The world of cryptocurrency mining has evolved rapidly since the early days of Bitcoin. While Bitcoin (BTC) first emerged in 2009 as a decentralized digital currency powered by open-source peer-to-peer technology, it wasn't until years later that mining became a mainstream pursuit. By 2013, the total market value of issued bitcoins had already surpassed $1 billion. Fast forward to May 2017, and Bitcoin’s price surged from $100 just a few years prior to an all-time high of $2,700—making early adopters and miners instant millionaires.
But Bitcoin isn’t the only player in the game. Alternative cryptocurrencies like Litecoin (LTC) and Ethereum (ETH) have gained significant traction due to their technological advantages and mining accessibility. Among these, Ethereum has become especially popular for GPU-based mining operations.
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Why GPU Mining Dominates
When it comes to mining cryptocurrencies like Ethereum, graphics processing units (GPUs) are far more efficient than central processing units (CPUs). This is because mining involves solving complex cryptographic puzzles that benefit greatly from parallel processing—something GPUs excel at.
Between the two major GPU manufacturers—AMD and NVIDIA—AMD Radeon cards have traditionally held an edge in mining performance. This advantage stems from their higher number of stream processors and architectural design optimized for cryptographic hashing algorithms such as Ethash used by Ethereum.
Test Platform Configuration
To evaluate real-world mining performance, a standardized test environment was used:
- CPU: Intel Core i7-6800K (limited to dual-core, quad-thread, 1.2GHz)
- RAM: 32GB DDR4-2133
- Motherboard: ASUS X99-A
- Storage: Crucial MX100 512GB SSD + Seagate 2TB HDD
This setup ensures minimal bottlenecks so that GPU performance can be accurately measured without interference from other system components.
GPUs Tested
The following graphics cards were benchmarked for Ethereum mining efficiency:
- NVIDIA: GTX 1050, 1060, 1070, 1080
- AMD: RX 460, 470, 480, 570
Hash rate—the key metric in mining—is measured in hashes per second (H/s), typically reaching megahashes per second (MH/s) with modern GPUs. Higher hash rates mean more chances to solve blocks and earn rewards.
Performance Breakdown
NVIDIA Results
- GTX 1050: Delivered nearly zero mining output. With only 2GB of VRAM, it lacks sufficient memory to run Ethereum's DAG file, which grows over time. It is not suitable for mining.
- GTX 1060 (6GB): Achieved solid mid-tier performance with decent power efficiency.
- GTX 1070: Surprisingly outperformed the more expensive GTX 1080 in terms of MH/s per watt. Despite having slightly less raw power, its memory configuration proved better suited for Ethash.
- GTX 1080: High performance but less efficient than the 1070 due to GDDR5X memory not providing any real benefit for mining workloads.
AMD Results
AMD cards showed consistent scaling with model upgrades:
- RX 460: Entry-level performer, best for low-budget builds.
- RX 470: Struck an exceptional balance between price, power consumption, and hash rate.
- RX 480 & RX 570: Delivered top-tier results, with the RX 570 slightly edging out the 480 due to factory overclocks and improved thermals.
Notably, AMD GPUs maintained expected performance hierarchies—no anomalies or performance inversions were observed.
Power Efficiency and Profitability
Mining isn’t just about raw speed—it’s about profitability. Electricity costs eat into earnings, so efficiency matters.
At the time of testing (May 26, 2017), Ethereum traded at approximately $169 per ETH**. When factoring in electricity costs (typically around $0.10–$0.15 per kWh), the AMD RX 470 stood out as the most cost-effective option**.
It offered:
- High hash rate (~25–27 MH/s)
- Low power draw (~120W under load)
- Competitive market price (~$200–$250)
This made it ideal for beginners and budget-conscious miners looking for quick returns on investment.
For long-term operators, multi-GPU rigs using combinations like GTX 1080 + 1070 + 1060 achieved combined hash rates up to 66 MH/s, making them powerful tools for large-scale mining farms—though at higher initial and operational costs.
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Frequently Asked Questions
Q: Is GPU mining still profitable in 2025?
A: While network difficulty and electricity costs have increased, GPU mining can still be viable for certain altcoins like Ravencoin or Ergo. Ethereum’s shift to proof-of-stake (The Merge) ended ETH mining in 2022, so miners have migrated to other coins using similar algorithms.
Q: Why did the GTX 1050 fail at mining?
A: The GTX 1050 has only 2GB of video memory, which is insufficient for running the ever-growing DAG file required for Ethereum and similar proof-of-work blockchains. Most serious mining requires at least 4GB–6GB VRAM.
Q: Which is better for mining: AMD or NVIDIA?
A: Historically, AMD cards offered better value due to higher memory bandwidth and core counts. However, modern mining depends heavily on the specific algorithm. For Ethash-based coins, AMD still holds a slight edge in efficiency.
Q: Can I use multiple GPUs on one motherboard?
A: Yes. Most modern motherboards support multiple PCIe slots. Using PCIe risers allows building multi-GPU rigs (6–8 cards). Ensure your power supply and BIOS settings support such configurations.
Q: How do I calculate mining profitability?
A: Use online calculators that factor in hash rate, power consumption, electricity cost, and current coin price. Always account for hardware depreciation and cooling costs for accurate ROI estimates.
Q: What happened to Ethereum mining?
A: Ethereum transitioned from proof-of-work to proof-of-stake in September 2022 ("The Merge"). This eliminated traditional GPU mining for ETH. Miners now focus on forks like Ethereum Classic (ETC) or alternative PoW chains.
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Final Thoughts
In 2017, the AMD RX 470 emerged as the sweet spot for cryptocurrency mining—offering strong performance, excellent power efficiency, and an affordable price tag. While technology and markets have shifted dramatically since then, especially with Ethereum's move away from mining, the principles remain relevant: choose hardware based on algorithm compatibility, energy efficiency, and total cost of ownership.
Whether you're exploring retro mining setups or evaluating older GPUs for alternative blockchains, understanding past benchmarks helps inform future decisions.
As the crypto landscape continues to evolve, staying informed through reliable platforms is crucial. Mining may no longer be what it once was—but new opportunities in staking, yield farming, and decentralized finance await those ready to adapt.
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