Ethereum mining is entirely memory bound rather than CPU bound.
What that means is that the stream processors, while necessary for some caclulations, are generally not the bottleneck. Memory bandwidth is.
Because of this overclocking the RAM on the graphics card is what will increase performance, not the GPU itself. You can underclock the GPU or restrict the power to the GPU, to a point, and see only minor drop in hash rate. This can give you a performance boost and power saving at the same time.
Read more at Small tweaks to improve hash rate and reduce power.
From the Ethereum github page:
Ethash PoW is memory hard, making it basically ASIC resistant.
...
It is designed to hash a fast verifiability time within a slow CPU-only environment, yet provide vast speed-ups for mining when provided with a large amount of memory with high-bandwidth.
This is simply rephrasing what I've said. You don't need a massive amount of CPU power but having a large quantity of high bandwidth memory, as you would find on a graphics card, is what will really be the key factor for hash rate.
I think crypto mining is a topic better suited for the crypto stack exchange.. – None – 2017-07-10T02:45:53.043
Logic says you are either not limited by the GPU's clock or some of your measurements are wrong. – Wesley Lee – 2017-07-10T03:21:32.010
Some research shows mining hash rate scales with a proportion of RAM and core clock, the second being the limitation in some cases. This would explain your case. If this is the explanation then it seems off topic. – Wesley Lee – 2017-07-10T03:24:43.310
@NickAlexeev, I'm mining Ether Classic. – Nhu Thai Sanh Nguyen – 2017-07-10T04:43:39.200
@WesleyLee, from what I know, hash rate doesn't scale with RAM at all. As long as there's enough memory to load the mining client, it's all good. 2 same GPU with 4Gb and 8Gb memory show the same hash rate. In my case, core clock doesn't drop either despite a reduction in power draw. :| – Nhu Thai Sanh Nguyen – 2017-07-10T04:50:43.480