Cryptocurrency mining has exploded in popularity—spurring debates spanning everything from its role in the ongoing global chip shortage to the potential environmental effects. Still, there’s absolutely no doubt that mining can be profitable, and even more so if done at scale. So can anyone profit from cryptocurrency mining, and what does one need to get started?
In this article, let’s explore how much you can expect to earn from cryptocurrency mining and if doing so is even worth it anymore.
What Do You Need to Start Mining Crypto?
The first thing you’ll need to mine cryptocurrency is a powerful computer. The amount of money you earn scales linearly with the computational power you contribute to the network. This is why you’ll also find individuals renting entire warehouses and filling them to the brim with computers, solely for cryptocurrency mining.
On a more reasonable level though, you will need a computer with a relatively recent graphics card. PC gamers are likely familiar with the role of a graphics card. But in a nutshell, it is a specialized piece of hardware designed specifically for certain applications, including graphics rendering and crunching numbers for cryptocurrency mining.
Assuming your PC is already outfitted with a mid to high-end GPU though, you have everything needed to start mining.
Calculating Potential Profits From Crypto Mining
For a while now, Ethereum has reigned supreme in terms of profitability—far outshining any other mine-able cryptocurrency on the market. In the past, however, other cryptocurrencies proved equally profitable to mine. Most notably, in 2017, tokens such as ZCash were a viable option.
Nevertheless, in 2021, there’s little doubt that Ethereum is the most profitable cryptocurrency to mine on a consumer-grade computer. A handful of other cryptocurrencies, including Bitcoin and Litecoin, can only be mined on specialized hardware called ASICs—which are hard to come by compared to computer hardware.
If you own one of the latest generation graphics cards, such as Nvidia’s RTX 3060 Ti or 3080, there’s significant money to be made. According to WhatToMine, a website that keeps track of cryptocurrency mining profitability, you can expect to earn as much as $7 per day with an RTX 3080.
Read More: How Much Money Can You Make?