New Nvidia GPUs for Mining Ethereum Worth It?

in LeoFinancelast year

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It really does feel like 2017 all over again. GPU prices are soaring and stocks like NVIDIA are making bank as they can't put out enough cards for the demand.

Nivida has announce it will yet again be creating "mining GPUs" these GPUs are specially designed to just mine so you can get the most optimal hashing power out of them compared to a gaming type GPU. In this case these cards are specially designed to mine Ethereum which has been getting all the rave lately and rightly so. It's one of the few cryptos that's actually putting in work and advancing their blockchains much like LEO is doing here on Hive.

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Ethereum is now at nearly $2,000 smashing it's old record of $1,200 back in 2017 when the first round of token aka shit coins was first born lol. This time it has even more fuel behind it under the name DeFi which is really catching on.

However the SAME issues of 2017 still plague the blockchain to this day and that's scalability with increasing costs in gas. This is paying out NICELY to miner right now. Not only do you earn the block reward but you also get the fees from it as well.

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The new chipset is called CMP which simply stands for Cryptocurrency Mining Processor. Cards go on sole in March.

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Currently the 3080 cards are going for roughly $1,500 including the 3070's if you're lucky enough to find one. Many are out of stock or very limited 10 or 5 left in stock. A 3070 at the moment would land you roughly $7.45 in profit per day while a 3080 would land you about $7.77 a day.

You can always calculate these estimated mining per site calculators such as whattomine.com

The other factor you need to take in while mining is although profits might be low today or even a negative if you believe the price is going to continue going up and you'll be holding after mining you could be in for some seriously big long term profits from mining.

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Great article, as I have been thinking about purchasing some hardware specifically for mining crypto currency. Thank you :-)

I've just always used my normal computers for it not optimal at all but it's paid off over the years for hodling.

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