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2023: Which Low-Cost GPU Is Ideal for Crypto Mining?


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VIDEO: Best value for money mining GPU in 2023 (14 Budget graphics cards compared on 9 coin algorithms)
Sebs FinTech Channel

      The world of cryptocurrency is a gold rush for the digital age, and the race for riches has never been more intense. As the demand for crypto continues to soar, the hunt for the best mining gear is on. And at the heart of every mining rig lies the all-important GPU.   

      But with so many options out there, how do you choose the one that’s right for you? Fear not, as we embark on a journey to uncover the best budget GPU for mining crypto and the best GPU for mining crypto in 2023.   

      Whether you’re on an unbeatable budget or just starting out in the world of cryptocurrency mining, this article will give you answers. First, we’ll present the best budget GPUs for crypto mining because we all know it’s expensive to build a mining rig. Then, for those who want to take it to the next level, there’s also a list of best performers GPUs for crypto mining in 2023 overall.  

      From cost-effectiveness to cutting-edge performance, we’ll scour the market to bring you the top contenders and help you strike it rich in the crypto world. 

      What Is a GPU for Mining?

      A GPU, or Graphics Processing Unit, is a specialized computer processor designed to handle complex graphics and visual data.  

      In cryptocurrency mining, a GPU is used to perform complex mathematical calculations required for solving blocks in a blockchain network and earning rewards in the form of digital currency.

      Think of it like this: imagine you’re playing a tough Sudoku puzzle. A regular computer brain, also known as a CPU, can only solve one puzzle at a time. But a GPU is like having a team of experts working on the puzzle all at once, making it much faster and more efficient.  

      That’s why GPUs are the preferred choice for cryptocurrency miners because the more quickly they can solve these math puzzles, the more money they can make. 

      However, you can also read our article about the best CPUs for crypto mining if you want more information about them. 

      AMD GPUs vs Nvidia GPUs: Which One Are Better?

      And since we are talking and you’re interested in GPUs, surely, you’ve noticed discussions about which manufacturer makes better GPUs between AMD and Nvidia. And the correct answer is it depends. It depends on your needs and priorities. 

      If it is to look at the current market share concerning GPUs at the time of writing, you have to know that from this point of view, Nvidia dominates. Jon Peddie Research recently released its Q3 2022 GPU market share report. In this report, they specifically analyzed the discrete GPU market. From this report, it emerged that the entire GPU market at that time was divided as follows:  

      • AMD – 8%; 
      • Nvidia – 88%; 
      • Intel – 4%. 

      However, both AMD and Nvidia GPUs have their own strengths and weaknesses for cryptocurrency mining.  

      AMD GPUs are known for their high core count and good price-performance ratio, making them a popular choice for miners looking for a cost-effective solution. They also tend to have higher power consumption, but their lower cost can offset this compared to Nvidia GPUs. 

      On the other hand, Nvidia GPUs are known for their efficient power consumption and excellent performance, making them a top choice for high-end mining operations. However, they tend to be more expensive compared to AMD GPUs. 

      So, there is no clear winner between AMD and Nvidia GPUs for mining. It depends on the specific needs and priorities of the miner, such as budget, power consumption, and performance. Both brands offer a range of GPUs that can be suitable for mining, so it is important to evaluate each option carefully and choose the one that best fits your needs. 

      The Best Budget GPU for Mining in 2023

      As far as the best budget GPU is concerned, in making this top list, it was taken into consideration that the price of the GPU should not exceed $400. So, without further additions, this is our top of the best budget GPU in 2023: 

      1. AMD Radeon RX 5700

      Release: July 2019; 

      Base Frequency: 1465 MHz; 

      Boost Frequency: 1725 MHz; 

      Typical Board Power (Desktop): 180 W; 

      Max Memory Size: 8 GB; 

      Max Memory Bandwidth: 448 GB/s; 

      Memory Type: GDDR6; 

      Price: ≈$349. 

      At the top of our list of the best budget GPUs for crypto mining in 2023 is the AMD Radeon RX 5700. Currently, this GPU is considered the best for crypto mining and offers high performance for its price. 

      With an Ethash of 50.27 MH/s and a low power draw of 112W, the AMD Radeon RX 5700 offers an efficient and cost-effective option for crypto miners. Its performance is on par with more expensive GPUs, making it a standout winner in its price range. 

      With its high performance and low power consumption, it is a great investment for any miner looking to maximize their returns, so if you are looking for a budget-friendly GPU for crypto mining, the best cheap GPU for mining or the best AMD GPU for mining, the AMD RX 5700 is the way to go.  

      2. Nvidia RTX 2060 Super

      Release: July 2019; 

      Base Frequency: 1470 MHz; 

      Boost Frequency: 1650 MHz; 

      Typical Board Power (Desktop): 175 W; 

      Max Memory Size: 8 GB; 

      Max Memory Bandwidth: 448 GB/s; 

      Memory Type: GDDR6; 

      Price: ≈$399. 

      Another great option for budget GPUs for crypto mining in 2023 is the Nvidia RTX 2060 Super.  

      It is based on the Turing architecture and offers real-time ray tracing capabilities. Also, the RTX 2060 Super has a faster clock speed and more memory than the standard RTX 2060. 

      For example, with a Ubqhash of 42.35 MH/s and median power consumption of 116W, the Nvidia RTX 2060 Super offers a solid balance of performance and energy consumption.  

      Additionally, this GPU is also a great choice for gamers, offering impressive performance for its price. It can handle demanding games at high settings and is a great choice for a budget gaming setup. 

      3. AMD RX Vega 56

      Release: Q3 2017; 

      Base Frequency: 1156 MHz; 

      Boost Frequency: 1471 MHz; 

      Typical Board Power (Desktop): 210 W; 

      Max Memory Size: 8 GB; 

      Max Memory Bandwidth: 410 GB/s; 

      Memory Type: HBM2; 

      Price: ≈$399. 

      The AMD RX Vega 56 is a popular GPU among crypto miners due to its efficiency and performance. With a Ubqhash of 31.22 MH/s and power consumption of 84W, it is capable of mining various cryptocurrencies effectively, providing a good balance between energy consumption and mining performance. 

      The RX Vega 56 is a highly recommended GPU for crypto mining, especially considering its price has not been significantly affected by the mining craze. 

      4. Nvidia RTX 3060Ti

      Release: December 2020; 

      Base Frequency: 1410 MHz; 

      Boost Frequency: 1665 MHz; 

      Typical Board Power (Desktop): 200 W; 

      Max Memory Size: 8 GB 

      Max Memory Bandwidth: 448 GB/s; 

      Memory Type: GDDR6; 

      Price: ≈$399. 

      The RTX 3060Ti features Nvidia’s 2nd generation RT cores and 3rd generation Tensor cores, making it capable of handling demanding tasks such as real-time ray tracing and AI-enhanced graphics.  

      The Nvidia RTX 3060Ti is a highly anticipated GPU for miners due to its improved performance and efficiency compared to previous models. The GPU boasts of Ampere architecture, 8 GB of GDDR6 memory, and a boost clock speed. This makes it suitable for mining cryptocurrencies such as Aion, Bitcoin Gold, and Zcash.  

      Taking the example of Aion mining by the Equihash (210.9) algorithm, this GPU will have a hashrate of about 298.5 H/s with a power consumption of 124W. Also, in the case of Ubqhash, there is a hashrate of 31.22 MH/s and a power consumption of 84W, being a profitable GPU at the time of writing mining through the examples above. 

      The ray-tracing capabilities of this GPU make it ideal for gaming as well. 

      5. AMD RX 6700 XT

      Release: March 2021 

      Base Frequency: 2321 MHz 

      Boost Frequency: 2581 MHz 

      Typical Board Power (Desktop): 230 W 

      Max Memory Size: 12 GB 

      Memory Bandwidth: 384 GB/s 

      Memory Type: GDDR6 

      Price: ≈$399. 

      The AMD RX 6700 XT is a newer GPU that is well-suited for crypto mining. It is also the newest addition to our list of the most budget-friendly and best GPUs for mining. The RX 6700 XT has improved power efficiency compared to previous models, which is essential for mining as it can lead to longer mining sessions and lower electricity costs.  

      In terms of mining, the RX 6700 XT is capable of mining popular cryptocurrencies such as Zcash or Monero, and its improved performance and efficiency make it a solid choice for modern mining.  

      Across the board, the AMD RX 6700 XT is an excellent option for users looking for a powerful GPU for crypto mining. 

      6. AMD RX 480

      Release: June 2016; 

      Base Frequency: 1120 MHz; 

      Boost Frequency: 1266 MHz; 

      Typical Board Power (Desktop): 150 W; 

      Max Memory Size: 4 GB; 

      Max Memory Bandwidth: 224 GB/s; 

      Memory Type: GDDR5; 

      Price: ≈$229. 

      The AMD RX 480 is an older GPU and was popular among miners when it was released in 2016. It was well-received for its high performance and low power consumption, making it a cost-effective option for crypto mining.  

      Although not an incredible GPU compared to the technology of 2023, it is a variable you need to consider if you want to mine crypto using budget GPUs. With AMD RX 480, using the Ubqhash algorithm, you can have a hashrate of 25.78 MH/s with a power consumption of just 69W. 

      Best GPU for Mining in 2023 Overall

      1. Nvidia RTX 3090

      Release: September 2020; 

      Base Frequency: 1400 MHz; 

      Boost Frequency: 1700 MHz; 

      Typical Board Power (Desktop): 350 W; 

      Max Memory Size: 24 GB; 

      Max Memory Bandwidth: 936 GB/s; 

      Memory Type: GDDR6X; 

      Price: ≈$1499. 

      The Nvidia RTX 3090 is a top-of-the-line GPU that delivers exceptional performance. 

      T The Nvidia RTX 3090 is probably the most expensive card in this top and is also one of the best GPU for crypto mining at the moment, if not the best. In any case, we think it deserves the #1 spot at the moment.  

      Regarding mining capacity, the NVIDIA GeForce RTX 3090 has the potential to generate a monthly income of over $16.35 with its 48.61 MH/s hashrate on the RVN – KawPow algorithm. 

      Also, this GPU has become increasingly recommended online by various enthusiastic or professional miners. 

      2. Nvidia RTX 3060 Ti LHR

      Release: May 2021; 

      Base Frequency: 1410 MHz; 

      Boost Frequency: 1770 MHz; 

      Typical Board Power (Desktop): 220 W; 

      Max Memory Size: 8 GB; 

      Max Memory Bandwidth: 448 GB/s; 

      Memory Type: GDDR6; 

      Price: ≈$450. 

      The Nvidia RTX 3060 Ti LHR is a top-notch GPU perfect for crypto mining. One of the most significant pros of using this GPU for crypto mining is its powerful hash rate. The RTX 3060 Ti LHR provides a high level of computational power, allowing you to mine cryptocurrencies faster and more efficiently than other GPUs in its class. 

      For example, if you want to mine Ravecoin using the KawPow algorithm, this GPU generates a hashrate of 24.63 MH/s, which can result in $8.34 monthly income.  

      Also, its advanced cooling system ensures that the GPU remains stable and operational even under heavy load.  

      Furthermore, the GPU is also power-efficient, which means that you can save on electricity costs while still achieving high hash rates.  

      The Nvidia RTX 3060 Ti LHR is a versatile and reliable GPU that offers excellent performance for crypto mining, making it a great choice for enthusiasts and professionals alike. 

      3. Nvidia RTX 3070 LHR

      Release: May 2021; 

      Base Frequency: 1500 MHz; 

      Boost Frequency: 1815 MHz; 

      Typical Board Power (Desktop): 220 W; 

      Max Memory Size: 8 GB; 

      Max Memory Bandwidth: 448 GB/s; 

      Memory Type: GDDR6; 

      Price: ≈$499. 

      An important position in this top must be given to the brother of the Nvidia RTX 3060 Ti LHR, namely the Nvidia RTX 3070 Ti LHR. 

      This card appeared simultaneously as the Nvidia RTX 3060 Ti LHR and is a scarcely improved version with a slightly higher frequency. 

      For instance, if you want to mine Ravecoin using the KawPow algorithm, this GPU generates a hashrate of 34.08 MH/s, which can result in an $11.46 monthly income.  

      The Nvidia RTX 3070 Ti LHR is a good option for mining, being neither overpriced (it’s only $50 more expensive than the Nvidia RTX 3060 Ti LHR), also having a frequency to be considered. 

      4. Nvidia RTX 4080

      Release: September 2022; 

      Base Frequency: 2205 MHz; 

      Boost Frequency: 2505 MHz; 

      Typical Board Power (Desktop): 320 W; 

      Max Memory Size: 16 GB; 

      Max Memory Bandwidth: 716.8 GB/s; 

      Memory Type: GDDR6X; 

      Price: ≈$1199. 

      The NVIDIA RTX 4080 launched late last year already has some exciting results in terms of cryptocurrency mining. 

      Using the NexaPow algorithm, this GPU generates a hashrate of 122.00 MH/s with an average power consumption of 250W, producing about $12.9 per month. 

      Although not used on an incredibly large scale due to its relatively recent launch, it has enormous potential. It can bring considerable profits, depending on other costs such as electricity. 

      5. AMD RX 6800 XT

      Release: November 2020; 

      Base Frequency: 1825 MHz; 

      Boost Frequency: 2250 MHz; 

      Typical Board Power (Desktop): 300 W; 

      Max Memory Size: 16 GB; 

      Memory Type: GDDR6; 

      Price: ≈$649. 

      The AMD Radeon RX 6800 XT made its debut on November 18, 2020, but its popularity caused it to sell out in just one day. The shortage led to inflated prices on some marketplaces, with some sellers marking up the price by as much as 100%. Despite the limited availability, the RX 6800 XT remains a highly sought-after graphics card, especially for crypto mining. 

      The RX 6800 XT has a hashrate of 30.82 MH/s on the RVN – KawPow (NBMiner) algorithm, making it capable of generating an impressive monthly income of over $10.44.  

      This GPU excels at mining the cryptocurrencies Ravencoin and Beam, which are some of the most profitable coins to mine with AMD graphics cards.  

      So, the RX 6800 XT is a top-performing GPU that offers excellent results for crypto miners, though its scarcity and high demand can make it a challenge to obtain. 

      6. Nvidia GTX 1080

      Release: May 2016; 

      Base Frequency: 1607 MHz; 

      Boost Frequency: 1733 MHz; 

      Typical Board Power (Desktop): 180 W; 

      Max Memory Size: 8 GB; 

      Max Memory Bandwidth: 320 GB/s; 

      Memory Type: GDDR5; 

      Price: ≈$599. 

      The Nvidia GTX 1080 was a flagship graphics card that was introduced in May 2016. It was the top-performing GPU offered by the company for nearly a year before the announcement of the 1080 Ti. 

      We chose to introduce this old fellow GPU, despite being released several years ago, because it remains a popular choice for some users in the crypto-mining community due to its performance and compatibility with various mining algorithms. 

      One of the key advantages of the GTX 1080 for crypto mining is its high computational power, which can deliver a good mining hash rate for certain algorithms.  

      So, the Nvidia GTX 1080 is a good option for users who want to mine cryptocurrencies and are looking for a GPU that provides good performance, compatibility, and affordability. 

      What To Consider When Buying a GPU for Crypto Mining?

      When it comes to upgrading your cryptocurrency mining rig, several key factors are needed to maximize your investment and achieve the highest return. Here are the top considerations to keep in mind when choosing a GPU for crypto mining: 

      • Investment Cost – The cost of the GPU is one of the key factors to consider, as it can significantly impact your overall investment and potential returns. Consider the balance between the cost of the GPU and the estimated returns from mining, considering factors such as electricity costs and market conditions. 
      • Hardware Compatibility – Make sure that the GPU you choose is compatible with your existing hardware, including your motherboard, power supply, and storage.  
      • Hashrate Potential – The higher the hashrate, the faster and more efficient the GPU will be at solving math puzzles and earning rewards. 
      • Energy Efficiency – Electricity costs can add up quickly when it comes to cryptocurrency mining, so it is important to choose a GPU that is energy efficient. Consider the GPU’s power consumption and efficiency about its hashrate potential, as well as the cost of electricity in your area. 

      Considering these factors, you can make an informed decision and select the best GPU for your cryptocurrency mining needs. 

      Conclusion

      Finding the best budget GPU or the best performing GPU can be a bit like searching for a needle in a haystack. With so many options to choose from, it can be overwhelming to decide which one to go for. However, after extensive research and analysis, you can now see some GPUs that strike the perfect balance between power consumption, hash rate, and cost efficiency, making them the ideal choice for budget-conscious or professional miners.  

      But just like the ever-evolving world of cryptocurrency, the mining industry is constantly changing. New models and technologies are continually emerging, so staying informed and ready to adapt your mining setup as needed is crucial.  

      So, grab one of these GPUs and get ready to strike gold in crypto mining! 

      * The information in this article and the links provided are for general information purposes only and should not constitute any financial or investment advice. We advise you to do your own research or consult a professional before making financial decisions. Please acknowledge that we are not responsible for any loss caused by any information present on this website.

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