In July, the Kheavyhash proof-of-work (PoW) cryptocurrency mining algorithm, used by the crypto asset kaspa (KAS), held the top spot in terms of profitability among consensus algorithms. Back today, the Blake3 algorithm is leading the way, with alephium (ALPH) miners reaping an estimated $40.53 in daily profits.

Blake3 Leads PoW Mining, Followed by Scrypt, Kheavyhash, SHA256, and Eaglesong

Ninety-six days ago, our news team shared an analysis of the top five PoW consensus algorithms, but things have changed since then. Kheavyhash, once the leader, has now dropped to third place as KAS mining rigs shuffle the rankings. Now, data from asicminervalue.com shows 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 terahashes per second (TH/s), can earn about $40.53 in daily profits. Meanwhile, the Antminer AL1 with 15.6 TH/s earns about $38.07 per day. These estimates assume electricity costs of $0.04 per kilowatt-hour (kWh).

Scrypt is currently ranked as the second most profitable consensus algorithm, powering the mining of dogecoins (DOGE) and litecoins (LTC). For example, a Bitmain Antminer L9 unit, running at 17 gigahashes per second (GH/s), could generate about $18.09 in daily profits, based on current market prices and electricity costs of $0.04 per kilowatt-hour (kWh).

Taking third place is the Kheavyhash algorithm, which is used to mine KAS. According to data from asicminervalue.com, the Antminer KS5 Pro, which delivers 21 terahashes per second (TH/s), earns about $9.95 per day. Fourth place goes to the SHA256 algorithm, which is used to mine bitcoin (BTC) and bitcoin cash (BCH), along with merged mined coins like namecoin and bitcoin fractal.

Topping 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 generate an estimated $6.15 per day with electricity costs set at $0.04 per kWh. Microbt's water-cooled M63S+, with 450 TH/s, is estimated to generate $5.86 per day.

Rounding out the top five for the first week of October is the Eaglesong algorithm, which is associated with the crypto asset nervos (CKB). The Antminer K7, which offers 63.5 TH/s, can generate around $3.94 in profit per day. As always, as the crypto mining landscape continues to evolve, profitability depends on algorithm efficiency, hardware advancements, and energy costs.

What do you think about the most profitable consensus algorithms in October 2024? Please share your thoughts and opinions on this topic in the comments section below.
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