2020's Best GPU for Mining (Most Up to Date Guide)
Want to know what the best GPU for mining is in 2020? This article will tell you what you need to know.
Note: before mining, make sure to setup a wallet where you can send your mining profits to! You don't want to send your profits to an exchange, since they're notorious for getting hacked or otherwise losing user funds.
The Exodus crypto wallet is a miner favorite thanks to:
- Supporting over 100 crypto assets
- Focusing on premium design and ease of use, so you can focus on mining
- Being the only wallet to support desktop, mobile, and hardware wallet (Trezor) integration
- Allowing you to exchange your mining profits for other cryptos right from your wallet - without creating an account!
- Giving you the ability to sync your wallet between desktop and mobile
- Having 24/7, fast human support if you ever need help
2020’s Best GPU for Mining: Nvidia GeForce GTX 1070
The GTX 1070’s combination of high hash rate, high amount of memory, and low power consumption make it the best GPU for mining. However, it is a bit pricey as with other Nvidia GPUs, which means it might take longer to recoup your investment. Nevertheless, if you’re mining for the long run, the GTX 1070 is a must buy.
- Hash rate: ~30 MH/s
- Power draw: 150W
- Memory: 8GB
- Price: $299 (Walmart)
Note: another option here is to go with the GeForce RTX 2070, which is the newer version of the GeForce GTX 1070. The RTX 2070 boasts higher hashrates (~40 MH/s) but also higher power draw (185W). Given the high price of the RTX 2070 (~$500), the GTX 1070 might be a better option until prices come down. Though if gaming is important to you, the RTX 2070 performs better in high-end gaming situations thanks to a feature called ray tracing.
2020’s Best GPU for Mining if You Have No/Low Electricity Costs
Of course, if you have lower energy costs (or even none) because you live in a country with cheap electricity, someone else pays your electricity bill, or you happen to have your own private hydroelectric dam (who doesn’t), you can take a look at graphics cards with higher hash rates that would be largely unprofitable for people who have a high energy bill.
The GPU to consider in this case would be the AMD Radeon VII, which boasts a monstrous 90 MH/s hash rate, beating even its predecessor the AMD Vega 64. Considering that Nvidia’s competitor to the Radeon VII, the Nvidia Titan V, is not only more expensive than the Radeon VII but also less powerful, the Radeon VII is the undisputed king of high hashrate GPU mining.
(Another thing to note is that the AMD Radeon VII is considered the best GPU for mining Ethereum, the #2 cryptocurrency).
- Hash rate: ~90 MH/s
- Power draw: 300W
- Memory: 16GB
- Price: $549.99 (Amazon)
2020’s Best GPU for Budget Miners
Looking for a GPU that’s more affordable but still a solid choice for mining? The AMD Radeon RX580 is your best bet. The RX580 has a similar hashrate as the GTX 1070 (~29 MH/s compared to ~30 MH/s for the 1070) with slightly higher energy consumption.
The downside with the RX580 though is that it’s hard to purchase because it’s sold out regularly due to its popularity.
- Hash rate: ~29 MH/s
- Power draw: 185W
- Memory: 8GB
- Price: $159.33 (Amazon)
How to Choose the Best GPU for Mining: Additional Tips
Now that you know the best GPU for mining across 3 different price tiers (mid-tier, high-tier, and budget-tier), here are some additional helpful tips for choosing a mining GPU.
1. Calculate the cost of a hashrate unit
When choosing a graphics card, divide its price by its hashrate to get the cost of a hashrate unit. Generally speaking, the lower this number the better since it’s a measure of how cost-efficient the graphics card is.
Though don’t forget that the cost of your mining rig can also factor into this if you are buying things like a motherboard, power supply, processor, memory, and hard drive.
2. Consider buying used graphics cards
Buying a GPU is like buying a car or smartphone. When you buy a new one, it’s value immediately drops as soon as you start using it, since it will both be replaced by a newer model within a year or two and likely experience some problems after a few years.
In order to recoup your investment on a GPU faster, it might be a good idea to buy a used GPU since higher prices for a new GPU would increase the amount of crypto you’d have to mine to break even on your initial investment. Moreover, you’re likely going to replace the GPU after a couple of years anyway as newer cards hit the market and make your old one obsolete.
While some used GPUs do have problems, it’s not as common as most people think, especially when buying something that’s refurbished by the actual manufacturer.
3. AMD or Nvidia?
A common question that comes up when researching mining GPUs is whether you should go with an AMD or Nvidia GPU (AMD and Nvidia are the two main GPU makers).
The consensus is that Nvidia is better for new miners since their GPUs are easier to setup, consume less energy (less worrying about ventilation setup and energy-efficiency), and work with more mining algorithms. However, AMD cards usually have a lower hashrate unit cost, making them more cost-efficient.
Another thing to note is that AMD is usually better for Ethash coins like Ethereum and Ethereum Classic.
4. Don’t forget your warranty!
Many GPUs come with a warranty, which can be very helpful for miners. Since mining is rather intensive on GPUs, the GPUs or their parts, such as a fan, can stop working or experience other issues. In these types of scenarios, a warranty is great since you can get your GPU repaired or replaced for free.
5. Save money by using server power supplies
Something that could potentially save you a lot of money if you don’t mind lots of noise is using server power supplies instead of PC power supplies to power your mining rig. Server PSUs can power many more GPUs at once. For example, a standard power supply of ~750W can only power 2 graphics cards. If you’re building a rig with several graphics cards, the money you spend on PSUs add up.
So that wraps up our article on the best GPU for mining. For most, the GTX 1070 will be the GPU to go with. However, in the case that you have low or no energy costs, consider the Radeon VII. If money is an issue, go with the RX580 (if you can find it in stock!).
Also, for up to date information on different crypto assets’ mining profitability for when you have your mining GPU ready to go, we recommend checking WhatToMine.
Lastly, always remember to send your mining profits to your own cryptocurrency wallet and not that of an exchange’s or anyone else who can mismanage and lose your hard-earned profit!
Information provided is for informational purposes only and should not be considered financial advice. Investing in crypto assets is speculative and carries a high degree of risk; you may lose some or all of the money that is invested. Past performance is not indicative of future results.