Ethereum mining continues to become less and less lucrative, with the average daily revenue from a beefy GeForce RTX 3080 Ti falling to just $2.8 at stock configuration. We tested this using Nice Hash, the most popular mainstream mining platform with millions of miners. The daily revenue from our system averaged 0.06392 mBTC which is just under $3. Nice Hash uses Daggerhashimoto which is a bit on the old side, and you might get slightly higher hash rates using other mining algorithms.
With a daily revenue of $2.8, you’ll earn roughly $84 a month with a single GeForce RTX 3080 Ti. Even ignoring the cost of electricity, you’ll need 24 months to recoup the cost of the GPU. That puts the Ethereum 2.0 merger roughly midway through that period (at the latest), making it a risky investment to begin with.
The drop in the profitability of Ethereum boils down to two primary factors. Firstly, the mining difficulty has increased significantly over the last year as more and more miners have joined the network, reducing the chances of excavating a coin. Furthermore, Ether’s price has dropped from $4,400 to $3,400 over the past month, further slashing the profits.