As newcomers continue to scramble for their share of the crypto pie, Ethereum promises to be one of the most profitable coins to own. There’s a lot of good reasons too.
For starters, it’s not only a currency but a decentralised platform for “smart contract” apps – in theory, a way for apps to run without downtime, fraud or third party interference. It’s also backed by an incredibly skilled group of developers, including Russian programmer and ETH creator Vitalik Buterin, whose vision was a “censorship-proof planetary scale computer”.
Because the Ethereum blockchain focuses on running programming code, as opposed to Bitcoin’s specific use as a P2P digital currency, Ethereum miners work to earn Ether (ETH), a token used to fuel the Ethereum network. To put it simply, ETH is used to run apps and execute smart contracts.
Also check our link: https://coinjoker.com/ethereum/
Why mine ETH?
ETH is one of the most popular crypto, and looks to grow even more, as more developers and startups deploy apps and run smart contracts on Ethereum. It already is the largest altcoin in circulation, and has been moving up to Bitcoin in terms of market capitalisation. Price-wise, it is currently hovering around $250… and if it catches up to Bitcoin’s potential, there’s no reason to doubt that it could match and even exceed Bitcoin’s value. From a profiteering perspective, you stand to gain much more from ETH in terms of percentage gains.
Bitcoin mining difficulty has also reached ultra-high levels, with profitable mining only achievable using expensive, specialised equipment. ETH mining, however, is still relatively accessible to the home user and is quite easy to set up! You don’t need to download the entire blockchain (currently over 20 GB!) and you don’t even need to operate clumsy line miners manually.
How do I start mining ETH?
To get set up quickly, you need basic equipment. Of course, this means a monitor, keyboard and mouse. Here’s a quick guide to the rest.
Make sure you have the right hardware. This all begins with a graphics processing unit (GPU). Even an entry-level GPU is hundreds of times faster than a CPU, but aim to get a minimum 2GB memory GPU. The Ethereum Community recommends AMD. You can find a good comparison of cards together with their hashing speed here: http://22.214.171.124/~mining/list/
Try to go for 5 GB RAM if you intend to multi-task, otherwise strictly mining requires a min of 4GB.
If you went with the Asrocks mentioned above, an Intel Celeron G1840 should be the minimum and will fit the motherboard.
Motherboard and riser cables
Obviously, get a motherboard that has enough PCI slots to support the GPUs you plan on using. The Ethereum Community recommends Asrock H81 Pro BTC and Asrock H97 Anniversary. They’re not expensive and can each support 6 cards with 5 PCIe x1 slot and 1 PCIe x16 slot.
Calculate the electricity you need by totalling the wattage of each card (CPU + GPU) plus the rest of your rig. To be extra certain you have enough juice, add in about 200 extra watts. Then, get a power supply with cables. For the above set up, with 6 GPUs and 1 CPU, a 1,000-watt power supply should be enough.
These come cheap nowadays, so go ahead and invest in an Intel 80GB SSD (currently $60).
Clients are the software that lets you connect to the Ethereum network. There are many to choose from, such as EthMiner, GenoilMiner and Claymore Dual Miner. Make sure you have the right version of Windows before downloading and installing the client. Curious about clients for other OS? Check them out here.
Once running, you’ll want to point your miner to a pool. You can always try mining on your own, but if you followed our setup, you won’t have a rig powerful enough to mine any ETH. By joining a pool, you add your computational power to it, increasing chances of solving cryptographic puzzles (mining) and share in the ETH rewards.
The Ethereum Community recommends using EthMiner client to point to nanopool. Simply edit the start.bat file in the client to look like:
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
ethminer -M -G – http://eth-us-east1.nanopool.org:8888/YOUR_WALLET/YOUR_WORKER_NAME
YOUR_WALLET = your ETH address
YOUR_WORKER_NAME = the name you gave your rig
Run the .bat file and you’re already mining! Want to try an alternative? Follow this simple video guide to mine with the Claymore client.
Also some helpful tips.
Set your rig to turn on when power is connected, AND set your miner to run on startup. Just google run on startup. It’s a must and you’ll love it when your power goes out and you’re not home. When your power comes back on, your rig will turn on and start mining again.
Use a remote desktop.