I have a computer with an RTX 4070 and I was wondering if you can still mine ethereum or some other crypto profitably. The problem is that electricity here in Colombia is pretty expensive and I'm not sure if the earnings would cover the costs. Is anyone mining right now who can tell me if it's really worth it?
Ethereum switched its consensus mechanism in 2022 and you can't mine it the traditional way anymore. It now runs on proof of stake, so your RTX 4070 wouldn't help with that. What you can do is mine other cryptos like Ravencoin, Kaspa, or some altcoins, but that's where the electricity factor you mentioned comes in.
In Colombia, with power rates around 400-500 pesos per kilowatt-hour (or whatever you're paying), an RTX 4070 would generate income that probably won't even cover half of what you spend on electricity. A couple of years ago, when crypto prices were higher, people with decent power rates made it work, but right now most calculations out there show it's not profitable unless you've got really cheap electricity. And if you factor in the wear and tear on your graphics card (which is real, even if it takes years), you end up losing money.
My advice would be to keep it for gaming, which is what that card does best. If you really want to invest in crypto, consider buying directly instead of trying to mine. But anyway, if you've got free time and truly cheap electricity, you could do a more precise calculation with online mining calculators that adjust for your local costs, so you see actual numbers for your situation before deciding.
The reality is that with an RTX 4070 these days what you could mine are smaller coins, but here's the problem nobody mentions: Colombia's electricity cost is what's going to kill you, not your card's power. I ran the numbers quick and with those electricity prices you mentioned, you'll probably end up spending more on power than you make in crypto, especially considering the card will degrade faster from the heat and constant use.
If you still want to try it, your best bet would be mining something like Monero or Kaspa during night hours when the electricity rate is lower (if your provider offers that), but honestly, unless you have access to really cheap power, it's pretty much guaranteed not worth it. Better off just selling the computer for gaming instead - at least you get to enjoy playing while you're not losing money.
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