How much you can earn from mining in 2024

The emergence of cryptocurrencies has opened up new income opportunities for society. One of them is the mining of digital assets. Its participants perform calculations in decentralized networks and earn coins. Later, they sell them for fiat and withdraw them to a bank card. On the power of computing equipment depends on how much you can earn from mining in 2024. Profitability is also affected by market conditions, which change over time.

How much you can earn from mining per month

Blockchain is a decentralized network that functions autonomously. It is assisted by users themselves through mining. This activity involves searching for valid hashes on computing equipment. They are assigned to new blocks in the chain.

Profits from mining come to the cryptocurrency wallet of the participant in the form of digital assets. What coins the miner receives depends on the chosen network. For example, if you mine in Dogecoin, the reward will be DOGE.

On AMD graphics cards

Graphics adapters in mining are universal. They mine any cryptocurrency that works on the consensus Proof-of-Work (PoW) algorithm. But you need to choose more profitable coins. For example, if it is profitable to use ASICs in the network, then due to high competition, video cards will bring losses.

In Bitcoin, Litecoin, Dogecoin, Ethereum Classic, Kaspa and some other blockchains, GPU mining is unprofitable.

Graphics adapters have very low performance. It makes almost no sense to use only one GPU in crypto mining. For example, an AMD RX 6950 XT graphics card brings $0.4 per day or $12 per month in Ravencoin (RVN). This is achieved with a coin price of $0.0162 and a total blockchain hash rate of 5.94 TH/s.

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On NVIDIA graphics cards

Graphic gas pedals of this company are often used by miners. This is due to their high performance. The flagship models of NVIDIA GPUs are superior to AMD graphics cards. Additionally, many write in reviews that they are more reliable and stable. However, in practice, the latest AMD models do not differ much in these indicators.

Among miners, the NVIDIA RTX 3080 Ti graphics card is popular. It is chosen due to a good ratio of performance and price. According to CryptoProGuide, it allows you to earn the maximum on mining when mining Pyrin (PYI). The card brings $22.5 per month. Profitability is fair at the PYI cryptocurrency exchange rate of $0.01725. The hash rate of the Pyrin network is 214.36 TH/s.

On asics

With the help of ASIC equipment earn the most on mining. It is created specifically for mining cryptoassets. Other tasks asics can not effectively perform. Rare ASIC models are able to switch between hash generation algorithms.

An example of a more universal miner is Baikal Giant B BK-B 160 Gh/s. It mines cryptoassets using Blake256R14, Blake256R8, Blake2b, Lbry and Pascal hashing algorithms.

The profitability of a mining farm on ASIC equipment is high. For example, 1 KS3 device from IceRiver with a hash rate of 8 TH/s brings 55.49 KAS or $9.39 every day. Earnings per month – $281.7. However, this calculation is relevant when the price of KAS coin is $0.17 and the total hash rate of Kaspa network is 1.11 EH/s.

In the mining pool

Mining cryptoasset alone rarely pays off due to high competition in networks. For profitable mining in solo, you need to have a relatively powerful farm. But few people invest hundreds of thousands of dollars in equipment.

Crypto miners with a “weak” farm are helped by mining pools. These are platforms for combining hashrate with other participants. Together, finding valid blocks becomes easier. Profitability from mining stabilizes. Income is divided in accordance with the reward distribution system that the service uses. They are invented more than 20 pieces.

What income from mining depends on

The profitability of crypto mining is affected by the performance of computing equipment. The higher it is, the more earnings. Also, miners usually consume a lot of electricity. Accordingly, the lower its consumption, the higher the profitability.

How much brings a mining farm per month, depends on market conditions. Profitability is affected by the exchange rate of digital coins, competition, network complexity and the size of the reward for a selected hash.

Cryptocurrency price

Miners earn income in a fixed number of coins. Therefore, the fiat profit is affected by the cryptocurrency exchange rate. But the digital asset industry is more volatile than most traditional markets. For example, in November 2021 bitcoin cost about $61 thousand, and in July 2022 its rate fell below $20 thousand. Such “slides” on the charts of crypto-assets are often formed.

Complexities of the network

For the security of decentralized systems, the term of generation of blocks is important. For example, in the Bitcoin network, each link is created on average 10 minutes. To keep this time from decreasing as the hash rate increases, blockchains have mechanisms for mining complexity. Their task is to regulate the duration of generation of new links. If the hash rate increases, the complexity also increases. And vice versa.

Electricity price

Mining farms are high-powered “rigs”. They consume a lot of electricity. For example, IceRiver KS3 consumes 3200Wh. Because of the high power consumption of computing equipment, it is important to consider the price of electricity.

In Russia, it costs differently in each region. The tariff in Moscow is ₽7.33 per 1 kW, but in the Irkutsk region it is ₽1.58.

In the Russian Federation, electricity is cheaper than in most developed countries. Therefore, mining digital coins in Russia is popular. Here on mining cryptocurrencies you can earn more in a month. For example, the largest farm in the Russian Federation from BitRiver operates in the Irkutsk region.

Pool commission

These mining services are used by most crypto miners. All of them pay a commission, which depends on the income. The collection percentage differs from platform to platform. The table shows the top 5 popular pools and their commissions (according to CryptoProGuide).

There are other criteria that affect the final profitability. You can earn more from a mining farm if it is idle for a minimum amount of time. The equipment needs regular maintenance.

Also in crypto mining, you need to have a stable internet connection. If the ping is higher than 200 ms, some of the hashes found will start to be lost. This will have a bad effect on profitability.

What you need to set up a mining farm

The main thing is theoretical and practical knowledge. Beginners in crypto mining make mistakes when building a farm, which cost them investments. Therefore, you should first understand how mining works, and then take up the project.

Equipment

Computing equipment is required for mining. You can use any devices that “can” solve mathematical problems. But in practice, miners earn money on ASIC-equipment, video cards, as well as central processing units. Other devices are inefficient.

When earning on graphics adapters, 6-10 GPUs are connected simultaneously. This allows you to “squeeze” the maximum out of the investment in the farm. Miners assemble from video cards regs. These are boxes for placing equipment, namely:

• Motherboard.
• Power supply.
• RAM (RAM).
• Hard disk drive (HDD).
• Processor.
• Risers.

Without these components to run graphics cards and make money on mining will not work. In one Rig is often installed from 4 to 12 GPUs. How many video adapters can be connected usually depends on the number of PCI-e interfaces on the motherboard.

Payback calculation

Before purchasing mining equipment, it is recommended to find out in advance how much profit it can bring. Calculations can be made with the help of profitability calculators.