Te a previous postbode, I talked about Bitcoin Mining. Te that article, I made it clear that mining Bitcoin is hard and you need to buy special hardware and software setup. Even after doing this, profitability is too less. So, you can think of focusing on Bitcoin alternative cryptocurrencies. Ethereum is also a popular cryptocurrency and becoming valuable day by day. So, you can also think about mining Ethereum.
Te this article, I will talk about becoming an Ethereum miner. Ethereum mining is ordinary and you can even use your system for mining purpose. But your system vereiste have a powerful configuration.
At the time of writing this article, 1 ETH wasgoed equal to $494. So, it is still much profitable to mine Ethereum. See the past 90 days price graph.
Before you embark mining, you voorwaarde have a good wallet to keep your mined Ethereum. I have written an article on best Bitcoin wallets. Most of those also support Ethereum. So, you can use any of those to keep your Ethereum secure. I recommend Ledger Nano S.
Ethereum Mining Profitability
Before you embark mining Ethereum, you should also know about the mining profitability. It means your investment should not be higher than your earning. There are lots of factors to determine the Ethereum Mining Profitability. The hash rate or your miner, the share of your earning on network and cost of tens unit at your place. You also need a good hardware to mine efficiently.
You can also use Ethereum mining profitability calculators. Thesis are the two good: EtherScan and Badmofo.
Choosing mining hardware
Choosing a mining hardware is significant. You can even mine Ethereum on your PC, but having a GPU is recommended. There are two types of mining hardware: CPUs and GPUs. GPUs Have higher hash rate and they can solve puzzle answers more quickly. GPUs are 200 times swifter than CPUs for mining purpose. I recommend you to have at least a GPU with Three GB RAM for good results.
Choosing mining Software
After selecting a mining hardware, you need a mining software. I will only talk about two software programs: Geth and Wineth. Wineth is lighter to use spil it is GUI based instrument. Geth is instruction line device.
1. Use Geth
If you are familiar with instruction line software, you can attempt Geth. It runs an Ethereum knot written te scripting language ‘Go’. Download Geth here. If you need a GUI software, you can budge to the 2nd software mentioned after this.
Now you need to download Ethminer. You can download it here. It makes your GPU or CPU run the hashing algorithm. You can download the right version and install on your system. Do not leave behind to check if Firewall is not blocking the access of network for this software.
If you are on Windows PC, stir and budge it to your any location of your system. I recommend you to keep everything ter a single folder to make access effortless. Create a folder Ethereum and waterput Geth and Ethminer inwards this freshly created folder.
Download Ethereum Wallet from here and keep ter wallet folder inwards the same folder.
Now open CMD, use CD guideline to reach this fresh ‘Ethereum’ folder where Geth.exe is. Now type instruction:
geth account fresh
Come in the password to encrypt your wallet when prompted.
Open the verkeersopstopping “Ethereum-Wallet.exe”. Wait for sometime. It will download the entire Ethereum blockchain. It will be overheen 30GB of sync gegevens. So, not just it will take time but your gegevens spil well.
When the sync is done, you need to navigate to Miner filterzakje where your miner is saved. Here use following directive.
ethminer -U -F http://eth-eu.dwarfpool.com:80/YOUR_ADDRESS_HERE (NVIDIA)
ethminer -G -F http://eth-eu.dwarfpool.com:80/YOUR_ADDRESS_HERE (AMD)
It will begin mining.
Wineth is another good Ehereum miner to attempt. It is available for Windows 7, 8.1 and Ten. If you own a gaming PC, you can attempt. You vereiste have dedicated GPU (movie card) with at least 4GB of memory for mining Ethereum using this software. It is available only for 64-bit Windows
It is effortless to use and setup. Just install it, come in your Ethereum wallet address and run. It will begin the miner.
Minergate is a could mining service that permits you to mine several cryptocurrencies. You can create an account there and download its mining software that is available for most of the platforms. Ter this software, go to Miner section and commence ETH mining.
Your mined coins will go to unconfirmed balance and it will take few hours for confirmation. You can also mine other coins depending on the CPU cores of your system.
Like te Bitcoin, there are also mining pools for Ethereum. You are unlikely to be able to mine ether on your own and it can take much stay tie. If you join a ‘mining pool’, it improves the chances of solving the cryptographic puzzles and earning ethers.
Ter Mining Pools, numerous people work together to mind cryptocurrencies and split the profits proportional to how much power each miner contributed.
If you are thinking to begin Ethereum Mining, you can embark. Good luck. Mining Ethereum is profitable and the value of Ethereum is also enhancing day by day. So, value of Ether you hold today will be much higher ter next year.
I hope this wasgoed clear enough. If you have anything to ask, you can always leave a comment.