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ETH Mining Notes – Peter Dillon

ETH Mining Notes

Last Updated on September 18, 2022

Ethereum Classic, the coin that’s currently the most popular mining option in the market, nets miners a profit of -$0.78 per hour right now. This figure assumes an average electricity price of $0.1 per kWh, and uses the hash of three AMD RX 480 graphics cards for making the calculation.

Even with the strongest GPU available on the market, the 3090ti, ETC mining hourly profits remain in the negative at around -$0.50.

View a crypto mining profits calculator website WhatToMine that shows where the profits of the PoW coins with some of the largest market caps currently stand.

There is a general concept of mining difficulty across crypto chains, where the network adjusts the rate at which miners can hash new blocks according to the total hashrate. Usually, coins increase the difficulty when the hashrate goes up to balance things out and keep the block production rate near constant.

A flood of GPUs previously being used for ETH mining suddenly entering into these other, significantly smaller hashrates would therefore result in a difficulty explosion.