In this article, we look at how to mine cryptocurrency on a budget and the best rigs for beginners. Whether youre a beginner or an experienced miner, read on to learn everything you need about mining ethereum on a budget.

Methodology: Our methodology for selecting the rigs to mine Ethereum on a budget involved researching over six months and considering factors such as features, pricing, earning potential, and assets. We found that the MSI RX 580 Gaming X 8G Radeon RX 580 is one of the most energy-efficient cards on the market for mining Ethereum. It has a power draw of only 84 W and can deliver a hash rate power of 32.74 MH/s, making it an affordable option for beginners with a price tag of around $300.

Another great choice is the NVIDIA GeForce RTX 3060 Ti (11GB GDDR6X), which has a hash rate power of 60 MH/s and can be found for approximately $400, although it may be difficult to find due to high demand.

For CPU mining, individuals can mine solo or join a mining pool. Solo miners’ ability to add coins to their wallets depends on the hardware and network hash rates. Before beginning solo mining operations, you must consider the revenue potential against electricity costs and other expenses.

GPU mining has become increasingly popular due to its high performance compared to CPUs. Modern GPUs offer significantly greater performance than 20 KH/s (kilo hashes), with some providing up to 2,000 times the hashing power. FPGA mining was less energy-intensive than GPUs but became obsolete due to ASICs’ superior cost and energy efficiency for large-scale operations.

ASIC miners are specifically designed for large-scale mining operations and require a power supply, internet access, access router, IP address, wallet, and mining pool. Installing an ASIC miner requires less electricity per hashing unit than FPGAs or GPUs but is more expensive to purchase upfront.