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Ethereum (ETH) is the second most valuable virtual currency on the market right after Bitcoin (BTC). At the time of writing, Ethereum has a market capitalization of $ 41 billion and each Ether can be purchased for $ 410 dollars. None of this would be possible if it were not for the extraction of ETH; and the individuals and pools that do this work.
To process transactions and verify that everything works correctly on the network, miners must provide their power to the network. After that, the miners receive a fee in ETH for their work. This way you can keep your network safe and smooth.
And indeed, when the price of most virtual currencies skyrocketed at the end of 2017, investors realized that it was very advantageous to start extracting virtual currencies. But it may not be that easy for beginners to start. In this article we will tell you how to start extracting this famous virtual currency.
How to dig Ethereum?
To start digging Ethereum you will need a special computer hardware that will be dedicated full-time for my ETH. You can use GPUs and start transaction processing. It is not so simple to install one of these devices, and it is not so easy to decide which miner to use, ie which GPU to buy.
The best thing to do is set up a mining rig, which will give you the best hash rate at the lowest possible price. Buying a mining rig means you have more GPUs working together to extract as many coins as possible.
If you want to know the profits you have, you can enter the hash rate and the price you pay for electricity. The calculator will then show the amount of Ether that you will receive at the hour / day / month / year.
Once the mining rig will work, you will need to install a data mining software and a client that will allow you to connect to the Ethereum network.
One of the most important programs is known as geth, which runs an Ethereum node that is written using the programming language known as Go. If everything is installed correctly, you will be connected to the network and you will have an interface to the implementation of smart contracts and the sending of transactions.
Now it's time to install Ethminer. This is the mining software that will allow you to begin the extraction of Ether in a very short period of time. If you have a client and the node you downloaded is part of the network, just follow the instructions to start working with Ethminer.
That & # 39; s All?
Well, not yet. If you have already started, you will notice that you can not earn ETH. In fact, solitaire extraction is a very difficult task that can be achieved once you have an extraordinary amount of hash power.
If you want to start earning a little bit of Ether, you will need to join a mining pool. A mining pool is a mining platform that collects the power of several miners to solve cryptographic puzzles faster. If the pool finds an ETH, the prize will be shared with the miners.
Conclusion
To start the extraction of Ether, you will need a mining facility, software to run the nodes, the Ethminer and join a mining pool. If you have already done so, you can consider yourself a cryptocurrency miner!
If you've gone through the beginner's initial phase and want to learn more about ETH extraction (or other coins), you can read our most complete guide here. [19659017] Tags: eth miners, eth mining, eth beginners mining, ethminer, geth, as per my eth
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