The best way to do Ethereum mining is by joining a mining pool as it is much faster to find blocks and earn ethers into your wallet in a group rather than do it individually. Before going into the benefits of joining an Ethereum pool, check if you are prepared with the following requisites.
It is a program that acts as a communication link between your computer and the Ethereum network. Any information in the Ethereum network like a block being mined is passed on to your GPU or CPU by Geth for mining. Unzip Geth and move it preferably to the c drive on your hard drive.
Create a new account using Geth. Press enter and you then must enter a password. Be very careful in typing since you cannot view what is being typed. Reconfirm password. Search for the rest of the Ethereum network using Geth.
- Get an Ethereum wallet.
- Then you must download the software.
- Join a pool
- Run you miner and
- Get more ether than what you pay for power.
You need an address:
You need a wallet for you to receive and send ether. There are many wallets available including an official Ethereum wallet. These wallet providers offer you a wizard to create your wallet account which comes in the form of a long list of numerals, alphabets, special characters etc. Create a strong password. It is permanent and if you lose it you are likely to lose your mining money. It is important you note it down or create a copy lest you lose it. Once the wallet is created you can inform your pool where they can send your money. Your mining host will sync the blockchain for you.
You must connect to a pool:
Start ethminer. It is a Ethereum GPU mining worker which starts from cpp-ethereum project where GPU mining has been stopped and goes on to improve upon the work discontinued in Genoil’s fork. Make sure you have the latest and updated version of the Ethminer. Download and install it. Windows server users may get a warning message as it does not support the software. You must click on Okay prompt.
Since you now are ready with an Ethereum address and you have completed the installation and your Ethminer is up and running ask ethminer to connect to your mining pool. You must now give your wallet address to the mining pool for others to know where they should send your mined altcoins.
Choose an Ethereum mining pool. It can be a tedious task to search for the perfect one. Add your address to their URL and type the command. You are then connected and you can start receiving ethers to your mining address.
Picking the right mining pool is important as it can help you get payouts more frequently than only getting after you solve an ether block which can sometimes go on for days together.
Ethereum cloud mining
It can be a little difficult to mine Ethereum on your standard computer more so if you are not technically skilled. You could save time and energy focusing on mining by using the services of third-party providers who will manage the infrastructure on your behalf.
There are several providers who offer cloud-based mining. They offer you a one year contract and from then there is no maintenance fee for you to bother about. In the cloud, you have guaranteed uptime of nearly 100 percent. Even if one miner goes offline for some reason, your provider will automate them on the other active machines.
To join a cloud mining pool, you must purchase shares online. Choose from any one of the plans, pay for the plans you choose and once done start mining. Your provider signs the contract for one year and takes complete responsibility for all the infrastructure, and maintenance tasks. They will provide all hardware and software, pay for licenses, while you focus on mining and collecting your mined coins.
You have many upfront savings when you join a cloud mining pool. There is no need for any mining computer; you save on high power bills, no issues of purchasing, installing software or any licenses. You do not need to be an expert in mining to join the pool. The other advantage of joining a mining pool is you get daily payouts. Your investment initially is on purchasing of hashing power and once you do that the one year contract is signed.