To mine Ethereum, you need to arrange for the right equipment. Organizing for the tools required for Ethereum mining can be a tedious task and especially if you have no expertise in the field. However, as the market for Ethereum is growing, more people are willing to invest in Ethereum. You can mine Ethereum passively and earn a good income from it. This guide will discuss the details that you need to know about Ethereum mining.
Once you have gone through this guide, you will have a good idea about how to mine Ethereum.
Ethereum is considered to be the second-best in value right after Bitcoins. Both the popularity and the importance of Ethereum is on the rise. Ethereum is known to have a blockchain network of its own. As an Ethereum miner, it is your work to confirm all the transactions that are carried within the network. The operations within the system need to be verified by the miner. This process of verification is called proof of work.
The primary responsibility of the miner to make sure that the Ethereum network is secured and no one is cheating. To verify transactions, a miner is required to solve complex mathematical equations, and that’s how a new block is created on the blockchain. The miner is then rewarded with free Ethereum mining sites. Speaking of Ethereum mining, it is not possible without the aid of the required Ethereum hardware and software. Other than that there is also the Ethereum mining android app available out there. These Ethereum mining android apps are considered to be useful for the miners.
Ethereum mining almost works as same as that of Bitcoin- for each block f transactions, the miners use computers repeatedly to solve the puzzle until one of the miners win. Specifically, the miners would run the block's unique header metadata through a hash function. Once the miner finds the hash that matches the current target, the miner gets awarded.
In order to mine Ethereum, you need to have the best Ethereum mining hardware. Before, you invest your money in an expensive Ethereum mining rig make sure that it is worth your money. We have eased you ways by listing down
Ethereum mining hardware that you can rely on:
This is a reasonably new Ethereum mining hardware that has been released by AMD. However, it is considered to be one of the best out there. With the help of this hardware, you can mine Ethereum at 33 MH/s while utilizing 200 watts of power. The hash rate of the device can reach up to 41 MH/s.
If you are looking for the ultimate Ethereum mining rig, look no further as Gigabyte Geforce GTX 1070 is the option for you. The hardware provides you with a very high hash rate with power consumption of 250 watts. This hardware is meant for successful mining.
For the ones who are looking for the best budget Ethereum mining rig, this is the option for you. The hardware is designed to consume less power while providing you with a hash rate of 30MH/s.
Now that you already know about the Ethereum mining hardware to use let’s take a look at the Ethereum mining software that you can use. Some of the best Ethereum mining online software include:
This particular software is meant for the Windows user. It is one of the common Ethereum mining software in the industry. In your quest of searching the best Ethereum mining rig for your Windows platform, you can surely give this one a shot.
This Ethereum mining software was developed using C++ programming. One of the highlighted features of the software is that it allows you to work with multiple mining pool and devices.
This is yet another favorite Ethereum miner that is good for the mining task. The software is a well-optimized one and is updated regularly. Currently, the software is known to support dual mining option which means that you can mine both Ethereum and any other type of crypto, simultaneously.
Currently, Ethereum is the second-largest cryptocurrency to exist in the market. The value of Ethereum went undergone a significant change last year. However, that doesn’t affect the benefits that are offered by Ethereum mining.
Before you opt for Ethereum mining, there are some things that you need to consider. For example, the mining cost. It will help you to get certain if it is economically viable for you to mine Ethereum or not. Since, the time Ethereum has been introduced, it has increased in its value quite some times. The factors like hash rate, energy costs and proof of stake shift help decide whether it is going to be profitable for you or not.
As far as Ethereum mining profitability is concerned, it can be said that it is still profitable in 2020. With some useful features sustaining the miners, the value of Ethereum is expected to go up. Also, the addition of PoS and smart contracts contribute to Ethereum mining profitability.
Now that you know how to mine Ethereum and the other important details related to it, starting with it will be more comfortable now.
We have discussed in a separate section on Ethereum mining profitability, you can refer to that.
As the price of Ethereum is very volatile, it's cost varies on a frequent basis. Based on the electric cost and the purchasing power of 1 ETH, you can calculate the cost to mine 1 Ethereum.
An Ethereum wallet, a mining application an Ethereum mining pool address and an Ethereum mining GPU with atleast 3 GB of RAM are the prerequisites.
Ethereum is yet to shift to Proof of Stake mining, till then its conventional Proof of Work mining algorithm, which consumes a lot of electricity and the risk associated with not getting any return is high. But yes, you can mine Ethereum on a computer, given the prerequisites are there.
You can go here to find the best Ethereum mining pool options.
Ethereum can be mined with ASIC and GPU, not CPU. Mining with a large GPU is profitable.
It differs on a daily basis. You need to follow the market on a daily basis.
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