The current profitability of Ethereum mining is highly dependent on equipment configuration and regional electricity prices. Taking the NVIDIA RTX 4080 as an example, its hash rate reaches 62 MH/s and the overall power consumption is 230W. Calculated based on the average electricity price of 0.15 Canadian dollars per kWh in Canada, the average daily cost is 1.66 Canadian dollars. In July 2025, the hash rate of the Ethereum network rose to 976 TH/s, causing the mining difficulty to increase by 28% year-on-year. The average daily revenue per GPU dropped to 0.036 ETH (approximately 9.7 Canadian dollars), and the net income after deducting electricity was about 8.04 Canadian dollars. The static payback period was as long as 22 months. However, if the industrial electricity price of 0.04 Canadian dollars per kWh in Quebec is used, the profit rate can be increased to 81%.
The income structure of miners has undergone significant changes. Since the Shapella upgrade in April 2023, the proportion of MEV (Miner Extractable Value) has reached 32% of the total income. Flashbots data shows that currently each block on average contains a Priority Fee of 1.7 Canadian dollars and a MEV-Boost reward of 0.12 ETH. Actual mining pool settlement data shows that the 100 Antminer E9 mining machine cluster deployed by F2Pool miners in Calgary has achieved an average daily revenue of 5.3 ETH (approximately 1,420 Canadian dollars) over the past 30 days. The proportion of electricity costs has dropped to 34%, but the net profit margin after equipment depreciation dilution is only 39%.
There are significant differences in regional energy costs. The peak electricity price for natural gas power generation in Alberta reached 0.38 Canadian dollars per kWh (data from 17:00 on July 29), with a net loss of 0.0013 Canadian dollars per hour of computing power at this time. Compared with the concentrated area of hydropower stations in Montreal, the mine can achieve a 23% cost advantage by signing a long-term agreement of 0.05 Canadian dollars per kWh. Environmental compliance costs are on the rise. The Canadian federal carbon tax has increased the cost for thermal power supply mines by 63 Canadian dollars per megawatt-hour. A mine in New Brunswick was forced to pay an additional 470,000 Canadian dollars in annual emissions fees because it failed to meet the energy efficiency ratio (J/TH) standard below 23.
The technological iteration has accelerated the obsolgation of equipment. The Dencun upgrade of Ethereum has raised the proportion of L2 transactions to 63%, causing the median base Gas fee to drop to 3.2 gwei (approximately 0.001 Canadian dollars), a 74% decrease compared to the beginning of 2024. The life cycle of mining machines has been shortened to 18 months, and the residual value rate of RX 7900 XTX graphics cards in the second-hand market has decreased by 4.7% monthly. According to the CryptoCompare data model, at the price of CAD 2,800 for ETH, miners need to master the new technology of how to mine ethereum: By combining ASIC mining machines (five times more efficient than Gpus) with energy hedging strategies, it is possible to maintain an ROI of over 23% by keeping the electricity cost below 0.09 Canadian dollars per kWh. However, it is necessary to be vigilant against the impact of the Difficulty Bomb cycle. It is expected that the block reward will be reduced by another 30% in Q1 2026, and at that time, all existing devices will suffer losses.