Crypto mining requires a little bit more tech savviness, if you are pursuing this route. If you like to build computers and plug them into a growing network in your home, business, or other, then crypto mining might be up your alley.
One thing to understand is that there are many websites, as well as Youtube personalities who will tell you how much money you can make from crypto mining. While it is possible to earn passive income, think for a moment about a cab driver, if you will. The cab driver makes money carrying people around, but also has to pay for gas for his or her car.
When you’re crypto mining, it’s comparable that you have to think about electricity cost. There’s also the initial investment cost, too. Just like the cab driver has to pay for his or her car, you have to pay for your mining rig.
Of course, there are multiple mining rigs, too. You can spend as little as possible and build yourself a cheap GPU rig with just one or two video cards. CPU mining is dead, you’ll make nothing that way and also you can’t mine with a laptop – so let us tell you all of those things right off the bat. There are people who mine with laptops, but you run the risk of high heat and constant use ruining / destroying the laptop. So if you happen to have a bunch of laptops sitting around that you don’t care about, and your electricity cost is free (included in your rent), then heck, sure go for it.
However, for the rest of us, you have to look at the cost of your electricity. If it’s really high, like a lot of people, then mining may make you nothing at all. You might just equal out, or you might possible just be converting your electricity bill into cryptocurrency.
The evolution of Ethereum might not make buying GPU equipment worthwhile for you right now in 2022
Next year, Ethereum is changing and it won’t be able to be mined by GPU miners anymore. There’s obviously a lot more to explain there, and you’re welcome to read some articles about it in order to understand how that works exactly. But long story short, there are many miners out there mining Ethereum. It’s easy to load up NiceHash, and when you do it’ll see you’re running a GPU miner. It’ll start mining Ethereum. You can tell it to do other things, but Ethereum will probably be the most effective and profitable thing to mine. So you keep on mining Ethereum; you’ll have some currency building. But what do you mine in 2023 when Ethereum switches their system, and you can no longer mine Ethereum.
This is one reason why it would not make sense to invest a lot of money in an expensive GPU (video card) right now in 2022. If you have some video cards sitting around unused, and maybe a computer sitting around unused, go for it. Or if you want to build a budget crypto mining machine, sure why not. However, to go spend thousands of dollars on video cards / GPUs right now makes no sense, and ultimately you’re just feeding the wallet of scalpers for the most part who buy them all up and then sit on them. Or just large organizations like Best Buy or etc.
The other thing is that GPU mining also burns out hardware much faster then normal, keep this in mind. You generally need to overclock or increase power capabilities of hardware through BIOS settings, in order to try and squeeze every buck out of your GPU and other hardware.
Some quick Google searches will help you find the most effective graphic processing units (GPU) to use for crypto mining, however be expected to pony up hundreds of dollars on a GPU to even get started.