The launch date of Ethereum’s key move to proof of stake has been pushed back once again. Tim Beiko, an Ethereum engineer, tweeted on April 12 that the release will likely occur “a few months” after the June launch. This suggests that the release date will likely fall between September and November.
Undoubtedly, this release will finally take place, there is hope that this is the last postponement. Meanwhile, this delay offers GPU users until the end of the year to mine Ethereum to passively increase income. The mining industry is not as profitable as it was this time last year, but depending on your electricity bills, the profit is still acceptable. In this article, you will learn about the economics of Ethereum mining and ETH mining hardware.
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Is Mining Still Profitable?
As long as mining difficulty does not vary dramatically, mining revenues effectively fluctuate with the price of Ethereum; mining becomes more lucrative as Ethereum’s value increases. When the price of Ethereum is about $3000, an Nvidia 3080 produces around $3–4 per day after power costs of $0.13 per kWh. When Ethereum was trading at over $4000, the profit was over $5 per day, which equates to a monthly rise of $60.
As more and more hardware starts mining Ethereum over time, the difficulty steadily increases. However, the difficulty will increase more slowly in 2022 than in 2021. This is likely due to a mix of slowed increase in ETH’s value and a reluctance to acquire mining gear in light of the impending shift to proof of stake. This gradual increase in mining capacity has helped maintain mining earnings despite ETH’s relatively stable price.
Whether mining is now profitable is a personal decision. In my region, one kilowatt-hour of power costs $0.13, therefore mining with my undervolted Nvidia 3080 costs me around $0.69 per day – Nice! With a net profit of around $3 each day, a single GPU may generate $450 if the merging does not take place until September. Nonetheless, this presupposes a 24/7 uptime and a constant Ethereum price.
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Heat
Some individuals will mine as long as there is a profit, whilst others will stop when the wear on equipment, noise, heat, and labor is no longer worthwhile. As the summer months approach, heat is a big concern. If mining causes your workstation or bedroom to get too warm, you may find yourself attempting to chill the area. Keep in mind that cooling a room may be quite energy-intensive, so putting on an air conditioner to compensate for the heat generated by mining can quickly deplete your winnings. It is also detrimental to the environment!
If you have separate mining equipment, relocating it to a basement or garage may help it remain cooler and prevent it from impacting your home’s comfort. If you mine on a home computer, switching to nighttime mining with an open window might also be beneficial.
Even if you don’t mind a warm environment, you must monitor your GPU’s temperatures and alter fan RPM to compensate for the growing ambient temperature. GPUs with GDDR6X memory are more sensitive to ambient temperature; undervolting and raising the speed of case fans may significantly lower GPU temperatures. Fans are one of the most frequent components to fail on graphics cards, and because mining involves long hours, decreasing fan speed might help extend their lives.
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GPU Mining With Low Hash Rate
You can still mine Ethereum if you have a current generation graphics card with a hash rate limit. T-Rex, a favorite mining program for many miners, can currently reach 78 percent of the performance of an unlimited GPU when mining Ethereum only. This indicates that all Nvidia LHR cards are still profitable but at a reduced rate.
T-Rex also supports dual mining, which effectively splits the GPU in half to mine Ethereum and another currency like Ravencoin at the same time. You get a hash rate penalty for both currencies, but you don’t lose efficiency due to the hash rate cap.
The disadvantage of dual mining is the accumulation of smaller pools of each currency, which take longer to reach a level where they can be withdrawn without excessive fees.
Last tip: learn about the best Ethereum miner to build your best mining strategy for this cryptocurrency.
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