The Mining Gold Rush: Is It Really Profitable?
The cryptocurrency boom has resurged with graphics cards becoming increasingly scarce. While Ethereum—currently the most hyped digital currency—continues to fluctuate in value, mining rig numbers and computational difficulty keep rising daily. The全民挖矿 (全民 meaning "national") fever shows no signs of slowing, especially when electricity costs represent just a fraction of potential earnings, making profitability seem almost guaranteed.
Ethereum mining still primarily relies on GPU processing, unlike Bitcoin which has specialized ASIC miners. This makes显卡算力 (GPU computing power) crucial. With显卡 (graphics cards) nearly sold out everywhere, miners—both large-scale and individual—remain highly attentive to cost-benefit ratios.
Today, we've compiled comprehensive benchmarking data for popular mining GPUs, including算力测试 (hashrate tests) under various overclocking scenarios discussed in mining communities. Note: Ethereum mining requires GPUs with over 2GB VRAM—we've excluded any cards below this threshold.
The Irrational Surge: Market Chaos Explained
Initially, AMD cards dominated Ethereum mining due to superior efficiency, leading to earlier stock depletion. When AMD supplies vanished from retail and e-commerce channels, NVIDIA cards followed—starting with GTX 1060s, then 1070s, 1080s, 1080 Tis, and eventually even 1050 Tis. Assembling this test lineup was challenging; some older models were unavailable, but we've included all mainstream options.
Our testing uses Spark Pool's ETH mining software (v2.71), which automatically detects GPUs when drivers and wallet addresses are properly configured. We conducted单卡测试 (single-card tests) due to extreme hardware scarcity. The sole metric collected? Ethereum hashrate—where显存性能 (VRAM performance) becomes critical, as Ethereum's algorithm heavily favors effective VRAM overclocking.
GPU Overclocking: Methodology Matters
AMD Optimization
Using AMD's driver-level全局设定 (global settings), we:
- Maximized VRAM frequency (auto-detected safe limits)
- Set power limit to maximum
- Maintained fan speed at 70-80%
- Minimized core clock to reduce heat with minimal performance impact
NVIDIA Tuning
Via MSI Afterburner:
- Reduced core clock by -200MHz
- Tested two VRAM overclocks: +600MHz and +700MHz
Key Insight: High-end GPUs don't offer proportional mining returns. While absolute hashrates are respectable, their cost-to-performance ratios pale against mid-range options. Surprisingly, mining-suitable cards now trade at算力-based prices rather than gaming-performance valuations.
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The Ultimate Showdown: Mining Performance Rankings
At original MSRPs, RX 470 clearly outperformed on value—GTX 1080 Ti's hashrate couldn't justify its 5x higher price. However, premium NVIDIA cards might appeal to Zcash (ZEC) miners needing high core clocks, proving Ethereum isn't sole driver of shortages.
NVIDIA Results (3 Test Cases)
- Stock VRAM
- +600MHz OC
- +700MHz OC
Trend: Hashrate scales near-linearly with GPU tier pricing. GTX 1060 3GB shows marginally lower performance than 6GB versions, though VRAM advantages may emerge as difficulty increases.
AMD Dominance
RX 470 delivered near-RX 580 performance (within 10%差距) at significantly lower cost—explaining its early sellout. Curiously, overclocking yielded limited gains, possibly due to complex mining variables.
Underdog Pick: RX 560 4G could offer viable entry-level mining, but the landscape is shifting rapidly. Specialized mining chips (non-GPU) may soon deliver 100x效率提升 (efficiency gains), mirroring Bitcoin's ASIC evolution.
FAQ: Your Mining Questions Answered
Q: Which GPU offers best ROI for Ethereum mining?
A: Historically, RX 470/570 series, but availability dictates current options.
Q: Why does NVIDIA lag in Ethereum mining?
A: AMD's architecture better handles Ethereum's memory-intensive algorithm.
Q: How risky is entering mining now?
A: Highly volatile—hardware costs are artificially inflated, and profitability depends on unpredictable crypto trends.
Q: Should I overclock my mining GPU aggressively?
A: Moderate overclocking balances收益与损耗 (gains vs. degradation). Extreme OC risks permanent damage.
Q: Will GPU mining become obsolete?
A: Likely, as ASIC developers target Ethereum, potentially making GPUs uncompetitive.
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Final Verdict: Tread Carefully
The mining frenzy represents a critical transition period. Unless you joined when GPUs cost under $200, current entry carries substantial risk with扭曲的市场价格 (distorted market prices). As always: 玩币有风险，入场需谨慎 ("Cryptocurrency involves risk—invest cautiously").
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