With the development of blockchain technologies, one can observe the gradual displacement of GPU mining by specialized devices - Asic miners. As happened previously with CPU mining. However, at the moment there is no need to talk about the complete displacement of GPU solutions from this market, and on the contrary, the market has been experiencing an increased demand for video cards for several months now, which is why there has been a shortage of video cards of medium and high performance levels with a corresponding increase in prices for this type goods. In such an ambiguous environment, we will try to analyze the effectiveness of purchasing and assembling mining rigs on modern video cards in 2022.
We conducted a previous similar analysis at the beginning of 2022, which you can find at this link. Over the past year, it is worth noting that there have been no fundamental changes in the model range of manufacturers. While Nvidia has not seen any new video card models over the past year, AMD has made a minor update to its RX470, RX480 line on the RX570 and RX580 in 2022, where the energy efficiency of video cards has been slightly improved. Also in 2022, we saw the long-awaited flagship from AMD - Radeon RX Vega 64 (56), which was never able to win the minds and hearts of miners due to its very gluttonous nature and mediocre results in cryptocurrency mining.
In 2022, video card manufacturers released specialized devices for mining on the market based on video cards with similar characteristics, only simplified as much as possible to such an extent that some models do not even have connectors for connecting monitors.
Another trend of 2022 was the widespread use of both budget (RX560, GTX1050ti) and expensive video cards (RX Vega, GTX1080ti) in mining, all due to the same widespread shortage and increasing prices for mid-range video cards (RX570, GTX1060), as most profitable in terms of return on investment.
Taking into account these innovations, the list of video cards under consideration for mining in 2022 will be much wider than last year, which will make the final choice of the configuration of your mining rigs in 2022 a more difficult task than a year ago.
This material was prepared specifically to introduce you to the current generation of video cards used for mining various cryptocurrencies and help you make a choice among all the possible options for choosing a GPU for assembling mining rigs.
Nvidia GeForce GTX 1050
- average cost: $200
- ETH hashrate: 14 Mh/sec ±5%
- RAM: 4 GB
- Core frequency: 1318 MHz
- power consumption: 75 W
Nvidia GeForce GTX 1050 opens our ranking of the best video cards for mining. Its advantages include low power consumption, budget cost, and almost silent operation. The disadvantages of the video card are small amounts of RAM and low speed. The video card has good performance in mining Zcash and Ethereum. With an average income of $1 per day, it will pay for itself in 280 days.
Why are video cards used for mining?
Before talking about which video cards are suitable for mining, you need to understand why mining on video cards has become popular, what was used to mine before, and whether there is any alternative to this.
Let's start with history. In 2010, when Bitcoin had just become popular, and there were no alternatives in the form of other cryptocurrencies, a small group of people joined the project and began using their computers to mine the first bitcoins.
The system itself was designed in such a way that transaction blocks (the basis for bitcoin mining) were compiled once every 10 minutes. Regardless of the mining capacity, the total time will always be the same – approximately 10 minutes.
Consequently, while few people used their computers, there was more than enough power. In the beginning, processors were used as equipment. Then the hard drives were connected. After that - video cards.
As the cost of one bitcoin increased, more and more people joined the system, the power increased, and at one point only the chips on video cards could cope with the load, delivering power approximately 20 times higher than the same processors.
And in 2015, when the difficulty increased almost 10,000 times, only the newest video cards began to cope with bitcoin mining. By the end of the year, they also ceased to bring tangible results, giving way to special equipment - ASIC processors. These processors were designed just to mine Bitcoin.
Before this, in 2014, one significant event took place for cryptocurrency - Ether and the smart contract system were launched. And here those same video cards came out on top.
Ether mining is still not easy due to a special algorithm. Consequently, it is also impossible to make equipment that would be suitable only for its extraction. Therefore, the majority of miners in the world who do not have money for ASICs (one costs about 3-4 thousand dollars) switched to video card farms.
Nowadays, mining on video cards is popular in Russia.
And there are several reasons for this:
- Cheap electricity.
- High dollar exchange rate.
- Lack of alternatives in generating income.
Since alternative ways of generating income in Russia are not sufficiently developed due to the fact that many people simply do not know where to invest their money, mining has become a gold mine. And cheap electricity (compared to Europe) only fuels its popularity.
AMD Radeon RX Vega 56
- average cost: $850
- ETH hashrate: 42 Mh/sec ±5%
- ZCash hashrate: 480 sol/s
- X11 hashrate: 12 mh/s
- RAM: 8 GB
- Core frequency: 1156 MHz
- power consumption: 210 W
AMD Radeon RX Vega 56 is a high-performance competitor to such top solutions as the GTX 1070 and 1080. According to Wattomine, it can generate income of $4 per day and pays for itself after 270 days. The video card showed excellent results in mining Ethereum and Monero. The disadvantages include good work with a limited number of algorithms, severe overheating and “gluttony” in terms of energy consumption.
Advantages and disadvantages
Mining using video cards has the following advantages:
- Passive income. Proper calculations and equipment configuration allow you to get a wonderful asset with acceptable performance and computing power.
- Minimal time costs. The equipment does not require constant monitoring, but needs to be periodically checked for functionality, temperature conditions and general condition.
- Fixed salary. This can be achieved by mining not only bitcoins, but also other cryptocurrencies.
However, with all the advantages, this type of income is not without its disadvantages:
- Dependence on uninterrupted operation of the Internet and electricity. It is important to choose a good provider and stock up on batteries.
- Large expenses at the initial stage. Equipment with low power will not bring the expected income, so significant financial investments are required.
- Overheat. During operation, the equipment gets very hot, the coolers rotate faster and there is a lot of noise - you will need a separate room with air conditioning.
Nvidia GeForce GTX 1060
- average cost: $500
- ETH hashrate: 20 Mh/sec ±5%
- ZCash hashrate: 290 sol/s
- RAM: 6 GB
- operating frequency: 8080 MHz
- Core frequency: 1506 MHz
- power consumption: 120 W
Nvidia GeForce GTX 1060 is one of the best video accelerators, as it boasts good speed performance and minimal energy consumption. It belongs to the category of budget video cards and with an income of about $2.5 it pays for itself within six months.
How to build a mining rig from video cards
Assembling a farm from video cards is not difficult. But it is problematic for a person who is far from computers to do this. Simply because most people don’t even know how their PC works, let alone anything more complex. Therefore, a training video will come in handy. From this video you can find out what the farm's payback is, how to assemble it and how to launch it.
As with everything, there are a couple of “buts”:
- Overclocking your graphics card has a huge impact on the temperature of your rig. Therefore, it is better to stock up on cooling.
- Installing BIOS firmware is a rather complicated thing, so it is better to make a couple of system backups.
In general, these are all the difficulties that you may encounter. Remember that setting up each video card and subsequently monitoring their condition is also the responsibility of the miner.
We figured out how to make your own farm at home. Now let’s talk about which cryptocurrencies are worth mining.
AMD Radeon RX 480
- average cost: $455
- ETH hashrate: 26 Mh/sec ±5%
- ZCash hashrate: 220 sol/s
- X11 hashrate: 11 mh/s
- RAM: 8 GB
- operating frequency: 7000 MHz
- core frequency: 1120 MHz
- power consumption: 150 W
In fifth position in our rating is the AMD Radeon RX 480 graphics adapter, whose indisputable advantage is its economical power consumption. Thanks to this, the owner of the video card will be able to return the money spent on its purchase after 6.5 months. The downside of the product is the weak cooling system. Radeon RX 480 is an ideal option in terms of price/quality ratio.
Should we expect a reduction in the price of mining equipment?
Another interesting question: should we expect a drop in prices for video cards and computer components? The following is known: what gains wild popularity in Russia and becomes publicly available, then becomes cheaper. This was the case with equipment before the New Year of 2016, and this will be the case with video cards. But there is another side - although many people know about mining, not everyone still dares to deal with it due to the vague position of the Government.
The Central Bank, together with the Ministry of Finance, made a statement in the middle of this year that a project to legalize cryptocurrency was being prepared in 2018. But no one said anything more about it. Therefore, if this is not a rumor, then in 2018 many of the doubters will also reach out and balance those who are tired of it.
A striking example is computer technology in 2016. When the dollar skyrocketed, all sellers raised prices, and when it fell to 60, suppliers did not even think about backing down. As a result, we now have prices at a rate of 1/80, although in fact they should be 1/60. Therefore, it would be foolish to think that sellers will give up profits.
But there is one good fact. Despite the fact that many claim that it is pointless to start mining now, this is not entirely true. Yes, before the New Year there will be an increase in prices and sales, there is no escape from this. But February promises to be profitable and salesy, because many will give up mining in a year without achieving fabulous wealth.
Therefore, the market for used computer components is not exactly about to collapse, but prices will definitely go down. In this regard, it makes sense to wait a little, see what happens with cryptocurrency, draw a conclusion regarding the profitability of such a business and buy used equipment.
AMD Radeon RX Vega 64
- average cost: $1052
- ETH hashrate: 43 Mh/sec ±5%
- ZCash hashrate: 520 sol/s
- X11 hashrate: 13 mh/s
- RAM: 8 GB
- operating frequency: 945 MHz
- core frequency: 1406 MHz
- power consumption: 295 W
A properly configured AMD Radeon RX Vega 64 video card gives higher cryptocurrency mining performance than the leaders in our rating. It's just the amount of energy it consumes and the noisy cooling system that slightly spoil the overall picture.
Criterias of choice
The key characteristics that influence the choice of video card for cryptocurrency mining include the following parameters:
- Video memory volume. The main approach when choosing according to this criterion is: “the more, the better.” The best payback rates are shown by video cards with a memory capacity of 2 GB or more. However, such a popular currency as Ethereum will require a 4 GB device, and soon even higher.
- Memory speed. High levels of computing power inevitably lead to increased energy consumption. The optimal balance of these two characteristics is included in cards with DDR5 memory.
- Bus width. The modern solution is a 256-bit bus. 128-bit analogues do not allow achieving the required performance and make the mining process unprofitable.
- Cooling. One of the important parameters is that the presence of active cooling reduces equipment wear during continuous operation. And this, in turn, affects the overall power of the video card.
- Overclocking capability. Proper acceleration increases power by 40%, but requires additional settings that can temporarily reduce the level of mining profitability.
Nvidia GeForce GTX 1080 Ti
- average cost: $1200
- ETH hashrate: 35 Mh/sec ±5%
- ZCash hashrate: 750 sol/s
- X11 hashrate: 17 mh/s
- RAM: 11 GB
- operating frequency: 11200 MHz
- Core frequency: 1645 MHz
- power consumption: 250 W
Our top three is opened by the Nvidia GeForce GTX 1080 Ti video card, which has shown excellent performance in mining various cryptocurrencies. According to the resource Wattomine.com, one such video card can bring the owner from $4.5 to $5.5 per day (excluding electricity costs). The undeniable advantage of the model is its fast graphics processor. The disadvantage is the cost is equal to a budget PC.
Is it possible to buy video cards cheaper?
Now to the question of whether it is possible to buy video cards cheaper than in top computer component stores. On the one hand, it’s easier to buy there: there are no hassles like delivery, waiting, customs or dealing with mail. But on the other hand, the prices are so steep that it is no longer possible to accept them calmly.
A striking example is the Nvidia GeForce 1050 TI, which is outdated for mining. Its power is not enough to mine ether; for alts there is the same 1060, which has much superior characteristics and, as a result, pays off much faster. But in stores its price is 12-15 thousand rubles, while on Amazon it’s $150, which is equivalent to 9 thousand. And this is considering that at the end of August the price for them was $120-130.
As you can see, the markups in Russian stores are simply huge. Yes, of course, Western stores are gradually approaching the same prices, but still, if you assemble a farm of 4-6 video cards, buying them abroad, you can spend 15-20% less than in Russia. And this takes into account intermediaries, who also charge about $20-50 for delivery.
Therefore, if you are willing to wait 10-20 days, then it is better to purchase in the West. Ebay and Amazon will help you with this. True, there is no delivery directly to Russia, so you will have to work through intermediaries.
Don't forget about customs tariffs. If there is a parcel worth more than $1000 per person, then 30% of the customs duty is paid for it. If it is lower, there is no duty. Therefore, it is better to arrange several parcels for different people (relatives or friends) so as not to pay more.
But if you want to start right now, buy video cards in stores. The sooner you start, the faster you will recoup the amount of money invested. So it’s up to you to decide what to shorten the payback period - the duration of the work or the cost of assembling the farm.
AMD Radeon RX 580
- average cost: $530
- Ethereum hashrate: 30 mh/s
- ZCash hashrate: 320 sol/s
- X11 hashrate: 9 mh/s;
- RAM: 8 GB
- operating frequency: 8000 MHz
- Core frequency: 1257 MHz
- power consumption: 185 W
In honorable second place in our rating is the AMD Radeon RX 580 video card, which showed excellent results in Ethereum mining. Without overclocking and downvolting, it can bring in up to $2.5 per day. Among the advantages, the advanced cooling system should be noted. The downside is that it is extremely difficult to find a video card on sale, as it flies off store shelves instantly.
What characteristics affect mining efficiency?
A good video card has always been valued in only two areas: graphics and gaming. And if in high-quality editors you can freely work with average devices, then in games the requirements increase every year. Therefore, top companies periodically have to release new hardware that would satisfy the requirements of gamers.
In mining, things are somewhat different. Everything depends not on the requirements of the developers, but only on the popularity of the cryptocurrency, the number of participants in the system and the total power of the entire network. That is, the more people mine cryptocurrency, the more power is required to mine it.
In order to reproduce graphics in games, certain characteristics are required, the indicators of which invariably increase with each new model. But mining is a little different.
The main role played here is:
- Memory size.
- GPU frequency.
- Video card frequency.
Unlike games, the type of memory does not decide anything here. Therefore, when you choose a model for mining, look only at these characteristics. How many video cards are in the farm doesn’t matter either. Whether there are 4 or 6 of them will not affect the payback period, and, accordingly, the profit as a percentage.
Nvidia GeForce GTX 1070
- average cost: $760
- ETH hashrate: 28 Mh/sec ±5%
- ZCash hashrate: 490 sol/s
- X11 hashrate: 13 mh/s
- RAM: 8 GB
- operating frequency: 8000 MHz
- core frequency: 1607 MHz
- power consumption: 140 W
Our rating of the best video cards for mining in 2022 is headed by the Nvidia GeForce GTX 1070. According to reviews from numerous owners, it has excellent speed performance at maximum overclocking (30-32 Mh/sec), which not every video adapter can boast of. At the same time, the video card is very economical in energy consumption, thanks to which it pays for itself after just six months.
What cryptocurrencies to mine
The question is not trivial, but quite clear. For those who want to have a stable income, mining ether is the only real option. It is stable, the algorithms will change towards more complexity only after six months, and the income is higher than other options.
There is no point in mining Bitcoins in pools, because mining programs will take a percentage of the income, and farms are made for you to work on yourself. It is better to go with a proven and stable method so as not to take risks.
But if you want to take a little risk, then your option is altcoins, which are gaining promise. Alts are a risky investment. They can be compared to shares of unknown companies. Almost no one knows what will take off and what paper will fall precipitously. So it is here. No one knows what will be in demand and what will be lost except the market itself. And he is not used to sharing his secrets.
But while Bitcoin is growing, and the world’s Central Banks continue to stir up interest in cryptocurrencies, it makes sense to think about altcoins. Not as an object of mining - this is a big risk to obtain a stable income - but as a means of investment. Investing $100-300 in promising cryptocurrencies is now one of the most profitable investments for ordinary users.
Mine ether on video cards and invest in altcoins. It is also possible in a different order, but it will not bring significant income.
