Simon Byrne has taken in-home crypto mining to a whole new level to take advantage of the potential of Ethereum (ETH). Byrne is earning $ 122,000 a year by mining Ethereum.
Ethereum miner earns $ 122,000 a year
As first reported by Anthony Garreffa, Byrne installed an ETH mining rig consisting of 78 GeForce RTX 3080 graphics cards. Although the RTX 3080 is marketed to high-end PC players, crypto miners use these powerful features to improve their capabilities.
With each board using approximately 300W of power, Byrne’s installation uses 23.4KW of energy. And that doesn’t even take into account associated costs like AC. The electricity bill is estimated to be up to around $ 2,166 per month.
He spent $ 93,522 on equipment
The RTX 3080 was launched in September at a price of $ 699, but shortages caused the price to rise to $ 1,199. According to the final price, this means a cost of $ 93,522 to install Byrne.
However, these costs can be offset by the mining capacity of the operation. According to Garreffa, a GeForce RTX 3080 graphics card has a hash rate of about 83MH / s using Ethash, which means it generates about 0.22236870 ETH per month. That’s why all 78 cards can generate 17.3 ETH per month. That’s the equivalent of around $ 12,352 at today’s prices.
Profits can multiply if the price rises
Eliminating electricity costs comes roughly $ 10,200 a month, or $ 122,000 a year. And this does not take into account Ethereum’s price potential in the next bull market.
Ethereum’s price exceeded $ 700 for the first time since mid-2018. The return of the Altcoin season, as some have predicted, could raise the price of ETH further in the medium term as investors switch from Bitcoin to other major cryptocurrencies.