Easiest guide to mining ethereum

Step 4: Join a mining pool and get server coordinates You can select one of the mining pools we had listed above and head over to its website to get started. Go ahead and click on it. That should bring you to a page with server coordinates and other information related to different ports. Step 5: Configure the. BAT files Locate the zip file you downloaded from lolMiner and unzip it. This should open up a notepad with some code written in it, as you can see in the following image.

This part allows you to enter the coordinates of your mining pool and wallet address and configure the miner to use them while mining Ethereum. It is displayed prominently on the Metamask extension and should be easy to find. Save the changes to the. Your miner is now fully configured to mine Ethereum. It should bring up a command prompt that displays lines of code that look something like this: Unfortunately, the GPU we tested this on no longer has enough hashing power to support Ethereum mining.

You can largely ignore these. But is it even profitable for you? Step 7: Calculating Profitability The command prompt window will occasionally display the average speed of your processor, as in the screenshot below: Take a note of the speed and head on over to an ETH mining calculator, like whattomine. This ETH mining calculator will show you your likely mining rewards and potential profits. You can use these values to determine whether mining Ethereum is a profitable business for you by subtracting the pool fees and hardware costs.

Well, if you happen to have the required specialized mining hardware lying around, then you can definitely give solo mining a shot. The mining reward for a single block of Ethereum is usually 2ETH plus transaction fees, which brings the total to between 3. Indeed, most people who mine Bitcoin and Ethereum and professional miners with a large mining farm that contains hundreds of GPUs. Moreover, mining Ethereum on your own will lead to a lot of power consumption.

As a result, the overall profits you get from mining Ethereum are likely to be minimal unless you live in a nation where electricity is cheap. Given these complications, we would not recommend that beginner Ethereum miners set up their own mining rigs. How To Mine Ethereum Using the Cloud Cloud mining refers to the process of renting out computing capacity or mining rigs on the cloud and using them for mining operations.

Instead, users have to pay a fixed monthly or annual fee to rent computing power in the cloud. This can be a risky strategy in the crypto market. In such a scenario, your outlay is likely to be more than any mining profits. There are both free and paid Ethereum cloud mining services. The best-paid Ethereum cloud mining service is Genesis. It offers state-of-the-art mining rigs at reasonable rates. Mining Ethereum without significant hardware costs might seem appealing.

However, cloud mining is based entirely on trust. Users must be sure that the cloud mining service they are choosing will use the money to mine Ethereum and not divert it to other uses. But, do you even know what Ethereum actually is?

We recommend that readers who are new to cryptocurrencies go through these sections! What Is Ethereum? Ethereum is the second most popular cryptocurrency blockchain in the world. Its popularity and market cap reflect the importance of Ethereum to the world of cryptocurrencies. It is a decentralized general-purpose blockchain that supports smart contracts. Instead, different users who act as nodes on the Ethereum network continuously verify and manage the blockchain.

Ethereum can be used for multiple different purposes, making it a general-purpose blockchain. It can support applications that have real-world use cases. For example, the Ethereum blockchain is used to sell digital art non-fungible tokens NFTs. It can enable several other transactions, such as finance, sports betting, and fan interactions, without the need for a trusted intermediary. Hence, you can think of Ethereum as the base layer on which several decentralized crypto applications or Dapps can be created and run.

How Are Ethereum and Bitcoin different? Ethereum and Bitcoin are the two most popular decentralized blockchains. However, both serve fairly different purposes. Bitcoin is a specialized blockchain. Its only use case is that of a currency. The Bitcoin blockchain does not support any decentralized applications. Hence, the real-world use cases of Bitcoin are fairly limited in comparison to Ethereum.

This makes Bitcoin a relatively stable and safe asset in comparison to Ethereum and other altcoins. Another point of difference is the consensus protocol used by the blockchains to validate transactions on the network. Both blockchains currently use PoW, which requires nodes to expend power and solve hash problems to validate the block. However, Ethereum will be moving to a PoS consensus protocol.

This protocol relies on validators on the Ethereum Network to verify transactions. Validators are chosen randomly by the algorithm to verify different blocks and are awarded transaction fees. Should I Mine Ethereum or Bitcoin? These are the things that you should consider before joining a pool. Pool size Minimum Payout Pool fee Why is cryptocurrency mining pool size important? Well, the short answer is that as the number of people that mine increases, the chances of getting rewards also increase.

However, as more people join the pool, the rewards are getting shared between more people. You should try out different pools before you find the one that best works for your computer. Joining big cryptocurrency mining pools is usually a safer choice. You might be getting fewer rewards per 1 block, but at least you won't go a day or a week without getting a reward at all.

You should look at the minimum payout as well. A minimum payout is the smallest amount of Ether you will need to mine before it gets sent to your wallet. If the minimum payout is 1 ETH, you will need to stay in the same pool for a long time before getting your cryptocurrency.

Pools with large minimum payouts are not beneficial to you. You should try to find pools with a small minimum payout. You want to be getting paid as frequently as possible, without having to commit your time to a single mining pool for too long. Having the flexibility to switch between different cryptocurrency mining pools is essential! Every pool has a fee associated with it. You have to pay a small amount so that you could continue using the pool. This amount gets paid automatically, so you don't need to worry about it.

Running a mining pool is a full-time job and computing and data center space isn't cheap. Mining Alone Mining alone might seem like a great idea. You don't have to share any rewards. You just turn your computer on and let the money roll in, right? When you're doing Ethereum mining alone, you are competing with other people and will only get rewards if you solve the math puzzle first. Since you're competing with a very large network of people and companies that have a lot of resources, you would need to get very lucky very often.

Having this much computing power has its disadvantages. You would need to worry about: Heating problems. If your equipment gets too hot, it could break. Once your equipment breaks, it's usually not worth it to repair it. You would need to spend more money to replace your mining rig and fix the heating issues.

To keep everything working correctly, you would need to have a lot of fans moving air very quickly. As I've mentioned above, heating is a real problem. All the fans that are spinning and cooling down your equipment would make a lot of noise. It would get very loud, very fast. Electricity costs. Having so much equipment use power at the same time would use up a lot of electricity.

For example, with only ten graphics cards you would spend around dollars on electricity per day.

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Given that they are both mined with the Etash mining algorithm, it is a no-brainer where you will turn your hashing power at. It also supports dual mining, so when you become more experienced you can dual mine Ethereum Classic and Siacoin or Decred among others. This is the easiest solution, but also gives the lowest returns. Plus Nanopool is one of the most popular mining pools, with global servers and enough history that I know they are trustworthy.

First head over to Nanopool. When you click the appropriate button it will take you to GitHub to download the mining software. We will take a look at mining with both the Finminer and Claymore although the latter is preferred. Using the Claymore Miner Once you have downloaded the Claymore files and unzipped them, you need to generate a configuration file to run it.

There are a number of online tools that will help you to do this although conveniently, Nanopool has one as well. You can now go back to the Nanopool Quick Start menu and click the button under step 3 to generate your config file. This is the file that starts the miner and specifies the various parameters such as the server to connect to, and what Ethereum Classic address to send earnings to, and what address to send secondary earnings Siacoin or PascalCoin to.

Ethereum Classic Claymore Configuration Note that the secondary wallet field is mandatory, so you will need to choose either SiaCoin or PascalCoin and generate a wallet address. That could mean you need to download and install a SiaCoin or PascalCoin wallet.

Once you click the Generate button another. You need to download this. Claymore miner hashing for ETC in Command line. Image Source The miner will go through several steps verifying the parameters and will then launch the mining software. Much like with Claymore, you must download the. Once you have downloaded the files and extracted them then you need to configure the miner to run.

So it saves your time! The reason Ethereum Cloud miners can get better deals is two fold. Firstly they buy in bulk, so they get a discount on all their graphics cards. Secondly they can put their mining machines in low cost locations such as Iceland.

This severely reduces the operating costs of running an ethereum mining contract which means they can pass on these savings to you. In fact Genesis mining run their contracts off green energy - so you can say your being green whilst being in the avant-garde of a financial and technological revolution.

They offer the contracts for a period of one year and during that year you have no extra fees its a one off up front payment. You might wonder how they can do this - the simple reason is that they hedge their profit and loss so there is no risk of everything going wrong - they hedge the ether price. The other advantage is that you don't have to listen to the noise that it creates. Adding all of this together it would seem pretty logical to opt for a mining contract unless the joy of mining was for the joy of mining itself.