Look what I’ve been up to today—the UPS guy dropped off some new hardware to play with! Unfortunately it’s not everything I that was hoping for (the popular 6+ GPU mining motherboards I mentioned in a recent post are sold out everywhere), but it’s enough to get started with.
I’m already up and mining ETH on a couple RX 470 GPUs under the latest LTS release of Xubuntu. Still lots of optimization to do, but the process was a lot less painful than my first experience with litecoin mining back in 2013.
I’m celebrating a friend’s wedding out of town this weekend, but I’ll be back next week. Look for the first sections of my detailed Ethereum mining guide then!
The time to mine ETH was 18 months ago, u do realise ETH will be switching to PoS in the near future.
GPU mining never stopped being profitable, u have missed the best times to mine, the market is becoming over-saturated with miners at the moment, I doubt it will be profitable for much longer.
Nvidia is better for mining by the way, it’s all about the GTX1070!
No disagreement that you would have done really well if you’d started mining ETH 18 months ago, much like the people who were mining BTC in 2009. But just because you didn’t get in on day one doesn’t necessarily mean that it doesn’t make sense to jump in now. I have a lot of friends that started mining BTC with me in 2012 (3 years “late” to the party!) and we all did extremely well. A rig with six RX 470 GPUs makes conservatively nearly $300/month mining ETH at today’s difficulty and price. That’s already pretty good – and of course ETH may follow BTC and increase significantly in value in the future.
ETH will eventually switch to PoS, but the November 2017 informal estimate was recently called “too rosy” by Ethereum’s co-founder. Most don’t expect it to happen until mid-2018 at the earliest. When it does, there are other coins to switch to.
The GTX 1070 hashes ETH at speeds comparable to the RX 470/480. However, it consumes slightly more power, and each GPU costs 2-3x as much up front (closer to 4x, considering the recent deals on some RX 470 cards)! Nvidia cards are competitive for mining nowadays, but they’re not the top choice – at least not when it comes to ETH.