The second most valuable cryptocurrency available in the market in terms of market capitalization is Ethereum. It brought about a number of changes in the industry, which contributed to its popularity in the market. Therefore, it doesn’t come as a surprise to know that many people wish to mine Ethereum. In order to do so, you first need to arrange the right equipment. Organizing the tools that are needed for Ethereum mining could turn out to be a tedious task for many, particularly for those who have absolutely no expertise in the field. However, as the Ethereum market continues to grow, more and more people are ready to invest in Ethereum.
Even though mining Ethereum is not as profitable as it once was, people can still mine it passively in order to earn a good income from it. But, how do you go about it and is it worth it? Xtrgatescam is here to help you:
Why Mine Ethereum?
After the pioneer cryptocurrency Bitcoin, Ethereum is currently the second-best in the market in terms of value. The importance as well as popularity of Ethereum is on the rise because it is renowned for having a blockchain network of its own. When you mine Ethereum, it is your job to confirm all the transactions that are conducted within the network. The miner needs to verify the operations that take place within the system. This particular process of verification is named Proof of Work.
The main responsibility of the Ethereum miner is to ensure that the network is secure and no one within it is cheating. Complex mathematical equations have to be solved by the miner in order to verify transactions. Doing so helps in creating a new block on the blockchain. What does the miner get? They are rewarded in the form of free Ethereum mining sites. However, one thing you should know about Ethereum mining is that it is not something you can do without the proper hardware and software. Apart from that, you can also find an Android mobile app for Ethereum mining. These mining apps are considered very useful for people who are truly interested in mining Ethereum.
How Does it Work?
If you want to mine Ethereum, you have to figure out how it works. The good news is that it works the same way as that of Bitcoin. The miners repeatedly use computers for solving the puzzle for every block of transaction until a miner wins. The unique header metadata of the block would be run by the miner through a hash function. The miner is rewarded when they find the hash matching the current target.
Ethereum Mining Hardware
To start mining Ethereum, you have to have the best hardware. Before you invest your money in a costly Ethereum mining rig, it is a good idea for you to ensure it is worth the money. If you are unsure, you can choose from the most reliable Ethereum mining hardware. Here is a list that you can use:
- AMD Radeon RX Vega 64
This is relatively new mining hardware that has been introduced by AMD, but it is regarded as one of the best out there. This hardware can be used for mining Ethereumat 33 MH/s while using 200 watts of power. The device’s hash rate can go as high as 41 MH/s.
- Gigabyte GeForce GTX 1070
This is the ultimate Ethereum mining rig that can help you out. You can enjoy a very high hash rate with this hardware and the power consumption is 250 watts. It has been designed for successful mining.
- Nvidia GTX 1070
If you are looking for a budget Ethereum mining rig, you should go for this option. The hardware can give you a hash rate of 30MH/s and it consumes less power.
Ethereum Mining Software
Once you have the hardware, you need mining software and there are some great options you will find. These include ETHMiner, CGMiner and Claymore.
Ethereum Mining Profitability
The good news is that Ethereum mining still remains profitable in 2020. There are some useful features that have sustained the miners and the value of Ethereum is expected to increase. Moreover, the addition of smart contracts and PoS have contributed to Ethereum mining profitability.