Cryptocurrency mining industry is attracting many people. In fact, they join this industry with the hope to create a sustainable income for themselves. Although Bitcoin mining requires special mining hardware named ASICs, one can mine altcoins just by using graphic cards. However, it is essential to use high performance ones. Altcoin mining could be highly profitable and one can make a sustainable income by investing in this industry. Recently, a person named Simon Byrne recommended a specific setup, which one can earn $122K annually profit by mining Ethereum using it. This recommended setup does not require any special hardware and it is easy to find in the market.
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All you need is 78 NVIDIA graphic cards
By preparing 78 NIVIDIA GeForce RTX 3080 graphic cards along with a sufficient air conditioning system, one can start to mine Ethereum with high profit. Actually, Simon Byrne recommended this setup to crypto enthusiasts in order to elevate at-home crypto mining into a new level.
Anthony Garreffa was the first person, who reported Byrne new setup. This setup consists of 78 GeForce RTX 3080 graphic cards. The fact is that RTX 3080 graphic cards manufactured for PC gamers and is widely using by them. However, after a while crypto miners also began to benefit from this powerful hardware using it for crypto mining purposes.
Cost of Byrne’s set up
Each RTX 3080 consumes around 300W of power. Therefore, if one set up 78 cards, it will consume 23.4KW. Byrne claimed that his electricity bill is roughly $2.166 per month including AC.
NVIDIA launched RTX 3080 graphic cards in September. At first, it was selling in the market at $699. However, after a while the price surged to $1,199 due to supply shortage. As a result, the Byrne set up costs around $93,522.
$122K annually profit by mining Ethereum; Net profit of Byrne’s set up
By using 78 RTX 3080, one is able to generate 17.3 ETH per month. This could be equivalent to roughly $12,352 at today’s prices. By deducting the electricity bill, one can generate $10,200 per month or $122,000 per year. In addition, the Ethereum price may experience a bull run and surges sharply. Consequently, the profit would be more than the number calculated above.