Every day people look for new ways to earn as much money as possible so that they can fulfill their desires and needs. It is simply human nature, to try to survive in everyday life. Whether it will be a second job, whether they will try to make money from some of their hobbies, or whether they will try to get the most out of some of their talents, it is important that whatever they do, it should be profitable. In recent years many people have decided to make money through mining cryptocurrencies. Many people in the world have decided in this way, to earn money through mining, and that for them there was a positive outcome, they earned more than they had in mind.
If you are new to the term cryptocurrency, now we will explain what it is. The term cryptocurrency has been around for more than a decade and is one of the most used terms lately. It is a virtual currency, which exists in electronic form in your computer and as such is not issued or is under the control or regulation of any country or central bank in the world. The process of creating cryptocurrencies using your computer is called mining. To be able to buy, sell or trade on the cryptocurrency exchange, you will need a special software application on the platform on which these currencies are exchanged. This type of application is for example the-quantum-ai.com, whereby simply registering on their site you can open a free account where you will place a deposit through which you can trade on the crypto market. Let’s not forget that there are currently thousands of currencies on the crypto market, and new ones are emerging every day. Currently the most popular are bitcoin, dogecoin, etherium, XRP, litecoin, and many others.
What problem do people who start cryptocurrency face when doing so on a laptop?
Of course one of the biggest advantages is that you can take the portable computer with you wherever you want if you have a good internet connection and that way you will be able to follow the whole process of creating crypto later. However, if the battery is low and you do not have access to an electrical outlet, or you have forgotten the charger at home. Here the laptop automatically shuts down and the mining process is interrupted, which can cost you and can be frustrating.
Also one of the more risky reasons is that laptops tend to heat up faster than regular PCs. And it is much more difficult to use multiple applications at the same time while the mining software is running at that time. This can be a big problem because you will need to stop mining before you can use another application, surf the web, reply to emails, and play a game or any other activity.
To prevent the laptop from overheating or causing any major damage, you will need to invest in a laptop cooler so that you can regulate the heat level and allow better airflow.
Another problem that may occur is the lack of video memory on your graphics card. When you are mining, you usually use the graphics card, especially when you do it through the laptop and if you do not have enough memory to load all the data on the graphics card you will not be able to mine it.
Of course, if you use a laptop for mining, it has its pros and cons. So search the internet and make sure the features it has are enough to start this process. You may need to upgrade it a bit and spend money to invest in it. Is it smart? In the short term, yes, you will have something to focus on and you can achieve some minimal earnings, minimal profits. So why not take a risk, and if you think you are good at that activity, keep practicing it. Nobody got rich overnight, money does not grow on a tree so we can stand next to it with a bag and collect as much as possible. For success, we need to invest effort, energy, resources to be able to achieve a result that would satisfy us.
How much money can you make GPU crypto mining at home?
Mining crypto at home with a CPU is possible with coins like Monero, Zcash and Byte, but it will be a slow process and the cost of electricity may be more than the value of the coins you can mine. For those who want to get more serious, crypto GPU mining is a realistic path. GPUs such as the NVIDIA GeForce RTX 3090 and GeForce RTX 3080 are popular options.
The price of GPUs range from as low as $600 up to $2000 and more. The reason for the price differential is all about performance. For GPUs this relates to their maximum hashrate. In simple terms, hashrate is the amount of power/speed/calculation that the GPU unit can apply to mining a cryptocurrency. The hashrate is expressed in ‘million hashes per second’. So 1MH/s is one million hashes per second. Lower cost GPUs typically have lower hashrates. CPUs on desktops and laptops have lower hashrates still, and are measured in thousand hashes per second as opposed to millions – so TH/S.
The hashrate and revenue calculation
Hashrates.com is an excellent resource for calculating potential earnings. It displays hashrates for both CPUs and GPUs and an estimate on how much one could make per month applying that hashrate to mining cryptocurrency.
For example, Hashrates.com says a GeForce RTX 3080 GPU can operate at 48MH/s and would earn $217 a month mining Ethereum. In comparison, an Intel i9-10900 can operate at 4KH/s and would produce around $9 worth of Monero over the same period.
Two other factors influencing profitability are:
- The market price of the coin you are mining. Cryptocurrency prices are highly volatile – so mining a crypto that is trending up will make you more money than one that is flat or trending down.
- The cost of electricity. A basic rule of thumb for a GPU is the higher the hashrate it can produce, the more electricity it will use. The price of electricity worldwide is measured in kilowatt-hours.
According to EnergyBot, the average price per kilowatt-hour in the U.S is currently 10.42 cents – but the price varies widely between states. The least expensive state is currently Nevada at 7.99 cents per kWh, and Hawaii is the most expensive at 31.92 cents. Worldwide, the lowest price electricity can be found in Burma, with many Arab states also offering very low rates.
How to scale up GPU mining – case study
The following case study was written by a professional GPU miner. In it they detail their real world experience in GPU mining on a more commercial scale.
The technology set
We have 13 desktops that are low cost Intel systems running Windows 10. The key here is finding motherboards that support 8 GPUs or more. Most run Z390 chipsets which are 8th/9th Gen Intel CPUs as the motherboards are readily available on Amazon.
Speed is irrelevant as some systems run Celeron and some Intel i9 but mining will be 100% GPU dependent so no difference in speed. This is the area where you can cut corners to save on costs. Windows is not stable with more than 8 GPUs running. We utilize Windows in order to remote connect to each rig on our phones with Google Chrome. We do not recommend running anything larger because of stability and also because you would need Linux. All rigs run in an open frame with 120mm cooling fans to dissipate heat. The GPUs will thermal throttle down if not cooled or housed in a case.
The profitability equation
Ethereum has proven to be the most profitable crypto to mine per wattage. For a low cost rig, 8 AMD RX580’s generate $20 per day before electricity. I recommended 8 – AMD 5700 XT’s because they use the same amount of electricity as the RX580s while generating 30% more profit
Electricity is your number 1 hurdle for profitability during a bear market. During a bull market it’s not really a factor. For example, the rigs above utilize $4 per day in electricity. During a bear market with all 13 machines operating, we were able to generate around $500 a month. During the current bull market the same 13 machines have done up to $17,000 per month – so the power price is not an issue. The problem with electricity is scaling and heat. The rigs use 1000 watts so they are essentially 1000 watt space heaters. The more rigs you utilize the more you will then need to cool your residence depending on your space and goals.
Crypto mining by at-home miners is challenging as large-scale operations dominant the mining industry. However, by choosing the most profitable coins and running the latest (and most efficient) mining hardware, it is still possible to generate crypto mining profits in 2023.
