If you are interested in cryptography, you probably know how useful the mining process is. However, the mining industry is risky and there are many mistakes you can make along the way. This is true when mining all types of ciphers, including Ethereum.
However, if you take the risk and continue, what do you need to mine Ethereum successfully? Let’s find out below.
What is Ethereum?
Before we get into Ethereum mining, let’s briefly summarize what Ethereum is exactly. The word “Ethereum” covers both blockchain and coins. Ethereum native tokens are often referred to using the same word, but technically they are called “Ethereum”.
The Ethereum blockchain was launched in 2015, and Ethereum was launched at the same time. Blockchain is open source and uses smart contracts for transactions. Several tokens have been built on the Ethereum blockchain over the last few years, but their native tokens are at the top of the food chain.
Ethereum Coin is currently the second most valuable in the world after Bitcoin, with current 24-hour trading volumes of over $ 16.7 billion. Not surprisingly Ethereum is one of my most popular coins, but what do I need to start with?
1. Hardware
To mine cryptocurrencies, you need the right hardware. When mining Ethereum, GPU (graphic card) is the best way to mine optimally. You can use these groups to build mining rigs. You can also use ASIC mining rigs, but they are not as suitable for Ethereum mining as GPUs.
However, this is not necessarily a bad thing, as ASICs can be very expensive. Building a GPU mining rig to mine Ethereum is by no means cheap, but it’s generally more affordable than buying a full ASIC rig. If you have a limited budget, you can also mine on a single GPU.
You can mine Ethereum using most mainstream GPUs, but there are some that miners like because of their high hash rates. Therefore, do some research before choosing the graphics card you want.
Nvidia GTX 1080 Ti
The Nvidia GTX 1080 Ti is ideal for mining Ethereum (and Ethereum Classic). This GPU boasts a hash rate of up to 32MH / s and a memory speed of 11Gbps. The GTX 1080 Ti is well suited for Ethereum mining because it does not have the same VRAM (or video random access memory) timing issues that occur with the GTX 1080.
AMD Radeon RX 590
The AMD Radeon RX 590 is a solid and affordable option for Ethereum mining, especially if you’re a fan of Team Red. This GPU can provide a hash rate of approximately 28 MH / s and a memory speed of 8 Gbps. It may not perform as well as other models, but the combination of the RX 590 price and its specifications is perfect for anyone who wants to start Ethereum mining without breaking the bank.
Nvidia RTX 3090
Of course, if you have the cash to burn, you can get everything out and get the RTX 3090. This is the only non-LHR GPU currently on sale by NVIDIA, but at a considerable cost. However, if you get a fair amount of money after the GPU price goes down, you can expect to get around 120MH / s with this top-of-the-line graphics card.
2. Software
Mining ETH requires both hardware and software. However, unlike mining hardware, you don’t have to spend hundreds or thousands of dollars on software. In fact, many types of crypto mining software are completely free to use, especially some of the top picks for Ethereum mining.
MinerGate
MinerGate’s software is designed to mine altcoins, including Ethereum (and Ethereum Classic). With this software, you can participate in a trusted mining pool and increase the regularity of your rewards (solo mining and pool mining will be discussed later). MinerGate has already helped more than 5 million users earn rewards through mining and has generated over $ 20 million in rewards to date.
MinerGate also provides up-to-date pool statistics and mining calculators so you can easily determine your profits. This software is free to download and is compatible with Linux, Windows, iOS, and Android.
Cryptex
Kryptex is another solid option for Ethereum mining. With Kryptex, you can choose to get mining rewards with Bitcoin and send funds to your Bitcoin wallet address. Alternatively, you can receive payment in a traditional bid and send it to your bank account. This software is so easy to use that it works well even if you don’t have much mining experience.
The Kryptex site also offers mining profitability and computational tools so you can determine potential profits before tackling anything.
Cudo Miner
Cudo Miner supports mining of various ciphers including Ethereum. Compatible with dedicated mining rigs and single GPU miners, the mining venture currently supports over 100,000 users. Cudo Miner offers automatic mining for laptops, PCs, rigs and even mining farms, and also has automatic coin switching, so you can get the best profit possible.
You can download Cudo Miner for free, but there is a fee if you use the automatic miner. This fee depends on the amount of ciphers you mine.
3. Solo mining and pool mining
When mining ciphers, you usually have to choose between two main mining methods: solo mining and pool mining. Mining pools are more popular than solo mining because they provide a more reliable source of income. This is to increase the likelihood that thousands of users will pool their computing power and mine coins in the mining pool.
However, for the same reason, rewards are split among pool members (often related to the computing power provided by the user). Mining pool users only have to pay to enter the pool. This is usually deducted from the reward.
Solominers, on the other hand, don’t have to split their income with anyone or pay pool fees. However, even if the profits are high each time, it is generally much more difficult to mine on your own. For this reason, solo mining is like gambling.
Therefore, when deciding whether to mine alone or in the pool, consider the risks you are willing to take and the type of income regularity or irregularity you are looking at with each option. Solo mining may be for you if you are willing to take more risks for a chance to make big profits. But if you’re looking for a more modest flow of income, you can try a mining pool.
If you are interested in joining the Ethereum mining pool, be sure to check out some of the options listed below as they are currently one of the best options in terms of reliability and profitability. I recommend it.
Risks and Disadvantages of Ethereum Mining
Before mining cryptocurrencies, all risks and disadvantages need to be considered. As you may know, crypto mining is unreliable, expensive, and can be a waste of money and time in some cases. The initial cost of purchasing mining hardware can be high, but this does not end the cost.
The process of Ethereum mining can be very energy consuming, which can lead to ridiculously high electricity bills. The cost of Ethereum mining depends on the hardware you use, and coin mining can also take some time. Therefore, if the profit does not outweigh the cost of hardware and energy, the entire mining venture will be wasted.
Ethereum mining can be a good source of passive income
There are already thousands of individuals making healthy profits from Ethereum mining, many of whom have not been successful ventures. Mining is difficult to navigate and is prone to costly mistakes along the way. Therefore, review the recommended hardware and software described above and be aware of the risks and disadvantages before deciding to shell out.
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