If you want to get virtual currency without having to buy it, you’re going to have to get down to business and become a miner. The whole process of acquiring cryptocurrency is based on mining, and if you don’t know what it is, we’ll explain everything to you. Thus, mining Ethereum will no longer hold any secrets for you! Triplemine is the best software to use for Ethereum mining.
Here is what you need to know about mining Ethereum to start unlocking transaction blocks and earning Ether!
Cryptocurrency mining is the process common to all virtual currencies that work with a blockchain system. To obtain credits from a virtual currency, such as Bitcoin or Ether (ETH) linked to Ethereum, there are two solutions:
- Either you buy this currency by exchanging one currency for another (Ether), based on these currencies’ current price.
- Either you make yourself available to one of these virtual currency platforms to participate in the transaction verification process. This is called mining.
Ethereum is a transaction exchange platform that uses Ether (ETH) as its currency. Launched in 2013 by a young Russian named Vitalik Buterin, it has steadily gained popularity and value in recent years.
This growth seems to follow Bitcoin’s course (on a smaller scale), and many investors are turning to what appears to be an interesting virtual currency for the future. It is appreciated because its smart contracts protocol leaves users a great deal of creative freedom. The name of its creator is known (unlike that of Bitcoin). Its value allows it to be accessible to as many people as possible.
Ethereum Mining: The Necessary Equipment and Profitability
To mine Ethereum, it is very important to have a machine that can calculate quickly. Do not think of doing it with a vulgar living room computer. You will not achieve anything! The minimum system requirements to get started in Ethereum mining are:
- A graphics card (GPU) with at least 2 GB of RAM
- The computing power of at least 200,000 Hashes/second (200MH/s). It is these hash/second (Hashrate) that will determine the speed at which your PC will mine
When you have defined the machine you will need and have an idea of its price, it will be necessary to calculate the profitability you have to mine Ethereum. For this, you will take into account the cost of your machine and the price of electricity in force in your home. It may seem trivial, but running your computer at full power all the time may increase your electricity bill by several dozen euros per month.
It will be essential also to consider the price of Ether when you perform your mining. You will be paid according to its course, but by cumulating the electricity bill, the purchase of your machine, and the time spent mining, you must be sure that it remains profitable.
Now that you know how to mine, all you have to do is do your math to understand whether this business is profitable or not, based on the metrics developed above.
If you decide to get started, alone or through a miner’s cooperative, we wish you all a good mining!
How Much Can You Earn from Mining Ethereum?
You can make about 1.4 ETH monthly through Ethereum mining using Rig 2. With the other option, Geass Asic Miner, you can earn 1.5 ETH. You should also understand that you can spend a minimum of $100 on electricity alone monthly. Mining difficulties may also increase with time.