How to mine Ethereum?
How to mine Ethereum?
Etherium is a platform where you can perform safe transactions since it uses blockchain. The cryptocurrency which you can mine and use to complete transactions is called Ether or ETH.
Mining ETH resembles standard bitcoin mining, but the process is considered a bit easier since you don't have to a specific hardware, you only need a GPU. Since every computer operates using GPU (graphical processing unit), users may use their PCs to mine ETH. Of course, the more powerful this PC is, the better. Still, it is preferable to use specific machines, but anyone can start using computers.
People can buy these machines, or they can use their PCs after setting up software. A good option is to buy a mining package after choosing a mining company or to mine within a pool. In this article we will analyze available options, so you can choose the best and use it to receive profit.
Pick Your Mining Company
To start, people can choose a cloud mining service. This method is recommended when users are not familiar with mining cryptocurrency or when they are not willing to buy hardware. How does it work? You choose a company (cloud service), then register, and then you can buy a mining package.
Each package is unique, different packs can mine different coins. You should choose a pack that is mining ETH. But all those packages dedicated to mining Ether are also different. They can offer different hashing power. The more hashing power you buy, the faster you receive profit. Basically, it means that if you buy more hashing power, then you’ll need less time to earn money successfully.
If you want to choose a reliable company, and not a rigged offer instead of a good package, you need to read reviews. Some companies only define themselves as cloud services with great possibilities, and in reality, they offer scams. So, to begin, you need to make sure that you chose a reliable cloud service.
Before buying a package, read carefully the rules. The benefit of buying a package so that someone will mine instead of you, is that you don’t have to pay electricity bills or repair costs. By repair costs, we mean the cost of repairing hardware if it breaks while you mine. Usually, when someone buys a package, they don’t have to pay these bills, but certain companies include these bills into the cost of the pack. If it’s the case, better find another company.
Choose A Mining Package
As it was mentioned above, after you choose a mining cloud service, you need to register and to log in using your password and login. You need to find a webpage with packages in order to choose one of them. Most likely all packages will be categorized by types of cryptocurrency. Choose ETH currency and then hashing power. As it was mentioned, the more hashing power a package has, the better. It takes not too long to obtain a considerable sum of currency if you buy a package that offers more hashing power.
If you are not sure whether you want to mine this cryptocurrency, then it’s better to buy a pack with less hashing power. It’ll take much more time to gain profit, but eventually, you will receive it. Then you can trade ETH or buy services that can be bought only with Ether. If you buy a pack with more hashing power, you will receive more money and sooner.
Pick A Mining Pool
Mining pool is considered to be the best option if you want to get a steady and stable profit. If you want to make money quickly, this is not an option. The core idea of a mining pool is sharing the reward. For example, someone, who is a member of a group, has found the reward. The group shares this revenue between all members.
Of course, if a user is not in a pool, and he finds the reward, he can keep it without sharing with someone. The chances of finding this reward are very low, while mining within 1 huge pool has more chances that more people would find the rewards. You receive smaller sums, but frequently.
Choose a pool wisely. It has to be big – if more people participate, the chances of gaining rewards are higher. Pay attention to a minimum payout – a sum of cryptocurrency you need to gain before it is sent to your e-wallet. It’s better when the minimum payout is smaller since you gain money with higher frequency.
Select A Wallet
You need your own e-wallet if you want to collect revenue and to use it whenever you like. It's not too difficult to pick a good wallet, just make sure that it can be used safely. There is a risk that your wallet can be hacked, so it’s better to choose a wallet that uses secure encryptions. This way hackers won’t have a chance to steal your earnings.
What if I want to mine with my own hardware?
If you want to build a career of a cryptominer, you can buy hardware and mine ETH solo. But this method is not considered as the best. You will have to pay electricity bills, to bear with the noise produced by hardware, repairing the machines if they get broken, etc. It is important to invest in cryptocurrency as much as you can afford to lose. As it is already clear, cryptocurrency can double in price tomorrow, but at the same time, it can drop to zero.