Ethereum is a blockchain-based platform that allows users to build and deploy decentralized apps (dApps) and “smart” payment contracts.
Whereas Bitcoin wants to remove banking and traditional payment systems, Ethereum uses smart contracts to make it easier to trade money, content, property, shares, or anything else of value.
Ethereum mining, like Bitcoin mining, is based on the proof-of-work algorithm. Miners are rewarded with Ethereum when their nodes solve challenging mathematical challenges on the Ethereum Blockchain.
Unlike Bitcoin, however, the greatest Ethereum miners are far more open to the general public. Ethereum is the second-largest cryptocurrency, and it can still be mined using consumer-grade technology, making it a fantastic prospect for crypto fans.
How does Ethereum mining work
This is what occurs when a transaction is completed on the blockchain:
1. Blocks are created by grouping transactions together.
2. These transactions are verified by miners who solve math problems.
3. The miner who answers the block’s last math problem receives a reward.
4. The public ledger keeps track of verified transactions.
Ethereum mining is quite similar to Bitcoin mining, as previously stated.
It is built on a proof-of-work system that rewards miners with freshly minted Ether when they solve a new block.
Its distinguishing feature is the mining method and technology used to solve mathematical problems.
Ethereum utilizes the Ethash proof-of-work method, which is similar to the SHA-256 algorithm used by Bitcoin. This algorithm was created to be resistant to ASICs.
Instead of the far more expensive ASIC miners used for Bitcoin mining, Ethereum miners employ the computing power of their graphics processing units (GPUs) to solve cryptographic challenges.
This also implies that mining rigs for Bitcoin and Ethereum are not interchangeable, despite the fact that GPUs may be used to mine a number of cryptocurrencies.
Without getting into too much technical detail, you should be aware that certain mathematical issues are challenging to answer.
This difficulty is measured in hash rate, a metric that will be discussed when determining the top Ethereum miners.
This difficulty is dynamically changed to prevent the generation of too many ETH tokens. The more miners that participate, the more difficult it is to solve the blocks.
In other words, the higher the GPU’s hash rate, the better the chances of receiving the prizes. However, this is simply one of several factors to consider when selecting the ideal GPU for Ethereum mining.
1. NVIDIA Geforce GTX 1660ti
5 Mh/s hash rate
120W power consumption
Price ranges between $300 and $400.
This relatively new NVIDIA card is another nice option if you want to benefit from the guarantee of a new GPU.
Low power usage, though a little pricey.
25 Mh/s hash rate.
2. AMD Radeon RX 580
27 Mh/s hash rate
185 watts of power consumption
Price range: $150-$250
This is a fantastic advance over the previous generation (RX480), and it’s a great alternative if you don’t want to take the risk of buying used gear.
3. AMD R9 390
30 Mh/s hash rate
235 watts of power consumption
Price ranges from $250 to $350.
Despite its greater power consumption than some of its competitors, this GPU can be purchased for as little as $250, making it an excellent investment.
4. AMD Radeon RX Vega 64
30 Mh/s hash rate
210 watts of power consumption
Cost: $350
This high-bandwidth memory card is available pre-owned for around 350 dollars.
This is a fantastic price for such a powerful GPU.
5. NVIDIA Titan V
70 Mh/s hash rate
250-watt power consumption
Price ranges from $2000 to $3000.
It’s a pricey card, but if you can locate a decent bargain on eBay or another used market, you’ll be getting one of the best Ethereum miners on the market.
6. NVIDIA Geforce GTX 1080 Ti
45 Mh/s hash rate
265 watts of power consumption
Cost: $400-600
The 1080Ti is still costly today despite being the fastest NVIDIA card from the 10th generation.
However, this is a high-end card with 11GB of quick memory.
7. AMD Radeon RX 480
25 Mh/s hash rate
150W power consumption
Price range: $150-$180.
This is one of the most powerful GPUs available to Ethereum miners.
It is a mining favorite due to its low power consumption and good hash rate.
8. AMD Radeon R9 HD 7990
36 Mh/s hash rate
375 watts of power consumption
Amount: $1,000
The R9 295X2 has a good hash rate and is an excellent pick for your mining setup.
It’s one of the most cost-effective solutions available.
That is, assuming you can locate one.
9. AMD Radeon R9 295X2
30 Mh/s hash rate
235 watts of power consumption
Price ranges from $250 to $350.
Despite its greater power consumption than some of its competitors, this GPU can be purchased for as little as $250, making it an excellent investment.
10. NVIDIA GeForce RTX 2060
41 Mh/s hashrate
180W power consumption
Price ranges from $400 and $550.
This card, one of the latest NVIDIA GPUs, offers a tremendous return on investment due to its high ethash rate and low power consumption.
Conclusion
That concludes our list of the greatest Ethereum miners.
As you can see, NVIDIA cards are generally more energy-efficient, although AMD cards are less expensive to purchase.
As a result, before making a purchase, you should consider all of the factors discussed in this article in order to make the best and quickest decision possible.
Always keep an eye out for attractive card offers, and utilize Ethereum profit calculators to assist you to make a decision before buying.
