Ethereum mining: crypto enthusiasts can earn $122,000 per year
All that’s needed are 78 NVIDIA GeForce RTX 3080 graphics cards and a good air conditioner.
Simon Byrne has taken home crypto mining to a whole new level. He wants to harness the potential of Ethereum (ETH).
As Anthony Garreffa first reported, Byrne has made public an ETH mining setup consisting of 78 GeForce RTX 3080 graphics cards. Although the RTX 3080 is Crypto Engine marketed for high-end PC gamers, crypto miners use these powerful technical features to get more out of their machines.
With each card requiring around 300W of power, Byrne’s setup consumes 23.4KW of energy. And that’s not even taking into account ancillary costs such as air conditioning. All in all, his electricity bill is an estimated US$2,166 per month.
The RTX 3080 was launched in September for US$699, but supply shortages have pushed the cost per unit up to US$1,199. At that price, the cost of Byrne’s setup is US$93,522.
Nevertheless, this cost could be offset by mining performance
A GeForce RTX 3080 graphics card has a hashrate of about 83MH/s with Ethash. According to Garreffa, that should generate about 0.22236870 ETH per month. So all 78 cards would generate 17.3 ETH per month, which equates to about $12,352 at today’s exchange rate.
If you subtract the cost of electricity, that’s about US$10,200 per month, or US$122,000 per year. And that’s not even counting Ethereum’s price potential in the next bull market.
The Ether price climbed above the 700 US dollar mark at the weekend. This is the first time it has done so since mid-2018. The new alts season, which some have already predicted, could drive the ETH price even higher in the medium term, as bitcoin investors switch to other cryptocurrencies with large market caps.