Nvidia is a company which is known for its excellent graphics processing units (GPUs) and graphics cards that contain them. Graphics cards are essential for any computer since they render an image to the user’s display. Quite often, GPUs are discussed in the context of gaming. People all around the world who love to play on their PCs are constantly searching for state-of-the-art graphics cards which could let them enjoy their favorite titles in better quality. Yet, after the rise of cryptocurrencies, many individuals also discovered that graphics cards could be effectively utilized in crypto mining. Nvidia’s cards are particularly popular among crypto enthusiasts since they deliver great performance and demonstrate impressive durability.
Key Points
- Mining is the fundamental process inherent to all Proof-of-Work blockchains which is used to issue new coins and validate transactions
- Nvidia GPUs perfect for crypto mining thanks to their exceptional quality and performance
- Ethereum, Ravencoin, and Komodo are among the most profitable coins one can mine with the help of Nvidia graphics cards
- Mining is only one way to make crypto. Accepting crypto payments on a website with NOWPayments’ solutions is a risk-free alternative to mining
Basics of Crypto Mining
What is Mining?
Crypto mining is a necessary step in the life of every blockchain that relies on the Proof-of-Work protocol. In short, mining constitutes a process during which users validate and authenticate the transactions which happen on the network. Yet, miners do not verify each transaction separately; instead, they deal with blocks of such transactions, which they race to validate by solving various mathematical problems. After verification, these blocks join the rest and subsequently form a chain, hence the name “blockchain.” Those who manage to successfully validate these transactions usually receive a reward for their activity in the form of cryptocurrency, and thus new coins become issued.
Hashing Power and Difficulty
Hashing Power, also known as hash rate, is an element central to all crypto mining. Hashing power refers to the number of hashes, or calculations, miners’ equipment can deliver each second. Miners’ ability to earn rewards for their on-chain activity directly depends on the size of their hash rate. Nevertheless, miners also should not underestimate and overlook the significance of the difficulty of the puzzles which they have to solve to verify blocks. In the crypto industry, there is a tendency towards a gradual increase in the level of difficulty.
Equipment for Mining
Taking into consideration the rising difficulty, as well as the popularity of crypto mining, the question of which equipment to use becomes particularly important. Today, a large portion of mining is performed with the help of ASICs, special mining hardware which has high hashing power.
In the case of Bitcoin, ASICs account for the absolute share of the crypto mining and subsequently prevent numerous individual miners who use GPUs from getting a stake in the Bitcoin ecosystem. Luckily, Bitcoin is not the only currency that developers decided to issue through mining. People who employ graphics cards to mine crypto can still earn sizable rewards if they do it on the right blockchains, which we will list later.
Best Nvidia GPUs for Mining
GeForce RTX 3090
Nvidia has a large assortment of graphics cards that can deliver great performance in terms of crypto mining. Nvidia’s RTX 3090 is by far the best card one can get on the market today. It can help miners achieve maximum profitability in the shortest period of time. Ethereum miners can get out of RTX 3090 a hash rate of more than 100 MH/s.
GeForce RTX 3080
RTX 3080 is slightly more affordable compared to 3090 but still ideal for crypto mining. Its ten gigabytes of GDDR6 memory will easily ensure a hash rate of 90 MH/s on the Ethereum blockchain. Nevertheless, the 3000 series cards can be quite expensive due to shortages and high demand; therefore, finding less sought-after options can be a sound decision.
GeForce RTX 2070
Nvidia RTX 2070 is a good choice for those who do not want to fork out for new-gen graphics cards. This model is cheaper than its alternatives from the 3000 series but still can demonstrate an excellent hash rate which, when mining Ethereum, will equal approximately 40 MH/s.
GeForce GTX 1660 Ti
Those new to crypto mining and are only considering entering it may obtain one GeForce GTX 1660 Ti card, which will hardly earn you millions but will still guarantee a decent performance. This card is an ultimate fit for people who want to familiarize themselves with mining and need a card that would be cheap but reliable. Ethereum miners will get out of it more than 20 MH/s.
Which Crypto to Mine with Nvidia GPUs?
Ethereum
Mining Bitcoin in 2021 using a GPU may not be a solid strategy to make any profit. Thus, one has to look at other available options. Ethereum, the main rival of Bitcoin, is perhaps the best digital asset for entry-level mining. Despite the fact that there is always a risk for coins to lose their value, Ethereum is less likely to experience any major drops in price due to its popularity. Owners of Nvidia GPUs, especially those mentioned earlier, can safely try mining ETH.
Ravencoin
Ravencoin can entail more risk for investors than Ethereum but still constitutes a great coin to mine with the help of an Nvidia GPU. Ravencoin’s blockchain is resistant to ASICs, which ensures complete decentralization and equal access to the mining for all people willing to do it.
What is Ravencoin? – to learn more, read our article.
Monero
Monero is one of the most exciting cryptocurrencies out there, thanks to its focus on privacy and anonymity. It also prevents ASICs from accessing its network, which makes it excellent for GPU mining. Thus, if you have a good Nvidia card in your possession, you can start mining Monero right away.
Learn more about Monero payments and Monero, in general.
Komodo
Komodo is another blockchain that relies on the Proof-of-Work protocol and welcomes GPU miners. It is less popular than the rest of the coins on the list, but its moment of fame may be just around the corner.
Accepting Cryptocurrencies
Despite all the advantages of mining, it is still a relatively expensive endeavor with considerable risks. Luckily, it is not the only way one can earn crypto. If you have a business or a blog and would like to get crypto in the form of payments or donations, NOWPayments has a solution for you. NOWPayments will assist you in deploying your own crypto payment gateway. Namely, you can choose any out of more than fifty digital assets and begin accepting them on your website. The fiat-conversion feature is also useful if you want to accept crypto but receive the sum in fiat or any other token.
Conclusion
Nvidia offers an impressive lineup of graphics cards in different price ranges. Nvidia’s name has become synonymous with quality and performance, and miners are among those who use the company’s products to their full capacity. Despite the growing adoption of ASICs, GPUs are still relevant in terms of mining and can get their owners some coins. Yet, one also has to remember that mining is not the only option when it comes to earning digital assets. Accepting them on a website is much easier and more enjoyable. NOWPayments will help you start receiving your crypto payments and donations.