Graphics Processing Units (GPUs ) have been used in mining for years. The cryptocurrency sector is seeing greater rates of adoption than ever. However, many are beginning to wonder — is crypto mining worth it in 2024?
After all, volatility is still extremely high and will likely remain this way. Even so, there are still many options available for mining everything from large cap coins to smaller, newer assets. It looks like the mining scene is still going to be very much alive in 2024.
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Of course, we are not just talking about major corporations that can afford to invest millions into the mining industry and buy ASICs worth hundreds of thousands of dollars for mining Bitcoin and similar coins.
Instead, we are interested in the best graphics card for mining privately. Individuals can join the mining sector alone or by entering one of the growing mining pools out there.
With that in mind, we decided to list all of the best GPUs in 2024. We rank these GPUs across both Nvidia and AMD, as well as various price points.
Hopefully, this guide will help you decide what type of setup is good for you and by extension which cards you should be looking at.
Things to consider when choosing a GPU
Before we start listing the top GPUs and reviewing their features, it may be useful for you to know what features are the most important for mining. Here are simply a few hints as to what to look for in a mining card and how to assess its usefulness before making a purchase and joining the mining sector.
There are a few factors to look into here, and those include:
The price
As you probably know, crypto mining can be rather expensive, as it requires a lot of resources. Electricity is consumed in huge quantities. The mining difficulty goes up with each individual who joins in. This means that a lot of computing power is necessary, as well.
Elevated costs are coming your way. You should keep in mind that the price of a GPU for mining needs to be among your top priorities.
Now, most mining rigs are created with several GPUs in order to contribute more and earn more. The cost of each GPU can vary. It is up to you to decide how much you are willing and able to spend. You can expect the prices to be anywhere from $150 to $1300 per GPU.
Your best bet would be to go for the ones priced somewhere in the middle. That way, you will not pay too much. However, you can still get a decent product that will be worth your while.
Power consumption
As mentioned, power consumption is a big issue. The more power is consumed, the more heat is generated during the mining process. Both of these issues can be controlled simply by not using high-wattage GPUs.
Go for a lower or middle-wattage GPU if you do not wish to have to deal with these problems. Or you can spend the extra money on advanced cooling technology. Although, you should keep in mind that this will mean that your hash rate will be lower. Thus your profits will not be as high, either.
Hash rate
While we are on the topic of hash rate, this is also an important factor, which is determined by the speed at which your GPU performs, or mines. The type of GPU you are using, and the algorithm that the coin is utilizing are both important factors, as well.
So, if you do not have a specific coin in mind, it would probably be best to purchase GPUs that have a well-rounded hash rate, which would make it useful for a much wider spectrum of hashing algorithms.
That way, you will not have to limit yourself to a single coin and will have the opportunity to switch to mining another one, should you choose to do so.
Warranty
Warranty is also something that you should keep in mind. To make things clear — mining crypto is not going to damage your GPU any more than gaming or some other high-performance task would.
However, your GPU is going to have to perform under a constant load for as long as you choose to mine, so getting a nice, lengthy warranty of around 2 years is recommended, just to be safe. After all, if something happens, you don’t want to have your money wasted.
Overclocking ability
Overclocking is also something that you might want to look into, as many of the GPUs can be tweaked to perform faster, sometimes even 20-30% faster.
This will make the card more efficient and help you contribute more to solving each block, which, in turn, guarantees a greater chunk of the spoils. With that in mind, look for the GPU’s overclocking ability and pick the one that can do better when pushed to its limits.
There are other, smaller factors that can influence your performance as a crypto miner, but these are the main things to pay attention to. With that out of the way, let’s see some of the best graphics cards for mining cryptocurrency in 2024.
The best GPUs for mining – Nvidia
1. Nvidia RTX 4090
Pros:
The Nvidia RTX 4090, released in October 2022, is an exceptionally powerful graphics card. It offers a high hash rate for various cryptocurrencies, with a median power consumption of 300W. The card’s market price is around $1699, reflecting its advanced capabilities. Ideal for high-performance mining rigs, it can be a significant investment for those prioritizing speed and efficiency in cryptocurrency mining operations.
Cons:
The main drawback of the RTX 4090 is its cost, which is currently over $1600, which can affect the payback period for mining investments. Its power consumption, at around 300 watts, is also considerable and should be factored into the overall cost-benefit analysis of using this GPU for mining.
2. Nvidia RTX 4080
Pros:
The Nvidia RTX 4080, launched in September 2022, offers notable performance in the realm of cryptocurrency mining. It boasts an average power consumption of 180W and can deliver strong hash rates across various cryptocurrencies. Priced at approximately $1099, the RTX 4080 is a potent option for miners looking for a balance between power efficiency and mining capability.
Cons:
The primary drawback of the RTX 4080 is its price, which at around $1099, is a significant investment for miners. Additionally, its power consumption, while lower than some of its more powerful counterparts, still stands at a considerable 180 watts.
3. Nvidia RTX 3080
Pros:
This card is a bit of a beast. It can bring in an impressive 90 Mh/s, which is pretty much more powerful than anything else on our list. This can be additionally beneficial because often having fewer, more powerful cards on a single rig can be less complicated and expensive to set up than many cards across multiple rigs. The 3080 would be the perfect selection for a rig where space and heat generation were primary concerns.
Cons:
The biggest one immediately is the price. Yes, this card can grind out a great hash rate, but with a price of over $500-$900 MSRP, it could take some time to get a return on your investment. It also draws in considerable power, 240 Watts, which must also be considered when choosing a GPU.
4. Nvidia RTX 3070
Pros:
Though still a solid choice, the 3070 is, of course, not as beastly as the 3080. It does manage to bring in a still solid 60 Mh/s, and for a much more modest 130 Watts. Of course, the price tag reflects this, coming in around $500-$600.
Cons:
The main downside of the 3070 isn’t so much the card itself. It’s really more the fact that the next card we’re going to talk about is just about as powerful but for notably cheaper. So, let’s take a look at that!
5. Nvidia RTX 3060 Ti
Pros:
The best thing about the 3060 Ti is that it puts out virtually the same hash rate as the 3070, but for just 120 Watts and a price tag of $300-$479. This makes it a very attractive choice and is in fact considered among the most cost-efficient miners currently available on the market.
Cons:
There aren’t too many cons in this card directly. The only reason you may skip over it is if you are looking specifically for something either more powerful or less expensive.
6. Nvidia RTX 1660 6GB Ti
Pros:
Next we have RTX 1660 6GB, which is a slightly older mining card, and uses DDR6 memory. This comes in as a good budget option for some, as these cards can be found for well under $170-$300, and they use notably less power at just 75 Watts. This card could be a great contender for a rig made of several, cheaper cards. Adding in the fact that it can be used for mining a wide range of cryptos, one of the common benefits of Nvidia GPUs, and this could be a solid beginning option for new miners.
Cons:
Of course, a lower price and power draw also means less hash rate, and the GTX 1660 comes in around 30 Mh/s. Another thing that miners dislike about this card is the fact that it is only 6GB, which makes it unable to cope with some mining algorithms that require 8GB of memory. Still, it has a well-rounded hash rate; it produces low heat, and, as an Nvidia GPU, it is pretty easy to overclock.
The Best GPUs for Mining – AMD
1. AMD RX 7900 XTX
Pros:
The AMD RX 7900 XTX is a powerful graphics card for cryptocurrency mining. It has a median power consumption of 290W and shows impressive hash rates across various cryptocurrencies, like 192 MH/s for Ergo (ERG) and 101 MH/s for Ethereum Classic (ETC). Its current market price is around $949.
Cons:
The primary downside of the RX 7900 XTX is its cost, which is listed at approximately $949, which could impact the return on investment timeline for miners. Its significant power consumption of 290 watts must also be considered, as it can affect overall mining operation costs.
2. AMD RX 6800 and 6800 XT
Pros:
The RX 6800 and 6800 XT make for solid middle-of-the-road selections. For miners, you likely want to stick with the 6800 as the XT is a bit more expensive but offers basically the same performance. Coming in around 60+ Mh/s at 145 Watts for $667 makes this card neither the best nor least efficient on this list and, hence, could make for a good choice depending on your setup.
Cons:
At the time this article was written, these cards were very difficult to find. That, combined with the price and mid-tier performance, could make this one easy to overlook for some users.
3. AMD Radeon VII
Pros:
Though slightly older than others on this list, the Radeon VII is still one of the most powerful cards. With a core clock of 1,400 MHz, 16GB of memory, and a memory clock of 5 Gbps. Naturally, its huge power also requires a large amount of power to have it working, which is why the card is not to be used lightly.
However, if you are sure about what you are doing, this card will likely help you generate more than a decent profit but at a higher upfront cost.
Cons:
This card still manages to be among the most expensive on this list, with an MSRP of about $400-$2500. That, combined with a 300-watt power draw, means many users may be biting off more than they can chew with this one.
4. AMD RX 5700 and 5700 XT
Pros:
The 5700 cards offer a great alternative to the 6800s. For one, the price is notably better, with the 5700 coming in at $190-$349, and still capable of crunching out 58 Mh/s at 130 Watts. On top of that, these cards are a bit easier to find than their above mentioned counterparts.
Cons:
Though these cards can be found for purchase online, they are still in pretty high demand. This means it is not uncommon to find them listed for notably higher than the $190-$349 MSRP (or $399 for the XT). Hence, it may take some patience and sleuthing to find the 5700 at a price that makes buying it worthwhile.
5. AMD RX 5600 XT
Pros:
Here again we have a card that panders a little more to budget shoppers. Its MSRP price of $279 and 40+ Mh/s make it a more economical choice than the GTX 1660 Ti listed above. Furthermore, this card is still easier to find at its suggested price than even the 5700s, so that could be an important factor to some.
Cons:
This card still comes in as one of the weakest on this list, so it again may work best for users looking to build rigs out of multiple weaker cards. That being said, on its own, the 5600 XT wouldn’t be as useful as some of the more robust offerings we have outlined.
The decision is in your hands
With that, we would end our list of the best graphics cards for mining cryptocurrency in 2024. As you can see, there is quite a wide selection here, and we have only covered a handful of your best options.
Of course, the final decision is up to you, and it depends on your wants, needs, and budget. However, any GPU on this list will perform rather well, so you can’t really go wrong with them — simply pick the one that fits the bill and start mining.
Frequently asked questions
What are GPUs used for?
Can any GPUs be used for mining?
Does GPU mining damage your PC?
How much electricity does mining use?
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