For the first time since 2020, rising energy prices combined with a sharp drop in the price of Ethereum have rendered GPU mining unprofitable for many miners.
Ethereum mining has become unprofitable for many miners connected to a standard energy grid for the first time since 2020. While energy prices are soaring, the price of Ethereum has dipped below $1,250.
Electricity costs over $0.22 per kWh in states like New England, Connecticut, Maine, Massachusetts, New Hampshire, and Rhode Island.
Miners will pay roughly $1.85-$2.13 per day in power if they use a single Nvidia 3090 overclocked to create 130mh/s. At today’s price, the Ethereum reward for the identical GPU is only (0.001625 ETH) $2.03. As a result, every miner paying more than $0.245 for power is now paying more than the value of Ethereum being mined.
At this point, turning off the mining machine and purchasing Ethereum spot with the money saved on electricity becomes more cost-effective. Mining using GPUs has become increasingly less profitable over time. The most profitable cryptocurrency to mine with a GPU is still Ethereum, which means the others are much less profitable. The graph below depicts the profitability of Ethereum over time.
