| submitted by /u/OklahomaItaly
With an average electricity price of $0.12 per kWh, the cost of mining Ethereum is $152, according to calculations made by the founder of Atlantic Crypto Brian Venturo. Not bad considering that Ether was trading at over $380 in early October. So how is Ether being mined in the most profitable way today?
Currently, Nvidia and AMD devices are considered the best graphics cards for mining ether. For Ethereum, AMD Radeon Rx 470/480/570/580/590 is considered the best.
At the same time, it’s not recommended to upgrade the equipment using suspicious firmware, how it may turn out was written here. If you have a set of 4 to 25 cards, and you mine Ether, then at the current exchange rate your earnings can reach $500 – $2,000 / monthly. The end profit just depend on 1) luck 2) price of ether 3) equipment power
Solo or Pool?
To calculate how much you can earn by solo mining, use the Solo Ethereum Mining Calculator: https://2cryptocalc.com/. The data will be very modest. The average duration of an ETH block on a 10 Rx 580 farm in solo mode is approximately 80 days. So if you don’t have hundreds of mining devices at your disposal, welcome to the pool, here is written about how to choose it. In short, you can safely choose one of the profitable pools: CoinFly (higher returns for eth) or Ethermine (more coins on ethash) and mine properly!
Typically, cloud lease contracts are offered for one year, rarely 6 months or two years. Some of these companies promise a return on investment of 20-70% per month, but it all depends on the rate of the digital currency. On average, the return on investment in cloud mining occurs in 5-9 months with a stable exchange rate, and then, depending on the term of the contract, you’ve got time to make a net profit.
Watch out for scammers here. When choosing a company, look at how long it has been on the market, the openness of data (site, blog, data), and the proposed choice of cryptocurrencies for mining. From those that have proven themselves in Ethereum mining and have been on the market for more than one year, you can choose IQ Mining, for example.
There’s one reputable service providing cloud mining services – Nicehash
And something extra: browser mining (when someone uses a browser to mine on your computer), mining on a laptop, and even mining on a phone. Using these tools, it is really more likely to catch a virus or become a victim of scammers than to earn decent money. And most important: it’s not profitable at all.