GuideMining

AMD RX 580 – Cryptocurrency Mining Review

What Coins Should You Mine With RX 580

Did you hear about AMD RX 580 Graphics card right? They are one of the most affordable graphics cards for mining.

Today we are going to check it’s mining performance and output it can deliver.

Coins to mine RX 580

Cryptocurrencies, unlike traditional currencies, do not have centralized authorities to handle payments. But even basic tasks like ledger management and transaction verification needs someone to do. In case of cryptocurrencies, this task is also decentralized.

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There are special nodes which handle these tasks. Both in Proof of Stake and Proof of Work, there are special nodes. These special nodes or devices are responsible for verifying transactions and adding them to the public ledger.

In case of Proof of Work-based cryptocurrencies, miners handle these tasks. The miner nodes provide computational power to the entire cryptocurrency network. And in return, they receive a reward from the cryptocurrency network.

Mining is a very important aspect of a cryptocurrency. As it not only helps the cryptocurrency to become fully decentralized but also creates new currency units of that cryptocurrency. Mining is also a profitable business for some. And with the help of proper devices, one can make good profits.

Currently, GPU mining is the best choice for beginner miners. Because of the low initial investment and low cost of operation. And, undoubtedly, one of the most popular graphics cards in this regard is the RX 580.

This card from the team red has always been a crowd favorite. Be it PC gaming or mining, this card has the potential to excel its competitors. The graphics card market is in a turmoil right now. Prices are higher than ever. But still, this card is a best seller.

So in this post, I am going to talk about the AMD RX 580. And together we are going to find out the best cryptocurrency to mine with this card.

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AMD RX 580 – The Budget Miner’s Dream

RX 580

AMD launched this powerhouse back in 2017 to replace the aging RX 480. This budget beast packs 36 compute units in total. Each of these compute units have 64 cores. So in total, there are 2304 stream processors in the AMD RX 580.

This graphics card is built upon AMD’s 4th generation GCN or Graphics Core Next architecture. The RX 580 has a base clock frequency of 1257MHz. And it can boost up to 1340MHz. It is available in one variant only.

It comes with 8 GB GDDR5 memory. The memory interface is 256-bit so it is capable of providing 256GBps bandwidth. However, the effective memory speed is 8GBps.

WHAT SHOULD YOU  MINE WITH THE AMD RX 580?

No matter how good a graphics card is, it cannot perform equally good in all cases. And it has to be true with the AMD RX 580 also. There are a few cryptocurrencies the RX 580 mines very efficiently. But there are also some cryptocurrencies, mining those are not very profitable.

The majority of the cryptocurrency market is dominated by a handful of hashing algorithms or protocols. These protocols include Ethash, Equihash, Cryptonight etc. So we will be putting special attention towards these.

Ledger Nano S - The multi-currency hardware wallet

But there are a few other protocols too like NeoScrypt, Lyra2REv2 etc. I will also be including them in my research.

Let’s put all of these into tabular form for better understanding. I have highlighted the important protocols.

Hashing Protocol Hash Rate Power Consumption
Ethash 30 Mh/s 135 W
Equihash 290 h/s 120 W
Cryptonight 690 h/s 115 W
NeoScrypt 820 Kh/s 150 W
Lyra2REv2 5700 Kh/s 120 W
NIST5 20 Mh/s 115 W
Groestl 19 Mh/s 115 W
X11Gost 7 Mh/s 110 W

As you can see the RX 580 is a budget beast when it comes to mining cryptocurrencies. It can prove to be very profitable in the long run. Because this card doesn’t even hog that much electricity.

From the table above you can see that it is capable of mining Equihash at 290 h/s. Equihash is the cryptocurrency protocol that powers popular cryptocurrencies like Zcash, Zclassic, Hush, Bitcoin Gold etc. For delivering this hash rate RX 580 consumes only about 120 – 125 W of power.

While mining Cryptonight based cryptocurrencies the RX 580 can achieve 685 to 690 h/s. Privacy based mineable cryptocurrencies like Monero, Sumokoin, Electroneum etc all use Cryptonight. I have noticed the RX 580 to consume not more than 115 W of electricity while mining Cryptonight.

But RX 580 shines the most while mining Ethash based cryptocurrencies. Ethash is the combination of two cryptocurrency protocols called Dagger and Hashimoto. Ethash is a memory heavy hashing protocol, that is why it is somewhat ASIC resistant.

Mainly Ethereum uses this protocol. But there are also other cryptocurrencies like Ethereum Classic, Pirl, Ellaism, Expanse, Musicoin etc which use Ethash.

AMD cards have always been the best choice when it comes to mining Ethash. And the RX 580 model is not an exception. You can expect a very high hash rate of 30 Mh/s while mining Ethash with an RX 580. And for that, it only draws 130 – 135W of power.

For the sake of comparison, the GTX 1070 from Nvidia produces the same performance while mining Ethash. The GTX 1070 is at least $200 more expensive than the AMD RX 580.

PAYBACK PERIOD

The prices of graphics cards are insanely high right now. So the payback period is longer than ever before. But if you mine the best cryptocurrency for a card, you can effectively shorten this period.

I suggest mining Ethash based cryptocurrencies with the RX 580. Because this is where the RX 580 beats all of its competitors and even higher priced cards too. While mining Ethereum with this card you can expect to make about $1.30 profit per day. I have calculated this profit amount after subtracting the expected cost of electricity.

So let’s assume you are making about $1.30 a day and the price of Ethereum remains the same as well as electricity. In that scenario, you will be making $39 a month as profit. And considering the current price of this graphics card, it will pay itself back within a year of operation.

*Currently market is regaining so you might notice low profit. But, more porfit will be generated after market regain.

If you cannot mine Ethereum for some reason, you can also try mining Ethereum Classic, Pirl or Musicoin. Alternatively, you can lend your hashing power to the Nicehash platform. You get very competitive rates on Nicehash. So it is a very good choice too.

CRYPTOCURRENCIES TO AVOID

Now that I have suggested you the most profitable cryptocurrency to mine with this card, let’s talk about the ones you should avoid at all cost.

The first one on my list is Equihash. When it comes to Equihash Nvidia cards are the better performers compared to AMD ones.  So AMD cards will not be as profitable as a Nvidia card while mining Equihash. That is why you should avoid cryptocurrencies using this protocol. This means avoiding mining cryptocurrencies like Zcash, Zclassic, Bitcoin Gold etc.

You should also avoid Cryptonight cryptocurrencies like Monero and Electroneum. The best cards for mining Cryptonight is the two RX Vega variants. So other cards are not as profitable as these two.

To be honest, as an RX 580 miner you should be focusing on Ethash based cryptocurrencies and nothing else. Because everything else will not be as profitable as Ethereum or any other Ethash based cryptocurrencies.

FINAL WORDS

This brings us to the end of another informative article on Coinsuggest. Please do keep in mind cryptocurrencies are extremely volatile. So the calculations and predictions I did in this article might not happen.

For example, I calculated the payback period while keeping the maintenance cost and price of the cryptocurrency static. In reality, the maintenance cost may stay static. But the price of a cryptocurrency won’t.

Cryptocurrency prices fluctuate very rapidly. And with that, the payback period will increase or decrease accordingly.

I hope this article was a good read for you. Please share your opinions with us down below in the comment section.

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Indrasish Banerjee

Hello, I'm Indrasish Banerjee. A budding software developer, a musician by hobby and a cryptocurrency enthusiast by choice. I love everything remotely related to the blockchain technology and cryptocurrencies. I know that these are the future of the world economy. I'm a regular writer here on Coinsuggest. Please follow my works to keep yourself up to date with new technologies in the cryptocurrency space. Follow me on Twitter: https://twitter.com/mutantthumb

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