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An Ultimate Guide on How to Mine Ethereum

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  • cryptocurrency
  • ethereum
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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.

Tips for Selecting Ethereum Mining Software

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:

  • Temperature monitoring software (e.g., GPU-Z for temperature and power control);
  • Overclocking software (e.g., MSI afterburner software);
  • Mining software (e.g., Claymore, Ethminr, Phoenix miner).

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.

What’s the Specifics of an Ethereum Mining PC?

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:

  • Radeon R9 295X2, with a hashrate of 46 MH/s;
  • Radeon R9 HD 7990, with a hashrate of 36 MH/s;
  • Radeon RX 480, with a hashrate of 25 MH/s.

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:

  • A motherboard with a sufficient number of PCIs to keep all GPUs connected;
  • Powered riser cables for each card;
  • An open-air, well-ventilated rig to host your GPUs;
  • Uninterrupted power supply and Internet connection.

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!

Ethereum Mining Guide Step by Step

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.

  1. Choose, acquire, and install hardware (we spoke about it at length above).
  2. Install software. The mining process works well with numerous clients, some of which are terminal-based, while others are GUI. There are also hybrid solutions. A standard solution developed by Ethereum’s creators is Geth:
    • It is written in the scripting language Go and you can download Geth and install it in a usual, standard way;
    • Geth does not have a GUI, but is quite user-friendly;
    • Once Geth is installed, your computer becomes a mining node that can communicate with other nodes and connect to the general Ethereum network.
    • 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.

  3. Conduct testing Make sure everything works well to go on with the installation process.
  4. Install Ethminer (or another Ether mining tool). This is a GPU mining program used on Windows 10 and other OSs to mine Ethereum. Its benefits are frequent updates and efficient maintenance, which, together with a regular addition of new features, makes it a very convenient tool for Ether miners.
  5. Open an Ethereum wallet. Not all cryptocurrency wallets work with Ether, so you need to check everything in advance before registering any of them. To date, the most popular wallets for this altcoin include MyEtherWallet, Ledger Nano S, and Trezor (offline hardware wallets keeping your earnings fully intact), Exodus (a desktop wallet), or Jaxx (a mobile wallet for Ether).
  6. Join some Ethereum mining pool. Here you are with a money-earning toolkit! Since Ethereum is hard to mine on your own, we recommend joining a pool and getting your first Ether today. Moreover, almost all pools offer an Ethereum price chart that keeps you updated on its price and allows making wise selling and buying decisions.

How to Mine Ethereum? Thee Popular Ways

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.

  1. Mining alone. Overall, there are three ways to mine Ethereum, and the information provided above will help you go the first way: independent mining. This means that you mine Ether on your own, without anybody’s assistance, on your own hardware and software. The benefits of this method are numerous: you don’t depend on anyone, possess your own mined Ether at once, and don’t share commissions and fees with any third parties. But the disadvantage of this method is also considerable: mining Ether is overall hard, so you can earn money on this kind of mining only if you have a very powerful hardware, a set of necessary technical skills, much free time to engage with this undertaking, and a good starting budget to set everything going.
  2. Mining in a pool. This method of Ether mining is also quite independent, as you still mine alone on your own hardware, but the difference from the first method is that you join a team of other miners, and you consolidate the power of your hardware to produce a mighty machine for Ether mining. This approach is more advantageous than mining alone, as you can decipher Ether blocks quicker with high hashrate and then divide the earned Ether among all pool participants depending on the amount of hashrate invested by each of you. But the disadvantage is the pool’s fee that you will need to pay for participation.
  3. Buying a cloud mining contract. This is a relatively new method of mining Ethereum that offers you to rent the hashrate of large mining data centers. The benefit of this approach is that you don’t need to buy hardware and software, so your investment into mining may be low and still profitable. But the drawback of the method is that you never know whether your cloud mining firm actually mines cryptocurrencies, or it is a fraud using a Ponzi scheme for making money.

Is Mining Ethereum a Good Idea?

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.

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