Evan SelemaniGraphics cards (GPU) are part of mining equipment the most popular in 2022. They stand out for their ability to carry out treatments more quickly. Despite the fact that they were not originally designed to cryptocurrency mining, Graphics cards are widely used for this purpose nowadays. GPUs have an advantage over other hardware because they support a wide range of cryptocurrencies.
Having trouble choosing between multiple graphics cards? In this article we explain everything there is to know about cryptocurrency mining, the best graphics cards, the likely gains, as well as the pros and cons of the sector.
What are the best graphics cards for cryptocurrency mining?
The open and decentralized nature of cryptocurrencies requires a certain number of requirements in terms of transaction verification. When Bob sends cryptocurrencies to Alice, the miners ensure that Bob actually has the coins he wants to send to Alice and that the transaction respects all the rules of the protocol.
In this procedure, it is the high-performance graphics cards which are responsible for the verification. Unlike bitcoin, which is based on ASIC (specialized hardware with the unique ability to work with a single algorithm), some popular cryptocurrencies rely on graphics cards.
The choice of good mining equipment essentially depends graphics cards used, maintenance cost and electricity. Once you take these factors into account, you will, at least in theory, have the best hardware. Here is a list of the best graphics cards for mining cryptocurrencies. Here is a list of the best graphics cards for cryptocurrency mining.
Nvidia GeForce RTX 3090 : One of the most powerful graphics cards
La Nvidia GeForce RTX 3090 has been available on the market since December 2020. It has a frequency range of 1400 to 1700 MHz, de 24 VRAM Go and an electrical consumption of 290 W.
Its electricity consumption of 290 W is one of the highest, and its current market price is astronomical. Fortunately, this is one of the possibilities with a favorable return on investment (ROI) in just 14 months. This GPU has capabilities that are hard to match. It can go up to 121Mh/s during the mining of certain cryptocurrencies. This makes it possible to generate 4,86 USD per day if the average electricity price is 0,20 USD. (This is the price we will consider throughout the article).
Remember that there are other GPUs that are serious competitors in cryptocurrency mining. This is the case of the GeForce TRX 3080, which can reach a hashrate of 97 Mh/s. In addition, Nvidia announced the arrival of GeForce RTX 3090 Ti with estimates up to 135 Mh/s and a consumption of 450 W.
Nvidia GeForce RTX A5000
La Nvidia GeForce RTX A5000 has been available on the market since April 2021. It has a frequency range of 1170 to 1695 MHz, de 24 VRAM Go and an electrical consumption of 222 W.
Its processor GA102 in 8nm and 28 transistorswhich allow you to achieve ideal performance. Additionally, its memory can operate at a speed of 2000 MHz. Indeed, it is one of the most powerful graphics cards on the market. It is capable of reaching a hashrate of 105MH/s. This allows you to hire 4,45 USD over the course of a day. Due to its high cost, the ROI of this GPU is one and a half years.
AMD Radeon VII : A powerful card for mining
L'AMD Radeon VII, released in February 2019, has a frequency range of 1400MHz to 1800MHz, 16 VRAM Go and an electrical consumption of 195 W.
The Radeon VII has the distinction of having received a lot of attention when it was released. He quickly became an ideal solution for mining cryptocurrencies. This CPU can sometimes reach 104 MH/S power and can generate approximately 4.41 dollars per day.
AMD Radeon RX 6800XT : the most affordable card to start mining
The AMD Radeon RX 6800 XT at a frequency which can reach up to 2015 MHz, has 16 GB of VRAM, and a power consumption of 140W. It has been on the market since November 2020.
This graphics card is one of the most powerful on the market. In terms of performance, it is one of the most interesting with a capacity of 62 Mh/s. The daily income is 2,48 USD.
The graphics card AMD Radeon RX 6800XT has a little sister, the RX6900 XT, whose specifications and prices are quite similar, but with slightly lower performance. The return on investment occurs in 440 days.
The best graphics cards dedicated exclusively to mining cryptos
The graphics cards we have just seen can be used in gaming and for mining. However, there are now cards solely dedicated to mining.
Nvidia, the world's largest graphics card vendor, announced in March the release of dedicated graphics cards only for the use of cryptocurrencies. it's about the Nvidia CMP, whose objective is to end the competition between players of video games and minors.
Asus, Gygabyte and MSI were among the first to get started, releasing models at affordable prices in April and May 2022. This is the case of Nvidia CMP 40 HX, which can mine up to 40 MH / s while only consuming 108 W of energy.
There is also the Nvidia CMP 170 HX, judged to be the best performing graphics card for cryptocurrency mining. This card counts 54,2 million transistors (almost double the TRX A5000). In addition, it has a RAM of 16 GB, and a frequency between 1140 MHz and 1410 MHz. This mining beast can reach a power of 161 MH/ while consuming 223 W. This allows you to achieve a daily profit of $7. (Please note, this depends on the market period and especially on your electricity costs which vary from one country to another…).
What are the different methods for mining cryptocurrencies
As previously stated, mining cryptocurrencies requires the use of computer equipment with significant computing power. Computers that enable cryptocurrency mining compete to find a solution to a difficult problem in order to be paid in mining tokens.
Cryptocurrencies are theoretically mined in this way. However, given fierce competition between miners, those who do not have a better graphics card will see their chances of success decrease significantly.
This is why, to take advantage of luck, many more inclusive methods for mining cryptocurrencies have been developed. We will categorize them into two categories:
- Cloud Mining
- Mining via a mining pool
Cloud Mining : Which profile is this for?
This is a mechanism that allows you to mine cryptocurrencies using computing power rented from a third party. Companies that offer cloud mining offer everyone the ability to participate in a remote mining process and low cost. Some sites like Genesis Mining can be good alternatives in this case. This allows anyone to mine cryptocurrencies without having to understand specific technical concepts. In addition, it avoids problems with maintenance and direct payment of electricity bills.
Of course, companies that provide this type of service receive a percentage of the earnings from mining to cover maintenance costs, machine energy costs and management fees.
In summary, cloud mining makes mining more inclusive. However, the return on investment is lower compared to a graphics card managed directly by its owner.
However, this is the best method for investors who do not have technical skills sufficient.
–Read the article on the advantages and disadvantages of Cloud mining.
Mining via a mining pool
Every year, new, more powerful graphics cards appear on the market. However, purchasing the best graphics card is not enough to guarantee regular gains. Cryptocurrency mining now requires significant computing power due to fierce competition.
This resulted the formation of mining pools (cooperatives which pool the computing power of different miners) in order to to increase the chances of finding a block. Those who mine through a mining pool share the reward equally based on their computing power. This guarantees a constant and regular profit.
The mining pool team provides its members with a user-friendly interface that allows them to monitor and manage their mining equipment (developed power, temperature, etc.). The majority of pools pay their members at the end of the day in the following proportions:
- 1% is intended for pool management fees
- 1% to the pool’s overall remuneration
- The remaining 98% is distributed among the miners in the pool.
Cryptocurrency mining: is it a profitable operation?
Once the equipment is purchased, you must pay the daily electricity bill. In addition, maintenance costs and daily management of the system must be covered, which requires a significant investment.
Given the cost incurred, it is natural to wonder about the viability of cryptocurrency mining. In fact, the answer is as clear as crystal: if it was not profitable, no investor would risk their money there. If there are so many miners, it is because it is a profitable activity. A miner's goal is to earn more money than he or she spends.
Despite the fact that theThe return on investment varies depending on different times of the year and especially, the price of the mined cryptocurrency, the mining industry remains quite profitable in the long term.
Which is more profitable: cryptocurrency mining or trading?
Mining or trading cryptocurrencies is now accessible to the general public. Mining, like trading, carries a number of risks. The choice between mining and trading depends on each individual.
Cryptocurrency mining
The first step to becoming a minor is to purchase specific equipment to secure the network and receive a mined token reward. In reality, as the number of miners increases, the difficulty of mining increases. To remain competitive, it is necessary to purchase the best graphics cards.
Indeed, mining is a long-term investment strategy. It is based on the use of computer equipment and electricity in order to generate passive income. This is considered a safe and less risky investment.
—>The best ASICs for mining bitcoin
Cryptocurrency trading
Trading is the act of speculating on the bearish and bullish fluctuations of an asset. As the entry barrier is low, this activity is quite popular compared to mining. It is possible to start trading on most exchanges with as little as $20.
However, it takes time to start making money and eventually stop losing money. Additionally, cryptocurrencies are quite volatile. This is why trading has a lot of risk compared to mining. Every investor must choose between mining and trading based on their risk tolerance. Likewise, certain profiles will prefer automated trading with platforms like BitsgapEg.
If you want to trade cryptocurrencies, our team recommends the Bybit platform, which is aimed at all kinds of people and offers a variety of tools that allow you to invest like a professional while taking the least risk imaginable.
The advantages and disadvantages of mining cryptocurrencies
The participants in the mining process are paid by newly created tokens and by transaction fees paid by users. Despite the fact that mining will allow you to secure your network, validate transactions, and vote on protocol improvements, the main reason many people participate in mining is financial. Here are the many advantages and disadvantages of mining.
Benefits of mining
- Mining allows you to invest in the long term and create passive income rather easily.
- Mining is a safe investment compared to trading
- Mining promotes decentralization without sacrificing security. It is still one of the best ways to secure a blockchain today.
Disadvantages of mining
- Mining is considered harmful to the environment according to public opinion.
- Mining requires significant capital compared to trading. There are methods to make money with cryptocurrencies much more financially accessible.
- We are not immune to changes in the algorithm of a crypto. For example, Ethereum's The Merge is moving the network from proof-of-work to proof-of-stake. This means that ethereum miners will no longer be able to continue doing so…
- In terms of energy consumption, mining is not ideal (even if the question of bitcoin pollution is very delicate).
Conclusion: Mining cryptocurrencies with graphics cards
Mining profitability is strongly influenced by the cost of electricity as well as the performance of graphics cards. AMD and Nvidia are the ones offering the best graphics cards on the market.
However, the best GPU for cryptocurrency mining in 2022 is far from unanimous. In terms of performance we have the Nvidia CMP 170 Hx, which is considered as the most powerful graphics card, generating 7,33 USD every day. Then there is the RT3090, which reports 4,86 USD per day if the average electricity price is 0,20 USD. Other graphics cards are also available, such as the Nvidia RTX 3060 Ti, which is popular due to its low power consumption.
Go further in cryptocurrency mining:
- Mining cryptocurrencies: Part 1 (profitability)
- Mining cryptocurrencies in 4 steps: Part 2 (mining equipment)
- Shops to buy crypto mining equipment
- Tutorial to find the best cryptos to mine
- The best ASICS for mining Bitcoin
Note: No financial advice is given in this or any other article on this blog. This is information of which you are the sole judge and master. Be responsible with your investments and only invest as much as you are willing to lose.
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