Cryptocurrency mining is one of the most lucrative ways to earn money in the industry (aside from buying and holding the asset, of course). While many projects are moving away from mining to proof-of-stake, it’s not too late to get involved — especially if you’re looking to build an ethereum mining rig.
This guide will look at the best GPUs to help you build such a mining rig and profit off of Ethereum before mining goes away forever.
In this guide:
- The best ethereum miners
- How long does it take to mine 1 ETH?
- What is the best rig to mine ethereum?
- Can my rig mine ethereum?
- How much does an ethereum mining rig cost?
- Is ethereum mining profitable in 2021?
- How do you make a cheap ethereum mining rig?
The best ethereum miners
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.
- 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!
- 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’re looking to generate a reasonable income while ethereum mining, this card might be worth the high asking fee.
- 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.
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.
- Power draw: 225 W
- Hash rate power: 55 MH/s
- Price tag: $1300
If you’re willing to spend a little over a grand for a reasonably powerful card, the AMD Radeon RX 5700 XT is right for you.
This is a good option for beginners just getting into mining, but have some money to burn. It averages around 55 MH/s for hashrate, pulling 225 W of power while doing so.
- 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!
- 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?
How long it takes to mine 1 ETH is entirely dependent on your hash rate, as well as the current difficulty of the Ethereum network. It’s impossible to say exactly how long it will take, but on average, estimations are that, with a 100 MH/s hashrate, it can take around half a year to mine 1 ETH.
What is the best rig to mine ethereum?
The best ethereum mining rig is entirely up to your budget and needs. If you can find a reasonably priced card with a decent hashrate that doesn’t draw too much power, that’s the best way to go. Of course, this is a decision that comes down to your specific requirements.
Can my rig mine ethereum?
Your rig can most likely mine ethereum, but it’s hard to know how efficient it will be unless you try it yourself. Of course, you could look up your GPU online and see what other miners average; or you could simply download mining software and see what happens.
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 2021?
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 gone up over time.
That’s not to mention that ethereum mining will soon go the way of the dinosaur. Come mid-2022, Ethereum is moving to what’s called a proof-of-stake consensus algorithm. This switch will get rid of mining entirely, favoring users who hold ethereum rather than those with the most powerful hardware.
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.
If not, you’d better be careful with how you proceed here.
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.