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Beginners Guide to Ethereum Mining in 2.Last updated on August 1.Getting Started with Ethereum Mining the video guide.The good news is that getting started with Ethereum Mining is now easier than ever.You do not need to download the full Ethereum blockchain, which is now over 2.GBs and still growing You also do not need to manage clunky command line miners with manual instructions.For purposes of this guide, we are going to do a detailed walk through of setting up and using the very popular Claymore Miner.Get the current version here from Claymores original Bitcointalk thread and then follow along with the steps in this video.The whole process of getting a wallet setup, downloading your miner, configuring things in Windows and setting up your batch file to run should take less than 1.If youre new to mining Ethereum, this guide covers all the important facts in a simple, low jargon way.Lets start with some short answers to common questions about Ethereum mining Q Why should I mine Ethereum tokens aka ether or ETH Ether take up a lot of electricity A If done properly, more money is earned by selling mined ETH than is spent on electricity.In other words, its profitable You can check out the profitability with our Ethereum mining calculator.Q Can I mine with my CPU Personal computers processor instead of an expensive graphics card GPUA GPUs are so much faster that CPU mining is no longer profitable or worthwhile.Even entry level GPUs are about 2.CPUs for mining purposes.D8HKUI2tAoQ/0.jpg' alt='Bitcoin Miner For Windows Bonus Miners Instructions Form 2553' title='Bitcoin Miner For Windows Bonus Miners Instructions Form 2553' />Bitcoin Miner For Windows Bonus Miners Instructions Form 8962Q Whats the best GPU to use for getting the most ETH for the least electricity A AMD cards tend to edge out similarly priced NVidia cards in terms of efficiency.We cover the best cards to get under the heading GPU Hardware further down in this post.Q Why point your GPU towards a mining pool as opposed to solo mining A Unless you throw a fortune into mining hardware, your odds of generating ETH on your own are low.Pool mining allow you to earn ETH in a regular and predictable way.Q How do I get started with mining Ethereum A If youve got a suitable GPU with at least 3.GB RAM, its a quick and painless matter of making some tweaks in Windows, installing the mining app then entering a few settings from your chosen pools website.Further details are available in the Getting Started with Mining section.Q What miner should be used to easily mine ETH A Previous versions of this guide referenced an old program Aleth.One that is no longer in use please see Step X where we discuss using the Claymore Miner.Q What are the OS requirements for mining A This guide covers using Windows 1.There are also various distros of Linux that can be used not covered here.But Windows is the easiest to configure and get up and running fast.There is no Mac version at this time.Q The Ethereum Mist wallet is not syncing for me, can I use any Eth wallet address for mining A You can use any ETH wallet address for mining, but some exchanges do not allow mining or do not allow very small deposits so double check with the site if mining directly to a web deposit address.A good alternative to downloading the full Mist wallet and Ethereum blockchain is My.Ether. Wallet. com, which still allows you to manage your Ether wallet address and maintain control of your private keys which is important for security andor wallet backup and restoration if needed.Q Aside from the GPU, what are the rest of the system requirements for my Windows Mining RigA There could be a very lengthy post on all the hardware requirements and considerations, but to cover the important things at a high level, here are some primary considerations Your Windows 1.OS should be a 6.You want to get a motherboard with enough PCI E slots to support the number of cards you are running.If using more than one GPU, youll want to get a powered pci e riser for each additional GPU For Power Supplies, you want to double check that your PSU has enough connections to support the number of GPUs you are running and enough overall wattage to support your total system power draw and to give yourself some buffer of at least 1.A helpful site for identifying how many 6 or 8 pin PCI E power connections your GPU will require is here Realhardtechx.Pro Tip if building multiple rigs stick with the same brand PSU as you can use extra cables on your other systems if needed e.I use only EVGA G2 PSUs so if I have extra VGA, sata or molex cables from one build I can use them on another build.You want to get a simple low end CPU and at least 4.GB of RAM Tip make sure your motherboard, CPU and RAM are compatible i.LGA 1. 15. 1 motherboards need an 1.CPU, and DDR4 RAM LGA 1.CPU and DDR3 RAM Dont forget a power buttonPick up a simple PC power button switch which connects onto the headers of the motherboard so you can turn your system onoff A standard keyboard, mouse and monitor are needed.If managing your rig remotely not covered here in this beginner guide you will want to get a headless hdmi dummy plug to plug into your rig so it boots into Windows properly for remote access.Q What are the other options for mining Ethereum like with specialized ASIC hardware, gaming laptops, or Virtualized environments A As long as your system meets the general requirements and has at least one GPU with at least 3.GB of RAM, you can mine Ethereum.Some Gaming laptops do have high end cards, but with the considerable heat generated from mining there could be other impacts to your laptop so its best to go with a desktop build.Virtualized environments that you can rent usually do not have enough powerful dedicated GPU in them, or are simply not profitable if they do.There are currently no ASICs for Ethereum as it is designed to be an ASIC Resistant Proof Of Work hashing algorithim, so if you see ads for one RUN.ASICs are still profitable for mining some coins Bitcoin, Dash and Litecoin, but for home built Mining Rigs, Ethereum and other altcoins are still profitable to mine whereas Bitcoin is not profitable on a home pc even with many powerful GPUs do the Bitcoin ASIC technology available.Q I cant seem to find any good GPUs for sale can I just try out one of these Cloud Mining sites Im seeing A 9.Cloud Mining sites are Ponzi schemes or fractional reserve Ponzis.Even though there are a few that have been around a long time, there have been no 3rd party audits of the hashing power sold and profits are usually very low unless you are promoting heavily and getting others to join in another red flag of ponzi related activity.Short Answer Our advice is DO NOT buy into Ethereum Cloud Mining sites or related Deposit InvestmentHYIP programs.Here are some good reasons to mine Ethereum Mining can be a great way to subsidize the purchase of a new, high end GPU or two or three.As Ethereum is easily traded for bitcoins BTC, its a cheap way to slowly build up a hodling position in Bitcoin.Many influential people are very bullish on Bitcoins prospects for 2.BTC can be easily sold for cash so, indirectly, mining ETH can be a good way to fill up your bank account or earn cash. 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ETH can also be sold directly on several major exchanges, such as Bitfinex, BTC e, Kraken, Gemini and Coinbase.Mining can be a cheap entry ticket to the Ethereum markets, loved by traders for their high volatility.If youre a good and or lucky trader, you can maximize your profits.Building a large ETH position now, in the Proof of Work mining phase, will enable you to earn interest on your holdings if when Ethereum switches to a Proof of Stake.If you believe in the Ethereum concept despite the failure of the DAO and doubts regarding the viability of Ethereums approach, you can support and gain voice in the Ethereum network through mining.Some of the above terms in bold probably require further clarification for cryptocurrency newcomers.Lets start with the Ethereum blockchain the distributed digital ledger which you actually mine.Ethereum Blockchain Basics.All transactions in Ethereum and other cryptocurrencies are encapsulated within discrete blocks.These blocks are comparable to the batches of transactions which banks send to each other, except in Ethereum they occur every 1.Blocks are identified by their height, starting from 0 and incrementing sequentially until the current block. |
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