Should you consider mining Ethereum as of July, 2020?
If you have been active on the internet in the past few years, high chances that you have heard of the crypto craze that has started in 2017. Cryptocurrencies spiked not only in popularity but also in prices, which correspondingly resulted in a bubble. However, during this craze, a new way to make money directly from the comfort of your home called crypto-mining has emerged. Crypto-mining is a process where your computer, mainly the graphics card or the CPU solves a given algorithm in return for a small reward. But is crypto-mining still profitable in 2020? And how much should you expect to make?
What do you need to start crypto-mining Ethereum?
Crypto-mining Ethereum is heavily reliant on the graphics card, so in other words, you should not attempt crypto-mining on computers like Chromebooks or any other computers that do not have a dedicated graphics card. For our testing purposes, we're using an MSI AMD RX 580 8GB that currently sells on for just $180.
Credits for the picture- MSI
How much were we making?
Out of the box, the mining speed of the card was around 24MH/s which at current prices of Ethereum translates to about $37.5 of GAIN per year with electricity costs included. With a little bit of overclocking, we managed to get the hash rate to 28.5MH/s which saves the day with a GAIN of up to $69.83 per year.
So is it worth mining Ethereum as of September 2020?
It depends, if you have a strong feeling that cryptocurrencies are the future, then go ahead and start your crypto-mining journey. On the pessimistic note, Ethereum prices are still pretty volatile and it's hard to tell where it will stand in the years to come. You can check current Etheruem prices .
Some tips if you want to start crypto-mining
1. Do your background research and know what you're doing!
2. Don't try crypto-mining on laptops.
3. Buying used graphic cards might be risky, but will greatly increase your profit potential.