The Merge happened two days ago and GPU mining profitability went to almost zero.
Even if you pay $0 kWh for electricity and have a beast such as 3080Ti, you will earn less than $1 per day.
If you pay around $0.05 per kWh, you will earn $0.38 with one 3080Ti per day, and with $0.1 per kWh, you will earn two cents per day with 3080Ti!
It’s scary, especially considering the energy crisis and prices for electricity that currently shake the world.
In a nutshell, with current cryptocurrency prices and Ethereum cutting off miners, combined with the energy crisis, mining with most GPUs, throughout most of the world is unprofitable.
I know you came here searching for an answer on what to mine next, but let’s be clear- there’s almost nothing you can do for an instant profit.
However, certain things can be done to try to mitigate and build your position for the future.
There are two ways to go about it, and I will cover them in more detail below:
Mining something with a potential
Bitcoin mining wasn’t profitable in the beginning, as there was no price for Bitcoin.
Yet, those who believed in it mined it anyway, and some of them became millionaires once Bitcoin became tradeable.
Miners who were earning nothing at the beginning of Bitcoin and Ethereum led the adoption of both of these giants.
You’re not alone in this GPU mining profitability problem, and millions of miners around the world feel the same way as you.
The question is, where will miners go next?
Since GPU mining is almost zero profitable at the moment, it will take time and consensus between miners on finding the next gem that will make them a profit.
The more miners start adopting the coin, the more popular and profitable it may become.
Right now, Ethereum Classic seems most prominent, as other top caped coins such as Litecoin and ZCash are already mined with ASIC only.
But the top 100 list on CoinMarketCap isn’t the end, and right now they have 21002 coins listed on their platform!
There aren’t many great lists on mineable coins, but this one can be a good start, although it doesn’t list only GPU mineable coins.
Mining most of the coins is unprofitable at the moment but may become profitable in the future
The good part is that most of the remaining mineable coins are low caped, so they can quickly jump in price.
For example, it takes just $500000000(500 million) for Ravencoin(RVN) to double its price, while it would take $175720205528(175 billion) for Ethereum to double in price.
In other words, it takes 375x less money for RVN price to rise 100%.
And if we go more optimistically, it would take “just” a few billion dollars to make Ravencoin 10x more profitable to mine!
As you can see, whichever low cap coin becomes the next GPU miners favorite, it can easily bring back the profitability and make a solid profit.
This is probably the best way to go about the situation, but the hard part is finding the right coin.
For now, it can’t be more exact than speculation, but ETC and RVN are among the top candidates.
Using mining apps that mine the most profitable coins
Certain mining software like Kryptex, BetterHash, and Nicehash have built-in algorithms that monitor the crypto prices, benchmark them against your hardware, and mine what’s most profitable for you at any given moment.
Unfortunately, the current situation is so bad that almost nothing is profitable at the moment.
However, if you aren’t tech-savvy enough to mine with console miners, this may be an alternative in these tough times.
What you will achieve with this method is that as soon as something becomes profitable for GPU mining, your mining rigs will start mining that coin on auto-pilot.
It’s not a great solution, and depending on your electricity prices it may be “okay” or even unprofitable, but it’s the best way that I can offer you until something lucrative happens in the industry(and if you can’t do the advice from the previous section).
Waiting for the dust to settle
You must understand the mechanism behind PoW difficulty adjustments, present in most if not all of the mineable coins.
Right before the Merge, Ethereum Classic mining was profitable.
But when the number of miners increases on any coin, the difficulty of mining also increases, making mining less profitable.
This is because the mining rewards are spent between more persons, and mining a successful block becomes harder.
For mining to become profitable again, prices must go up.
And whichever mineable coin starts rising in price rapidly, is probably the coin that will become the next hub for GPU miners.
Some people hope it will happen in a week, some in a month, and there are those who think that mining with GPUs is dead for good.
But historically speaking, mining always found a way to become profitable over the last 13 years, and I’m optimistic that we will witness another product of miners’ resilience.