Cryptocurrency mining ranks as a highly profitable venture in the industry, second only to buying and holding the asset. Despite many projects shifting from mining to proof-of-stake, there’s still time to get involved. This is particularly true for those interested in constructing an ethereum mining rig.
In this guide, we’ll focus on the top GPUs. These selections are ideal for building a mining rig aimed at profiting from ethereum. With mining on the brink of obsoletion, this guide is your key to capitalizing on ETH mining while it’s still possible.
You can no longer mine ETH; Ethereum is now proof-of-stake. You can buy here!
The best ethereum miners
Ethereum mining, akin to bitcoin mining, involves leveraging computational power to validate transactions and secure the network. However, they diverge notably in their mining algorithms. While bitcoin relies on the SHA-256 algorithm, suited for powerful ASICs (Application-Specific Integrated Circuits), ethereum uses the Ethash algorithm, which is more conducive to GPU (Graphics Processing Unit) mining.
This key difference underscores contrasting approaches to mining accessibility and network security. Both operate under a proof-of-work (PoW) consensus mechanism, requiring miners to solve complex puzzles to maintain blockchain integrity. With this understanding of ethereum’s unique mining landscape, let’s explore some of the top ethereum miners available.
1. AMD RX 580
- Power draw: 84 W
- Hash rate power: 32.74 MH/s
- Price tag: $300
One of the most energy-efficient cards on the market, the AMD RX 580 is a great choice to start your build of an ethereum mining rig.
This is one of the most affordable ethereum mining GPUs you can find, both in terms of cost and the power it draws. You can generally find an AMD RX 580 for around $300, depending on if you buy new or used. Furthermore, the card pulls less power than most of its competitors, like comparable NVIDIA cards.
That said, you’re not getting the highest hash rate in the world with this card if you use it in a cheap ethereum mining rig. The rate is still reasonable, however, and you’re getting it with a cheap entry fee compared to most other cards.
2. GeForce RTX 3060 Ti
- Power draw: 120W
- Hash rate power: 60 MH/s
- Price tag: $400 – if you can find one
The Ti version of the GeForce RTX 3060 is just as powerful as the base 3070, making it a reasonable purchase for an ethereum mining rig if you can afford it.
This GPU utilizes just under 120W of power, but nets you 60 MH/s, which is significant for the price. Of course, you’ll want to optimize the card a bit to keep temperatures low, but once done you’ll be set!
3. NVIDIA Titan V
- Power draw: 250W
- Hash rate power: 70 MH/s
- Price tag: $3000/$2000
As you may know, the NVIDIA Titan V is, well, a titan of a graphics card. It’s one of NVIDIA’s top cards, which makes it an ideal one for mining ethereum — if you can afford it.
The Titan V eats up around 250W of power but brings out a heaping 70 MH/s as a result. If you want to generate a reasonable income while ethereum mining, this card might be worth the high asking fee.
4. NVIDIA GTX 1060
- Power draw: 60W
- Hash rate power: 18 MH/s
- Price tag: $300
The NVIDIA GTX 1060 is pretty cheap compared to most other cards on this list, making it one of the more affordable options for your ethereum mining machine.That said, you’ll want to get the 6 GB version of this card — not the 3 GB. Otherwise, it won’t be powerful enough to efficiently mine ethereum.
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After noting this, understand that the 1060 consumes around 60W of power while mining, sometimes ranging a bit higher. The hashrate is around 18 MH/s, which isn’t great, but you can tweak the card’s settings to squeeze out a little more power. Also, it’s a pretty cheap card, so you get what you pay for here.
The basics of mining are fairly easy to understand, but like with all things crypto, the deeper you go, the more there is to process. Learn everything you need to know at the BeInCrypto Telegram group.
5. AMD Radeon RX 5700 XT
- Power draw: 225 W
- Hash rate power: 55 MH/s
- Price tag: $1300
If you’re part of the crypto community and willing to spend a little over a grand for a reasonably powerful card, the AMD Radeon RX 5700 XT is an ideal choice for you. This GPU is a popular option for beginners just stepping into the world of mining who have some funds to invest. It delivers an impressive average of around 55 MH/s for hashrate while consuming 225 W of power, striking a balance between efficiency and performance.
6. Radeon RX 570
- Power draw: 70W
- Hash rate power: 30 MH/s
- Price tag: $230
If you’re looking to start mining on a budget, the Radeon RX 570 is a decent choice that runs about $70 cheaper than its 580 brethren.
What’s important to note is that you can get nearly the performance of the 580 if you know what you’re doing. Thanks to overclocking and other techniques, it’s possible to get the 570 running at around 70 W with a 30 MH/s hashrate.
Unfortunately, those on a budget without the technical knowledge might struggle to get this card up to speed. Only invest here if you know what you’re doing!
7. Radeon R9 HD 7990
- Power draw: 375W
- Hash rate power: 36 MH/s
- Price tag: $150 used
And we’re ending with a powerful, mid-range AMD card. The R9 HD 7990 reaches around a 36 MH/s hashrate while pulling 375 W of power. That may seem like a lot of power, and it is, but considering you can get such a high hash rate with a cheap card it might be worth it.
How long does it take to mine 1 ETH?
Your hash rate and the current ETH difficulty network primarily influence the time required to mine 1 ETH. Network difficulty refers to how challenging it is to find the next block in the blockchain, which adjusts based on the total computational power in the network. As the difficulty fluctuates, so does the time needed for mining. It’s challenging to predict the exact duration, but on average, with a 100 MH/s hashrate, it might take about half a year to mine 1 ETH, considering the varying levels of network difficulty.
What is the best rig to mine ethereum?
Fred Ehrsam, Business Executive and Investor: Medium
The best ethereum mining rig depends entirely on your budget and needs, including considerations for managing your earnings in a crypto wallet. Ideally, look for a card that offers a balance between a reasonable price, a decent hashrate, and efficient power consumption. Ultimately, the right choice will be the one that meets your specific requirements, especially in terms of how it complements your overall mining setup and wallet management strategy.
Can my rig mine ethereum?
Your rig, set up for the evolving world of crypto and DeFi, can most likely mine ethereum, but gauging its efficiency without firsthand experience can be challenging. A practical approach is to research your GPU online, exploring what other miners in the crypto community typically achieve with similar setups. Alternatively, you could take a direct route by downloading mining software to experiment and observe the outcomes, giving you real-time insights into your rig’s performance in the dynamic field of decentralized finance and cryptocurrency mining.
How much does an ethereum mining rig cost?
An ethereum mining rig can be built on a budget, or you can spend thousands of dollars on one. It all depends on how much you’re willing to put into it and how much ethereum mining is worth to you.
Is ethereum mining profitable in 2023?
Ethereum mining is nowhere near as profitable as it was a couple of years ago. Too many people know about it now, and the mining difficulty has increased over time.
As of 2023, it’s important to note that ethereum mining has undergone a significant shift. Ethereum has transitioned to a proof-of-stake consensus algorithm, a change that was implemented around mid-2022. This switch has essentially made traditional mining obsolete, favoring instead users who hold ethereum. Under this new system, the emphasis is no longer on those with the most powerful crypto mining hardware but on participants who contribute to the network by staking their ethereum holdings.
Keep the above in mind while deciding to build a mining rig for ethereum. If you already own some of these parts, or have the disposable income for a powerful GPU, it’s possible to generate a profit before the switch to proof-of-stake.
How do you make a cheap ethereum mining rig?
The cheapest way to make an ethereum mining rig is to buy one of the most affordable — but performant — graphics cards you can find. From there, you can buy a budget PC with mid-tier parts. We’re lucky in that there are multiple hardware options across a wide price range, allowing you to find something that suits your budget. And if ETH turns out to be something you don’t want to mine, you can always consider mining some other cryptocurrency.
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Is ethereum mining profitable in 2023?
Can you still mine on Ethereum forks?
Is GPU mining still profitable?
Are GPU or ASIC miners more profitable?
What is the best rig to mine ethereum?
How does ethereum mining differ from Bitcoin mining?
How much does an ethereum mining rig cost?
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