CryptoMode Ethereum price analysis Ethereum Mining

Mining cryptocurrencies has always been an interesting option to pursue. With the correct hardware and cheap electricity, a lot can be achieved. The new NVIDIA RTX 30 Series GPUs may prove very beneficial to Ethereum mining, according to preliminary benchmarks. 

A Powerful GPU for Ethereum Mining

It is a well-known fact that Ethereum will switch from proof-of-work to proof-of-stake in the near future. Once this happens, Ethereum mining will come to an end completely. The only way to support the network is by locking funds in a wallet and staking it. This brings more security to the network. It is expected that a lot of people will stake Ether once Ethereum 2.0 launches. 

Until that happens, mining Ethereum remains a viable option to explore. That is, assuming one has hardware powerful enough to do so. The new Geforce RTX 3080 GPU may be of immense interest. In China, these units are selling fast due to their improved Ethereum mining performance. More specifically, this card’s mining performance offers an improvement of up to 400%. 

Getting your hands on one of these cards will not be easy. Officially speaking, the RTX 3080 is not out, but the launch is a few days away. This makes it all the more remarkable as to how so many miners are stockpiling them already. China is a very unique country in this regard, thus anything is possible. It is also a good indication of what to expect for those who are interested in Ethereum mining. 

Analyzing the Performance

Not too much is known about how the RTX 3080 will perform for Ethereum mining. On paper, it has very strong specifications, capable of beating the RTX 2080 hands down. However, it is pertinent for miners to buy the right model of card. Units with more cooling will offer better performance and might even be overclocked to improve overall Ethereum mining output. 

Judging by the details found on Hardware Times, there is a significant improvement. Achieving a mining speed of up to 115 Mh/second is certainly possible. A vast improvement compared to 40-ish Mh/s for the RTX 2080. Given the current price of Ethereum, it may be worth scooping up a few of these whenever possible. That may be easier said than done, however.

Source: Inno3D

In the past, there have been numerous GPU shortages. Any card capable of Ethereum mining at a decent speed/power consumption rate will sell like hot cakes. For the RTX 3080, a similar fate may be in store, particularly Inno3D’s iChill variant. Buying these units in large amounts outside of China will be challenging, so it may be best to start scouring online shops as quickly as possible. 

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