Cryptocurrency mining is something that everyone with a graphics card should be doing and there are several reasons why. Whether you bought a graphics card primarily for gaming, video editing or 3D modelling, you aren’t doing these activities all day every day. That means your graphics card is sitting there unutilized when it could be making you passive income through cryptocurrency mining.
During the last 2 years, supply chain issues have wreaked havoc on the price of PC components and in particular graphics cards. However in the last month we’ve seen some relief with prices dropping about 25% here in Australia, but they’re still higher than MSRP. Mining can bring down the cost of your GPU purchase in the short term, but in the long term it will make you more money than you initially invested. In essence, it can pay for the entire cost of your gaming PC or workstation. By using the Nicehash profitability calculator, you can check the current approximate income of your graphics card. Just enter your electricity cost in kilowatt-hours and pick a graphics card from the list. In the case of my Nvidia 3090, it is expected to make $4.97 per day after electricity costs. That means that in theory, with a purchase price $3,059, I would make my money back in 615 days which is a bit more than 1 and a half years. Keep in mind that this is based on the current profitability and this metric fluctuates. Therefore, the calculator should only be used for rough estimation.
Are there any downsides to mining? In my opinion, there really are. Heat and noise are problems for large scale operations, but if you’re just mining on 1 graphics card this isn’t a concern. In your area you may have very expensive electricity which doesn’t make it as viable, however my electricity isn’t cheap either and I’m still achieving awesome results. A lot of people will say that mining damages your GPU and hurts its resale value. This has been proven to be complete bullshit and it’s likely a narrative originally propagated by GPU manufacturers to deter buyers from the secondhand market and drive sales of new cards. In a video by Linus Tech Tips, Linus compared graphics cards used in mining to their brand-new equivalent. He found there was no impact on the performance of a card that had been mined on for 4 years. Even if mining did degrade the performance of the card over time, I would argue that the card will lose value anyway as the next generation is released. So, there is no point in babying it with the hope of retaining its value. It is a tool that is meant to be used.
The mining landscape has evolved significantly since the early days of Bitcoin and technical expertise is no longer a requirement to get involved. With software like NiceHash QuickMiner, it has become extremely easy for anyone to start mining. Simply create an account with NiceHash and download their QuickMiner software, I’ll provide the link in the description. After installing, you’ll be prompted to insert your Bitcoin mining address. This can be found on the NiceHash mining dashboard as shown. And just like that, you’re already mining cryptocurrency. The software will now let you configure a few more options; set a name for your mining rig and choose whether you want the software to automatically launch on startup.
As for the GPU overclocking, you’ll have to watch the video for that! If you have any questions leave them in the comments section and good luck with your crypto mining!