Profitability of Mining Bitcoin with NVIDIA GTX 1060 - 6GB: Current Insights and Trends
As the cryptocurrency market evolves, the profitability of mining Bitcoin with specific hardware like the NVIDIA GTX 1060 - 6GB has become increasingly scrutinized. This article delves into the current state of affairs, discussing the mining performance of the GTX 1060 after overclocking, altcoin mining alternatives, and the overall viability of mining Bitcoin with this specific graphics card.
Overview of Mining Performance with GTX 1060 - 6GB
Initially, the performance of the NVIDIA GTX 1060 - 6GB was analyzed with mining Bitcoin, which has largely shifted towards specialized ASIC hardware. Although overclocking can increase performance, it does not significantly alter the overall mining efficiency compared to the original specification.
Before overclocking, the mining rate was approximately 0.0000100BTC/hr to 0.0000120BTC/hr. After overclocking, the rates remained relatively stable, ranging between 0.0000100BTC/hr and 0.0000125BTC/hr. These rates are considered minimal, and the variance reflects the fluctuating conditions in the mining environment and market dynamics.
Current Trends in Bitcoin Mining
The landscape of Bitcoin mining has dramatically changed, with general-purpose GPU (GPGPU) mining gradually becoming obsolete. Modern ASIC hardware is far more efficient and profitable for Bitcoin mining, leaving GPGPU mining as a less competitive choice.
While the GTX 1060 - 6GB, in particular, is now considered obsolete for Bitcoin mining, it is still possible to mine altcoins that are ASIC-resistant such as Ethereum (ETH) and Zcash (ZEC). Mining altcoins with this hardware can be more profitable, as the hashrate is more effective compared to Bitcoin mining.
For instance, at the time of writing (February 18, 2018), a single NVIDIA GTX 1060 - 6GB can generate an effective hashrate to mine around 1.6 ETH per day, before accounting for electricity costs. This amount can vary based on the market price of Ethereum and the mining pool fees.
Optimization and Considerations
It is important to consider that the performance of the GTX 1060 - 6GB can vary based on the type of memory installed. GPUs with Micron or Samsung memory can be overclocked more effectively, leading to higher daily returns. GPUs with Hynix memory might not be as suitable for overclocking and may result in lower mining efficiency.
For users looking to earn Bitcoin through mining, platforms like NiceHash offer a viable solution. NiceHash runs profitable mining algorithms based on the capabilities of the card and pays mined Bitcoin directly. However, there are several considerations to keep in mind:
Minimum Withdrawal Period: Users may need to mine for 6-8 days before their balance can be transferred to a locked account, and another 6-8 days before it is transferred to a Coinbase account. Withdrawal Fees: Withdrawal minimums can be much higher, making it less efficient for smaller amounts of mined Bitcoin. Commission: Mining software and pools often take a percentage of the profit, which can significantly impact the overall return on investment.Alternatives and Recommendations
Given the current trends and market dynamics, the following recommendations are provided:
Start Small: If you are new to mining, start with a system featuring 6 cards. This allows you to test the waters and gauge the profitability without a significant financial commitment. Wait for Prices: Do not rush to buy GPUs at inflated prices. Wait until their market price is close to the manufacturer's suggested retail price (MSRP). Seek Expert Advice: For the most up-to-date and detailed insights, look for answers specific to your question on YouTube. You may find many miners who regularly update their channel with mining performance data.While it is still possible to mine altcoins with the NVIDIA GTX 1060 - 6GB, the profitability is significantly lower than what is possible with modern ASIC hardware. In the current market, investing in specialized hardware for Bitcoin mining is more advisable.