You want to be an expert in Ethereum mining, but you do not know how to start and be profitable. No problem, we offer a guide that will allow you to achieve it without any problem.
Choosing the right equipment
You will not be able to start the activity of Ethereum mining in right conditions if you do not have the right equipment. You still need a high-performance computer, with a powerful graphics card and recent, and a video memory of at least 3 GB. For the graphics card, RX470 and RX480 models we seem to be the best compromise between efficiency and power consumption.
However, you will need to equip different software. You will need an online wallet that will allow you to receive and store your cryptocurrency. But you must also have a performant software for Ethereum mining. Currently, the best software for mining Ethereum is Claymore Dual Miner. Its main advantages are its excellent stability, its compatibility with AMD cards as well as Nvidia and it offers a large number of settings. However, to ensure you receive the Ethereum you’ve mined well, you need to make sure you match the address of your wallet and your mining software.
Ethereum mining, calculate profitability
You have to figure if Ethereum mining gives you enough money to make it profitable. You have to earn more money than you invest. The expenses incurred by Ethereum’s mining are the purchase of equipment and your electricity consumption. Besides, the revenues generated by Ethereum depend mainly on two factors:
- The difficulty of mining is an essential factor since the higher the level of mining, the fewer ethers you will get. As a general rule, the more miners on the market, the higher the difficulty level of mining;
- The value of Ethereum is also an important factor. While it may not be possible to forecast the evolution of Ethereum’s value accurately, you still need to anticipate it and keep a margin of safety so that a sudden drop is not too severe.
Choose how to work
You must define how to work. If you work alone, it will be more challenging to make money, and you will take more time to generate your first earnings. However, you will keep the entire Ethereum that you mine. Otherwise, you can register on a mining pool. This option will allow you to pool efforts, but also the gains. That is, you will miner more ethers, but the profits shall split among the different contributors to the pool. Also, mining pools typically take a fee of 1 to 10 percent of earnings. If you want to start working with a mining pool, we can recommend the site Genesis Mining, which is very reliable and allows you to mine many crypto-currencies
What you must remember
Before Ethereum mining activity, you must check if it is profitable and equip you properly.
You must also choose whether you prefer to work alone or via a mining pool.
To mine Ethereum through a mining pool, we recommend using Genesis Mining.