Foreword

In recent years, with the rapid development of AI, the metaverse, and blockchain technology, global computing power demand has grown exponentially. Traditional cloud services (such as AWS, Azure, etc.) not only have high costs but also face centralization monopoly issues, which have led to a batch of decentralized computing power projects attempting to reconstruct the computing power market pattern through a sharing economy model.

Among many competitors, Akash Network, Aethir, and Swan Chain are attracting attention due to their differentiated market positioning. However, for ordinary miners, how to choose a platform that can reduce risks while maximizing returns has become a problem that urgently needs to be answered.

This article will conduct an in-depth comparative analysis of these three mainstream distributed computing projects from the perspective of individual miners, focusing on their participation thresholds, input-output ratios, and long-term development prospects, providing decision-making references for miners with GPU resources.

1. Project Overview: Positioning and Core Mechanism

Akash Network (AKT): https://akash.network

A decentralized general computing power market that supports CPU, GPU, and storage resource leasing is one of the earliest projects to enter the market.

Core Mechanism: Adopts a user bidding model, where suppliers compete for orders by staking AKT tokens, and earnings depend entirely on market demand and supply-demand balance.

Aethir (ATH): https://aethir.com

High-performance GPU computing power network, focusing on AI training, game rendering, and other high-performance computing scenarios.

Core Mechanism: A mixed model combining node staking mining (Checker Node) and GPU leasing profit sharing, but requires purchasing high-priced node qualifications, forming a high entry barrier.

Swan Chain (SWAN): https://swanchain.io

A flexible computing power network based on the UBI (Universal Basic Income) concept, balancing guaranteed income and dynamic task rewards.

Core Mechanism: Zero hardware entry barrier, miners earn UBI guaranteed income by staking SWAN tokens, and can earn additional income through paid tasks, forming a dual-track income model.

2. Comparison of Participation Costs: Who is squeezing miners' hard-earned money?

For miners with high-performance GPUs like the RTX 4090, the initial investment cost directly determines the payback period and risk exposure.

Aethir: High barriers and sunk cost traps.

Aethir offers multiple participation methods, but is currently not friendly to individual miners:

  • Compute Provider Model:

    • Only for enterprise-level GPU providers, individual miners are basically unable to participate.

  • Checker Node Model:

    • Node licenses need to be purchased, costing about 1.17 ETH ($2,500-$3,500), the first batch has sold out, and after July 12, it can only be purchased from the secondary market.

    • Must have at least an RTX 4070 level GPU and remain online 24/7.

    • Staking Requirements: At least lock 2,500 ATH for one year; being offline may face penalties.

  • Edge Mining Model:

    • Need to purchase dedicated Edge devices, the price has risen from $899 to $1,400.

    • Cannot utilize owned RTX 4090, additional investment in dedicated equipment is required.

Its core GPU leasing business is still in the 'planning stage', and miner earnings depend entirely on ATH token mining, while the long-term price of ATH remains depressed (around $0.032), extending the payback period to 4-6 years.

How to Participate: Currently, participation can only be done through Aethir Edge, https://myedge.io

Akash: Idealistic but harsh in reality.

As a long-established decentralized cloud computing platform, Akash theoretically allows miners to rent computing power using RTX 4090. Although no node purchase is required, problems arise after actual participation.

This is still under high market demand, but for most miners, once their device rental goes live, there are hardly any orders; some users reported that the H100 (valued at about $40,000) earns only about $1.5 per day on Akash, with a payback period of 7-8 years.

This pricing strategy is extremely unfriendly to individual miners, akin to 'selling computing power at a loss', making it difficult to obtain reasonable returns.

Participation Documentation: https://akash.network/providers

Swan Chain: Moderate threshold, guaranteed income, dual incentives.

Compared to the first two, Swan Chain is more friendly to individual miners:

  • Flexible participation methods:

    • ECP (Edge Node): Suitable for single GPU owners, such as RTX 4090.

    • FCP (Fog Node): Targeting multi-GPU clusters, with an additional 20% profit bonus.

  • Dual income model:

    • UBI guaranteed income: Daily network distribution of 50k-80k SWAN, allocated according to computing power proportion.

    • Paid Jobs income: Additional income based on actual task demand.

  • Investment Return Expectations:

    • Based on RTX 4090 computing power, the annual income in FCP mode is approximately 150 SWAN × 0.015365 = $821.25.

    • In ECP mode, the annual income is approximately 125.08 SWAN × 0.015365 = $684.19.

    • You can calculate using the official income calculator: https://provider.swanchain.io/calculator

Participation Documentation: https://github.com/swanchain/go-computing-provider/discussions/200

3. Earnings Model: Who is really backing the miners?

The comparison of pure hardware costs and necessary investment ROI is a core indicator for evaluating project value. As miners with RTX 4090, we do not consider uncertain factors such as electricity costs and maintenance costs, focusing only on hardware costs and the necessary inputs required by the project party to assess the ROI of the three projects.

Basic Assumptions

  • RTX 4090 hardware price: Approximately 12,000 RMB (about $3,045).

  • Not calculating electricity costs and other operating expenses.

  • Only considering the mandatory contributions required by the project party.

Project Comparison Analysis

1. Aethir (Checker Node Model)

  • Initial total investment:

    • RTX 4090 hardware: $3,045.

    • Checker Node license: 1.12 ETH ≈ $3,500.

    • Total investment: $6,545.

  • Monthly income (ATH = $0.035):

    • ~2,834 ATH × $0.035 = $99.19/month.

  • ROI calculation:

    • $6,545 ÷ $99.19/month = 66.0 months ≈ 5.5 years.

  • Annualized ROI: About 18.2%.

2. Akash

  • Initial necessary investment:

    • RTX 4090: $3,045 (already owned)

    • No additional mandatory investment.

    • Total Investment: $3,045

  • Theoretical monthly income: Approximately 136.76 AKT (calculated by official calculator: https://akash.network/pricing/provider-calculator)

  • Actual monthly income: Based on community feedback, there are very few orders, and actual earnings are close to zero.

  • Theoretical ROI calculation (assuming AKT price is $1):

    • 3,045 dollars ÷ (136.76 AKT × 1 dollar/month) = 22.3 months ≈ 1.86 years

  • Actual ROI: Due to the scarcity of actual orders, ROI cannot be accurately estimated and may approach infinity.

3. Swan Chain

  • Initial necessary investment:

    • RTX 4090: $3,045 (already owned)

    • No additional mandatory investment.

    • Total investment: $3,045

  • Monthly income (based on SWAN price of $0.015):

    • FCP model: Approximately 150 SWAN × 0.015 × 30 = $67.5 (guaranteed UBI) + task income.

    • ECP model: Approximately 125.08 SWAN × 0.015 × 30 = $56.3 (guaranteed UBI) + task income.

  • ROI calculation (only calculating guaranteed UBI):

    • FCP model: $3,045 ÷ $67.5/month = 45.1 months ≈ 3.76 years.

    • ECP model: $3,045 ÷ $56.3/month = 54.1 months ≈ 4.51 years.

  • Actual ROI: Considering additional earnings from paid jobs, the actual payback time is expected to be shorter.

4. Analysis of Income Stability and Sustainability

The stability and sustainability of income are key indicators for measuring the value of computing power projects.

Aethir: A gamble of uncertainty.

The fixed mining income of Checker Nodes (approximately $90-150/month) seems stable, but miners need to spend extra to buy nodes and bear the risk of ATH token price fluctuations. Although the project has grand aspirations, the core business has not yet been fully realized, and there is considerable uncertainty in the token economic model.

Akash: The Brutal Game of the Free Market

Completely reliant on the supply-demand relationship bidding model, leading miners into the 'involution' trap. For example, the monthly rental for 4 A100 GPUs is only $2,300, and after deducting electricity costs, it may result in a net loss, essentially a 'losing money for publicity' model. This pricing strategy is difficult to sustain in the long run.

Swan Chain: The UBI mechanism reconstructs the logic of income.

Daily distribution of 50k-80k SWAN ensures that a single RTX 4090 has a guaranteed annual income of about $820 (at current prices), enough to cover basic electricity costs. As the ecosystem expands, paid tasks (such as AI inference, chain game rendering, etc.) will bring additional income to miners, and FCP nodes can also receive a 20% additional profit bonus.

5. Risk Warning

Aethir and Akash: The Double Kill Dilemma of Token Inflation.

Both Aethir's ATH and Akash's AKT rely on inflation incentives for miners, and long-term selling pressure may lead to continuous price pressure, forming a negative cycle of 'the more you mine, the lower the returns'. This model is especially dangerous during market downturns, potentially accelerating project decline.

Swan Chain: Challenges of Model Optimization and Ecological Implementation.

Swan Chain adopts a dynamic allocation mechanism—when paid tasks increase, UBI rewards will correspondingly decrease, as UBI is essentially a basic guarantee, with the ultimate goal still being to encourage miners to participate in actual computing tasks. One must be cautious of the risk that paid task demand may not meet expectations, but the UBI mechanism has provided a safety net for this.

6. Conclusions and Recommendations

Comprehensive Evaluation

Through an in-depth analysis of the three projects, we can draw the following conclusions:

  • Aethir: Advanced technical architecture, but its high entry barriers and long ROI periods make it more suitable for institutional investors rather than individual miners.

  • Akash: As an established project, it has certain ecological advantages, but the scarcity of actual orders and the low pricing situation make its investment returns difficult to guarantee.

  • Swan Chain: The UBI mechanism provides a stable income foundation for miners, and the dual-track income model balances risk and return, making it more suitable for individual miners seeking medium to long-term stable returns.

Recommendations

For rational miners, especially individual investors with high-end GPUs like RTX 4090:

  • High risk tolerance: Can try Aethir's Checker Node model.

  • Seeking stable returns: Swan Chain's UBI model is more suitable.

  • Expected market pricing: Need to carefully consider Akash's actual order conditions.

In this race for decentralized computing power, by reasonably assessing the strengths and weaknesses of each project, miners can more effectively avoid risks and maximize their investment returns on computing power assets. For most individual miners, Swan Chain's 'steady progress' strategy may be a wiser choice in the current market environment.