In its general term, crypto mining is the process of tracking transactions that occur using cryptocurrencies and updating such deals in the blockchain digital ledger. Ethereum mining and usage, which is a popular kind of cryptocurrency, has gained so much popularity in the past few years. The growth in demand is as a result of the broader acceptability of cryptos both as a topic for discussion, and it’s usage.
For every completed crypto transaction, a crypto miner is responsible for queuing the details of the transaction into the specific blockchain, and for ensuringthe authenticity of each operation.
Individuals don’t just wake up and confirm the genuineness of crypto operations. A miner who’s able to solve the complex mathematical problems before others get rewarded with being the person to confirm the particular transaction and a specific amount of coins is added to the miner’s wallet in appreciation for the effort of solving the complex mathematical problems. This process of finding solutions to cryptographic functions is what we refer to as bitcoin mining.
The complex solutions to cryptographic hash functions are written down on papers using ink. Each miner requires some sort of resources to be able to carry out this operation. To foster competition among crypto miners, each miner must make use of a computer with specialized software, which is where the crypto mining process takes place. Each cryptocurrency has it’s own dedicated software. Ethereum, which is a popular kind of cryptocurrency, follows this same procedure.
What You Need to Know
Ethereum mining requires the use of dedicated hardware devices. Your CPU (central processing unit) can serve. Using your CPU implies dedicating your computer processor to mining ethers. Alternatively, you can purchase a GPU (graphics processing unit) and install software for mining ethers. Using a GPU would imply buying expensive graphic cards, dedicated to Ethereum mining.
We must mention here that using your computer processor isn’t a worthwhile adventure for mining ethers, as even the least of GPU is many times faster for mining, that your CPU.If you intend mining ethers, get yourself graphic cards. Consider the cost, power consumption, and hash rate performance of any system you intend buying. Setting up several GPUs, called a mining rig, will increase your hash rate performance, and in turn, increase your chances of successful mining.
With your hardware devices ready, and graphic cards installed, your next task is to set up a node to connect you to the network. The process of setting up a node involves downloading and installing the entire Ethereum blockchain and connect to the Ethereum network using either of Geth, MinerGate or Ethermine. Each package has specific ways of connecting to the Ethereum network, and you’re free to use any pack that works for you the best. For instance, using the Geth package requires making use of the command line prompt.
When you successfully set up your node, you’re ready to send smart contracts or mine ethers. But before connecting to the Ethereum system, you’re advised to run a test of your network locally. It comes in handy if you want to test other public networks. Developing a private network where you’re the only user will help you build your mining skills. You’re solely responsible for finding every single block, validating transactions, and making smart contracts.
To make your mining experience as a beginner easier and faster for you, you should join a mining pool. The essence of joining a mining pool is so you’d find other miners with whom you can combine your computational powers, and improve your chances of solving cryptographic puzzles, and thus earn ethers. For each computational problem your pool solves, members get to share the ethers earned, according to computational powers. Joining a mining pool isn’t difficult, as you don’t even require registration to join one.
Our Best Pick of Ethereum Mining Software
A lot of software exists for mining Ethereum. In the same way, other major cryptocurrencies have numerous mining Softwares tagged to their platforms. Ethereum, as one of the primary cryptocurrency equally have a long list of software to its name.
Here, we do our best to give you a list of the best ether mining apps, to eliminate the stress of searching all over by yourself for the software you can use for mining ethers. In no particular order, we present the best Ethereum mining software by user review.
Among others, ETHminer is the software dedicated solely to mining Ethereum, and it’s available for multiple platforms. It’s easy for you to find the software for your platform. Also, it’s useful for mining other coins that base on the Ethhash algorithms.
The ETHminer is entirely a command-line based software, and not doesn’t just work like every other software available on your hardware platform. For the Windows operating system, for instance, launching the ETHminer implies going through the command prompt.
It’s one software that has remained relevant from the time of creation. With support for different mining hardware such as ASIC, FPGA, GPU, among others, it still finds usefulness among many miners. One more unique feature is the fact it’s written as an opensource software that provides support for different binaries as OpenWrt routers, RPi, among others.
CGMiners, also, support multiple operating systems, which is extra credit to its name. This Ethereum mining software allows you to move to a higher hash rate while eliminating delays, while also detecting new blocks for you with ease.
Worthy of mention is that this software gives you the opportunity of joining the mining pool it provides. Here you have a mining software with an excellent user interface for you to enjoy.
Another good thing with BitMinter is you can run it without installation as it can run on mining hardware like ASIC and FPGA. bintMinter is available across various OS platforms.
With the Minergate, you have the capability of mining two different coins, and not affect the hash rate of your leading currency. It’s the very first mining software to offer the ability of mining multiple coins on its platform.
The takeaway point for this mining software is that it has a 24hour support for users. And for any question you might want clarification with, chances are you’ll find that question already asked and answered in the FAQ section of the software.
Initially developed by the staff of Ethereum themselves, Geth is considered one of the most reliable software for mining ethers. The highpoint is your assurance of a regular, bug-free update to keep you up to speed.
With this software comes a wallet, and you have control to see your history blocks, create contracts, and send funds across different addresses. Geth provides support for all major operating systems.
If the command line kind of mining isn’t your thing, then here’s your guy. It provides support for mining ethers without using the command line. You have a user-friendly interface from where your ether mining can smoothly operate.
With EasyMiner, you’ll get a realtime stats update of your performances, like your approved and declined hash rates, your total share within a time frame, and your earning ability. A plus for you is that you have the chance of mining other coins using this software.
Running a mining software without having to run one of those ASIC chips is something the Miner-Server can do for you. Over the years, it has continued to gain popularity among coin miners. Not to forget, it’s one software anyone can use.
One more feature it brings with it is the availability of various hashing powers, from which you can choose and use what suits your needs the most.
Is it Worth Your Time Mining Ethers
If you’ve been keeping up with trends, you will notice that the mining difficulty for ether reduced in the recent past, making it easier for a miner to solve blocks, and in return, earn coins. This easing in mining difficulty wasn’t a trend followed by most other popular cryptocurrencies.
In response, so many new miners joined the ether mining network and thereby increasing the competition. Not minding the game, prices of Ethereum has continued to go up, which implies more substantial profits for you when you earn ethers. However, mining difficulty for ethers has continued to increase in recent years.
Plans are on, however, by the Ethereum team, to replace the proof of work with tokens ownership. If this transition happens, token owners will then have the power and responsibility of confirming transactions and taking such abilities away from miners. If their plans follow accordingly, new tokens are going to come, depending on the stake of token owners, which is defined by their wealth.
The proposed shit could have affected the mining difficulty for ethers. At full implementation, miners can only receive transaction fees for completed transactions, and not being able to get block rewards as currently obtained. With an uncertain proposed future, it’s difficult to determine if going into ether mining is worthwhile.
All the software discussed is good for ether mining. However, the effectiveness of your mining result depends mostly on the hardware you’re using, your mining pools, and your computational skills. All of these add up to determine how much you’re able to earn from mining Ethereum.
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