Nvidia releases RTX30 series graphics cards, what impact will it have on GPU mining

Nvidia will release the next-generation mainstream RTX 30 series GPU graphics cards on September 17. One of them is the RTX 3080, which is a mid-range card in its class, between the 3090 and 3070.

The card will outperform its previous-generation cousin, the RTX 2080 Ti. According to Tom's Hardware, Nvidia promises that the new GPU will be "twice as fast" as the previous generation, and its raw specs suggest the gains could be even greater. All of this will be priced unchanged at $700. In terms of performance/cost ratio, the RTX 3090 appears to be a less efficient model, costing twice as much but offering only 20% more performance.

But all of these numbers apply to gaming, not necessarily mining, where AMD has traditionally dominated because its graphics cards typically achieve higher hash rates per watt or unit cost.

The RTX 2080 Ti often benchmarks lower than its predecessor, the 1080 Ti. This is partly due to the specialized nature of these cards. The RTX series focuses on providing native ray tracing capabilities, which is great for high-end gaming, but not so much for miners.

Philip Salter, head of operations at Genesis Mining, told Cointelegraph what the RTX 3080 means for GPU miners:

“It remains to be seen what hashrate the 3080 can achieve. In theory, if you only look at memory bandwidth, Ethereum’s hashrate could be 60%-70% higher. AMD with Vega VII already offers a nominal 1 TB/s of bandwidth, which would allow for 100 MH hashrates with that card.”

But he explained that reaching such hashrates requires optimizing memory timings for Ethereum mining. This can only be done by changing settings in the GPU’s VBIOS (internal firmware). “Nvidia does not allow custom VBIOS mods, so you are subject to the memory timings set by the manufacturer,” Salter added.

Nvidia could release an official VBIOS mod to enhance Ethereum mining, but so far this has not happened.

In addition to performance issues, pricing may also be an issue. Salter said Nvidia has a "strong position" in the gaming market, and the prices of its graphics cards generally reflect that. The premium on the core particles also helps secure deals for miners.

He concluded: “Ultimately, the 3080 may not be able to beat the cost-effective graphics cards offered by AMD (adjustable GPU mining options)” However, if the current Ether (ETH) price rally continues, the demand for GPUs may become so great that Nvidia graphics cards may suddenly become attractive, similar to what happened during the 2017 bull run.