Mining cryptocurrencies used to be a viable choice for making profits in the past. But crypto entrepreneurs have swayed away from this method of acquiring crypto.
With large mining operations dominating the landscape, mining has become an increasingly difficult venture to partake in. Some may even think of it as a defunct way to acquire crypto.
However, with the recent bull run, a lot of us are asking ourselves – is crypto mining still worth it in 2022-2023?
In this article, we will try to answer that exact question. We will consider equipment and running costs, and how to determine the profitability of your mining farm.
Before we begin, let’s go through some basics of cryptocurrency mining.
What is Cryptocurrency mining?
Crypto Mining is the process of validating transactions on the blockchain by using computing power. To do this, high-powered computers (miners) solve increasingly difficult math problems and create new data blocks of transactions.
In exchange for their efforts, miners are rewarded with new coins created through the process. This is known as a proof-of-work (PoW) consensus mechanism.
Today, mining rigs have evolved into two main categories:
- ASICs – which are expensive, specialized computers that can be used only to mine cryptocurrencies.
- GPU Rigs – Computers that contain one or more graphic cards where GPU power is used to mine cryptocurrencies. The more cards, the higher the computational power will be.
Keep in mind that certain cryptocurrencies like Bitcoin are mineable only with ASICs, while others like Ethereum can only be mined with GPUs (ASIC resistant).
Crypto Mining Global Trend
What to consider when mining cryptocurrencies?
When trying to calculate mining profitability, there are three main aspects that you need to consider:
There are several criteria to watch out for to increase your mining revenue:
- Mining Difficulty – as more miners join the network, the difficulty to mine new coins increases. If your hardware computing power (hashrate) can’t keep up, you will be mining at a loss.
- Coin switching – cryptocurrencies are a volatile asset and their price fluctuates by the minute. Miners often switch to a different coin to optimize their revenues.
- Running Costs
Maybe the most important of all three pillars in cryptocurrency mining is the operational expenses you will be facing on a daily basis. This mainly includes the costs of electricity in your region, as mining rigs are power-hungry machines.
There are also additional expenses to consider like mining pool fees, cooling fees, mining software fees, and maintenance costs.
- Investment Costs
The required equipment is the initial paywall to start cryptocurrency mining. For example, a top-of-the-line ASIC miner can cost anywhere between $1,000 and $3,000.
Older ASICs might be cost-friendly, but their inefficiency will diminish your profits considerably.
Building a GPU rig can be a more democratic venture for beginners as they are cheaper and more versatile solutions.
So is mining still profitable in 2022?
Drag the slider and make your voice heard.
Drag the slider and make your voice heard.
Exceeded the limit of votes from one IP.
The answer to this question cannot be answered by a simple yes or no. Making profits from mining depends on a combination of all the factors previously stated.
Let’s illustrate this by a couple of examples using the calculator found on CryptoCompare:
Bitcoin Mining Cost
Bitcoin mining for individual investors is rarely worth it anymore because of the highly competitive mining sphere.
Here’s an example of a $1500 initial investment:
- Coin Mined: Bitcoin
- ASIC : $1500
- Hashrate: 40TH/s
- Power draw: 1500 watts
- Electricity Cost: $0.12 per kWh
With these parameters, the calculator gives us a projected profit of around $39 660/year. Even in this bull market, you would need a short of 3 months just to break even with your initial investment making this an extremely risky venture.
Altcoin Mining (Ethereum)
The other option is to invest in a GPU rig. GPU mining can be quite profitable if done right.
Let’s consider the same initial investment of $1500.
- Coin Mined: Ethereum Classic
- GPU Rig : $1500
- Hashrate: 170 MH/s
- Power draw: 1000 watts
- Electricity Cost: $0.12 per kWh
The results are much more appealing, with over $755 per annum. Your investment should be returning profits in just over a year.
What is the most efficient GPU for mining?
Following are the Best GPU for Crypto Mining:
- ZOTAC Gaming GeForce RTX 4090 – Best for Fastest Mining Performance;
- MSI Gaming GeForce RTX 3090 – Best Overall;
- ASUS ROG Strix AMD Radeon RX 5700XT – Best for Longer Fan Blades;
- The EVGA GeForce GTX 1660 – Best for Cheap Graphic Card Option.
The RTX 4090 is a major upgrade from the last generation, boasting 71% more CUDA cores and 40% better performance.
New Data about crypto mining on #RTX4090. For most coins, the video card produces a negative daily profit at an average cost of electricity of 0.10 cents per kilowatt. The payback of the video card on the only coin that comes out in the black is only 0.03 cents per day: 51,431 days, that is, never.
Nvidia RTX 3090ti Hashrate is listed below:
- ETHash Hashrate :~162 MH/s
- ZHash Hashrate :~191.3 Sol/s
- GrinCuckatoo31 Hashrate :~4.11 G/s
- CuckooCycle Hashrate~13.9 G/s
- BeamV3 Hashrate :~82.3 Sol/s
- KawPow Hashrate :~71.3 MH/s
- GrinCuckatoo32 Hashrate :~3.38 G/s
To summarize, if you avoid ASICs, you can still make profits with a mining farm. For the average consumer, it would be unrealistic to try and compete with Bitcoin mining giants.
However, mining alternative cryptocurrencies with a GPU can still be quite profitable. Make sure you do your due diligence and use tools like BetterHash to calculate your profitability and stay on top of the competition.
Worth noting that there’s a new generation of GPUs just around the corner. Combined with the ongoing cryptocurrency bull market, it might be just the right time to start a mining farm. Crypto guys buy bitcoins (BTC) or other cryptocurrencies and sell them for a higher price instead.
About 36% of U.S. workers work in gig economies. Money-making apps have helped to break down the barriers that used to keep people in the office.
You can make income through free apps to pay off your debts, supplement income, or even fund a hobby. You can work from home with the best money-making apps by signing up quickly and receiving a quick payment.
Find out everything you need to know about the best-earning app
Imagine if you could increase your earning potential without having to work harder. It is possible to win large amounts of money by using an app. The number of online income opportunities is constantly growing because of this. We will now discuss this amazing software in more detail. A prize could even be given to a luxury automobile.
The Best Earning App Today: Win a Car Make online?
It is easy to make money online.
An automobile is one of the many benefits you can enjoy. Examples of such applications include Fruit Spin, Spellcast and Dead or Alive.
You can win many prizes by playing different slots, including a four-wheeler.
Earning App Today 2022 Win Car Money Online?
Online competitions for cash and a car are now possible with the help of earning applications.
Most applications are free to use.
You’ll need to engage in a range of activities while playing the game.
Automated investing is possible with most money-making apps.
You may also receive cash back for every transaction.
Check out these Top Apps Today to Win Car Money Online!
Below is a list of the top apps that you can use to win vehicle money online in 2022. You must make wise decisions to win large amounts of money.
How much time do you need?
We count like this:
You can work online for 10 hours a day. On these applications, the average rate is about 10 dollars per hour. That is, in a week you can collect 500-600 dollars. The cheapest car can be found for 1500-2000 dollars. That is, you need 3-4 weeks to earn money on a car.
What Is a Money-Making App?
Money-making apps help users easily earn money in a variety of ways, from supplementing your income to doing contract work full-time. There are money-making apps to:
- Find freelance work
- Drive passengers
- Deliver food
- Take surveys and participate in market research
- Complete odd jobs
- Earn cashback for purchases
- Sell items
Earning App Today Online
- Twin Spin
- Secrets of Atlantis
- Wolf Club
- Fruit Spin
- Piggy Riches
- Bollywood Story
- Fruit Shop (Christmas edition)
- Reel Steal
- Mythic Maiden
- Steam Tower
Are Money-Making Apps really worth it?
You can make money with an app if you own a smartphone with internet access. Many money-making apps are easy to use and pay you for simple tasks like watching videos, taking surveys, buying products, or performing other tasks. Although you won’t make a lot of money, it is possible to supplement your income.
How we choose the best money-making apps?
We reviewed 14 money-making apps that allow consumers to make income. Each company was evaluated based on its sign-up process and requirements. We first looked at the apps that are available in a variety of categories. Next, we compared each app to its competitors and evaluated the advantages and disadvantages. We also evaluated whether users can earn more by using the money-making app for longer periods of time.
All the apps chosen are available in both the iOS or Google app stores.
Work is Hard!
Technology does not only revolutionize the world, but it also renders how to make money easier. Your mobile phone can do more than just surfing the internet and chatting ― there are apps you can install and earn cool cash for using them.
What do you say? Catching the fun and been paid for it! It is time to make some cash. These apps will pay you for conventional things you do with your smartphone.
Would you like to maximize your earnings on your apps?
Would you like to take your apps on the top in App Store? You need ranking boost campaign because it increases the visibility and recognition of the app, which helps attract a larger number of organic users within a short period of time.
The mechanics of boost to the top:
- App analysis
- Calculation of required traffic volume
- Start of the campaign
- Sustaining the position
The company behind this app, Swagbucks is a subsidiary of Prodege, LLC. Prodege is known for its awesome multiple customer engagement brands.
Swagbucks users can earn points by doing normal things they do every day. These points can be converted to gift cards that could be used at popular retail stores such as Amazon and Walmart.
The platform gives out no lesser than 7, 000 gift cards daily. What you need to do to earn points:
- Shop Online
- Watch videos
- Answer surveys
When you sign up, you will also get a $10 bonus.
Cash pirate app pays you for downloading an app through them. Wondering how this works? Developers looking to promote their app on Google play store contact this platform. In return, the platform uploads the link to the download on their app. The more you interact with the app the higher the Pirate Coin you earn. You can convert the coin to dollar which can be withdrawn through PayPal immediately you earn up to $2.5.
How to earn with CashPirate;
- Interact with Ads
- Play games
- Answer surveys
Monetize your screen lock with Fronto. This app is designed to display adverts on your mobile phone every time you wake it. You only need to swipe to earn rewards. Swiping to the right will take you to your home screen while swiping to the left is just like clicking on the link of the advert displayed.
The more you wake your phone, the higher your chances of earning more with the Fronto app.
How to earn money with Fronto;
- View News, Articles
- View Product Deals
- Read Reviews
Get paid with Gift cards, Paypal and Coupons.
Just like the name, iPoll is mainly designed for surveys. Not only that, it is mobile-friendly. You can fill the survey anywhere ― even on your way to work. You may also come across their name as uSamp and if you are familiar with Opinion Place, it is another survey platform controlled by the company.
How to earn cash on iPoll;
- Review product and services
- Review Places
- Write Diaries
Curious Cat rewards you for filling out its survey and sharing your thought. Your curiosity will be rewarded at the rate of 100 points for £1.
How to earn cash on Curious Cat;
- Take Survey
- Try New Apps
- Share Opinions
Users are paid through PayPal.
Other money apps you can install on your mobile phone include;
- Field Agent
- Citizen Me
- Feature Points
This infographic by Swifttechbuy highlights the features of the popular mobile phone apps that can earn you extra cash. Check to see the best for your phone and how you can get paid.