Can You Mine Crypto with a 1080 in 2024? Performance, Profitability, and Setup Guide

Cryptocurrency mining has evolved significantly over the years, with the NVIDIA GeForce GTX 1080 remaining a popular option for many miners. Known for its high performance and solid hash rates, the GTX 1080 has attracted attention, especially among those interested in mining altcoins. But with advancements in hardware, can you still mine crypto with a 1080 in 2024? This article explores whether the GTX 1080 is a viable mining choice today, covering profitability, best cryptocurrencies to mine, and setup tips to maximize performance.

Understanding the GTX 1080’s Mining Capabilities

The NVIDIA GeForce GTX 1080 remains a capable GPU for crypto mining, especially for mid-range miners. Here’s a breakdown of its key specifications:

• Hash Rate: Depending on the algorithm, the GTX 1080 can reach up to 38 MH/s for Ethash, 15-17 MH/s for KawPow (used in Ravencoin), and around 19 Sol/s for BeamHash.
• Memory: Equipped with 8GB of GDDR5X, it can handle demanding mining algorithms.
• Power Consumption: The card consumes about 180-220 watts during mining, making efficiency important for profitability.

The GTX 1080 works well with algorithms such as Ethash (Ethereum Classic), KawPow (Ravencoin), and BeamHash (Beam). It may not be the most powerful GPU available today, but with the right settings, it remains a strong contender in the world of GPU mining in 2024.

Best Cryptocurrencies to Mine with a GTX 1080

The GTX 1080 performs best with several altcoins, allowing miners to maximize profitability depending on market conditions. Here are some of the top options:

• Ravencoin (KawPow): Ravencoin is one of the most popular coins for GTX 1080 miners, offering around 15-17 MH/s on the KawPow algorithm. The coin is well-suited for GPUs like the 1080, with relatively lower difficulty and solid profitability.
• Ethereum Classic (Ethash): After Ethereum’s switch to Proof of Stake, Ethereum Classic became the go-to for Ethash miners. The GTX 1080 can generate around 38 MH/s on this algorithm, making it a solid choice for those mining on Ethash.
• Beam (BeamHash): With a hash rate of around 19 Sol/s, Beam provides another profitable option, especially for miners focused on privacy coins.

To compare profitability across coins, tools like 2CryptoCalc can provide real-time data, allowing you to determine the most profitable cryptocurrency to mine based on your GTX 1080’s performance and your electricity costs.

Profitability and Payback Time

Several factors influence GTX 1080 mining profitability, including electricity costs, hash rates, and the fluctuating value of mined cryptocurrencies. The GTX 1080’s hash rate for popular coins like Ravencoin is around 15-17 MH/s, which affects daily returns.

For profitability calculations:

• Electricity Costs: Power consumption averages 180-200W.
• Daily Earnings: Approximately $0.60 – $1.50/day depending on the coin and market value.
• Payback Period: With the current profitability, it may take up to 18-24 months to recover the investment cost.

Due to the rise in mining difficulty and volatile coin prices, careful research and adjustments to mining settings can impact returns positively.

Optimizing Your GTX 1080 for Mining

To get the most out of your GTX 1080 for mining, proper overclocking is essential. By increasing the core clock and memory clock speeds, you can improve hash rates significantly. However, it’s important to balance performance with power consumption to avoid overheating or inefficiency. Start by increasing the memory clock by 400-600 MHz and core clock by 100-200 MHz, monitoring stability and temperature closely.

Mining Software Suggestions:

• NBMiner: Great for algorithms like KawPow and BeamHash.
• T-Rex Miner: Known for its versatility and support for multiple coins.

Power limits should be set to around 70-80% to ensure an efficient mining process while keeping electricity costs manageable. This balance allows for maximized profitability without pushing the card too hard, prolonging its life.

GTX 1080 vs. Modern Mining Hardware

The NVIDIA GTX 1080, though a powerful GPU in its time, faces stiff competition from more recent GPUs and ASIC miners. Modern GPUs, such as the RTX 3080 and 3090, offer significantly higher hash rates and efficiency, while consuming less power. ASIC miners, which are specialized for specific algorithms like Bitcoin’s SHA-256, outperform GPUs in terms of both speed and profitability.

Pros of Using a GTX 1080:

• Lower initial cost compared to newer GPUs and ASICs.
• Versatility in mining a variety of altcoins.
• Widely available in the second-hand market.

Cons:

• Lower hash rates and profitability compared to modern GPUs like the RTX series.
• Higher power consumption for the hash rate delivered.
• Limited future-proofing due to newer, more efficient options on the market.

In summary, while the GTX 1080 remains a feasible option for those looking to get into GPU mining at a lower cost, newer hardware provides significantly better performance and long-term profitability.

Setting Up Your GTX 1080 for Mining

Setting up your GTX 1080 for mining is a straightforward process that involves a few key steps:

Optimize Your Settings: Overclocking your GTX 1080 can significantly improve its mining performance. Adjust the core clock, memory clock, and power limit using tools like MSI Afterburner. Ensure that you balance performance with energy consumption to maximize profitability.

Hardware Setup: Ensure that your GTX 1080 is properly installed in your mining rig. Adequate cooling and ventilation are essential for maintaining optimal performance.

Download Mining Software: Popular mining software compatible with the GTX 1080 includes NBMiner, T-Rex Miner, and PhoenixMiner. Choose software based on the cryptocurrency you plan to mine.

Join a Mining Pool: Mining solo with a GTX 1080 is often impractical due to low hash rates, so joining a mining pool is recommended. Pools like 2Miners and Ethermine allow you to combine your resources with other miners to increase chances of earning rewards.

Wallet Setup: Create a secure cryptocurrency wallet where you’ll receive your mining rewards. For the best security, consider using hardware wallets like Ledger or Trezor, or reputable software wallets like Exodus or MyEtherWallet.

Can You Still Mine Bitcoin with a GTX 1080?

One common misconception is that any GPU, including the GTX 1080, can efficiently mine Bitcoin. While it is technically possible, mining Bitcoin directly with a GTX 1080 is highly impractical due to the low hash rate of GPUs compared to ASIC miners, which are specifically designed for Bitcoin’s SHA-256 algorithm.

Instead, a more effective strategy is to mine altcoins such as Ravencoin or Ethereum Classic with the GTX 1080. Once mined, these altcoins can be converted to Bitcoin through exchanges, making this method far more feasible. By focusing on altcoins that are better suited to the GTX 1080’s capabilities, miners can still profit and accumulate Bitcoin indirectly.

Conclusion

In 2024, the GTX 1080 remains a capable option for mining certain cryptocurrencies, particularly altcoins like Ravencoin and Clore.ai. While not as profitable as modern GPUs or ASIC miners, it can still generate modest returns with the right optimization and setup. However, due to the increasing difficulty of mining and rising energy costs, profitability may be limited, especially if you’re focused on direct Bitcoin mining. GPU mining with mid-range cards like the GTX 1080 will likely become less viable, but for hobbyists or those with access to cheaper power, it’s still a solid entry point into cryptocurrency mining.

FAQs

Can the GTX 1080 mine Ethereum in 2024?
No, as Ethereum transitioned to a proof-of-stake model with the Ethereum Merge in 2022, making GPU mining no longer applicable for Ethereum. However, you can mine Ethereum Classic or other Ethash-based altcoins with a GTX 1080.

What is the best mining pool for the GTX 1080?
Popular mining pools for the GTX 1080 include Ethermine (for Ethereum Classic), Flypool (for Zcash), and 2Miners (for Ravencoin and other altcoins).

How much can you make mining with a GTX 1080 in 2024?
The profitability of mining with a GTX 1080 varies based on electricity costs, cryptocurrency prices, and hash rates. On average, mining altcoins like Ravencoin can generate around $1–$2 per day, but this fluctuates with market conditions.