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The characteristics of Ethereum and mining
Launched in 2015, Ethereum is a decentralized, open source software platform based on blockchain technology and used by its cryptovalue, the Ether.
Ethereum is not only a platform but also a programming language (full Turing) that runs in a blockchain, which helps developers to run Smart Contracts and distributed applications (Đapp) avoiding fraud, downtime and control by third parties.
Ether is nothing more than the crypto-currency used to run the Ethereum platform. This token is also used to pay transaction fees and calculation costs.
Ether has become the second most popular digital currency after Bitcoin.
Developers use smart contracts to receive, store and send Ether to other developers. It can be said that Ether is an incentive for developers to create better applications for the Ethereum platform.
HOW TO MINE ETHEREUM
The relative simplicity of Ethereum mining and its popularity has led many people to wonder how to mine Ethereum.
Ethereum mining is based, as with bitcoin, on solving mathematical equations on appropriate hardware.
It involves miners around the world who use their time to solve complex cryptographic puzzles. If successful, miners can add blocks to the Ethereum block chain and earn a reward. The first miner to solve the equation gets a reward of 2 ETH per block plus all transaction fees added to the block.
Although it’s possible to create only a total of 18 million new ETHs per year, there’s no limit on the total number of tokens that can be issued, unlike Bitcoin, which has a finite number of tokens.
There are several ways to mine ETH:
Just mining (i.e., mining by itself)
Join an ETH mining pool
Create your own mining pool
This last option has proven to have a very high competition and for this type of mining, large investments are required and it is therefore quite inadvisable.
Mine Ethereum with specific hardware
The Ethereum mining hardware or Mining Rig is a machine specially designed for mining Ethereum.
The mining rig consists of a power supply, a motherboard, a GPU or graphics card and a cooling device.
In general, there are two types of Ethereum mining rigs: CPU and GPU.
CPU mining rigs use the CPU processor to apply complex algorithms to solve the blocks that make up the blockchain.
CPU mining rigs are very popular among beginner miners, as they are very economical and easy to use. You only need a PC. However, it is an extremely slow process.
Another effective way of mining Ethereum is the use of a specialized hardware or GPU (graphics processing unit) which is what gives the miners the power of hashing.
GPU mining rigs use graphics cards that do not run algorithms like those of the CPU, but complete the mining processes in closed networks.
GPU mining rigs are superior to CPU mining rigs in almost every respect, but the disadvantage is that GPU mining rigs are actually very expensive. A quality GPU mining rig can cost several thousand euros.
That’s why choosing the right hardware to mine Ether is crucial if you want to significantly reduce the costs of your electricity bills.
That’s why today we’ll show you some of the best Ethereum hardware.
Radeon RX 5700 XT
The Radeon RX 5700 XT with triple dissipation is the best card that ETH miners use today. It mines at about 60 Mega Hash and uses about 68 w per card, which comes to about The cost is between 400 and 500 euros.
Nvidia GeForce GTX 1070
The Nvidia Geforce GTX 1070 is one of the most widely used graphics cards by gamers and, today, also by miners so much so that it is considered by many the best option for mining crypto currencies.
Its main feature is that it can maintain a relatively high hashing rate without using excessive amounts of electricity.
Nvidia GeForce GTX 1660 Ti
An excellent alternative to the RX 5700 is the Nvidia Geforce GTX 1660 Ti. It mines at about 30.5 Mega Hash per card, and uses about 68 w (like the 5700) and costs at least 200 euros less.
Many miners prefer to use a Radeon since a card of this brand, with the same power as an Nvidia, costs almost half.
Mine Ethereum in PC
If you want to mine from the comfort of your home, we will explain below how to mine Ethereum with your PC.
How to mine Ethereum in Windows
To mine Ethereum on Windows, you need Windows 7 64-bit or later.
For mining, as we have already seen, you will need a PC or mining rig with at least 4 GB of GPU memory and a minimum of 4 GB of system RAM. Remember that you will also need a stable and powerful Internet connection.
Install the current version of your GPU drivers.
Download the mining software. There are many Ethereum mining programs. In the next paragraph we will show you some of them.
Change your Windows settings. Set the virtual memory size to at least 16,384 MB. Go to the Windows power settings and disable the sleep mode. Go to the Windows Update settings and turn it off. If you are using Windows Defender or other antivirus software, add an exception so that it doesn’t interfere with your mining program.
Choose a mining pool according to your preferences.
Edit the .bat file of your mining program according to the instructions of the chosen mining pool.
Have your wallet ready to save the earned Ethers. If you don’t have one yet, you can get your wallet by choosing one of those recommended by the Ethereum.org website.
How to mine Ethereum in Mac
Many consider that it is not worth mining Ethereum on a Mac.
In fact, the most popular mining software of Ethereum does not have Mac versions.
However, it is possible to use a Graphical User Interface (GUI) such as Minergate for mining. To mine Ethereum with Minergate, you will need to:
Download the software from their website
Register an account
Login to the software with your account
Start mining Ethereum.
Unfortunately, even with Minergate, the GPU for mining on Mac is still not available.
Ethereum mining software
Compatible with both Windows and Linux operating systems, Claymore is one of the best Ethereum mining software for Windows 10.
It is one of the most efficient mining software of Ethereum, since it has a double Ethereum miner that allows you to extract crypto with similar algorithms without compromising the hash rate.
One of the main features of the Claymore is that it allows you to mine other crypto in addition to Ethereum.
The mining commission is 1% and if you choose dual mining, the commission will be 2%.
You can find a guide and a link to download here.
ETHminer is a well-known Ethash GPU mining software that allows mining all crypts based on the Ethash algorithm (Ethereum, Ethereum Classic, Expanse, Musicoin, etc.). Ethminer is compatible with Mac, Linux and Windows and is designed mainly for Nvidia graphics cards. It is currently one of the best Ethereum mining software for Windows 7 and Nvidia.
You can download the program and find its guide on Github.com.
As mentioned in the previous section, MinerGate is one of the best Ethereum mining software for Mac users.
Miners can mine BTC, Ethereum Classic, Monero, DASH, Zcash, Litecoin and some other tokens in addition to Ethereum.
The commission varies between 1% and 1.5% depending on the currency.
It is a fairly simple software that can be suitable for beginners and supports several languages.
Cgminer is one of the basic free Ethereum mining software. It is written in C++, so it is compatible with almost all platforms. It works with a simple command interface, so it can work with multiple pools and mining devices. The user interface and command settings are simple and provides an Ethereum mining calculator that helps control and track the hash rate.
Although CGMiner is designed as Ethereum mining pool software, the GPU can be used. This is an advantage for beginners as they simply have to enter the username, URL and password, select the mining pool and the computer hardware will be automatically defined.
You can download it from this site and quickly install it on your PC.
Geth was developed by the same team at Ethereum and is considered by many to be the original mine. Geth allows funds to be transferred between different directions, to show the history of other blocks and to create contracts. It is compatible with Windows; Mac and you can download it here.
Phoenix Miner is a relatively new mining program from Ethereum. The latest version supports dual mining, which makes simultaneous Ethereum and Ubiq (UBQ) mining possible.
You can find the guide and the download link here.
Mining Ethereum with the pools
Due to the large number of ETH token miners, the more complex the activity, the greater the reward for a mined block.
Thus, each miner has very little chance to solve the equation and obtain the reward.
That’s why many use the mining pool. A mining pool is a group of miners who share the efforts and rewards of crypto mining activity.
Technically a mining pool is a server that divides a mathematical equation into smaller equations and distributes them among the connected computers. When the participants in the pool solve the equation themselves, the reward is also distributed among them.
The Ethereum mining pools considered best according to poolwatch.io are
When choosing a mining pool, we recommend that you consider the following factors:
- Hashrate of the pool
- Pool reputation
- Commission rate
As you can see, there are many ways to mine the Ethereum and the mining process is definitely not the fastest way to get this token.