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A selection of the best graphics cards for mining under $2000 in 2024

A selection of the best graphics cards for mining under $2000 in 2024 

The popularity of bitcoin has led to interest in mining even among people who are not connected with the blockchain industry. The reason for the attractiveness of this sphere is the opportunity to earn cryptocurrency using computer power. 

In the past, a factory graphics card was enough to mine digital assets. Over the years, the competition in this niche has grown significantly. In order to gain an advantage over other miners, users must buy more advanced technical equipment. 

In this article, we will try to figure out which graphics cards under $2000 are the best to buy for mining in 2024.

What is mining and what does it have to do with graphics cards?

Mining is the process of processing transactions and then adding them into blocks, which are then incorporated into the blockchain. This mechanism is the basis of the Proof-of-Work consensus algorithm. 

When a block of transactions is created, a special set of symbols and letters is formed to encrypt the information it contains (example). The main participants of the network are miners. They are engaged in selecting the correct hash by means of mathematical calculations on hardware devices.

The first miner who manages to do this is rewarded in cryptocurrency for including the block of transactions in the blockchain. This is an ongoing process, forcing users to compete with each other for the reward.

Since mining requires a large number of symbols and letters, one of the most popular solutions for this is the use of a graphics processing unit (GPU). The GPU was originally designed to quickly process video consisting of millions of pixels. Such specialization of equipment is ideal for miners to select the right hash.

Criteria for choosing a graphics card for mining

Choosing the right video card involves several criteria to determine the right equipment. 

Cost

Regardless of the technical characteristics, an important aspect is the budget that the user is willing to allocate for the purchase of a graphics processor. 

Performance

The power of the graphics card depends on the number of operations that it is able to perform during hash matching. The more productive the device, the higher its hash rate. However, it can differ depending on the chosen network for mining.

Choice of cryptocurrency

A video card is a universal device for mining, but each blockchain has its own mechanism for encrypting information. For example, bitcoin uses SHA-256, and Litecoin — Scrypt. A GPU can mine a particular cryptocurrency more efficiently based on its propensity for a particular mechanism.

Power consumption

The GPU consumes a fairly large amount of electricity. You need to consider the cost of it so that it does not exceed the potential profit from mining.

Cooling system

The video card has built-in fans to combat overheating. A quality cooling system allows you to extend the life of the graphics processor and save on repairs or the purchase of a new one. 

The efficiency and payback of mining depends on these values. However, it is also affected by the number of active miners and the market value of cryptocurrency. These factors do not depend on the selected graphics card, but affect the actual earnings from its use.

Top 10 graphics cards for mining costing up to $2000 in 2024

Although mining on graphics cards is still quite popular, miners are increasingly favoring expensive integrated circuits (ASICs).

However, users with limited budgets use GPUs mainly for mining low-capitalization assets. They allow you to generate income, but they have a high risk of quote drawdown. 

Therefore, it is best to choose a more stable cryptocurrency for mining. For example, Ethereum Classic (ETC).

#Corporation ModelCost ($)Power consumption (W)Hash Rate (MH/s)
1NvidiaGeForce RTX 40901599306114,5
2NvidiaGeForce RTX 3080Ti1300278112,78
3AMDRadeon RX 7900 XTX923347101
4NvidiaGeForce RTX 3080 LHR111122497,88
5NvidiaGeForce RTX 3070Ti80718981,82
6NvidiaGeForce RTX 307083011761,79
7NvidiaGeForce RTX 3070 LHR85811761,79
8NvidiaGeForce RTX 407054917058,44
9NvidiaGeForce RTX 4070Ti74516550,65
10NvidiaGeForce RTX 306030011049,64

In this top 10 new best graphics cards for ETC mining costing up to $2000 for the beginning of 2024 are displayed. The main criterion is hash rate.

What else can be used to mine cryptocurrencies?

Using GPUs is not the only method of mining cryptocurrency. There are two other methods.

CPU (central processing unit) mining

In the first year after the launch of bitcoin, the CPU was the main element for mining. It did a great job with its function.

By design, the CPU is made up of a small number of powerful cores that can handle complex tasks. But when thousands of small tasks arise, the technique is not able to quickly fulfill them. Such work is better handled by a graphics processor, which has become very popular.

Mining on ASIC (Application Specific Integrated Circuit)

Nevertheless, graphics cards were not originally created for mining cryptocurrency. That’s why miners started using ASICs. This is specially designed equipment for mining. In this case, this or that model is customized for a specific blockchain for more efficient activity. For example, bitcoin miners in their work do not use video cards, giving preference to integrated circuits.

Advantages and disadvantages of mining on graphics cards

Using graphics processors is an ideal option for mastering the direction of mining. First of all, due to their versatility. GPUs can be used to mine blocks in any blockchain, and to increase the hash rate, users have the opportunity to combine several video cards into a so-called farm.

Moreover, this hardware is available for purchase at every electronics store with configurations for every budget. To save money, users can purchase it on the secondary market. 

However, mining on graphics cards also has a significant disadvantage in the form of high power consumption. Because of this, the use of graphics processors can be uneconomical. 

Also, video cards are prone to wear and tear. Due to the constant work on hash selection, they fail relatively quickly, which entails additional costs for their maintenance. Not to mention that the efficiency of mining on GPUs is lower than on ASICs.

And in the long term, the cost of specialized equipment is less than that of supporting video cards.

Conclusions

High competition among miners, as well as the use of ASICs, has led to a low level of income from GPU mining. Nevertheless, this method remains the easiest to enter the industry. With it, anyone can build their own mining farm and start mining cryptocurrency. 

  • A graphics card is one of the most popular solutions for mining due to its ability to perform thousands of calculations in a short period of time.
  • Choosing a graphics card is based on five main criteria: cost, performance, cryptocurrency to be mined, power consumption and cooling system.
  • The GPU is the most versatile way for mining, having advantages over the CPU and inferior to the ASIC.

Michael Altman