With that said, there are some other options of coins to mine with GPU. Keep reading to learn more about how to get started mining with a single graphics card.
Bonus: This guide will even discuss options for you to earn Bitcoin through mining with a Graphics Card. But first, let’s understand why it’s no longer a good idea to compete in mining Bitcoin on a GPU.
The Truth About Bitcoin Mining With A GPU
Back when Bitcoin Mining was first invented in 2009,, and the network was still reasonably new, anyone could participate in Bitcoin Mining with just their CPU on a Laptop. But, as the network grew and mining became more complex, miners started using GPU to increase their chances of successfully generating a block and earning some Bitcoins.
It was then found that mining Bitcoin on a CPU was not efficient anymore. The reason being is that GPUs, when compared to CPUs, are a lot more efficient at performing the calculations needed for Bitcoin Mining.
However, as more time went on and Bitcoin gained more popularity, engineers began building the first ASIC Miners (Application-Specific Integrated Circuit) that were far better and faster than GPUs for mining Bitcoin. The rise of ASIC miners has significantly decreased GPU’s efficiency and contributed to their downfall as an effective miner in the Bitcoin network.
What Is And ASIC Miner - Application-Specific Integrated-Circuit
ASIC Miners are built to do one thing, and that is to mine Bitcoin. They are fast, powerful, and efficient at what they were made for, making them a great choice if you want to invest in the latest mining hardware for Bitcoin.
Trying to compete against ASIC Miner with a GPU or even CPU when it comes to mining Bitcoin is a waste of time and money.
The only thing that can compete with ASIC miners now is another ASIC miner, which is usually expensive and hard to come by due to the high demand for them from Bitcoin miners who want the best equipment.
However, that doesn’t mean you can’t mine other cryptocurrencies, called altcoins, with a GPU. With that said, the rest of this guide will teach you how to mine using just one GPU. I’ll even show you how you can mine cryptocurrencies with a GPU and still get paid in Bitcoin.
How To Start GPU Mining With One GPU
So, for those of you who are bummed that you can’t mine Bitcoin with one GPU because ASIC miners are too powerful and expensive! There is hope, especially if you want to mine altcoins. Mining other cryptocurrencies using a GPU can still earn you crypto coins (like Bitcoin), but it also has the added benefit of different mining currencies. Here’s how to do it:
The first thing you need to do is decide which Altcoin you want to mine. I recommend mining Ethereum or Ravencoin. Both can be mined with a GPU, and both have low difficulty rates, which means that you’ll earn more coins per day from your mining efforts than if you choose to mine Bitcoin, for example.
Also, you can use sites like whattomine to determine which coin will give you the best profit for your GPU. Check out whattomine here!
Once you know which coin you want to mine, the next step is to create a wallet. You can create an Ethereum wallet at, for example, at MyEtherWallet.com. Here you will be able to upload the coin’s wallet file that it generates and then input your public key address, which is usually a long string of letters, numbers, and symbols like this:
Example Eth Wallet Address: 0x23ba18a87cbc11dee015956ae248
Atomic wallet is another great option as well. The wallet can be downloaded for free, and it offers a wide range of coins. Check out Atomic Wallet here!
Once you have your wallet set up, you will need to choose a mining software that is capable of mining the coin you want to mine. This will vary some for each user depending on their specific needs.
For example, if you want to mine Zcash using your AMD GPU, then the mining software may be different from someone who wants to mine Ethereum with their NVIDIA GPU. In this case, I would recommend either EWBF or Claymore, depending on what hardware you are running.
If you want to mine Ethereum and get paid in Ethereum, then you can download Phoniex Miner. If you need help setting this up, no worries, here are some excellent links to resources that will help you with the setup process. Check out Phoniex Miner here!
Other Mining Software
- Cudo Miner
However, let’s say you wanted to get paid in Bitcoin from your GPU. Softwares like nicehash make this a breeze. NiceHash will allow you to mine a variety of coins and get paid in Bitcoin. The mining software is designed to scan your computer’s hardware and run a series of benchmark tests to determine which coin is the most profitable for your hardware to mine.
Once the benchmarks are completed, the software will begin mining whichever coin it has determined to be the most profitable for your hardware.
The best part is that Nicehash’s platform will take the coins you mine and exchange them for Bitcoin so that when you go to withdraw your mining rewards, you are paid in Bitcoin. Check out Nicehash here to get started.
Will GPU Mining Damage My GPU?
By now, you might be wondering if all this is going to damage or hurt your GPU. The answer is yes and no. Mining can damage your GPU, but only if you don’t take proper steps to protect it.
However, I will say that GPU Mining is no more harmful than gaming. If you want to learn more about whether or not mining can hurt your GPU, then check out my blog I published a while back on this exact subject.
Is GPU Mining Profitable?
At this point, you might also be wondering if GPU Mining is profitable. The answer to that question is also yes and no as well. Yes, you can make money by mining, but it’s not as easy as just turning on your computer and having some coins deposited into your wallet every day or week, as many people think.
At the time of writing, this post Bitcoin and Ethereum have been on a nice run. This has caused a lot of new investors to come into space, and with that, numerous other cryptocurrencies have seen massive surges in their price. As a result, mining cryptocurrencies has been quite profitable as of lately.
However, that doesn’t go without saying that mining is not always profitable. It can be more beneficial to buy and hold Bitcoin instead of mining for them. So if you’re coming into the cryptocurrency mining space to get Lambos overnight, then I got news for you. That’s not how it works.
To truly have success with making a profit with mining, you will need to look at this as a long-term investment.
What are the best GPUs for Mining?
There’s a plethora to pick and choose from when it comes to the best GPUs for mining. However, a few really stick out, like the infamous Geforce 1070, the new 3000 series 3060 Ti, and RX 580 8GB from AMD, to name a few.
Factors To Consider For Choosing a GPU For Mining
As mentioned, there’s a wide range of GPUs to pick and choose from for the purpose of mining, much like the gaming industry. With that said, here are a few factors to help you decide if you’re in the market for one.
The price you pay for a GPU will have a direct impact on your return on investment. For example, the NVIDIA 3090 is currently making around 15 dollars per day in profit, yet due to stock limitations, a newly opened card can range from $2000-$2500.
At the same time, the RX 580 8GB makes a whopping 5 dollars a day and is generally priced around the $300-$400 range. Despite the RX 580 making less daily vs. the 3090, it still has a faster ROI making it a more attractive option.
Example ROI 3090:
- $2500 @ $15/daily = 166 day ROI before elec costs
- $2000 @ $15/daily = 133 day ROI before elec costs
Example ROI RX 580:
- $400 @ $5/daily = 80 day ROI before elec costs
- $300 @ $5/daily = 60 day ROI before elec costs
Factors To Consider For Choosing a GPU For Mining
This concludes our guide on mining Bitcoin on one GPU, and while mining Bitcoin may not be the best strategy for profitability. Instead, GPU mining altcoins can have a higher ROI when considering electricity costs and other factors like hardware upkeep.
While it is possible to mine bitcoin with one GPU, you won’t see much of an income from this endeavor in today’s environment where bitcoin mining is more complex than before due to increased difficulty levels as well as competition among miners on these high-powered machines.
So why not try mining some altcoins? You’ll get better returns by going after cryptocurrencies that are less popular but still profitable enough to make your efforts worthwhile.
Do you want help deciding which cryptocurrency might be worth your time and energy? Sign up for our $1 dollar trial to our Crypto Elite FB Group today and get your questions answered.