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If you want to take part in Ethereum mining, you first need to make a number of preliminary considerations
Ethereum mining: the hardware you need
If you want to mine Ethereum yourself, you need a powerful PC. The focus here is on the graphics card and RAM.
- Mining places particular demands on the graphics card. So you should definitely invest in a powerful GPU. The processor should also be good, but is of secondary importance. You can get started with 4GB RAM or more. Beyond that, the more the better. A stable and continuous internet connection is also important
- In any case, you should join a so-called mining pool such as Nanopool or Ethermine (the latter only for Ethereum Classic). Here, the tasks to be calculated are divided between several computers. Although you also have to share your profits, without a mining pool you will have to wait a very long time for your first earnings if you don’t have an entire server farm at your disposal.
- Alternatively, you can also use cloud mining. You rent the necessary equipment and only pay for the time you use it. Whether this is currently worthwhile depends on many factors. In any case, you should include the costs for the infrastructure in your profit margin.
Ethereum mining – how it works
Before you can get started, you need to make a number of preparations:
- Create an Ethereum wallet, for example on the website MyEtherWallet.com or Keystone.
- Download an Ethereum mining program to your PC. Such programs include ETHminer or Claymore Miner.
- Now you need to adjust your Windows settings. The virtual memory size must be at least 16,384 MByte. Deactivate sleep mode in the Windows energy settings and Windows updates. If you use antivirus software such as Windows Defender, add an exception for your mining program
- In the mining pool you have selected, edit the .bat file according to the instructions for the mining pool
- If you want to start mining, start the .bat file.
Is mining worthwhile?
Whether mining Ethereum is worthwhile depends on many factors.
- First consider the acquisition or rental costs for the required hardware.
- Electricity consumption and the price of electricity are also decisive factors in calculating profitability.
- The hash rate describes the number of hash operations in a period of time and therefore the computing power of your computer or network. The greater your share of the total hash rate, the more revenue you can expect.
- Of course, price fluctuations also play a role.
- You can find a simple profitability calculator on Etherscan.
