How to mine Ethereum Cryptocurrency of Your Own
Simple steps to start mining Ethereum
Now that you know “How to start mining bitcoins”, you may also be interested in knowing how to mine Ethereum cryptocurrency for yourself.
Never forget from our previous post on bitcoin mining that those who are mining with low-powered setups in this present age are very likely to make very little, nevertheless, they could take it as a viable way of passing time. Follow these simple steps below to guide you to mine Ethereum cryptocurrency of your very own.
Choose a mining hardware
This is actually the first thing you need to mine Ethereum cryptocurrency, you need special computer hardware dedicated to full-time mining. There are basically two types of mining hardware: the CPUs and GPUs. The GPUs have a higher hash rate; this means that GPUs can guess puzzle answers more quickly than CPUs. Presently, the GPUs are the only mining hardware option to mine ethereum cryptocurrency.
Getting the right GPU seems like a complex task, so you need to browse on plenty of advices to know which ones are very profitable based on their hash rate performance, power consumption and the initial expense of the card. Probably you want to set up a mining rig, which consists of multiple GPUs, this usually take about a week to build.
You can use the mining profitability calculators to estimate the possible amount of ethereum that you might earn at a given hash rate. You can use this to know if that amount of ethereum is good enough, to cover setup and electricity costs, and to make profits.
Unlike bitcoin mining that uses ASICs, there are no fast and powerful ethereum ASICs presently.
Installing the mining client
This is the next step, after you have chosen your mining hardware, install the mining client. Foremost, miners must install a client to connect to the network. There are a number of clients to pick from, but if you are a programmer and are familiar with the command line, you can install geth. Geth runs an ethereum node written with the scripting language ‘Go’, or any of a number of clients. You can Google to download Geth.
Once your mining client is installed, your node can ‘talk’ to other nodes, linking it to the ethereum network. Aside mining ether, this software provides an interface for sending transactions using the command line and deploying your own smart contracts.
After having installed your mining client and your node is a now part of the network, if you are actually interested in mining ‘real’ ethereum, then you need to install mining software, you can download Ethminer. Find and download the appropriate version for your operation systems.
Once your mining software is installed, your node will officially play a part in securing the ethereum network. Visit the official ethereum website for more detailed instructions.
Joining a mining pool
You are almost set, but note that as a miner, you can’t possibly mine ethereum cryptocurrencyon your own. That’s the essence of mining pool. In the mining pool, miners combine their computational power together to improve their chances of solving the cryptographic puzzles and earning ethereum. After earning, they share these profits in proportion of their individual contribution.
Bear in mind that when joining a mining pool, there are many factors to consider. No mining pool would be around forever, and the computational power of each mining pool is constantly changing. These and other factors must be considered when deciding which mining pool to join.
Also note these few basics that different mining pools have different payout structures. Mining pools have some sort of a signup process on the website that miners must use to connect to the pool and begin mining. The ethereum mining world is a whirlwind of change. Efficient tools that are useful today might be obsolete next year. While some mining pools might fall away, others would emerge, so always take note of any shift within the industry.
You can Google out some PTC Ethereum site where you can earn free Ethereum coin by simply clicking on Ads.