Ethereum mining is becoming increasingly unprofitable for miners who dedicate all their resources to it. The average daily revenue generated by an NVIDIA GeForce RTX 3080 Ti graphics card, one of those with the highest hash rate, has fallen to just $2,8 with the factory settings.
This is the data provided by Nice Hash, the most popular mining platform with millions of miners. The daily income of a system with a single graph averaged 0,06392 mBTC, that is, slightly less than $ 3. Nice Hash uses the Daggerhashimoto algorithm, which is a bit old, making it possible to get slightly higher hash rates using other mining algorithms.
Ethereum mining is becoming less profitable
With a daily income of $2,8, you can earn approximately $84 per month with a single GeForce RTX 3080 Ti . This assumes the price remains completely stable. The cost of electricity should also be ignored in this case, as electricity may be subsidized depending on the region.
At this rate, it would take 24 months to recoup the cost of the GPU , after which Ethereum mining would be profitable and start generating returns if energy costs aren't factored in. Knowing that the Ethereum 2.0 merge will arrive roughly halfway through that period, it becomes a very risky investment to start now.
Ethereum's declining profitability can be attributed to two main factors. First, mining difficulty has increased significantly over the past year as more miners have joined the blockchain network, reducing the chances of success. The price of Ether has fallen from $4.400 to $3.400 in the last month, further reducing potential profits by almost a quarter. It remains to be seen whether this effect will be felt in other cryptocurrencies as well.
Source: Hardware Times