Do you want to mine Ethereum?
Using an efficient Ethereum mining hardware will significantly reduce your electricity bills and cut down your costs. This article will help you learn more about the best Ethereum mining hardware.
If you just want Ether then just buy Ethereum. Mining has a lot of setup costs and some technical knowledge is required.
In order to mine Ethereum, you will need specialized hardware known as graphics processing unit (GPU).
GPUs have traditionally been used for handling video games processing in PC’s.
Ethereum’s developers originally intended for ETH to be mined on computer CPUs but miners later discovered that GPUs gave them more hashing power.
So, in the most simplest of terms: a GPU is a standard PC component that has been used for the alternative purpsoes of Ethereum mining.
Mining is not the fastest way to get ethereum.
Buying ethereum with a debit card is the fastest way.
Some GPUs have a higher hash rate than others, while some use more electric power as well.
In choosing the most efficient GPU the most important thing is striking a balance between how powerful you want your rig to be and how much you are willing to spend on the GPU itself and the electricity.
Many of these costs will vary by country. Is it cheap to buy GPUs in your country?
Since most GPUs are sold on Amazon and eBay, if you live in a country where those retailers ship to then you will likely have an easier time getting the GPUs.
Also, what is the cost of electricity in your country?
Electricity costs are the deciding factor for most miners. As we have seen with Bitcoin mining, miners in China, Iceland, and other places with cheap electricity have a huge advantage!
Now that you understand the factors that make GPU rigs good, here is a list and brief description of the most efficient GPUs on sale.
Note that the power costs per day numbers used below were based on the global average cost of electricity and the price of Ether on September 16, 2016.
For more accurate estimates, use an Ethereum mining calculator and plug in your own numbers.
The Radeon RX 5700 XT with Triple Dissipation is the top card ETH miners are using today. It mines at about 60 Megahashes per card and utilizes about 68w per card, which comes out to about $0.19 per day. You can acquire one of these cards for about $400 at the time of writing.
Using the following settings, you can get the ideal performance out of your Radeon RX 5700.
If you prefer Nvidia, then the GeForce GTX 1660 Ti is a great alternative to the RX 5700. It sits at about 30.5 Megahashes per card, also at 68w (just like the 5700), but remember that even though you are only getting about half the hashing power for the same amount of power when compared to the 5700, remember that you are paying about $120 less in terms of buying the card, since a 1660 Ti can be got for about $280.
Using the following settings, you can get the ideal performance out of your Nvidia 1660 Ti.
Most miners tend to go with Radeon because a Radeon that is comparable in power to a Nvidia costs about 30% less. Shaving down costs of your mining equipment is really important when it comes to running a profitable ETH mining operation. Besides electricity, mining hardware is the second most important factor when it comes to mining ETH.
A GTX 1080 Ti has a good hash rate of 36.0MH/s. Its power cost per day is $0.7632, which is the median cost per day of all the miners on our list. This gives a return per day of -$0.40 and a return per year of -$135.67.
The 1080 Ti seems to be a power hungry GPU, so make sure you choose the right power supply for your mining rig.
The Radeon R9 295X2 has by far the highest hash rate (46.0 MH/s) of the Ethereum GPUs on the market and will cost you $600. It has a power cost per day of about $1.44, a return per day of about $1.61 and a cost per MH/s of $13.04. This gives a return per year of $586.43.
A Radeon R9 HD 7990 will cost you $680. Its power cost per day is lower than the R9 295X2 at $1.08 but its hash rate is significantly lower at 36 MH/s. Its return per day is $1.29 while its cost per MH/s is $18.89, giving it a return per year of $469.40.
The Radeon RX 480 is most arguably the most economical in terms of cost and saving electricity. Its power cost per day is significantly lower than the two that I have mentioned at $0.4320. Its hash rate is 25.0 MH/s, meaning its cost per MH/s is $7.96. This gives a return per day of $1.21 and therefore a return per year of $440.91. Radeon RX 480 will cost you $199.
A Radeon RX 470 has a modest hash rate of 24.0MH/s. Its power cost per day is exactly the same as the Radeon RX 480 at $0.4320. Its cost per MH/s is $9.13, giving it a return per day of $1.15 and a return per year of $418.16. Radeon RX 470 will cost you $219.
Now that you know the best Ethereum mining hardware, get a secure wallet for your Ether.
Ledgers newest hardware wallet makes storing ETH easy without sacrificing security.
ZenGo is a multi-cryptocurrency wallet for iOS and Android. It supports Ethereum.
MetaMask is a simple ETH & ERC20 desktop wallet. It's an add-on for FireFox.
If you don’t want to mine you can always just buy some Ether online.
You need a wallet before you can mine Ethereum.
Our guide on the best crypto wallets features wallets that support ether. Read it here!