether.
At the time of writing, Bitmain’s Antminer E9 is making an estimated $0.45 per day with 2.4 gigahash per second ethash hash power. On September 12, the same machine was producing Ethereum (ETH) $53.45 per day, according to statistics from asicminervalue.com. Innosilicon’s A11 Pro ETH miner is not profitable at 1,500 megahash per second (MH/s) and daily usage results in a loss of $3.03 per day. Five days ago, on September 12th, the same machine was producing $30.09 profit per day.
What do you think of the seven best minable consensus algorithms since Ethereum dropped PoW? Let us know what you think about this topic in the comment section below.
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