How To Mine Ethereum Cryptocurrency?
How to mine Ethereum? A query most of the Ethereum enthusiasts have in their minds. As an Ethereum enthusiast, you might wonder about mining Ethereum besides investing in it. No doubt this is a good decision if you want to be linked with the crypto market as your long-term plan. This guide will provide you a thorough understanding of the process of mining Ethereum.
After you have decided about mining Ethereum you probably think about Can I mine Ethereum? the question most miners will think about before starting mining. Mining Ethereum is no difficult provided you know the insights of the cryptocurrency mining marketplace. A Person with the basic equipment comprising of an efficient computer system can start mining.
The process of releasing cryptocurrencies in a network by completing the mathematical computations is known as crypto mining. Let’s go deeper in understanding how this process is carried out and what are the prerequisite on how to mine Ethereum cryptocurrency.
How To Mine Ethereum With GPU?
There are steps that need to be followed if you want to mine Ethereum.
Step 1: Choose a GPU
Ethereum mining requires specific computer hardware called a Graphical Processing Unit (GPU). Three things need to be considered before buying a GPU:
- - Cost of actual hardware
- - Power consumption
- - Hash rate
What Is Hash Rate & Why It Is Important For Miners?
The speed at which the mining device operates is called a hash rate.
In mining cryptocurrency, speed is important for miners as they tend to solve a query before anyone and earn rewards before someone else.
High hash rates enhance the chances of finding the next block and earning rewards is boosted.
A mining rig is a machine that is composed of several GPU units. It enhances successful mining by increasing your hash rate.
RX 570. AMD. Power draw: 80W-200W is the best GPU to mine Ethereum. Compared to the counterparts an AMD card is the most efficient on Ethash.
Step 2: Install the software
After buying your mining hardware, install the required software either provided with the card or from the manufacturer’s website.
The next step is to download the Ethereum blockchain.
Connect your node to the network (you can use Geth for connecting nodes on the network).
After installation, the nodes get connected to other nodes and Ethereum. Now you can start mining, implementing your own smart contracts, build decentralized aps, and send transactions.
Step 3: Join a mining pool
A mining pool enhances the chance of solving the cryptographic puzzles and thereby earn you profits and rewards conveniently.
It becomes easy when you join a mining pool as it is profitable to mine Ethereum by joining a mining pool instead of trying it on your own. however, in a mining pool, the profits are distributed among all the miners depending on the computational power contributed.
Step 4: Install Ethminerz
No doubt Ethereum is one of the easiest cryptocurrency to mine.
After connecting the nodes, install the mining software ‘Ethminer’. it is a command-line program. It behaves like a mediator between your hardware and the mining pool. Ethminer enables you to mine Ethereum.
Step 5: Start Mining
After you have successfully mined an Ethereum, ETH, and fee associated with the transaction will be instantly transferred to your Ethereum wallet linked with the miners’ pool.
A new mining algorithm known as Progressive Proof-of-Work, for mining Ethereum is in developmental phases. It aims to make mining accessible to a wider community on a large scale.
How To Mine Ethereum With Nicehash?
NiceHash offers the easiest way to mine Ethereum. Start mining with NiceHash by installing the drivers. Select the payout format of your choice. NiceHash offers standard and fixed price bidding on hash rate purchases. The users can select the most suitable option for them.
The most notable feature about NiceHash is that it gives you payment in the form of bitcoins. Also, the buying and selling fee is charged in the number of bitcoins. It means that you need to have an exchange account to convert the bitcoins in Ethereum.
How To Ethereum Mining Nanopool?
You can use Nanopool to Ethereum by following this step-by-step guide.
- - Install GPU drivers
- - Enter your Ethereum wallet address
- - Add some modifications to your Windows before mining.
- - Download the Miner
- - Start the Miner by running a .exe file.
- - Locate your account on Nanopool
- - Start mining smoothly.
Can Antminer s9 Mine Ethereum?
Antminer S9 is used to mine bitcoins. It is used to mine coins that utilize the SHA-256 algorithm and Ethereum uses an entirely different algorithm.
You can use antminer s9 miner to mine bitcoin and later exchange them for Ethereum using an online exchange.
What Do I Need To Mine Ethereum?
Besides these basic steps you may need to consider a few other things before mining Ethereum namely:
- - Cost of mining
- - Power consumption
- - Hashing difficulty
You should keep in mind that mining Ethereum and earning profits is a long-term process. With each passing day, hashing is getting difficult, therefore your mining rig must be efficient enough to solve the mathematical puzzles thereby boosting the time to mine.
The miners receive 2 Ethereum as a reward for every block of Ethereum they mine. You may receive $200 monthly for mining Ethereum (but it could take long making profits).
This briefs you on how to mine Ethereum.
How Long It Takes To Mine Ethereum?
The speed of mining Ethereum depends on the hash rate of the mining rig along with the difficulty levels. It depends on what type of mining rig you have which can give you an estimate about how easily and how fast you can mine Ethereum.
Keeping in mind the difficulty level it may take up to half a year or in other cases 47.6 days depending on the hash rate of your mining rig.
Similarly, how much Ethereum can I mine? Depend on the investment you are making in mining Ethereum. By having the estimate for future profits and total current investment, you can calculate how much Ethereum will you mine.
Your estimated income from mining Ethereum depends on three crucial factors:
- - Hash rate
- - Electricity consumption
- - Cost of initial set up
By using an Ethereum profitability calculator you can calculate the approximate income and profits. By entering the hardware specifications and electricity consumption cost in the calculator you can determine how much mining will be profitable for you.
Is It Too Late To Mine Ethereum?
It is not too late to start mining Ethereum. You can simply explore your options before going for any decision. If you have a well-equipped initial set up with a stable electricity and internet connection then you can enter the crypto mining industry. Do not forget to fetch the data about your investment and future income by using the Ethereum profitability calculator.
To conclude this piece provides you information on how to mine Ethereum. But it must be noted that rearing profitable income from mining is not that easy since it requires patience and skills to earn profits in the best possible ways.