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Disadvantages of cryptocurrency mining using graphics cards

Mining on graphics cards is the most interesting way to mine cryptocurrencies for most people right now. A relatively large amount of virtual currencies can be mined using graphics cards. So you basically have several options in terms of what and how to mine cryptocurrencies. If you are planning to mine on high performance machines, and have decided to invest millions of crowns in mining, then you are probably not looking for information on this website. If you are a small-scale miner like me, my experience may help you.

nvidia, gpu, electronics

Let’s first discuss the negatives and risks of investing in cryptocurrency mining using graphics cards

Problem 1.

Price of graphics cards

As the price of most cryptocurrencies mined on graphics cards has multiplied, their value has increased and thus their prices have skyrocketed. So if you don’t already have a usable graphics card(s) (at least 6Gb of RAM) these days, you’re putting yourself at a pretty big risk by buying one. At today’s graphics card prices, the average payback on such an investment is about 10 months, but you can’t be sure that prices will stay at that level.

Problem 2.

Reduction of Eterea transaction fees

I’ll make it simple. There is already an approved change in the Etereum network, where the most profitable coins can be mined at the moment, after which a larger part of the transaction fees will be so called burned. This will then reduce the miners‘ profits by about 40% within 6 months at the latest. Thus, if the ETH price remains the same, the return on investment would take longer. It is true that Etereum is not the only coin that can be profitably mined, but it is tear to assume that a large portion of miners will move to these coins after the change, thus significantly increasing their difficulty and decreasing profitability.

Problem 3.

Increased computational complexity

As the profitability of mining increases the number of miners and their mining output increases, the complexity of the calculations must also increase. In practice, this means that you will mine fewer and fewer coins on the same equipment.

Problem 4.

Volatility of cryptocurrency values

At this moment 4/2021, the price of most cryptocurrencies is at an all-time high. So there is a huge risk of its collapse, then you would be left with only the tools to play with.

Problem 5.

Price of electricity

Not that relevant at the moment, however, in a negative scenario, you may indeed burn more than you earn.

Problem 6.

Residual Heat

Graphic cards „heat“ quite a bit, so it is up to you to consider whether you have a use for this heat in home conditions, or if it will bother you.

Noise

Some graphics cards are quite noisy, so the idea of having a mining rig in your apartment is quite challenging to choose a partner :-).

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