Ethereum Mining Guide
A step-by-step Ethereum mining guide with clear explanations
In Order to start mining Ethereum (ETH) you should be trusted with this very usefus Ethereum Mining Guide. As with other cryptocurrencies, Ethereum mining is needed to support the work of the blockchain.
This process involves solving mathematical problems using productive capacity. Ether mining is possible on desktop computers and laptops as well as in so-called farm environments.
The main requirement is that your GPU (graphics card) has at least 2 gigabytes of RAM. AMD cards are the recommended brand of graphics adapters to use. Solo mining of Ethereum is virtually impossible, so be prepared to join a pool. This Ethereum Mining Guide explains how to do this.
Network participants involved in the recovery of Ethers are rewarded with Ethers, which are a currency unit. Incidentally, the issue of Ethereum resources is limited – no more than 18 million ETH can be mined in any year.
Why is this relevant for the Ethereum Mining Guide? This is to protect the cryptocurrency from inflation.
Let's look in-depth at the basic stages of this Ether mining guide.
The Five Steps of our Ethereum Mining Guide
Step 1: Selecting and creating a wallet
Before you start producing Ether, you will need to open a wallet for this cryptocurrency. There are several choices available, including: Mist, EtherWallet or Geth. You are strongly advised to download and use the latter.
However, this wallet is controlled through a console, which can be quite awkward for the average user. That's why it's better to open and use the MyEtherWallet online option.
Step 2: Selecting equipment
It is advisable to determine your hardware choice in advance. Choose farms with AMD graphics cards for efficient production.
Ether mining requires no special equipment, and so far, no ASIC miner hardware has been designed to mine this cryptocurrency.
The mining itself is relatively expensive in terms of power consumption. Be sure to use the special calculators in advance to determine the efficiency of the Ethereum production.
Obtain a power supply and equipment for cooling the farm installation. It is not advisable to operate a system at home – it is very loud and would be simply absurd.
The other steps required to start mining throuh our recommended Ethereum Mining Guide, are downloading a miner program and connecting to a pool.
Step 3: Selecting a pool
The next step is the selection of a pool, which is an association of miners. Solo mining has become unprofitable in view of the ever-increasing complexity of cryptocurrency mining.
By combining their efforts, miners can generate and complete blocks much faster, which is the primary aim when mining cryptocurrencies. When choosing a pool you should note its capacity – which means its number of participants.
Keep in mind that these associations are not long lasting and that the complexity of cryptocurrency is itself constantly changing. This makes it quite difficult to predict the effectiveness of pool mining.
Minergate is a popular service which unites miners from different parts of the world. The web address is minergate.com. Register on this page by simply entering your e-mail address and password. That’s all you have to do to become part of the Minergate pool.
Step 4: The miner and the connection to the pool
To start mining Ether, you will need to install special software. This is publicly available on the Minergate Pool site and on other online sites.
A popular option is Ethminer Genoil. You can search for this online, or browse Ethminer’s version 0.9.41 at here
Your choice of mining software will depend on your operating system and chosen method of extraction. The pool provides software and a BAT file for GPU mining.
However, CPU mining is unprofitable because its low efficiency means this method is just not suitable for Ether mining.
A .bat file contains a command sequence to execute a miner's EXE file via the specified pool and email address. Thus the .bat file commands will vary according to what is being sent:
- ETH CPU ethminer.exe -CF http://eth.pool.minergate.com:55751/YOUR_EMAIL – Mining with a simple processor
- ETH GPU ethminer.exe -GF http://eth.pool.minergate.com:55751/YOUR_EMAIL – Mining with a graphics processor
Here are some brief instructions of our Ethereum Mining Guide:
- Download a version compatible with your operating system, and create a folder
- Download the appropriate .bat file for the cryptocurrency you wish to mine
- Add the .bat file to the folder containing the miner software so that it will be found by the program
- Open the file and change the e-mail address to show your own e-mail address. This address will be filled in automatically if you are registered with Minergate
- Launch your miner software
Step 5: Launching the miner software
After launching your Ethminer, the process should start in the console.
That completes the process, gets your mining underway, and means you can start making money. You can calculate how much you can mine by checking on the special profitability calculator. To do this you will need to know the hash power of your equipment.
There is another way to operate which uses the Minergate pool software rather than the miner console.
Unlike most types of Ethminer, this miner software has an interface. After installation, you can log in to Minergate using your email address. Then, just start the production of ETH by clicking on the Start Mining button.
The selection of miners, software, wallet, and pool may vary, but this simplified Ethereum Mining Guide offers a quick and easy start.
Conclusion of the Ethereum Mining Guide
The market price for Ethereum rose many times during 2017, attracting the attention of miners and enthusiasts of this cryptocurrency. Ethereum’s smart contracts really differentiate this platform from Bitcoin, and thus explain its growing popularity and rising price.
However, the future prospects for ETH mining are as yet uncertain. Ethereum’s founder, Vitalik Buterin, has clearly stated the demand for mining will decline after the switch to a proof-of-stake protocol.
However, this Ethereum Mining Guide should give you a hand for the first steps.