Ethereum (ETH) has become attractive as prices rise above $ 1000 in 2021. On the other hand, on the mining side, it continues to mine 2 ETH every 15 seconds or 8 ETH per minute.
In 2021, the Ethash algorithm is still suitable for home-based mining, and it is possible to compete for block rewards by building a rig. An Ethereum mining rig can be built using the best GPU. Currently, there are special hardware that offer around 200 million hashes per second. However, the Ethereum community is supporting a hard fork that will make Ethash-optimized ASICs unavailable.
Would you support a hard fork that obsceletes ETH ASICs? (Just wondering, this is not a proposal)
— Vlad Zamfir (@VladZamfir) March 28, 2018
Therefore, the use of the more useful and easy-to-use GPU is expected to continue. Some GPUs in particular are optimized and designed to offer better performance with Ethash. One of the first factors that can affect profitability in home mining is the cost of electricity. However, mining is also a game that has various and varying risks; For example, if prices rise, profitability increases, if they fall, profitability decreases or even losses.
How to Set Up an Ethereum Mining Rig?
Creating enough hashrates is all about connecting more GPUs to the rig. Currently AMD Radeon VII is the most powerful graphics card producing 90 MH / s, and ProgPoW reaches 30 MH / s. AMD Radeon VII will increase costs significantly with a price tag of more than $ 500.
Building a rig also requires side components such as a power supply, CPU, LAN components, as well as a physical enclosure to hold and vent the desired number of GPUs. Experts at EthereumMiningBot recommend also using a smart power outlet to monitor electricity usage.
Essentially, an Ethereum mining rig will look like an entire computer in the form of a special machine. It is recommended to use a basic Intel i3 CPU as well as a basic 4GB RAM and SSD. With custom-designed racks or enclosures, a real rig can be easier to assemble, allowing up to six GPU (or 540 MH / s potential) connections. To connect GPUs, a six-slot motherboard and an additional power switch that makes it technically easier to open are also required for an Ethereum mining rig. For more than three GPUs, a number of connectors may be needed to comfortably seat and connect the GPUs to the motherboard.
Rig setup is complete with the potential to add an SSD memory, a hardware wallet, or another essential tool to run mining pools and get ETH into a wallet. The power connector is extremely important to an efficient rig. The 1.2 kW Corsair CP-9020140-UK HX1200 will provide maximum power efficiency.
Assembling computer components can be tricky, but a tutorial video like the one below can help.
Mining ETH at home also requires joining the right pool to get enough hashrates and some of the daily rewards. The Ethereum network currently rewards 2 ETH per block every 15 seconds, with less than 5 ETH per block in previous reward periods. Only 2 ETH will be awarded per block after the next hard fork. This can cause miners to increase their activity on the network.
The Ethereum network, on the other hand, continues to grow as miners are slow to stack before hard fork. Last month, mining power in the network rose again to over 180 TH / s. It is possible to mine ETH at the current competitive level and difficulty.
Increasing the difficulty of ETH by January 2020 caused some miners to give up and terminate their activities. With a small, urgent hard fork, miners were once again invited to the network, while mining activity has seen a clear recovery over the past few weeks.
The advantage of a home-based rig is that it allows mining while still being able to make a profit, and it is possible to disable the rig in situations of increased difficulty.
You can Spend 1 ETH for Mining 1 ETH.
Building a mining rig for Ethereum can be compared to buying an Antminer S17 ASIC in terms of price. With a price tag of close to $ 2,000 for two GPU installations, ETH mining is also an expensive proposition. During times of stock issues and depending on the supplier, the GPU may be less or more expensive than expected. Still, it is possible to give $ 500 to a GPU with high Ethash performance.
With a rig setup producing 180 MH / s of power, 4.21 ETH excavations per year can be expected. This cost-profit calculation should be made with a very fine calculation. Otherwise, you can spend 1 ETH to mine 1 ETH and even stay lower than what you earned.
Currently home mining has an advantage over cloud mining; You can spend $ 1,500 on a year of real cloud mining. On the other hand, building a rig of 180 or 200 MH / s may cost you these prices, but there is no limitation like 1 year. Mining time depends on the decision of the owner of the rig, not the contract made with the company as in cloud mining.
Currently, Ethermine and f2Pool make up about 47 percent of all ETH blocks. Smaller pools manage to collect about 2 to 10 percent of the daily reward, but the final daily payout will only be seen in the back. Joining a pool is both necessary and important because solo mining is impossible at this stage and the chances of finding a block are extremely difficult. However, a pool like Ethermine has a 24 percent chance of discovering a block and sharing the reward.