Monero is often considered as the king of privacy coins and the market agrees when we consider the fact that it is the top-ranked privacy coin. The cryptocurrency uses a range of cryptographic privacy techniques to create a system in which financial transactions remain anonymous on the blockchain.
Mining is made CPU and GPU friendly on Monero as the team constantly makes upgrades to keep ASICs away from the market. The team took ASIC resistance one step further as they recently introduced an entirely new mining algorithm known as RandomX.
The new RandomX algorithm is optimized for general-purpose CPU mining, meaning you should have slightly better results when RandomX ships. The hashrate for the Monero network has already tripled since the new algorithm has been added. The main reason for this is the simple fact that RandomX makes it more difficult to mine XMR with your GPU - further increasing the profitability for CPU miners as modern CPUs outperform the best GPUs!
RandomX is also expected to be a long term solution to ASIC resistance compared with the current CryptoNight algorithm.
-Algorithm; Nicehash RandomX
-Hashing Function; BLAKE2b
-Mining Reward; 2.09 XMR per block;
- Homepage; https://www.getmonero.org/
- Mining Tutorial; https://web.getmonero.org/get-started/mining/
Zcash is another privacy-focused cryptocurrency that you can mine with your CPU! ZEC utilizes zk-SNARKs technology to achieve a high level of privacy for the platform. Currently, you can mine Zcash on your CPU through the Equihash algorithm. This algorithm is a memory orientated Proof-of-Work algorithm that requires a certain amount of RAM - something which ASICs struggle to achieve.
Some have suggested that Zcash might be a “dead” project, however, Zcash has been defended by the famous Ethereum co-founder, Vitalik Buterin, himself. Buterin stated that Zcash continues to develop privacy technology through cutting-edge research and has no idea how anybody can consider the project as a “failure”.
-Hashing Function; SHA-256
-Mining Reward; X12.5 ZEC per block;
- Homepage; https://z.cash/
- Mining Tutorial; https://z.cash/mining/
Electroneum is a project that is focused on mobile gaming and online gambling markets. The British based cryptocurrency can actually be mined on a very user-friendly mobile app. However, you can also mine using your CPU as the blockchain uses the CryptoNight algorithm. This means that Electronium has all the benefits of ASIC resistance as Monero does, as they use the same algorithm.
Electroneum is close to launching an interesting project based on Electroneum, known as AnyTask. This project is a freelance platform is which freelancers can post their skills and receive payment in Electroneum. Freelancers can post their jobs from anywhere in the world and users can hire them and pay for their service using their credit/debit card. The platform will then convert the payment into ETN and send it to the freelancer with ZERO fees! This is great for users that do not actually have a bank account as they can still utilize their skills and get paid in cryptocurrency!
-Hashing Function; BLAKE-256, Groestl-256, HJ-256, and Skein-256
-Mining Reward; 1.25 million ETN per block;
- Homepage; https://electroneum.com/
- Mining Tutorial; https://electroneum.com/features/mobile-mining-cloud-mining/
PegNet is a platform that acts as a decentralized exchange (DEX) in which users can “peg” real-world assets against an equivalent asset on the PegNet network. The entire purpose of the decentralized exchange is that users do not have to trust their cryptocurrency assets with a 3rd party custodian that can be susceptible to hacks!
The PegNet platform takes the concept of the DEX further as they utilize oracles to bring in outside pricing information to allow assets to be pegged on the platform. This allows assets such as cryptocurrencies, fiat currencies, and precious metals to be easily pegged on the platform as a stablecoin and can be traded.
You can currently mine PegNet using your CPU on the LXRHash algorithm. LXRHash targets a bottleneck in memory by keeping a large non-cacheable lookup table within the memory. As RAM is required to achieve this, ASICs will struggle with being compatible. Currently, users will require 1GB of RAM to store the data for the table. However, if ASICs develop the capability for 1GB of RAM the team can easily increase the RAM required to any figure - forcing ASICs back out of the network.
Growth has been pretty significant for PegNet. The project has only been active for a small 3-months and has already well on the road to achieving the $10 million market cap milestone!
-Hashing Function; LXRHash
-Mining Reward; 5000 PEG per block;
- Homepage; https://pegnet.org/
- Mining Tutorial; https://github.com/pegnet/pegnet/wiki/Mining
Ravencoin is a project in which users can transfer real-world assets between each other by burning RVN tokens to create the specific asset. You can mine Ravencoin today as it utilizes the X16Rv2 mining algorithm.
X16Rv2 is another ASIC resistance mining algorithm that utilizes 16 different hashing functions in a randomized order for mining. Combining 16 different hashing functions makes it very difficult for ASIC manufacturers to include every different hashing function in their devices. Making matters worse, the random order of the hashing functions in each block means that ASICs cannot simply be coded to know which hashing function to use.
Binance recently expanded its services for Ravencoin after incorporating it into the margin trading platform.
Users can now margin trade RVN against BTC and USDt on the world’s largest cryptocurrency exchange!
-Hashing Function; 16 different functions (can be found here).
-Mining Reward; 5000 RVN per block;
- Homepage; https://ravencoin.org/
- Mining Tutorial; https://ravencoin.org/pools/
Banano is the latest addition to the memecoin family! It is a fork of Nano that is to Nano what Dogecoin is to Bitcoin. It provides a fair and distributed system whilst having a fun community that is lighthearted!
Mining Banano is actually one of the easiest to achieve on this list! All you need to do is head over to https://bananominer.com/ and simply enter your Banano address to receive payments. The mining then gets activated using your CPU through the web-browser! Yup, as easy as that!
However, under the hood, it is a little different from ACTUAL CPU mining. As Banano is actually a Directed Acyclic Graph (DAG), there is actually no mining required on the network. Instead, Banano Miner actually uses your CPU power to contribute to the Folding@Home project which will use your resources to run protein folding simulations to help research to fight Parkinson’s, Huntington’s, Alzheimer’s, and Cancer!
Banano was recently added to unnamed.exchange for trading against BTC, ETH, LTC, DOGE, and uTIP. Another great slice of news is their upcoming listing to VitexExchange! Banano was actually voted onto this exchange by the community itself, proving the force behind the fans of BAN,
-Mining Reward; Rewarded BAN for protein folding simulations
- Homepage; https://banano.cc/
- Mining Tutorial; https://bananominer.com/
Loki is another privacy coin that is forked from Monero. This means that Loki has all of the privacy features that Monero already has. Loki has taken steps further to allow for the incorporation of decentralized apps on the network! Loki even has a secure messaging system known as Loki Messenger. This product allows users to send private messages to their peers with complete confidence that the messages are going through a secure blockchain rather than a centralized 3rd party server.
You can currently mine Loki by using the CryptoNight Heavy algorithm. This is a little different from the original CryptoNight and has higher ASIC resistance for the simple fact that it is not widely adopted to gain the attention of ASIC manufacturers.
-Algorithm; CryptoNight Heavy
-Hashing Function; RandomXL
-Mining Reward; 13.09 LOKI;
- Homepage; https://loki.network/