Ethereum has fast become one of the most popular cryptocurrencies out there. In short, Ethereum is a decentralized (meaning it cannot be controlled or regulated by any one entity) block-chain platform where you can buy, sell and trade this cryptocurrency. It is also a platform where developers can create and distribute apps without any regulations or third-party interference. But, Ethereum has also caught the attention of the multi-billion dollar gaming industry, attracting big names like Square Enix (founders of Tomb Raider). Popular opinion says that Mining Ethereum has become one of the most profitable ways to earn for a while now. That being said, get a cryptocurrency education to start mining Ethereum in an easy and uncomplicated way.
Get the Hardware
To start mining, you’ll firstly need the gaming equipment that can accommodate the process. The hardware you’ll need is called a Graphical Processing Unit, in short, a GPU. When buying a GPU, check the hardware’s hash rate before purchasing it. The hash rate refers to the speed at which the device operates. This is very important, seeing as mining Ethereum will basically comprise you being able to get rewards by answering questions faster than anyone else – so the faster your hash rate, the better your chances are of acquiring Ethereum.
Create a Wallet
You’ll need an Ethereum wallet to store your Ethereum in when you earn it, this is a very easy and uncomplicated step on your path to mining the cryptocurrency. Having a wallet will enable you to see what your balance is, transact and also manage everything from one location. The wallet also doesn’t have control over your Ethereum, it’s basically just keeping your belongings safe.
Ways to Mine
There are three ways to mine Ethereum:
- Cloud mining – paying someone to mine for you, you’re basically paying them for their time they would’ve spent mining for themselves to mine for you instead.
- Pool Mining – this method refers to working alongside other people in a team where everyone is mining individually, but if someone mines a block, everyone shares in the reward.
- Mining Alone – This may seem the most logical option, but mining alone means you have to compete with a lot of people as well as businesses with loads of resources and win to successfully mine Ethereum. The point is with this method, the odds are much slimmer than with the other methods.
Out of the three, Pool Mining is the most recommended.
Install Mining Software
The obvious software to use would be claymore. By installing the software, you’re allowing your computer to mine Ethereum for you round the clock. Be sure to check every now and again how much you’ve mined – this is where things get fun.
Once you’ve successfully mined Ethereum, you can now sell and trade this cryptocurrency on other platforms. Trading ETH is a whole new and fun experience on its own, and there are platforms to assist you with any questions or needs you might have. If the whole mining Ethereum setup isn’t for you, you can simply buy Ethereum as well. Whatever you choose to do, best of luck out there!
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