What GPU to purchase for mining crypto?

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In summary, there are some important considerations to keep in mind when mining crypto, such as the high demand for graphics cards and the potential for future changes in the cryptocurrency market. It is important to have a solid business plan that takes into account the cost of the cards and electricity, as well as potential fluctuations in currency value. Ultimately, the success of mining crypto will depend on individual circumstances and goals.
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Hi PF!

I want to mine crypto. I'm running Ubuntu 18.04. The GPU I currently have is: XFX Radeon RX 570 RS XXX Edition 1286MHz, 8gb GDDR5, DX12 VR Ready, Dual BIOS, 3xDP HDMI DVI, AMD Graphics Card (RX-570P8DFD6). For 700$, what other GPU would you recommend, as it seems advantageous to have more than one?

I can list the entire setup, but does it matter? Thanks so much for your feedback!
 
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Be weary of the new high end cards from nVidia released this year. They have hard coded the cards to detect mining and cripple the throughput when mining crypto.

Graphics cards have been in high demand with even 2nd hand cards going for silly prices due to people mining for many years now, nVidia are trying to stop their cards being used this way.

The days when individuals with a high end PC could mine crypto have come and gone, you need silly power now which means multiple gfx cards if your going down this route.

How much were you looking to make money wise each month? I have a friend mining etherium with 8 gfx cards in parallel costing £400 each 2nd hand to make roughly £500 per month. It can pay off like this in the long run but your looking at a big capital expenditure at the start.
 
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It highly depends on where you live (in some countries, the state pays a big part of the bill, and you can still earn some money rather quickly at home. Example: https://www.clarin.com/especiales/criptomonedas-plata-puede-ganar-pc-living-casa-_0_j5owUSw_W.html which wouldn't replace what an average Joe earns by working, but it would be a big plus.)

It also highly depends on which cryptocurrencies you plan to mine.

Note that, as a sidenote to what MikeeMiracle wrote above, ethereum is planned to switch to proof of stake in the near future. This means that mining won't work anymore, and so it probably is a bad idea if you only focus on ethereum.
 
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To answer your question, you need to come up with a business plan. This needs to cover not just the cost of the card, but the cost of the electricity. If you use $40 in electricity every month to mine $50 of crypto, it will take 70 months before you break even on the graphics card.

Of course, if your currency drops 20% in value, now you're not making any money.
 
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FAQ: What GPU to purchase for mining crypto?

What is a GPU and why is it important for mining crypto?

A GPU, or graphics processing unit, is a specialized computer chip that is designed to handle complex mathematical calculations necessary for rendering images and videos. In the world of cryptocurrency mining, GPUs are used to solve complex algorithms and verify transactions on the blockchain, making them a critical component for successful mining.

What factors should I consider when choosing a GPU for mining?

When selecting a GPU for mining, there are a few key factors to consider. These include the hash rate, power consumption, and price of the GPU. Generally, a higher hash rate and lower power consumption will result in more profitable mining, but it's important to also consider the initial cost of the GPU.

Which GPU is the best for mining crypto?

There is no single "best" GPU for mining crypto, as different cryptocurrencies require different levels of computing power. Some popular GPUs for mining include the NVIDIA GeForce GTX 1080 Ti, AMD Radeon RX 5700 XT, and NVIDIA GeForce RTX 3070. It's important to research the specific requirements for the type of cryptocurrency you plan to mine in order to determine the best GPU for your needs.

Can I use a gaming GPU for mining crypto?

Yes, gaming GPUs can also be used for mining crypto. In fact, many gamers have turned to mining as a way to offset the cost of their high-end GPUs. However, it's important to note that mining can put a lot of strain on a GPU, so it's important to monitor its temperature and usage to prevent overheating and potential damage.

Is it worth investing in a high-end GPU for mining?

The answer to this question depends on a variety of factors, including the cost of electricity in your area, the current value of the cryptocurrency you plan to mine, and the initial cost of the GPU. It's important to do thorough research and calculate potential profits before investing in a high-end GPU for mining. It may also be beneficial to consider other factors such as the potential resale value of the GPU if mining becomes less profitable in the future.

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