How to Mine Ethereum: Recommendations and Tips for Newbies
Mining is one of the popular ways to earn cryptocurrencies. With the crypto industry getting fuelled each day, people are keener to learn about mining ethereum.
This article explains the simplest way for beginners to mine Ethereum. It also elucidates what ethereum is and whether it is worth mining this crypto or not.
What is Ethereum?
Ethereum is a decentralized, open-source platform based on blockchain technology. Ethereum allows you to write codes for controlling money and building applications that are accessible globally.
Ethereum is similar to Bitcoin, but it goes a step ahead by providing developers with a resourceful platform to build blockchain applications.
Is Ethereum Worth Mining?
Before you explore whether mining is a good bet or not, you need to know what mining is.
In simpler terms, mining is a process of creating new units of individual blocks – or cryptocurrency to be added to the blockchain by computing complex mathematical problems. The goal of mining is to secure and validate transactions on the Ethereum blockchain.
Now let us find out why it is good to mine Ethereum:
- Mining is a cheaper alternative to seek entry into the Ethereum market, without investing in buying coins.
- Ethereum can be exchanged for Bitcoins. This is an economical way to strengthen your holding in BTC because in terms of value and position BTC is higher than ETH.
- You can easily sell ETH for cash on several prominent crypto exchanges in India
- ● Having a strong position now, when Ethereum is in the Proof of Work stage will benefit you immensely when it moves to Proof of Stake as you will generate interest on your holding.
How to mine Ethereum?
Technically, there are three different ways to mine Ethereum, which include:
- Solo mining
- Pool mining
- Cloud mining
However, for newbies, it is advisable to opt for pool mining as it requires fewer resources as compared to other methods. Also, it offers a good chance to earn sufficient profits.
Here is a step-by-step process to start ETH pool mining:
1. Check, update and install your graphic processing unit’s drivers. With the latest updates, you’ll be able to generate more profit. So, make sure to keep your GPU updated.
2. Download Ethereum mining software. Go to https://claymoredualminer.com and download the latest version.
3. Join a mining pool. You can find a number of pools but the most recommended ones are Nanopool or Etheremine.
4. Create a digital wallet to deposit your profits securely.
5. Create a miner’s Batch file using the .bat extension.
6. Double-click on the bat file you have configured to begin mining.
7. Congrats! Now, your miner is ready to start mining Ethereum.
8. Keep monitoring your profits.
Conclusion
I hope you find this article helpful. For beginners, pool mining is a sensible option as it does not require a hefty investment in hardware. Well, mining cryptocurrency is not a very simplified process. So, if you decide to buy ethereum in India over mining, you should start checking out the popular crypto exchange platforms from today itself. This is because your crypto trading experience will largely depend on the exchange you choose.
