If you are aware of Bitcoin Mining and if you find it interesting, then you should try your hand at Ethereum Mining and make it a side income. Ethereum mining is basically similar to bitcoin mining as both use PoW that miners undertake to write transactions to a new block and add it to the blockchain.
So, if you want to mine Ether and start your Ethereum project in less than 20 minutes, do read this article as we have every detail you need that cover the topic.
Cryptocurrencies are slowly and steadily changing the way financial systems and online transactions work. Cryptocurrency space is bubbling with activities with Bitcoin hitting its $18 k mark a year ago, hundreds of ISOs conducted in past one year, and a total of $316 billion in the market currently. In fact, the cryptocurrency market cap has potentially grown from $ 50 b to $150 bin over a year. So, all these lead to only one presumption –Cryptocurrencies and its bubble are not going anywhere, anytime soon.
And according to us, the best way to use the space and enjoy some quick monetary gain is by investing in Bitcoins and Ethereum. One can invest in Ethereum in an effortless way on AWS. However, if you want to learn how and what coins are available for purchasing and mining, you can check this amazing post on cryptocurrencies.
If you aren’t familiar with Ethereum, the next few headings will help you out.
Ethereum is an open source software platform that is based on blockchain technology. Through Ethereum a developer can build and deploy different types of decentralized applications. Its ability to support several types of decentralized applications makes it more favorable and advantageous over Bitcoin.
Ethereum has seen a massive growth in 2017, around 230% from the previous year, which has made it the second largest market cap after Bitcoin. So, investing in the second best will only give you more leverage in cryptocurrencies.
However, the only downside we are facing now is the difficulty level in Ethereum mining software as the demand for Ethereum has increased due to the increasing growth in pricing.
Now that you know what exactly you will be mining, let’s talk more about crypto mining.
In simple terms, cryptocurrency mining is like winning lotteries by solving complex math problems. Here miners spend time and energy in decoding or solving complex math problems, provide the answer to the issuer, who verify it, confirm it and reward the miners with a block of Ether. When the mining difficulty increases, it becomes harder to solve the problems.
This basically means fewer rewards and more time to comprehend the game.
As more and more people are joining the Ethereum network, it has become harder to solve the problem, leading to an increase in mining difficulty. Although the current cost to mining Ethereum is high and the returns are quite low, and moreover, the equipment is pretty expensive, everything will become worthwhile in future as the price continues to grow rapidly.
However, we always recommend you to purchase coins before you decide to become an Ethereum miner because mining coins is a space that is filled with uncertainty. So, you may never understand what could potentially come out of your time and cash investment.
The good news is that getting started with Ethereum Mining is now very easy. You don’t have to download complete Ethereum Blockchain, neither do you have to manage heavy command miners with manual instructions. Go through these steps, and we are pretty sure, you will be able to make a real deal.
Your foremost step would be downloading Geth, a computer software program that acts as an intermediary between the Ethereum Network computers and your computer and hardware. So, anytime another computer mines a block, Geth will retrieve the information and pass it on to your CPU or GPU for mining.
You have to move the Geth file on your hard drive by unzipping or unpacking it. It will be moved to your C drive and after that, you can copy and paste the file to your desired location in the pc.
Now you have to run the program you just downloaded. Search the program in Windows with the keyword ‘CMD’ and click on it and run Command Prompt.
Once your command prompt changes in C: / drive, you have to create an account in Geth. For it, you need to type the words ‘Geth account new’ and then press enter. Next, you will be asked to create a password. Make sure you remember your password for if you lose your Ether account password you lose everything in your Ether wallet that is held by a private key.
Once you have created your password and logged-in your account, you are almost there to start mining.
Now all you have to do is start your Ethereum and connect it with the rest of the Ethereum network. Ensure that you allow access for your firewall to permit the synchronization with the rest of the Ethereum network.
To start mining, you would need an Ethereum wallet and join a mining pool where rest of the miners participate. You can generate a wallet by simply visiting https://www.myetherwallet.comand following the steps. By the end of the process, you will have your own wallet address.
There are several mining pools, you can feel free to use any of it. However, Dwarfpool is considered the best for mining ethers.
As Ethereum is easily traded for Bitcoins, mining Ethereum is a cost-effective way to build a position in Bitcoins. And mining can be a great way to fund for a new high-end GPU. ETH can be sold for several major exchanges and is a great way to fill up your bank account or earn a side income.
There is a bright future for cryptocurrencies; brighter than you think. One coin might worth 100x times in the near future, which will totally justify your mining today.
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