Ethereum is the talk of the day; after the jaw-dropping success of Bitcoin, it has become the new hit among miners and traders. So, how can you get this desirable cryptocurrency? Here you will find an ultimate guide on getting Ethereum via mining. Keep reading to learn how to line your pockets with Ether.
But first, we need to clarify – why should you bother to become an Ethereum miner? That’s quite simple: there’s hardly any trader who has not heard about Ethereum or has not considered acquiring it in some way. What is Ethereum, after all? It represents a decentralized global computer system, a blockchain platform allowing a variety of transactions powered by its internal decentralized apps, and the internal currency within that system is Ether. Thus, even though the majority of miners and traders regard Ethereum to be a cryptocurrency just like Bitcoin, in fact, it is not; its creators meant Ethereum to be the crypto-fuel that powers only the Ethereum universe. It is nevertheless tradable, and its price and popularity are on the rise – that’s basically all you need to know to make a decision to mine Ethereum.
Since mining of Etherium is what you do on a computer, you definitely need some software for the task to be run on your computer and for you to achieve the goal – getting some Ether to your wallet. Here’s what you need in terms of software to set the task going:
If you think of how to mine Ethereum on windows, then the software that you will need is Ethminer. This piece of software is very convenient and efficient in terms of Ethereum mining since it enables OpenCL mining and Nvidia CUDA mining. It also performs stratum mining without a proxy and conducts farm failover, among other appealing features. Its alternative is a Dal Miner also enabling effective Ethereum mining on Windows. Finally, some users advise using the OneETH software; its major benefits include simplicity and speed highly valued by many miners.
Those seriously wishing to acquire Ethereum not for money, but by their own efforts should think of buying Ethereum mining hardware. That’s what any of miners need first of all, as cryptocurrency mining is a very energy- and resource-consuming process, so you can’t just take your home computer and get rich with it. In simple words, hardware means the specialized computer you buy for mining.
Mining hardware is divided into two types: with the use of CPU and GPU. Thus, if you lean towards Ethereum CPU mining, then you should know that despite the original intention to use CPUs for Ether mining, they are not used for that purpose now because of low performance. If you wish to become an Ethereum GPU miner, then you will enjoy a higher hash rate and can process the mining blocks quicker. Best GPUs suitable for Ether today are:
The best GPU for mining Ethereum on Windows 10 and other Oss existing to date is Radeon RX Vega 6, with a hashrate reaching 41 MH/s and a comparatively low level of energy consumption, only 135 watts.
Every Ether miner should also keep in mind that acquiring a GPU is not all needed for successful mining. If you have funds to buy several GPUs, then you can create a mining rig to increase your cumulative hashrate and mine more currency. For rigs with less than six GPUs, a 4GB ram is also required to keep the mining process running, while larger rigs operate well only with 8GB ram. Other hardware items to set up your system include:
Finally, it’s worth mentioning that despite Ethereum creators’ opposition to mining machines for Ethereum and their claims that there are no specialized tools of this kind, Bitmain presented a specialized Ethereum mining machine in 2018. Its name is ASIC Antminer A3, and yes, it mines Ethereum for you!
Miners all over the world have been searching for the best way to mine Ethereum, but in fact, there is none. Each Etherium miner selects his/her own way of doing that; the main secret of success is in following the major technical rules of the system. Here is the basic algorithm for those thinking of how to start mining Ethereum.
However, a more recent product is Parity created on Rust. Its major distinction from Geth is a built-in web interface, which makes it the most convenient of all Ethereum mining clients.
The start of any miner’s experience with this cryptocurrency is estimating Ethereum value and the amount of money and time he/she will need to invest to derive that value. But how can you derive maximum Ethereum mining profitability by investing the least? That’s a hard question to answer, and the response depends on several factors: your budget, your timing, and the level of commitment for which you are ready.
Whether or not you should join the crowd of Ethereum miners depends on this coin’s profitability, which is a complex value you should understand. What you get from possessed Ether in the financial value is the sum remaining after you deduct the software and hardware costs, maintenance expenditures like cooling and electricity, and the fees of platforms at which you trade Ether. Check the Ethereum exchange rate at the popular exchange platforms to see what it costs right now. If you mine Ethereum on a full-time basis and plan to earn a living with it, then we recommend installing an Ethereum converter that will provide data on its real-time fluctuations and price changes.