State of Mining Early 2020

Recent Ethereum Hashrate Trend

In general mining has been fairly lackluster recently, with the Ethereum network hashrate on a slight downward trend for the past 6 months, only seeing bumps when the price rebounds a little.

For a lot of miners with higher electricity costs, much above 7-8 cents per kWH, you are probably not even going to break-even at the current profitability levels. Those who are lucky enough to have lower 5-6 cent per kWH power can make a meager profit, but still nothing to get too excited about.

Bitcoin meanwhile has set new hashrate records, but that is mainly due to new ASICS coming out, and the overall profitability remains low for miners.

Single Nvidia 1080Ti profitability with 10 cent kWh costs and using EthlargementPill
Single AMD RX580-8gb profitability with 10 cent kWH and tweaked settings

There are a couple of other alt coins that rotate in and out of being the most profitable to mine on any given day, but for the most part I still have a couple of rigs pointed at Ethereum and once in awhile maybe ETC mining. I was mining Ravencoin off and on earlier, but it seems even with the low profits Ethereum is the most stable.

With my rig setup and my electricity costs, I pretty much just offset the heat bill in the Winter and I may need to suspend mining completely in the spring unless conditions improve.

So in conclusion, no one is getting rich quickly mining in early 2020. For those of us who already have equipment in place and with somewhat reasonable electric costs, we can maybe accumulate a few extra coins on the side while offsetting our heating bills.  The only miners who are even coming close to making actual profits, however, are those with large farms and very low (sub 5 cent) power costs.

Let me know in the comments if you come across any profitable coins to mine or found other ways to hang on with mining in 2020.

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