Is It Profitable Mining Ethereum (ETH) now (August / September 2018)?

Updated: 30 August, 2018 seen 1,454

I have been operating a GPU ETH mining rig since the December 2017, the total cost so far to build it has been $1,661. That's a lot of money for just ~ 58MH/s hashing power. Now, things were different back in December 2017, let's see how does it works out now (August/September 2018).

Building a 12 GPU Ethereum Mining Rig From Scratch - Part 1: Ordering Details

For most of the Summer my Ethereum mining rig has been powered of (because of unprofitable mining - high electricity price / low etheruem price)

Mining ethereum August 2018


Mining ethereum August 2018

I turned on my mining rig for 24 hours, and mined 0.00417899 ETH (with ETH changing hand at $276.18) that gives me about $1.15. Not bad, but let's see how much we are spending here:

Ethereum mining calculator

Ethereum mining calculator with 0.2$ per KWh

It turns out, I'm actually losing 0.4 dollars per day right now. Sure, I'm paying a hefty  price 0.2$ per KWh and I could move my mining rig to some cheaper location, like for example Georgia, paying just 0.1$ per KWh and in theory I would generate a small profit even now:

Ethereum Mining Calculator

Ethereum Mining Calculator with 0.1$ per KWh

Cheapest Electricity in Europe for crypto mining (Cost per kWh) 2018

Since December 2017, I have mined in total 0.54398387 ETH. To break even my base investment $1,661 ETH should reach $3.060 (hard, but doable). 

Last time I measured, the price for ETH was well above $5,000 (now, this is a great achievement already) 

To Break Even My GPU Mining Rig, Ethereum Should Reach $5,153

The Bottom Line

Now, answering on question is it profitable mining Ethereum now (August / September 2018) - it depends - it still is profitable if you enjoy cheap electricity, and it is if you believe ETH will appreciate in value in the future. 


Hi! My name is Reinis Fischer (38). Dad, husband, options traderdividend income investorcrypto hedge fund manager, drone enthusiast, world traveler, photographer, and passionate lover of Georgian cuisine (vegetarian). 

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