Crypto Mining is one of the highly profitable streams. Ethereum mining above all has turned out to be the best income source in terms of crypto mining. However, before we learn about Ethereum mining let us learn about what is crypto mining?
Ethereum Mining: What is Crypto Mining?
Crypto mining is the process of creating new coins or in other words, it is the process of validating a cryptocurrency transaction. As we know every crypto transaction is public therefore, each record needs to be validated in order to prevent fraudulent transactions. Crypto mining helps in validating each transaction.
Ethereum Mining: Different Types of ETH Mining
Ethereum uses a proof-of-work (POW) mechanism. It involves miners from around the world using their time and processing power to solve cryptographically hard puzzles. Here are different ways of ETH Mining:
CPU Mining: This is the most common way of ETH mining. Anyone in any part of the world having a computer can use their computer to mine Ethereum.
GPU Mining: The GPU, or graphics processing unit, is a part of the video rendering system of a computer. The GPUs offer a far more stronger system for mining than the CPU.
FPGA Mining: FPGA or Field-Programmable Gate Array Mining is the next step from GPU mining. FPGA’s excel at any task that can be done in a parallel process, such as a mining hash to create an output resulting in a successful hash.
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Ethereum Mining: Hardware Requirement for ETH Mining
The hardware requirement for ETH Mining are:
- Hard Drive
- Power Supply Unit
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Ethereum Mining: How To Mine Ethereum?
Step 1: Create an Ethereum wallet
The very first step to ETH Mining is creating an Ethereum wallet account. There are a number of Ethereum wallets some of the popular ones are Metamask, MyEtherWaller.
Step 2: GPU drivers
To make sure that your GPUs work as efficiently as possible, it is important to install the latest available updates provided by your GPU manufacturers. AMD or Nvidia are some of the best GPU manufacturers.
Step 3: Mining Software
Ethereum Mining depends also on the mining software that you prefer. Claymore is one of the popular mining software.
Step 4: Mining Pool
You can mine Ethereum individually or by being a part of mining pool.
Step 5: Collect your rewards
After having mined for some time, go to your pool’s webpage to check your earned mining rewards. Copy – Paste your public Ethereum wallet address into the search bar to get an overview over your mining rewards. Depending on the pool, you can either claim your rewards manually or they get sent automatically to your wallet.