GPU Mining Profitability – Is It Worth Doing?
Hi Everyone, An idea I have been exploring recently is GPU Mining Profitability – Is It Worth Doing? Seriously, since I did my last post I have been thinking about this more. Especially since coming across RavenCoin. Which might I add since I published the last post has doubled in price from $0.08 to $0.16!
Actually, the other two ERGO and Haven have also gone up since I last posted as well. But staying on topic, about GPU Mining Profitability. So if you visit the RavenCoin website they have a whole page dedicated to Mining resources.
Naturally, this got me very inquisitive. Ever since I have been asking all sorts of questions on Reddit and actually I never knew that RVN was exclusively mined by GPU. It actually sent me down a bit of a rabbit hole looking at different AltCoins that could be mined with a GPU. I noticed there was GRIN, ERGO, ZCASH and Litecoin! Amongst others.
Apparently, GRIN is the cheapest to mine but I will explore this further throughout this article.
Please Note: I am going to be adding affiliate links within this post. Not every link will be one but if you do make a purchase I might make a commission. The price you pay will not be affected. This is the usual price you would pay but just think of this as a little nudge in the right direction. Or even better something to keep the Coffee flowing whilst I am writing new articles! ☕
GPU Mining Profitability – Is It Worth Doing?
What Is GPU Mining?
GPU mining includes the utilization of a gaming PC’s Graphics card (GPU) to take care of complex numerical questions to confirm electronic exchanges on a blockchain.
Ordinarily, to mine crypto, coins should be based on a blockchain design that supports evidence of work (PoW) mining.
It is another alternative to CPU and ASIC mining and it is particularly useful for mining AltCoins. Another thing is users are able to build their own rigs with multiple VGA/graphics cards (GPUs) and this is what many do to improve their mining productivity.
See the image below for an example of a GPU mining rig;
GPU Mining Vs. CPU Mining
GPU is a preferred alternative to CPU if we are to look at a central processor for Crypto mining. This is because of its effectiveness and speed. GPU offers a lot higher processing power, which can be as high as 800x times more than that of a regular GPU.
GPUs can mine digital currencies better and are viewed as safer for long haul use. Another thing is they are easier for building a rig with as opposed to CPU Mining. I will go into this a bit more later on in the article.
What Interests Me About This Kind of Crypto Mining…
Honestly, I have no interest in mining Bitcoin. The competition is light years ahead of me. When I see these huge Bitcoin farms I seriously think ‘**** that’. Even mining Ethereum seems too expensive and that is done with GPUs.
Although I do think, some of these less popular coins are definitely a more attractive idea.
I have read a couple of resources now. Showing the best GPUs to mine with and actually it is not even all the top of the range one’s either. You don’t need a multi-rig of 10 GPUs to get started. You can start with just one. In fact, I’ve heard about a few hardcore PC gamers that use their GPU to mine when they are not playing games.
I personally have no interest in these games like Halo, COD and Fortnite but it is interesting as some of them claim to make $5-$10 a night whilst they sleep. Nothing to shout about from the rooftops I know but what are these guys mining I do wonder. I mean if this is like Piratechain or Haven and they are making 1-2 coins a day now. How much is that going to be in 6 months or even a years time?
What I like about this idea is it is a way to grow your Crypto when you don’t have the funds to invest. You can also scale up your rig over time as well. It is really I think just about getting involved in the right operations. Even Grin and RVN I think are worth it.
The Best Altcoins for GPU Mining in 2021
Raven coin is definitely one. Wownero, Grin, Electroneum, Zcash, Bytecoin, and even Monero or my other picks.
I don’t really know too much about mining Piratechain this would be my top pick if I did this but honestly, considering everything the best 2 coins to get started mining would be (I think) Raven and Grin. It is these sorts of opportunities you should look for that can be easily mined and traded for various other Crypto.
Monero would obviously be the one I would like more of. In 2-3 years now this is absolutely going to explode I think. So watch this space. Mine your other Crypto and try to get some of this – my top tip.
Where To Begin?
This is a complicated question for sure. If you want to start mining Crypto where do you start?
I would say first of all I would say find out if you have the hardware that you need. I would say at the very least a 3GB GPU and 1TB SSD or Hardrive with space. You may be able to get away with less but ask around to see what you can find out.
Places to ask I would say are Reddit or in Crypto forums but you may be able to find out through MinerStat.com or Whattomine.com. MinerStat.com gives you a list of what I think is very useful so definitely check there.
After this next step is to find mining pools for your selected CryptoCurrency.
Quite easy to do but be sure to carefully follow instructions and another thing is just to make sure you have enough disk space for the mining software. Some of it can take up a lot of space fast. Exactly why it is better to make sure you have a bigger hard drive.
At least 1TB I’d say. [Check eBay For The Best Prices]
Although another option to consider if you’re short on resources is to rent hash power from websites such as NiceHash.
Recommended GPU Mining Hardware
I am not exactly an expert when it comes to this. I’ve had a look around. eBay of course you could just visit and search for 4GB GPU that would be a good idea I think. Also, you should be able to pick up a 1TB SSD for under $100.
Anyway apologies if this is a bit overwhelming but here are some figures I have put together
(PS: I need to update some info. such as Crypto etc.)
|Brand||Model||Price eBay||Mining Performance||Mining Power||Best for (Crypto)||Daily Profits (ETH)||Link To Buy|
|GeForce||GTX 1060 6GB||$314||25||90||$1.37||CLICK HERE|
|GeForce||GTX 1070||$358||28.2||114||$1.52||CLICK HERE|
|GeForce||GTX 1080||$428||32.1||138||$1.71||CLICK HERE|
|GeForce||RTX 2070||$622||43.8||130||$2.47||CLICK HERE|
|GeForce||RTX 2060 Super||$630||43.7||129||$2.47||CLICK HERE|
|GeForce||GTX 1660 Ti||$441||29.7||73||$1.71||CLICK HERE|
|GeForce||RTX 3060||$742||48.6||118||$2.80||CLICK HERE|
|GeForce||GTX 1070 Ti||$409||28.2||114||$1.52||CLICK HERE|
|GeForce||GTX 1660 Super||$470||30.2||75||$1.74||CLICK HERE|
|GeForce||GTX 1660||$394||25.3||70||$1.44||CLICK HERE|
|GeForce||RTX 2070 Super||$425||43.9||128||$2.48||CLICK HERE|
|GeForce||RTX 2060||$325||33||125||$1.80||CLICK HERE|
|GeForce||RTX 3070||$675||61.3||123||$3.60||CLICK HERE|
|GeForce||RTX 360 Ti||$850||60.6||116||$3.57||CLICK HERE|
|GeForce||RTX 2080||$755||43.8||129||$2.47||CLICK HERE|
|GeForce||RTX 280 Ti||$1,040||60.1||180||$3.39||CLICK HERE|
|GeForce||RTX 3080||$1,685||94||235||$5.41||CLICK HERE|
|GeForce||GTX 1080 Ti||$755||44||197||$2.32||CLICK HERE|
|GeForce||RTX 2080 Super||$866||43.9||124||$2.49||CLICK HERE|
|GeForce||RTX 3090||$2,580||115||300||$6.59||CLICK HERE|
|GeForce||RTX 3070 Ti LHR||$1,104||38||120||$2.13||CLICK HERE|
|GeForce||RTX 3060 LHR||$742||25||110||$1.32||CLICK HERE|
|GeForce||RTX 3080 Ti LHR||$1,945||60||275||$3.15||CLICK HERE|
|GeForce||RTX 3070 LHR||$1,081||32||120||$1.75||CLICK HERE|
|GeForce||RTX 3060 Ti LHR||$1,081||31||114||$1.70||CLICK HERE|
|GeForce||RTX 3080 LHR||$1,685||47||230||$2.43||CLICK HERE|
|Radeon||RX 580 8GB||$360||29||135||$1.52||CLICK HERE|
|Radeon||RX 5600 XT||$537||39.6||115||$2.24||CLICK HERE|
|Radeon||RX 570 8GB||$353||28||130||$1.47||CLICK HERE|
|Radeon||RX 5700||$715||51.3||133||$2.94||CLICK HERE|
|Radeon||RX 590||$365||28.6||130||$1.51||CLICK HERE|
|Radeon||RX 5700 XT||$825||51.8||119||$3.01||CLICK HERE|
|Radeon||RX 5500 XT 8GB||$415||26.3||81||$1.48||CLICK HERE|
|Radeon||RX 6800||$775||64.5||166||$3.70||CLICK HERE|
|Radeon||RX 6700 XT||$769||47.1||120||$2.70||CLICK HERE|
|Radeon||RX Vega 56||$606||39.2||174||$2.07||CLICK HERE|
|Radeon||Radeon VII||$1,407||83.6||231||$4.76||CLICK HERE|
|Radeon||RX Vega 64||$626||42.5||254||$2.09||CLICK HERE|
|Radeon||Radeon RX 6800 XT||$1,304||64.5||186||$3.66||CLICK HERE|
|Radeon||Radeon RX 6900 XT||$1,559||64.5||183||$3.67||CLICK HERE|
Quite a lot to take in I know and this data may change over time. Depending on how many people start mining each Crypto. Also, the daily profits estimate is for Ethereum – of course, you might make more with other coins.
Note: I know this is a bit naughty but some of the data above I copied from [Source: Here]
Also, according to a couple of guys I’ve been speaking to here are a couple of picks to consider.
Two GPU Cards To Consider For Beginners
1.) Radeon RX 580 8GB
So, a few people recommended this one to me on Reddit. For an 8GB, you can get for around $275 to $500 and for 4GB you can get for $175. This should be ideal for all the coins above especially Raven, Grin and ERGO.
These are mostly used for Ethereum and ETH Classic but of course one of these will probably not do very much all things considered. Although, ERGO and Raven are 2 coins at least that look like could well be worth making a start with.
2.) Zotac P106-90 3GB
Only one person recommended this to me but this looks to be a bit more price friendly. You can pick one up from eBay for around $140.00 to $260. They are only 3GB but should be OK for a small handful of coins including Raven and possibly Grin.
These are actually designed purely for Crypto mining. You can not use these as an actual Video card.
Also, to use you will need to invest in a riser. This is also available as a 6GB version – the P106-100.
[Check eBay for Zotac P106 Best Prices]
Multi Rigging as the Next Logical Step
For more serious miners the next logical step is to start building a mining rig. For this, you will need to invest in a riser for each Graphics card you choose to install. You should also take careful notice of how much power you are using. It is OK if you have 2 or even 3 but as your rig gets bigger you will need to look at a new PSU and extra cooling equipment.
It is also sensible to regularly grease your GPU’s and to take the best care of your hardware for sustainable use.
Renting Hash Power With NiceHash
Here is another idea you can try if you are looking to get your foot in the door with Crypto Mining.
Instead of buying expensive hardware, you can instead rent to use other people.
Admittedly this can go wrong in certain situations and you can actually end up losing money.
It can be a quite risky investment but if you are smart it can definitely work.
By using NiceHash (and there are many others as well) you can make certain calculations that will help you effectively mine Crypto. It also helps to choose carefully who you rent your hash power from.
Like any marketplace be sure to check feedback and only invest in reliable miners.
You may be able to save with newer mining pools but as this is Crypto your dealing with there are a lot of crooks. So be careful.
My Verdict – Buy a GPU or Rent Hash Power?
So, GPU Mining Profitability – Is It Worth Doing? I think it can be, potentially. Crypto investment is all good but there definitely is the opportunity to earn even more with mining. Not just GPU mining either – as long as it is done properly over time you can easily cover your costs for your Crypto hardware. Just choose your mining pools and crypto carefully.
As for investing in buying or renting hash power for cloud mining. It can definitely work very well and it could even be used as a way to earn the funds for building your own rig. In fact, if you can really get the hang of everything you can even do both GPU mining and cloud mining with sites such as Nicehash, Majestyhash and Miningrigrentals.com.
In Conclusion – Final Words
I have been looking into Crypto mining since I first created this website. It is something I have underestimated for sure – although I have managed to mine a small amount with Stormgain I never quite realised how much more resources it would take to really get started.
However, it does seem to be a bit more straightforward than people say it is.
As long as you aren’t going straight for the jugular with Bitcoin, or Ethereum, even Ethereum Classic. Mining for newer less heard coins is so much better plus there is every chance that if you make the right choices you could make a nice bit of profit.
Just think of it like this once upon a time both BTC and ETH were easy and cheap to mine. If you would have begun mining those in 2009 and 2015 you would be laughing all the way to the bank now. Providing you kept your proceeds from mining for long enough.
You may never get quite the opportunity that you had with these two but seriously even if you mine just RVN and Grin and trade for Pirate Chain, Monero and other exciting prospects like Haven and Dero doing this could be one of the best things you ever do.
Your Feedback – Anything You’d Like To Share?
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