If you’re curious to know whether GPU mining is profitable then let me show you using the current state of what’s going on in my GPU mining operations. I will do my best to be as detailed as possible so that new investors can accurately speculate whether mining is a worthy investment.
The current situation is rather apparent as we have been in a prolonged bear market that’s slowly settled and appears to be forming a solid bottom as far as any good trader/miner can tell. Lots of Altcoins mining profits have diminished including Ethereum recently as the new block reward has dropped from 3 to 2 Ethereum.
Most of my farm has been reliant on Eth mining for the better part of the two years and has done my cards well for ROI but times are changing and profits, as I stated, are long gone. No ones know just yet what the returns might be if they do decide to switch over to Prog PoW so at this point I managed to shut down 24 of GPU mining rigs.
Now I only have 4 rigs running with 1050 ti, 1060 6GB, 1070 8GB, and 1080 TI 11GB series cards just to have a full spectrum of were mining profits are at.
Instead of chasing coins on Whattomine like an average Joe Schmoe I decide to approach things a bit different with a newer miner called Hash Auger. Although very similar to nicehash and Cudo Miner this allows me to overclock for each algorithm on each GPU if I want. This can be a very complex and time-consuming process to get dialed in, but I’m using overclocking software that helps find the best settings across an array of algorithms.
So basically I’m mining altcoins in exchange for Bitcoin as I feel its time to accumulate with the whales that are sneaking in the buys orders any chance they can. My reasoning for choosing to profit switch mine over following the herd on Whattomine is that I don’t think it’s very stable for profits at this point in the market. So, for now, I’m much more comfortable holding BTC over any other coin until this market finally starts another bull cycle.
2019 GPU Mining Rig Profits
Before we dive in, I want to specify that these averages I will be using are rough estimates from random manual check-ins I’ve conducted over the last four days on my mining rigs. Check-Ins consists of me remote viewing my miners several times throughout the day and making a note as to what Hash Auger’s software estimates the current mining profits are for each rig.
I want to go a little further and say that I’m fully aware that there may be some discrepancies between what the software projects and what actually ends up in my wallet. So I will be tracking both to see if there any real changes while rounding down my average estimations to what I feel is a realistic level of what to expect from each mining rig.
1050 TI 4GB 8 card mining rig Profitability
Let’s begin with the 8 GPU 1050 Ti 4GB Zotac rig running Win 10 OS. This machine pulls on average around 550 to 600 total watts from the wall while profit-switch mining on Hash Auger.
After running the rig for 3 days it appears each 1050 ti card makes .20 cents a day on the low end with an upside of around .40 cents. Which averages out to around .30 cents but I feel much more comfortable assuming its .25 cents just for good measure.
With a 2 dollar day average, this leaves me with a whole whopping .80 cents worth of Bitcoin after I deduct operational costs excluding the internet that I already use.
- Power Consumption 550-600 total watts
- Daily Costs $1.20 @ 0.09 cents per kWh
- Daily Avg Mining Profits $2.00
- The current average cost per GPU 195-220
1060 6GB mining rig Profitability
On the 1060 6GB 8 card rig, the specs are exactly the same except for the GPUs obviously. However, these rigs pulled around 600 to 800 watts total from the wall depending on the algorithm and miner.
As for the daily cost to operate on my 9 cent rate they cost on average of about $1.75 a day to run. Daily mining profits with Hash Auger on the low end have .50 cents with and avg upside of around .65 cents.
Being modest with these projections I’m going with a current daily average of around .55 cents a day profit-making the 1060 6GB current estimated mining profits of around $4.40 USD.
- Power Consumption 600-800 total watts
- Daily Costs $1.75 @ 0.09 cents per kWh
- Daily Avg Mining Profits $4.40 after elec.
- Current Avg Price Per GPU: 275-300 USD
1070 8 GB mining rig Profitability
Up next is the 1070 8 GB mining rig running all the same specs again mining with Hash Auger. With 8 1070s running on this build it easily pulls around 1000 to 1200 watts total depending on the algorithm.
Daily Profits for each 1070 on the low end have been around .80 cents a day but this time the upside is around $1.60. In this case, I feel more comfortable assuming a higher daily avg profit projection of around $1.00 a day while still keeping a realistic projection.
I will mention that I noticed this rig had more check-ins in the upper ranges than on the low end so there definitely some room for potential. However, let’s not get too excited just yet as I still have one more rig to report.
6 X EVGA GeForce GTX 1070 GAMING
- Power Consumption 1000-1200 total watts
- Daily Costs $2.40 @ 0.09 cents per kWh
- Daily Avg Mining Profits $8.00
- Current Avg Price Per GPU: 475-500 USD
1080 TI GB mining rig Profitability
The 1080 Ti now that I think of them I actually left two rigs running so we should have some solid data to compare. These rigs are both identical with 6 ASUS 11 GB Turbos running on each build. To be fair one 1080 TI rig seems to perform better than the other as the lesser of two hasn’t been cleaned out in a while.
Both Rigs seem to operate between 1000-1200 watts total from the wall with an average daily operating cost of $2.53 per rig. As for daily profits I’ve seen these cards average on the low end $1.00 USD a day with an upper average of around $1.70 a day per card.
With these being the most prized rigs I own I tend to watch these along with the 1070s more frequently so I’m more than willing to value their daily profits at around $1.25 a day per card.
- Power Consumption 1000-1200 total watts
- Daily Costs $2.53 @ 0.09 cents per kWh
- Daily Avg Mining Profits Rig Total $7.50
- Current Avg Price Per GPU: 1200-1300 USD
How Much Does A Mining Rig Cost?
When it comes to the cost of building a mining rig the Graphics cards themselves make up the bulk of the cost. All the other components that make up other parts of the mining rig, their cost is minimal in comparison and rarely ever fluctuate.
That being known will assume a flat base cost for the rest of the components. Meaning the CPU, Ram, motherboard, mining rig frame, etc, etc, will have a flat rate of $515 USD total.
Cost Of Other Mining Rig Parts:
- Cpu $50
- Mining Rig Frame $35
- Ram $50
- Power Supply $250
- Motherboard $70
- SSD $60
With a base cost of $515, we’re only left with figuring out the average cost of the graphics cards in order to calculate the estimated total cost of the mining rig. For this, I took Amazon and Newegg and began writing down all the prices I could find between the two sources. Once I was finished I was then able to calculate the average cost of each GPU.
I then took the estimated average cost of the GPUs and multiplied by the number of cards on each rig to give an overall estimated total of what a mining rig would cost. Though I wish to remind you these prices are rough estimations to give you an idea, not exact figures.
Current Estimated Cost Of A Mining Rig
As you can see clearly the 1080 TI and 1070 rigs costs are much higher in comparison to the lower series cards. I pointed this out to tell you that a good mining rig isn’t always about the money you spend on it as the end goal is to see things through to ROI. So dont think you have to spend 4 to 8k just to get good results as there are way better prices on some of the other cards used in mining.
Are The Mining Profits Worth It?
This really depends on what you call profits which can vary from person to person as you may know. The one thing I will say is that mining cryptocurrency has been a great passive income source for some and for others, it’s been a complete disaster.
It is obvious, given the current profits and average hardware costs, that buying a mining rig might not sound like the wisest investment decision to do right now. Mining profits are inconsistent with many ups and downs so if you don’t have the stomach for it then this might not be the right investment strategy for you.
On the other hand, if you’re bullish about the whole idea of blockchain and willing to invest and little money and time then nows the time get great deals in mining hardware. The reason its not for everyone is things can take time to unfold as the crypto space has already had a few bubbles.
It is commonly said that these bubbles will continue to happen as more people start to learn about blockchain and with them just might be many potential profit-taking moments for all. As for me personally, I too have had the pleasure of experiencing a few of these great moments in history and I hope to enjoy many more.
Thanks for checking out my first ever mining profits report I looked forward to doing some more in the near future. I want to also let you know that if you found the information here helpful or have any questions then please drop a comment below.
Furthermore, it would be cool to see some other miners report some stats below as well to give further references for people to see if mining is something they wish to pursue.