GPU Mining in 2021: Is it profitable?

Image credit secretcloud.com

If you are part of the status quo you missed out on the early days of mining bitcoin (BTC) from a home PC in 2008. After only a few short years of mining bitcoin from home PC’s, along came dedicated ASIC miners which quickly took over the industry, essentially vanquishing the BTC home PC miner instantly.

In just over a decade bitcoin has steadily grown from a concept that many did not understand in 2008 – to a concept that many still do not understand in 2021 – but with the price of bitcoin soaring it can no longer be ignored or seen as a fringe idea of non-existent value “created out of thin air” as many used to say. Bitcoin has now hit over $76k CAD ($61k USD as of a few days ago on March 12th, 2021), so many are starting to research blockchain technology.

As of the date of this article bitcoin is sitting at over $70k CAD. This was almost unfathomable just a few short years ago but here we are.  Shortly after Covid-19 hit bitcoin dropped to $5k CAD.  Just think if you bought even 2 BTC at that time? That means in less than a year your $10k investment would now be worth $140k CAD. For some investors their dreams really did come true in 2021, for the rest of us we are still just clawing our way into the market.

Bitcoin is finite and the last bitcoin is estimated to be mined in the year 2140. One day I realized that even a single Satoshi (the smallest unit of bitcoin) may carry weight and could have incredible value in one hundred years.  If one were smart they would begin making small investments over time into BTC, Ethereum and a few others. I do not have the capital to really invest, but I do have some tips for those that could get involved.

In Canada purchasing bitcoin outright from major wallets & accessible markets such as Coinbase proves difficult. You can not purchase from paypal on Coinbase in Canada yet (but it appears this has changed in the US, and could come to Canada in the future). From all of my research most credit cards and banks mysteriously block cryptocurrency purchases in Canada as well. Perhaps the fear of a decentralized cryptocurrency exploding in the way bitcoin has may have made our national banks in Canada a bit shell-shocked and they are scrambling to protect themselves. Who knows really? Either it is purposely difficult to acquire BTC and other cryptocurrencies via fiat purchases from recognized financial institutions in Canada or perhaps there were just many financial laws and hurdles that had to be cleared before these systems were implemented in this country.

Regardless of the hurdles to acquire crypto for Canadians, after researching extensively I found that people could begin mining from their phones on the Pi Network (a cryptocurrency created by Stanford PhD’s) – I have been following that community since December 2019 and I have watched the project grow and fulfill many of the core teams obligations from the Pi Network white paper (you can read my article on Pi Network here – although I have abandoned Electroneum and Phoneum), feel free to use my Pi referral (minepi.com/Rift) if you have not yet got involved.

Even though mobile mining is now a thing, I believe many more people have a voice in their heads repeating:

“MUST ACQUIRE CRYPTOCURRENCY – MUST ACQUIRE BITCOIN – MUST ACQUIRE ETHEREUM – MUST ACQUIRE DOGECOIN”

One night I was reading a reddit crypto thread and I can not recall the authors name and have no screenshots to reference, but it was along the lines of, “you can no longer mine bitcoin from your PC, but you can mine ETH and other cryptocurrencies if you own a gaming PC and then convert those to bitcoin”.  Immediately after reading the sentence I realized that many of my friends who play video games could in fact mine Ethereum and other valuable cryptocurrencies.

“I have a gaming PC, my card isn’t the BEST but it is an Nvidia RTX 2060 with more than the recommended dedicated memory – I wonder if I can mine?”

After a quick search for all of my gamer friends the answer was a resounding “yes”.  My next concern was power usage and whether or not my friends would profit based on the electricity being drawn from mining. In Canada we have some excellent power rates compared to many other places in the world as you can see in the image kWh graph I’ve attached. We aren’t in the best place on the planet, but we have much cheaper rates than many other countries where mining is simply not profitable.

After researching many options I would recommend BetterHash (click to use my referral) – they have no mining fees, very reasonable withdrawal caps, etc. After a few months of off and on mining overnight you can begin earning a variety of cryptocurrencies.  BetterHash has a great feature that GPU mines the most profitable cryptocurrency within their wheelhouse (Ethereum, Ravencoin, BTC Gold, etc.) and then allows you to auto-convert it to bitcoin.  BetterHash also uses your CPU to consistently mine Monero cryptocurrency as well, adding an extra little push to the month’s profit total. I began researching various other mining programs and pools & downloaded WinEth, T-Rex Miner, Gminer, Ethminer, even Easyminer – the list goes on. We tested every single mining program and pool available to see which worked best with an Nvidia RTX 2060. Of course results will vary, but on an average day mining Ethereum directly through T-Rex Miner or Gminer it appeared that time and time again BetterHash consistently produces more profit for all of my friends testing. Not on most occasions, on every occasion.  Even Gminer and T-Rex miner directly accessing top-rated pools were still not netting the profit that BetterHash was. Let me be clear, this is not a paid article, I am in no way sponsored by BetterHash (or any of the companies in this article).

Betterhash requires you to accrue 0.001 BTC as minimum transfer – lower than most other programs/mining pools, but as markets continue exploding your small profits can grow very quickly!

Image credit bitcoin.com


Blockchains and ledgers are definitely real and here to stay – and they are now crushing financial sectors at a revolutionary pace.
I guess in the end this once thought mysterious game is also a fun game that may one day change your families future.

Will you get crypto rich from mining from one or even a few GPU’s? Far from it, at least in the short-term – but you could begin earning cryptocurrency at a reasonable pace if you had the a few cards running concurrently. Until you could invest in several more GPUs or an ASIC miner, but then you are looking at $20,000+ USD purchases!

Image credit secretcloud.com

Each day and throughout the day the earning amount in BetterHash will fluctuate based on the live crypto markets, but what never changes is your earned cryptocurrencies in terms of actual units in your wallet. If you earn say 0.001 BTC, you will always retain 0.001 BTC – but the value of that BTC will rise and fall.

If I could afford multiple RTX 3070’s or 3080’s (both excellent cards with pros/cons based on electricity consumption/mining power) I would be placing the order immediately. Unfortunately not only are these not in my immediate budget, but there is a worldwide shortage on absolutely ANY video cards that can effectively mine – which seems oddly timed with the skyrocketing of BTC value and our short window to profit and mine cryptocurrencies from a GPU.

Image credit bestbuy.com / secretcloud.com

As of today’s date Best Buy, Walmart.ca, Staples, Newegg, etc. are ALL completely sold out of any viable card – and although I paid $400 for my card (RTX 2060) I have seen these selling for $1000 due to the demand and now month’s long complete absence of GPU’s on the market. So if you currently own a video card with 6GB memory you are in luck, you can download BetterHash using my referral by clicking HERE and INSTANTLY begin mining – the better the card, the better the hash rate!

Keep in mind that this window will not last forever. With Ethereum ASIC miners soon coming available (Innosilicon) GPU miners are unsure precisely what will happen with ETH mining, but much like bitcoin which quickly grew out of reach when BTC ASIC miners arrived it is expected that Ethereum GPU mining will not be profitable for much longer. When will this happen? How quick will it happen? Nobody has a crystal ball so all I can say is this: Start mining NOW and mine as much as you can! Decentralized cryptocurrencies are the future and those who begin accruing it early will benefit as the appeal and viability of decentralized platforms expand.

To make this list clear and concise I want to highlight these three cryptocurrency platforms. From my friends experiences these three are the best at what they say they do:

@Rift’s official GPU mining recommendations
#1 Best GPU Mining Software – BetterHash
https://www.betterhash.net/?ref=29983

#2 Best Wallet to hold crypto – Coinbase
https://www.coinbase.com/join/hall_zdw

#3 Best Mobile Cryptocurrency – Pi Network
https://minepi.com/rift
Use code “rift” after downloading from app store

Some of you may have already acquired crypto, and to you I salute! This may just be an additional way to add to your wallets. To others who are new to acquiring cryptocurrency you will have to trust me – your first 0.001 BTC transfer feels more rewarding than it should! It’s fun to dream and to think of your family bloodline in 2140 when the 0.001 BTC is worth exponentially more than when you mined it in 2021. Right now the 0.001 BTC you mine might be worth approx. $70-80 USD, but the value can only go up. In the year 2140 that $70-80 USD you mined in 2021 may be worth $70-80k USD! Unfortunately a banana might cost $70-80k USD in 2140 and you personally will likely not be alive (technology pending), but oh well, you earned that banana for your family bloodline by mining in 2021!

Image credit secretcloud.com

Use my referrals and join my crypto army, then share your referral with your family and friends!

Regardless of anything, if you have an adequate GPU and you are not currently mining it’s time to change that.

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