So, I've recently been introduced to the world of Bitcoin Mining....I knew absolutely nothing about it 2 weeks ago. I thought that you needed a large server or a special rig, to make any sort of profit from it. It turns out that a high end gaming PC could be used to generate a profit. (See Table Below)
NiceHash.com provides a profitability calculator, which you can use to work out potential earnings. I calculated a spreadsheet, to work out if it could be viable to purchase a High End PC on finance, in order to generate a profit. I initially looked at just buying a graphics card but these are sold out everywhere and are only available via 3rd parties, at highly inflated prices. At the time of my research, the most viable graphics cards are the NVidia RTX series. Their top card, the RTX 3090 has a RRP of around £1500 but is selling on Amazon for £3000. (Edit....AMD based cards are starting to rank higher in the performance charts. The Radeon VII in particular appears to offer a very good 'bang for buck!' When I can get one, I will run a similar experiment with AMD architecture. Watch this space !)
Below is a table of NVidia RTX gaming cards, their expected income, the cost of a gaming PC with that card installed and the profit expected from 2 years worth of mining.
|Graphics Card||Monthly Income||24 Month Income||PC Cost||Profit|
Had these machines been readily available, I would have chosen the RTX 3080 for this experiment. It would have paid for itself quicker than it's siblings and gave a profit on a par with its biggest brother, for 66% of the investment costs. These figures are only a guide, the prices can change in an instant.
For the price of the card, £2999, I've bought a top end gaming PC with an RTX 3090 card included. These are like gold dust at the minute. I have discovered that PC World seems to have one available every morning at about 6.30 a.m. but it sells out very fast. 3 days in, and I've managed to bag one for delivery tomorrow. My indications, show that it should generate around £250 per month. i.e. at current rates it should pay for itself after approximately 12 months. After 2 years it should generate around £6000 worth of income, less the £3000 for the PC, leaves a net profit of just under £3k.