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Ethereum mining is an omnipresent way of earning money nowadays. Thousands of people switched from their careers to mining as a full-time job. This guide is for those who are interested in mining and consider it a possible way of earning extra money. Go through all of the steps to find out everything about Ethereum: what is mining Ethereum, how it works, who are the Ethereum miners and how to start eth mining.
The crucial question about Ethereum mining – what is it? – is answered in this section. Ethereum is a worldwide ledger system that registers transactions. In other words, this system, based on the blockchain, records all the data about transfers from person to person. Imagine that it is as a huge electronic bank where all the transactions must be registered. If mining Ethereum works like a bank, there must be a person who keeps a watchful eye on all the operations. This person must check if all of them are done correctly and all of the transactions are recorded. With Ethereum, computers perform this function. Thousands of the computers check thousands of transactions within seconds. They are called “ethereum miners.”
So, you already know that the ether miners are computers, that proceed transactions. But is it safe to let computers check such significant processes as money transactions? Here is ethereum mining explained in more detail.
To keep the transactions safe and reliable, computers perform thousands of difficult mathematical calculations. That is why any ethereum mine requires a lot of computing power, expensive equipment, and human resources. Therefore, the people who invested quite a lot of money in a mine must receive some profit to cover expenses. And they get this profit in the form of Ethereum. Thus, we can say that ETC altcoins are a compensation for those who process transactions. And the ethereum mining algorithm consists in earning money by solving sophisticated mathematical tasks.
To date, there are three ways of getting Ethereum:
We can’t be sure that the most reasonable choice lately is mining. If you are a beginner in cryptocurrency ethereum mining and want to figure out how it works, we recommend you earn or buy it before you mine ETH. Still, if you are firm in your intention to mine, we prepared the next step for you.
Here is what you need to start mining Ether; use this simple checklist:
Here is the basics of Ethereum mining; good luck on your path to richness!
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