(Newswire.net — December 10, 2020) — Ethereum — Is this term new to you but you are interested in knowing the details about it? Then you have come to the right place. Because, in this article, I will guide all the beginners about what Ethereum is, how to mine ethereum, when was it launched, and the most important question that brought you here, how to mine Ethereum. So, do not make the mistake of stopping in between. You need to read my article till the end to know the tips and tricks of mining Ethereum. There you go!
Let’s begin with an introduction to the term Ethereum.
What is Ethereum?
It was officially launched in the year 2015, with a pre-sale during 2014, which received an overwhelming response.
Ethereum is a decentralized software platform. It is based on blockchain and is used for its own cryptocurrency, known as Ether, which is the world’s second-largest cryptocurrency. You may simply call it an open-source computing platform as well as an operating system because it also works as a programming language called Turing complete. You can use Ethereum to write codes. These codes control digital values and work according to the coded program. They are accessible from anywhere in the world.
Let’s Simplify!
It is the global access to digital money that is open for everyone. Your location or trading and marketing background don’t matter. It runs on a blockchain and helps developers to publish and build distributed applications. If you have an idea about Bitcoin or other cryptocurrencies then you may understand it better by comparing the two. Ethereum is a community build technology that runs around its own cryptocurrency, Ether.
There are a few big differences between both. Both are digital currencies and you do not need any providers or banks to use them but Ethereum can be used for many digital assets because it is programmable. So, it means, Ethereum is a lot more than mere payments. It is more like a marketplace for decentralized finance-related services (DeFi), digital games, software, and decentralized apps called dApps.
It is really important to have a thorough understanding of the core properties and definition of Ethereum before we jump into understanding how to mine Ethereum. So, let’s move on to the mining process without further ado.
What is Ethereum Mining and How to Mine Ethereum?
If you are interested in earning consistent profits and have a better understanding of cryptocurrency, then Ethereum mining is a good idea, because it is one of the easiest cryptocurrencies to mine.
Set Up Your Equipment.
First things first. The most important thing before getting started with Ethereum mining is setting up the appropriate equipment you will need. Your first requirement is a high-end computer to get started because Ethereum mining needs some necessary hardware that is Graphic Processing Unit (GPU). You need to ensure that your computer has the latest software drivers and an efficiently working Power Supply Unit. You can use any modern operating system such as Windows 10, MacOS and Linux.
The other requirement is a crypto wallet. If you have a mining-specific software then it may have a built-in crypto wallet. But having a personalized wallet is the most secure way to hold your cryptocurrency. There are many softwares available online where you can get your own Ethereum wallet to start mining.
Let’s Start with the Easiest Way of Mining Ethereum
If you are a beginner and you do not have enough understanding of the technicalities of this Ethereum, then Honeyminer is the all-in-one answer to your mining questions. It helps you to automatically join the mining pool. After installing Honeyminer, you can get regular payouts of the revenue generated through mining. This software will make use of the best available hardware to automatically mine the best cryptocurrency including Ethereum. It is important to keep in mind that Honeyminer will mine the most profitable Ethereum of that time and convert the revenue into Bitcoin. One drawback of using this platform is that it takes an 8% fee for the 1st GPU and 2.5% for additional GPUs.
Advanced Ethereum Mining
Commonly used software for advanced Ethereum mining are
- GMiner
- Lolminer
- Phoenix Miner
- Ethminer
For each of these softwares, you can use advanced settings, for example, caching and efficiency, customization for the use of memory. The advanced options available in GMiner, Lolminer are available for ethereum miner support for pool mining and optimize memory timings that increase performance by 10-20%. Similarly, each of these top 3 mining software has its own advanced features.