Introduction
Ethereum mining has long been a popular way for individuals and organizations to earn passive income. But with rising energy costs and shifting market conditions, is ETH mining still profitable in 2024? This guide explores:
- Current Ethereum mining profitability
- Hardware requirements and estimated earnings
- Key factors impacting your ROI
- Alternatives like staking post-Ethereum 2.0
How Much Can You Earn Mining Ethereum?
Daily Profit Estimates (2024)
| Hardware Setup | Hashrate | Daily Earnings | Monthly Earnings |
|----------------|----------|----------------|------------------|
| RTX 3060 (1x) | 50 MH/s | $1.20–$1.50 | $36–$45 |
| RTX 3080 (1x) | 100 MH/s | $2.40–$3.00 | $72–$90 |
| 6-GPU Rig | 300 MH/s | $7.20–$9.00 | $216–$270 |
*Based on ETH price ~$3,500 and $0.10/kWh electricity. Profits vary by pool fees and operational costs.
Key Variables Affecting Earnings:
- Electricity Costs: Mining consumes 1,000–1,500W per rig. At $0.20/kWh, power costs may erase profits.
- Hardware Efficiency: Newer GPUs (e.g., RTX 40-series) offer better MH/s per watt.
- Network Difficulty: Ethereum’s mining difficulty adjusts dynamically—higher competition reduces rewards.
👉 Best Ethereum Mining Rigs for 2024
Is Ethereum Mining Still Worth It?
Pros
- Decentralized Earnings: Mine independently or via pools like Ethermine.
- Resale Value: GPUs retain value post-mining for gaming/resale.
Cons
- Declining Rewards: Post-merge (2022), ETH shifted to Proof-of-Stake (PoS), making GPU mining obsolete for Ethereum.
- High Entry Cost: A 6-GPU rig costs $4,000–$6,000 upfront.
Alternative: Consider staking ETH (~5% APY) or mining other GPU-friendly coins (e.g., Ravencoin).
FAQs
1. How long does it take to mine 1 Ethereum?
With a 300 MH/s rig, mining 1 ETH takes ~60 days (pre-merge). Post-merge, ETH mining is no longer viable—switch to staking.
2. What’s the cheapest way to mine Ethereum?
Cloud mining (e.g., via NiceHash) eliminates hardware costs but has lower returns (~20% fees).
3. Can I mine Ethereum with a laptop?
No. Laptops lack cooling and power for sustained mining, risking hardware damage.
👉 Top Ethereum Staking Platforms in 2024
Conclusion
While Ethereum GPU mining is now obsolete due to PoS, legacy miners can pivot to:
- Staking ETH for ~5% annual yields.
- Mining alternative coins like ERGO or Beam.
- Selling hardware amid high GPU demand.
For profitability, always calculate your break-even point using tools like WhatToMine.
Disclaimer: Crypto mining involves risks—market volatility and regulatory changes may impact returns.
🔗 Explore More: Ethereum Investment Strategies for 2024