Best Budget GPU for Mining in 2024

I was sitting at my desk, watching Bitcoin soar past $50,000, and all I could think of was how to maximize mining efficiency without blowing my budget. As it turns out, many of the top-performing GPUs for mining in 2024 were available months before at much lower prices—but only a few knew where to look and what to prioritize.

So, let’s rewind to mid-2023. While major players were buying high-end GPUs, savvy miners were eyeing the Nvidia GTX 1660 Super and AMD Radeon RX 580. These GPUs, now easily available in the used market, were offering the perfect balance of power, efficiency, and affordability. By early 2024, the prices skyrocketed as demand for mining increased. The key here is power consumption—miners know that electricity costs are one of the highest ongoing expenses, so finding GPUs with low power consumption but high hash rates is the secret sauce.

But what makes a GPU ideal for mining in 2024? The obvious answer is hash rate, but the true answer lies in the cost-to-efficiency ratio. Let’s break this down:

• Hash Rate: This is the rate at which your GPU solves complex cryptographic problems to mine cryptocurrency. The higher the hash rate, the more coins you’ll mine.
• Power Consumption: Mining rigs run 24/7, so energy efficiency is key. High power consumption eats into your profits, especially in areas where electricity costs are high.
• Price: You need to balance the upfront cost of the GPU with its long-term profitability. A higher-priced GPU might offer better performance, but it needs to be efficient enough to make up for its initial cost.
• Availability: Due to demand spikes, the availability of budget GPUs can fluctuate wildly. Knowing where and when to buy is crucial.

1. Nvidia GTX 1660 Super

Let’s start with the Nvidia GTX 1660 Super, one of the best budget GPUs for mining in 2024. Released back in 2019, this card has proven to be a powerhouse for those looking to mine cryptocurrencies like Ethereum, Ravencoin, and even Flux.

• Hash Rate: Around 26 MH/s for Ethereum.
• Power Consumption: Approximately 125 watts.
• Price: In early 2024, you can find a used GTX 1660 Super for around $150–$200. This price range makes it an attractive option for budget miners.

Its power consumption is relatively low, making it highly efficient for mining compared to older or more power-hungry cards. In the long run, the GTX 1660 Super allows you to save on electricity costs while still producing a decent hash rate.

2. AMD Radeon RX 580

The AMD Radeon RX 580 is a legendary card in the world of mining, and even in 2024, it continues to hold strong. It’s popular for Ethereum mining but can also handle other altcoins quite well.

• Hash Rate: Around 30 MH/s for Ethereum.
• Power Consumption: Approximately 185 watts.
• Price: Currently available for $120–$180 on the used market.

While the power consumption is slightly higher than that of the GTX 1660 Super, the RX 580 offers better mining performance for its price point, especially for Ethereum miners.

But how do you decide between these two? It comes down to availability and your local electricity costs. If electricity is expensive in your area, the GTX 1660 Super might edge out the RX 580 due to its better power efficiency. However, if you can get your hands on an RX 580 at a cheaper price, its higher hash rate could give you better returns in the short term.

3. Nvidia RTX 3060 Ti

For those willing to spend a bit more, the Nvidia RTX 3060 Ti is a popular option among miners who are looking for better long-term returns. While it’s not strictly a "budget" card, it offers impressive performance for its price range in 2024.

• Hash Rate: 60 MH/s for Ethereum.
• Power Consumption: Around 200 watts.
• Price: You can find used RTX 3060 Ti cards for about $300–$400.

The RTX 3060 Ti offers excellent performance with a relatively moderate power consumption. For those who are mining at scale or have access to cheaper electricity, this card can provide a solid ROI.

4. AMD RX 6700 XT

Another powerful contender in 2024 is the AMD RX 6700 XT. It’s known for its performance in gaming, but it also excels in mining. It’s a step up from the RX 580 and offers better efficiency overall.

• Hash Rate: 47 MH/s for Ethereum.
• Power Consumption: Around 230 watts.
• Price: Typically priced between $300–$400 in the used market.

The RX 6700 XT is perfect for miners who want to stay on a budget but also maximize their profits. Its performance-to-power ratio makes it a favorite for those mining coins other than Ethereum.

5. Nvidia RTX 2060 Super

For miners looking to strike a balance between power consumption and performance, the Nvidia RTX 2060 Super remains a viable option in 2024.

• Hash Rate: 32 MH/s for Ethereum.
• Power Consumption: Approximately 160 watts.
• Price: In 2024, it’s available for around $250–$350.

The RTX 2060 Super is favored for its versatility. Whether you’re mining Ethereum, Ravencoin, or other cryptocurrencies, this card offers a good balance between price, hash rate, and power efficiency.

Future Considerations and Trends

As we move deeper into 2024, it’s clear that GPU mining is becoming increasingly competitive. With the upcoming Ethereum 2.0 shift to proof of stake, miners are exploring new altcoins to remain profitable. Coins like Ravencoin, Flux, and Ergo are gaining popularity, and their mining algorithms may favor different GPUs compared to Ethereum.

Another trend worth noting is the potential rise of newer GPUs that may offer better mining efficiency at lower prices. Keep an eye on the Nvidia RTX 40 series and AMD’s RDNA 3 cards as they become more available in the second half of 2024.

Conclusion: Whether you’re a seasoned miner or someone just getting started, choosing the right budget GPU in 2024 comes down to understanding your needs, local electricity costs, and the specific coins you plan to mine. The Nvidia GTX 1660 Super and AMD Radeon RX 580 stand out as two of the best options for budget miners this year. However, if you’re willing to spend a bit more, the Nvidia RTX 3060 Ti and AMD RX 6700 XT can provide even better returns over time. As the mining landscape continues to evolve, keeping an eye on trends and upcoming GPU releases will be critical for staying profitable.