The Ethereum price has fallen 22 in the past week
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The Ethereum price has fallen 22% in the past week

Ethereum prices have fallen 22% in the last week, which is negatively affecting miners’ profits. If “Ether” was trading at $ 3800 per unit for the first few days of the year, at the time of this writing it has been spending about $ 3050 per cryptocurrency unit.

Image source: Shutterstock

Image source: Shutterstock

An even grimmer picture can emerge for miners when we recall that the historic maximum of USD 4,800 per cryptocurrency unit was reached last November and Ethereum lost about 38% in price in just two months. Note that cryptocurrency markets and exchanges traditionally slow down during the winter holidays and there is hope that the “ether” will soon begin to regain lost positions.

If the situation stays at the current level in the long term, it will be much more difficult for Ethereum miners to make a profit. While the ether rate fell by 22%, the difficulty of mining cryptocurrencies is steadily increasing. Profits from Ethereum mining are currently at their lowest level since January 1, 2021.

Image source: tomshardware.com

Image source: tomshardware.com

Miners make about $ 0.0468 per megahash per second, while last November profit was almost double that and was $ 0.0818 per megahash per second. If we compare these values ​​to the hashrate of popular graphics cards and the cost of electricity, the net profit from mining Ethereum with the NVIDIA RTX 3090 graphics card is less than $ 5 per day and nearly $ 3 per day for the NVIDIA RTX 3080 LHR accelerator.

Currently, even using a mining farm on RTX 3090 accelerators does not bring more than $ 5 profit per graphics card per day. At an average cost of $ 2,800 for RTX 3090 accelerators, it takes 560 days to pay for itself, not to mention rental and other expenses. Profitability is significantly lower than the indicators from last May, when the RTX 3090 accelerator mining “ether” made it possible to make more than $ 20 a day, and for some short periods of time profitability even rose. US dollars 32 per day.

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About the author

Robbie Elmers

Robbie Elmers is a staff writer for Tech News Space, covering software, applications and services.

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