Is Crypto Mining Still Worth It? A 2024 Reality Check

Crypto mining has evolved dramatically. What worked in 2021 is basically dead now. YouTuber Drew Vosk broke down the harsh truth: GPU mining is “absolutely finished” – only 4 graphics cards still turn a profit, each making less than 24 cents per day while costing $600-2,000 upfront. The ROI math just doesn’t work anymore.

The GPU Graveyard

Remember when mining with your gaming rig was a hustle? Those days are gone. Difficulty has skyrocketed, electricity costs eat into returns, and hardware depreciation is brutal. Vosk’s verdict? Don’t even bother unless you have cheap power (under $0.05/kWh).

What Actually Works Now

CPU Mining: Slightly more viable than GPU, but still niche. You’re looking at dollars, not serious money.

ASIC Miners (the real deal):

• Bitmain Antminer KA3: Top performer, but variable returns based on market conditions
• Bitmain Antminer K7: $5,728 entry point, decent second-place option
• Bitmain Antminer L7: $10,725, for the serious players

These aren’t gaming equipment – they’re specialized rigs built for one job. Returns swing wildly with BTC price and network difficulty.

Chia (XCH) Mining: Using software like Evergreen Miner v2 (~$60/month) plus starter platforms ($299-2,799) shows promise, but requires patience and stable power.

Helium (HNT) 5G/LoRaWAN: Vosk tested Bobcat 500 miners with 18 access points and pulled $1/day. Not compelling. Plus, the whole Helium ecosystem drama (NovaLabs drama) makes it risky.

The Real Math

Before buying any hardware:

1. Check your local electricity rate (this is everything)
2. Calculate daily earnings vs. daily power costs
3. Factor in hardware depreciation over 3-5 years
4. Account for upfront capital and cooling costs

If you already have older miners humming along making a few dollars daily? Keep them running – passive income is passive income. But new investors need to ask: could I make more by just buying the coin directly?

One Viable Path: Solar-Powered Mining

High upfront solar investment, but if you’re compensating for your own energy consumption, it reframes the whole economics. Long-term play, but potentially your best ROI if you have roof space.

Bottom Line

Crypto mining isn’t dead, but it’s no longer a retail game. You need either:

• Dirt-cheap electricity (hydropower regions win here)
• Serious capital for ASIC hardware
• Patient long-term approach
• A specific edge (solar, heat recycling, etc.)

Don’t touch it if you’re paying normal grid rates. The big miners with efficiency advantages already won this arms race.