Just like Vertcoin and Decred, to mine Ethereum, you will need a powerful Graphics Processing Unit (GPU). Initially, the CPU was used for mining, but miners later discovered the Graphics Processing Unit (GPU) was more efficient and effective for mining. Recently, there are no ASICs for mining Ethereum. However, finding the right GPU for mining Ethereum is very difficult. It is very important to balance the power of GPU with the cost of electricity and the cost of GPU.
What is Ethereum?
Ethereum is different blockchain protocol than Bitcoin. Bitcoin’s blockchain is based on proof of work. Although Ethereum’s blockchain is also based on proof of work, it will soon be based on proof of stake. Ethereum also features decentralized applications. The Ethereum blockchain is the base, while other people can build decentralized blockchains on the Ethereum. In the Ethereum blockchain, the miners obtain Ether, unlike Bitcoin.
Benefits of Mining Ethereum
Ethereum is projected to increase in value more than it already has. With Ethereum mining, if you work a few hours, you will generate profit even if you have stopped working. Ethereum mining is a great way to generate passive income.
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Ethereum Mining Profitability
Check out this profitability calculator. Before you start spending your money on buying an expensive mining GPU, you need to know if it would be profitable for you. But you don’t need to worry because the Ethereum mining hardware I listed above will yield awesome profits from you. Ethereum’s mining algorithm doesn’t support the use of ASICs. However, the regular GPUs can be used to mine Ethereum.
Best Ethereum Mining Hardware to maximize your profits
- Radeon HD 7990
- Radeon RX 480
- Radeon R9 295 X2
Ethereum Mining Hardware Reviews
Radeon HD 7990.
- 6GB of GDDR5, two of the world's most advanced GPUs, and an extraordinarily quiet cooler, every single facet of the AMD Radeon 7990 was perfectly engineered to enable an unrivaled DirectX 11.1 gaming experience
- Step beyond the confines of a single monitor and embrace the true potential of PC gaming with the ultra-high resolutions of AMD Eyefinity multi-display technology
- Supreme performance with astonishing intelligence, featuring AMD PowerTune technology with Boost to enable automatic overclocking and higher frame rates
- Designed for the ultra-efficient AMD ZeroCore Power technology, the AMD Radeon HD 7990 GPU shuts down its secondary at idle for unbelievably cool and quiet operation
- Enables unbeatable video quality through GPU offloading and a wide array of post-processing techniques
The Radeon HD 7990 is a great piece of mining hardware. It has a Hash rate of 36 MH/s, and it consumes 300W at maximum load. It means that you will save money on power consumption. With the Radeon HD 7990, you can make over $700 annually per card. This profit of course changes as the price rate of ether fluctuates.
- Does not consume lots of power
- Budget friendly
- You can make over $700 annually per card
- Its Hash Rate is 36 MH/s
Radeon RX 480.
- 2 x HDMI; 1 x DVI-D; 1 x DVI-D
- 1208 MHz Engine Clock; 1342 MHz boost Engine Clock
- 2000 MHz, 8000Mbps effective Memory Clock
You should never ever underestimate the power of the Radeon RX 400 series. Although the Radeon RX 480 is not the cheapest GPU, but it is the most economic GPU. The Radeon RX 480 has a Hash Rate of 25 MH/s, and it consumes 150W at maximum load. And you will make over $700 per card annually.
- Doesn’t consume lots of power
- The cheapest GPU amongst the three powerful Ethereum miners I listed.
- Best choice among Ethereum miners
- It gives Hash Rate of 25 MH/s
Radeon R9 295X2.
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The Radeon R9 295X2 is the most powerful Ethereum miner, it has a Hash Rate of 46 MH/s, and it consumes 500W from the wall. You will make over $1000 per card annually.
- Hash Rate of 46 MH/s
- Doesn’t consume lots of power
- You will make over $1000 per card annually.
- It is more expensive than most miners.
Ethereum Mining Rigs
Ethereum is mined using Proof-of-work. So essentially, your mining hardware is cycling through every possible solution until the correct solution is found. Finding this value is almost impossible. Once the value is found, the miner is rewarded with Ether. The more powerful your mining hardware is, the more likely you would be able to mine Ether. Any of the three GPUs mentioned above will ensure you get your piece of the rewards. In today’s mining society, it is logical to say that one mining GPU won’t be as effective and efficient as two mining GPUs, two won’t be effective as three, and so on. So with all this in mind, it is time to think about mining rigs.
An Ethereum mining rig is a configuration of two or more mining GPUs. The Ethereum mining rig mostly consists of four or more GPUs. Definitely, the mining rigs are more expensive than mining GPUs, and they also have superior hashing power. However, sometimes it is better to buy cheaper mining GPUs especially when you are on a tight budget.
How to trade your Ethereum
If you want to trade your Ethereum for any other cryptocurrency, you can do so on an exchange like Binance. Binance allows you to trade your Ethereum for other cryptocurrencies like Litecoin, Bitcoin, and so on.
We quickly dove into 3 of the best current GPU’s to start mining Ethereum. These GPU’s are very promising and can get you into the mining scene relatively quickly to start capturing your share of the profits. It is still probably better to join a mining pool unless you have invested a lot of money into a mining rig. Hope this guide helped!
Last update on 2019-10-31 / Affiliate links / Images from Amazon Product Advertising API