You only need 78 NVIDIA GeForce RTX 3080 graphics cards… and a very powerful air conditioner
Simon Byrne wants to harness the potential of Ethereum (ETH) to take mining in homes to a whole new level.
As reported by Anthony Garreffa, Byrne has set up an ETH mining rig consisting of 78 GeForce RTX 3080 graphics cards. Although the RTX 3080 is usually purchased by high-end PC gamers, crypto miners are using these extremely high-performance graphics Bitcoin Bank cards to improve their returns.
Each card uses around 300W of power, so in total Byrne’s configuration uses 23.4KW of energy, but this does not take into account the costs associated with these operations, such as air conditioning, which is needed to cool the facility. It can be estimated that with this consumption, its electricity bill is around $2,166 per month.
The RTX 3080 was launched in September at a price of $699, but the scarcity of the product pushed the unit cost up to $1,199: Byrne’s configuration could have cost as much as $93,522!
However, these costs seem to be well compensated by the excellent mining capability. A GeForce RTX 3080 graphics card has a hash rate of about 83MH/s using Ethash, generating about 0.22236870 ETH per month, according to Garreffa. In total, the 78 cards would then mine 17.3 ETH per month, which is equivalent to about $12,352 per month at today’s prices.
Taking out electricity costs, that’s about $10,200 a month or $122,000 a year. And that doesn’t take into account Ethereum’s growth potential during the next bull run.
ETH broke above $700 over the weekend – the first time this has happened since mid-2018. Some analysts have predicted that a new altseason could drive the price even higher in the medium term, as investors may switch from Bitcoin to other cryptocurrencies.