![]() ![]() Here’s our three-step guide to getting going: These days, mining Ethereum is really accessible – a far cry from the command line interfaces of the past (although the old applications still exist if you want to go deeper). How to get going and start mining Ethereum today It can subsidize the cost of a high-end GPU - Although the profits aren’t huge these days, it will help pay back that expensive gaming graphics card.You’re a believer – by mining you contribute to the stability of the network and become an active part of the community.It’s an easy way to get ETH – hobby mining is a low risk, low cost (at least to start with) way of obtaining cryptocurrency and getting involved in the crypto movement.You can easily buy Ether on cryptocurrency exchanges, but mining is different. Anyone can try it – but to be profitable, you need an up-to-date GPU, or a dedicated GPU mining rig.īut why should you make the effort to mine ETH? ![]() This has sparked debate among the Ethereum community regarding whether its proof of work algorithm should be changed to resist such technology - it’s a big potential change to the estimated $655 million annual market for Ethereum’s mining rewards.įor most of us, mining cryptocurrency will be an activity undertaken using GPUs – either the one built into your computer, or on a gaming card such as those from NVIDIA or AMD. This is partly thanks to increased participation, and partly because of the development of powerful dedicated Ethereum mining hardware in form of Application Specific Integrated Circuit (ASIC) systems from the likes of Bitmain, such as the Antminer E3.ĭue to their massive potential hashing power, and the large corporations that build and run them, ASICs are considered a threat to the decentralization of the network. Despite a large decline in the price of Ethereum since early 2018, the hash rate has still stayed high. With Ethereum, whoever solves the equation first is rewarded with 2 ETH (recently reduced from 3 ETH) as well as all the transaction fees known as “gas.”Īs ETH increased in price in 20, so too did the Ethereum Hash Rate - a number that reflects how much processing power is collectively being used to solve the proof of work algorithm. Computers compete to be the one to validate transactions and are tasked with solving a complex computational equation in a process called proof-of-work. The mining process underpins the decentralization of the cryptocurrency by incentivizing computers to validate transactions on the network. Mining Ethereum works in a similar way to mining Bitcoin, and was designed for a similar reason. GUI mining software has sprung up that makes it really simple to get going and start earning Ether (or ETH), the currency of Ethereum. Complicated command-line mining tools have become easier to use, and streamlined. There’s a drive towards greater and easier participation, and away from the realms of the tech-savvy early adopters. If you’re interested in dedicating computing resources to mining cryptocurrency for yourself, this article explains how the basics on how to begin mining Ethereum, and the different mining software options.Įthereum mining has evolved considerably over the last few years. ![]()
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