Welcome to the last post of 2017, and no surprise but today I will speak about increased Ethereum (and Siacoin) mining profitability by overclocking GPU cards.

Those of you following my blog lately already know - in December I decided to build 12 GPU mining rig and ordered goodies from Amazon. In total spending about $1,147.  The total investment right now covers just the core minimum - motherboard, power supply, PCI risers, RAM, processor and just 2 graphics cards.

At the start, I ordered just one graphics card from Amazon, but while still waiting for equipment to arrive I decided to set up a test environment at one of our office spare computers and installed a cheap Radeon RX 560 card. 

Top 14 Best Selling GPU Cards 2018

The first result with RX 560 card gave me about $0.98 profit daily, see: I'm Making $0.98 Per Day By Mining Ethereum and Siacoin, and I want MORE!

I was pretty happy with results I got from this card, though felt kind of surprised seeing hashing power just about 10 MH/s - it didn't sound good (as I have read that others are getting about 14 MH/s out of this card). Anyhow, as I was (and still am) new to mining, I decided to leave it as it is, not touching clocks, memory size e.t.c. 

Now, I what I was looking for was a decent about 22.5 MH/s hashing power from the EVGA 1060 GTX 6 GB card, but felt very poor seeing just 14MH/s out of the box - I was able to increase daily profit from about a dollar to  two and a half dollars, but this time it seemed wrong, see: I'm Making $2.44 Per Day By Dual Mining Ethereum and Siacoin, and I'm NOT HAPPY YET!

Both cards combined gave me really modest 24.5 MH/s hashing power (instead of 36 MH/s). I left mining rig to work for a couple of days, meanwhile watching a dozen of YouTube videos, reading countless forum topics on overclocking. And finally yesterday I applied my newly generated knowledge and was able to increase total hashing power to about 29-30MH/s

  Hashing Power   Mined Coins Exchange Rates Earnings      
GPU ETH SC Invested ETH SC ETH SC ETH SC Total How many days
2 28.29 179 $1,147 0.0036256 3.7 $704.16 $0.03 $2.55 $0.11 $2.66 430.5

Now, there are few things I should mention.

  • Currency exchange rates - since my previous test price for ETH has dipped from about $770 to $704
  • Despite ETH has lost some value against USD in the past couple of days, the total income has increased. 
  • I learned that I could get more hashing power with single coin mining, instead of dual coin mining, and the results were actually quite satisfactory, from both cards I was getting about 31 MH/s single mining ETH only.
  • For some reason overclocking worked only for GTX 1060 card, RX 560 was not affected at all, probably the reason it is so - I'm running mixed AMD + NVIDIA rig.

From the positive I should add, that the total ROI has decreased from 468 days to 430 days - a very nice 38 day gain with simple overclocking.

Now, the ROI and ETH exchange rates are the things that worry me the most (now) - to be in the safe side I would love to see ROI in 365 days or better 10 months.

With current mining power, that would ask ETH to be valued at $836 to get investment back in 365 days or about $1,025 for ROI in 10 months. 

Now, I don't dare to say it loud, but OK, I will say - I believe Ethereum reaching $2,000 by the end of 2018.

To Mine or Buy Ethereum/Zcash/Monero in 2018

In January 2018, I'm planning to add another (third) GPU, increasing total mining power to about 46 MH/s. If I will find another room for about 10% improvement with overclocking and the Ethereum prices will stay close to $800-$900, mining difficulty not increasing drastically and POS not implemented anytime soon - I would make a bet that mining Ethereum might be actually profitable in 2018.

How about you? Are you a seasoned miner? Leave a comment! Readers and I would love to hear!