How is ETH Mining Done? How Much Does It Earn – You must have a computer with enough CPU power to mine Ethereum. Then you have to open an ETH wallet and then join the corresponding mining pool.
A miner who is fast can generate high ETH earnings per block. In this article, we will provide detailed information about how to do ETH mining with all the steps and how to earn.
Table of Contents
What is Ethereum Mining?
ETH mining, in its most basic definition, is expressed as the process of solving complex mathematical problems. The solution of these mathematical problems is done by miners by spending computer power and time.
Miners, who take part in the verification of Ether transactions and provide the completion of the transaction between two investors by performing the proof of work thanks to the problems they solve with the support of computer power, receive rewards as ETH.
In other words, mining is done both to contribute to the network and to earn money by curing ETH.
How is ETH Mining Done?
In order to mine Ethereum, first of all, it is necessary to create a well-equipped computer, which we mentioned in the previous title. Here are the steps we will follow with this computer:
Thanks to the internet connection on the computer, MyEtherWallet, that is, the web platform of the traditional wallet of ETH, is accessed.
Then click on the “New Wallet” box from the home page. In this area, we will carry out the creation of the wallet required for mining.
One of the suitable wallets on the screen is selected and all requested information is entered on the table that appears, and the command to confirm and backup the wallet is selected.
Immediately after, a new tab is opened on the internet, the Dual Miner Ethereum to Calymore program is accessed from the internet and the program is downloaded to the computer.
- With this step, a file comes to the computer screen.
- This file is dragged into the wallet program file that was first downloaded.
- Finally, the person created on the start.bat file in the folder should make sure that the number written on the wallet is written in the same way.
- All transactions with the wallet are completed in this way.
Now one can start mining ETH. After these adjustment steps, every time the start.bat file is opened from the computer, the ETH mining process starts.
Math problems come to the device and solutions are made with GPU power support. ETH earnings released in the transaction are automatically collected in the opened wallet.
What is the Required Equipment for Ethereum mining?
Equipment to have in Ethereum mining:
- High GPU power,
- 64-bit Windows 1,
- Graphics card with minimum 4GB memory,
- One of the AMD Radeon RX 580 or AMD Radeon VII graphics cards,
- Minimum Intel i3 CPU,
- A high performance and quality SSD,
- Minimum 4GB of RAM,
- A strong electrical connection
ETH mining becomes possible with a computer made up of these hardware . In order to obtain a strong electrical connection, there are socket systems specially produced for market miners.
Is Ethereum Mining Profitable?
While mining, the Claymore Dual Miner program is downloaded to the computer. With this program, you are actually included in a mining pool. Here , ETH earnings are obtained according to the commission rates varying between 1% and 2% over the solutions.
On the other hand, the faster the miner is and the more transactions he confirms, the higher his rate and earnings will be.
For example, the miner who can confirm 1 block for 15 seconds is rewarded with 2 ETH per block. The price of ETH on March 12, 2021 was shaped as $ 1.788.
Earnings in this case are quite profitable. However, the net profit should be calculated by subtracting the electricity expenses incurred for the transaction.
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On the other hand, a miner starting work for the first time can produce 5 Ether in a year by taking advantage of a power limit of 180 MH/s. In this context, profit will be provided according to the varying amount.
Conclusion
ETH mining is a process done thanks to GPU power, and eventually it becomes possible to earn ETH. When miners do this in a private pool, they earn ETH depending on their speed and number of confirmations.
Today, ETH mining is frequently done in large facilities in ETH mining farms. After the completion of the ETH 2.0 update, it will be possible to mine only by locking Ethereum, without the need for high electricity and many devices.