Mining of digital assets began in 2009 on the Bitcoin network. The process keeps blockchains running and secure. For this, miners receive remuneration. For crypto mining, they use hardware such as GPUs. However, in 2023, GPUs need to have high performance. This is due to the increasing complexity of most networks. But mining on old NVIDIA graphics cards in 2024 is possible. The main thing is to have enough GPU RAM.
Best cryptocurrencies for mining on old graphics cards
Miners ensure the operation and security of networks, for which they receive crypto coins as a reward. For mining, many people use graphics cards. At the same time, any GPU can search for hashes of new blocks.
The only condition is the amount of video memory. It must be enough to load a DAG-file, which contains data about all operations, blocks and nodes of the network.
For mining on old hardware, it is recommended to have at least 3 GB of video memory. According to Minerstat, in October 2022, most DAG files require 2GB or more. However, there are exceptions – the DAE and Ubiq blockchains. They only need 1.047GB and 1.734GB, respectively. The disadvantages of these coins are low liquidity and high rate hikes. Therefore, it is not advisable to mine these cryptocurrencies.
However, in the case that the card has 3 GB of video memory, the list of coins available for mining is much longer. Many miners work in the decentralized network Ergo. In October 2022, the capitalization of the project was $136.58 million, which makes it easy to sell this cryptocurrency on exchanges.
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There are older graphics cards with memory from 4GB. Because of the relatively low price, users bought the following models:
- GeForce GTX 1050Ti – 4 GB.
- GeForce GTX 1060 – 6 GB.
- Radeon R9 380 – 4 GB.
- Radeon RX 480 – 4 GB (there is an 8 GB version of this model).
In 2023, these graphics cards are capable of mining Ethereum Classic, Ravencoin and MOAC. The presented coins are popular among cryptocurrency miners. All because of the high liquidity and profitability relative to other tokens.
According to Minerstat, the Ethereum Classic DAG file size will become over 4GB in August 2025.
What will be required for mining
If the GPU allows you to mine cryptocurrency, then first of all you need to find a pool. These are services for pooling hashrate with other participants. Mining pools are used because of the high complexity of blockchains. Finding the hash of a new block solo is hard. Therefore, miners unite through such platforms and share the mining among themselves. For their services, pools take a commission of 0.5-2%.
Next, mining on weak graphics cards in 2024 will require a special program. GPUs are not designed for mining digital currencies. Their task is to work with graphics. Therefore, such programs are used to start mining on video cards. They are necessary for the effective use of computing power. Among them are popular:
- Phoenix Miner.
- NiceHash Miner.
- MinerGate.
There are many miners for weak video cards. They differ in interface, options, support for hash generation algorithms and equipment. Most of such programs take a commission for working with them.
Creating a wallet for cryptocurrency
This is done before launching the mining of digital coins. A wallet is a program that sends commands to the blockchain. They are also used to store coins and tokens. The main criteria for choosing a wallet:
- Security. Before creating a wallet, it is recommended to study the reviews of other customers. More often users choose non-custodial programs. Their peculiarity is that the cryptocurrency remains under the control of the owners.
- Support for digital coins. Some wallets give to store only specific cryptocurrencies, and others – many different assets. If the miner mines ETC, the program must support these coins.
- Available features. More often wallets give users additional options. Among them are the exchange of digital currencies, their purchase and sale, the possibility of deposit at interest and other functions.
Exchange wallets are used for mining because of their convenience. Their users can sell the mined coins for other cryptocurrencies at any time. In 2022, many miners were working with Binance and Coinbase.
Comparison of graphics cards in terms of profitability
When using different graphics processors, the hash rate is different. The table below shows the profitability of cryptocurrency mining on older graphics cards. This data is current as of mid-October 2022 for Ethereum Classic mining. The calculation is made through the Minerstat service.
| Model | Hash rate, MH/s | Profit per day | Payback |
|---|---|---|---|
In October 2022, mining on most graphics cards is unprofitable. This is due to the Ethereum network switching to Proof-of-Stake. Miners started mining other coins, which caused the complexity of their networks to increase. According to experts, this is the possible end of cryptocurrency mining on graphics cards.
For September 15, 2022, the complexity of Ethereum Classic increased by 3.84 times. But by the end of the month, it fell by 36%.
How to mine on old graphics cards
In October 2022, it is unprofitable to mine digital currencies. But many people mine them with the prospect of growth. To do this, you need to leave coins on the wallet. In 2022, the cryptocurrency market was falling. However, analysts talk about its recovery by 2024.
This is not a recommendation for action. Financial markets are unpredictable, so all transactions are done at your own risk.
To mine digital assets, you can use the NiceHash service. It is chosen for cryptocurrency mining because of the ease of customization. A participant only needs to register and download a mining program for his video card. The software automatically switches to more profitable hashing algorithms. This allows you to get more profits. Download NiceHash Miner can be found on the official website of the project.
Example of mining on a weak NVIDIA graphics card
The 4GB GTX 1050Ti GPU is supported by the NiceHash program. In October 2022, the platform showed that its hash rate is 15 MH/s and its power consumption is 70W. At these values, mining on a weak GTX 1050Ti graphics card is unprofitable. Its yield is $0.06, but $0.11 will have to be paid for electricity.
Performance increase
The situation can be remedied by overclocking the graphics card. GPU manufacturers intentionally underestimate the characteristics in order to reduce the number of defects. However, miners overclock video adapters by 10-30%. To do this, they use special software, such as MSI Afterburner. Through it, they increase the frequency of cores and memory, and then reduce power consumption. After that, the hash rate grows, and the heating of GPUs drops.
GPU overclocking should be done with caution and in stages. Otherwise, you can burn the equipment.
How to build a farm on old GPUs
To increase the profitability of mining, you can buy additional graphics cards. In one farm put from 4 to 8 GPUs. For the assembly you need:
- Motherboard. It organizes the work of the equipment in one system.
- Processor. Any one will do, but it must work with the motherboard.
- Hard disk. This element is needed to install the system, for example, Windows.
- RAM (recommended 8 GB).
- Power supply. It should be chosen based on the power consumption of the farm. The reserve should be 15-20%.
- Frame. Used for installing equipment.
- Risers. Necessary for connecting graphics processors.
Summary
In 2023, it is possible to mine on old graphics cards. However, in September, cryptomining on them is unprofitable. It is recommended to engage in it only with the prospect of cryptocurrency growth. Ethereum Classic, Ravencoin, Ergo, Monero, MOAC and other coins are available for mining.
Before starting the process you need to:
- Select a mining program.
- Connect to the pool.
- Create a wallet.
Frequently Asked Questions
❓ Which GPUs are better – NVIDIA or AMD?
It is believed that cards from the second manufacturer are more efficient. This is due to the greater number of computational elements on the chip.
✌ How to mine with 1 GB of video memory?
In 2023, you can’t. The minimum size of a DAG file in October is 1.04 GB. However, video memory is also used to run Windows.
🤔 If GPU-mining has become unprofitable, what to mine cryptocurrency with?
Perhaps this problem will be solved in the future. And in the fall of 2022, you could use ASIC miners. This equipment is created specifically for mining digital currencies.
🚩 How to mine Ethereum?
With the transition of the network to Proof-of-Stake – no way. But there is a way to get ETH. To do this, you need to buy coins and invest them in stacking.
💻 What operating system should I use for crypto mining?
Miners work in special OS, for example, HiveOS. However, for beginners, a simpler Windows system will also do.
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Author: Saifedean Ammous, an expert in cryptocurrency economics.
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