How to Do Ethereum Mining?

How to Do Ethereum Mining?Ethereum is a word. that hides a platform for blockchain-based decentralized applications, the brainchild of Vitalik Buterin, and a cryptocurrency, which has secured second place in the world ranking. Today we will talk about the features of Ethereum mining, ETH profitability, and other indicators that are relevant for 2020.

What is Ethereum

The developers are positioning Ethereum as a blockchain platform for applications. This is confirmed by the inscription on the project’s website and a bunch of world-famous games. The most popular of these is Crypto Kitties, which users have spent millions of dollars on.

Hodlers see Ether primarily as a cryptocurrency. Today it sits in second place on the revamped CoinMarketCap with a market cap of $ 28 billion.

The course is $ 255 as of February 20, 2020. There are more than 109 million coins in circulation, which are traded within a day for $ 23 billion.

Where to buy Ethereum

Only Bitcoin is more popular than Ethereum, so you can buy the first one almost everywhere. The main thing is not to buy coins from your hands, as a resident of Obninsk once did.

 

Ethereum is traded on at least 400 platforms. The most popular are Bitfinex, Binance, GDAX, Huobi, and OKEx. Trading volumes on each of them amount to hundreds of millions of dollars per day.

Ethereum (ETH) Outlook

There are real developers behind Ethereum, led by Vitalik Buterin. The project is being actively promoted. We are not talking about loud statements for the sake of a pump, but about real actions that users benefit from.

The closest and also the loudest update is the transition to Proof-of-Stake, which will allow you to earn from shares of 32 ETH. Read all the details of the update and possible disadvantages of the solution in this article. True, they have been talking about this for a long time, but everything never comes to the transition.

Ethereum Wallet

Traditionally, you can store small amounts of coins on exchanges. For confidence and invulnerability before hacking the exchange, we start more reliable wallets. This is what the developers recommend.

Ethereum Mining (ETH)

Ethereum mining refers to the Ethash / Dagger-Hashimoto algorithm. Digging a coin will allow AMD and Nvidia video cards with 4 GB or more.

Another option is ASIC miners. Bitmain and other vendors are making them today. For example, the profitability of the Innosilicon A10 on Ethereum is described in this post.

What is Ethereum Mining in Real Life

Ethereum is the most popular altcoin that mines at least 10 million GPUs. Alas, buying a farm with 8 GPUs is unlikely to allow you to become a millionaire. But getting a constant income, mining with other miners in the pool, will work out. We do not recommend going into solo mining without a large number of video cards.

How to mine Ethereum – solo or pool? Ethereum mining calculator

The thought from the last paragraph will be confirmed by the calculator 2CryptoCalc. Let’s say we have one farm of eight GTX 1070 cards. In theory, it will make it possible to find one Ethereum block every three months. The calculator recommends going into solo mining only when the farm can find more than 2-3 blocks per day.

For example, here are the results for ten farms with eight GTX 1070 graphics cards.

Most likely, you won’t be able to make money solo. But on the PPLNS pool, together with other miners, the income can be a little less than $ 49.

Ethereum (ETH) Mining Profitability

The profit from mining is also calculated on 2CryptoCalc. Here are the results for 300 Nvidia GeForce 1070 Ti graphics cards. The income per day will be slightly less than $ 181.

This is approximately $ 5427 per month.

The difficulty of mining Ethereum

The difficulty of the Ethereum network is 2.21 Ph. The indicator balances the number of miners online with the time of block mining. Thus, changes in difficulty allow conclusions to be drawn about the popularity of the coin among farm owners. As soon as there are fewer earners, the difficulty will drop.

Start of mining. Best Ethereum Miner

Today, a solved block gives two Ethereum coins, which are equivalent to $ 506. We also add the commission for transactions in the block on top.

It is very difficult to get such an amount in solo mode, so we recommend digging coins on the 2Miners mining pool. To start on AMD and Nvidia cards, download the latest version of PhoenixMiner or Claymore’s Dual Ethereum GPU Miner from this link. The password for the archive is 2miners.

Ethereum / Ethereum miner settings

The correct settings for Ethereum mining on 2Miners will look like this.

Here’s an example for PhoenixMiner:

setx GPU_FORCE_64BIT_PTR 0

setx GPU_MAX_HEAP_SIZE 100

setx GPU_USE_SYNC_OBJECTS 1

setx GPU_MAX_ALLOC_PERCENT 100

setx GPU_SINGLE_ALLOC_PERCENT 100

PhoenixMiner.exe -coin eth -pool eth.2miners.com:2020 -wal YOUR_ADDRESS.RIG_ID -proto 4

pause

Here is the data for Claymore’s Dual Ethereum GPU Miner:

setx GPU_FORCE_64BIT_PTR 0

setx GPU_MAX_HEAP_SIZE 100

setx GPU_USE_SYNC_OBJECTS 1

setx GPU_MAX_ALLOC_PERCENT 100

setx GPU_SINGLE_ALLOC_PERCENT 100

The 2Miners mining pool also supports ASIC miners.

If you have Antminer E3 or Innosilicon A10 ETH Master, enter the following:

Before starting, change the wallet address to your own instead of YOUR_ADDRESS in the bat-file and run it. Numbers will appear on the screen, among which you can at least consider the hash rate of each video card. Mining has begun – with a successful development of events, new coins will appear in the wallet every two hours.

Yes. In theory, buying five hundred Nvidia 1070 Ti graphics cards on Ethereum would bring in about $ 300 a day. In practice, it can be either more or less. The amount is substantial – with it, the payback no longer seems so long.

How easy is it to mine Ethereum and is it still worth it?

All and sundry are digging the ether. The network hash rate is huge, and so is the complexity. But this can be seen not only from the point of view of high entry thresholds. These features prove the popularity of the coin and people’s belief in its prospects. Why not spend time on a project like this?

At the same time, we still assess the prospects of mining with a cool head. If the power is low, we don’t go solo.

How to mine Ethereum with your phone and laptop?

If the laptop is gaming, it can bring in about one and a half to two dollars a day. The mining principle is the same as mining farms. It is better to forget about digging coins on the phone and leave this business to the Chinese.

Can the same equipment be used to mine Ethereum and Bitcoin?

No, Bitcoin is being mined today only by ASIC miners. Solving the block on video cards will not work with all the desire. Ethereum has the opposite.

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