For the primary time since 2020, Ethereum mining has change into unprofitable for a lot of miners linked to a conventional vitality grid. The worth of Ethereum has dropped under $1,250 whereas vitality costs are skyrocketing.
The typical price of electrical energy in states akin to New England, Connecticut, Maine, Massachusetts, New Hampshire, and Rhode Island is over $0.22 per kWh.
Utilizing a single Nvidia 3090 overclocked to generate 130mh/s will price miners round $1.85-$2.13 per day in electrical energy. The Ethereum reward for a similar GPU is simply (0.001625 ETH) $2.03 at at this time’s value. Subsequently any miner paying greater than $0.245 for electrical energy is now paying extra for electrical energy than the worth of Ethereum being mined.
At this level, it turns into cheaper to show off the mining rig and purchase Ethereum spot utilizing the cash that may in any other case be used on electrical energy. The profitability of mining with GPUs has been steadily lowering over time. Ethereum remains to be probably the most worthwhile cryptocurrency to mine with a GPU that means the others are even much less worthwhile. The under graph reveals Ethereum’s profitability over time.
Different choices to mine
There are many various cryptocurrencies that may be mined with a GPU. Nonetheless, the others are additionally down significantly. At $0.245kwh, Ergo yields -$0.06, RavenCoin -$0.58/day, Ethereum Basic -$0.66, and Firo -$0.70 utilizing a single Nvidia 3090. These are the contenders for GPU hashrate when Ethereum lastly goes to proof of stake.
The difficulty is that a rise in miners on the community will dramatically enhance the mining issue that means that, to be remotely worthwhile, the value of the tokens may also have to extend significantly.
For Ethereum to change into worthwhile once more, both the problem must lower or the value must rise above $1,400. Alternatively, ought to vitality costs drop under $0.24kwh to match common prices in different components of the US, Ethereum would additionally change into worthwhile.
Electrical energy costs in different nations are even greater than even the highest-priced states. The typical price in the UK, Germany, Belgium, Spain, and Denmark is above $0.25kwh, making GPU mining unprofitable throughout most of Europe.
