Crypto Currencies are getting more and more attention in 2017. Bitcoin price is getting higher every month. People talks about mining crypto currency like mad. Ethereum mining is in this situation, which has a very popular position in recent times. Like other digital currencies, mining has made Ethereum a highly profitable digital field. Some conditions need to be taken to make mining. But besides bitcoin mining, ethereum mining is easier and more practical than others. We will explain the information we need to know to make the Ethereum mining.
What is Ethereum?
Let’s first look at what the creator says about Ethereum. Vitalik Buterin, ethereum creator, has made a very clear statement, saying, “Bitcoin is gold and ethereal is gas.” The Ethereum system is a system built on the road with blockchain logic and using a special writing language to develop decentralized software protocols in this operating system. The ethereum system is derived from the ETR, that is, the cryptanalysis. The Ethereum system was opened in 2015.
How to Make Ethereum Mining?
Ethereum mining is easier than Bitcoin mining. It can be easily done with every individual computer. A GPU (graphics card) rig (like computer) must be installed first to make an Ethereum mining. GPU rig is the name given to computers that contain many graphics cards and provide more Ether. Gpu rigs are used in altcoin and Ethereum mining. Bitcoin mining made with CPU but Ethereum uses GPU power on mining, took its place in late 2014.
To learn about Ethereum mining, first it’s necessary to know the definition of Bitcoin. Bitcoin is virtual and crypto are used in virtual shopping. Bitcoin, which has been in use since 2009, has started to be used frequently in the internet world especially in recent years. Once you’ve got enough information about Bitcoin, let’s start giving information about ethereum mining.
Is Ethereum Mining And Bitcoin Mining In Competition?
One of the most controversial issues when Ethereum took its place in the first market was that it would overtake Bitcoin. The Ethereum team has stated in this regard that there is no such thing as a matter of fact. Already when looking at the Ethereum developer team, it seems that they are all developers since the first phase of Bitcoin. Vitalik Buterin, the founder of Ethereum, is also the founder of the Bitcoin Magazine site. In short, there is no competition between Bitcoin and Ethereum, but they are frequently exposed to comparison.
What is Blockchain?
Like every currency, a record of digital currencies needs to be kept. That’s where the block-chain goes in. Block chain is a data structure that represents the record of calculations. In digital currency systems like Ethereum and Bitcoin, every account transaction is digitally signed and no one can intervene in this transaction. Thus, both the account book itself and the account transactions within it are secured.
So where are you in this block chain?
The miners monitor the movements on the network and bring them together in blocks (depending on the wage, the code, and the accounting history of who controls what money).
When you are included in the network and you run your mining software, your computer generates a block (hash) of these blocks using the power of your processor or video card.
A successful casting creates a unique “Proof of Work” (PoW) and proves that the miner is working on the block in question.
If the block is considered valid, the block is permanently included in the so-called blockchain.
The more robust your system, the faster you can process blocks. All transactions in Ethereum are also buried in hidden blocks. These blocks can be likened to the cumulative transactions of the banks. The size of the blocks may vary depending on the amount of trading activity.
Difference between Ethereum Blockchain and Bitcoin Blockchain
Ethereum uses a different hashing algorithm than Bitcoin. This makes it incompatible with equipment specifically developed for Bitcoin mining. Ethereum’s algorithm is called Ethash. This algorithm, which is classified as memory-hard, requires a high amount of memory usage. This prevents the production of ASICs that can do Ethereum mining. The aim here is to prevent the people or institutions that can buy special equipment from distorting the opportunity of equality. We can say that the algorithm is better suited for GPU mining in this context.
Hash Rate, Difficulty and Price
The total network hashrate (i.e., the power of network building) has been increasing since the second quarter of 2016. There was a collapse after the DAO crisis, but this collapse was short-lived, then things went well.
What was the DAO crisis? Let’s talk about it briefly. DAO (Decentralized Autonomous Organization) is the venture capital fund of the Ethereum digital currency. It is not tied to any country or state. It is a decentralized, self-organizing organization that forms the capital of Ethereum mining for both commercial and non-commercial purposes.
In June 2016, a group of users identified in DAO code stole Ethereum for about $ 60 million. Ethereum then went to the hardfork and left Ethereum Classic (ETC) and Ethereum (ETH). Ethereum Classic (ETC), the old system and 1.920.000. The block uses the same block chains as Ethereum. Blocks formed after this point are only part of the Ethereum (ETH) network.
A question that arises here is why despite the increase in the number of persons / equipment that Ethereum mining is, the blocks can not be processed more quickly. The answer is difficult. As miners with better systems are added to the ethereum network, the difficulty level of the blocks is increasing accordingly. The network is able to maintain the difficulty level of the blocks in just 15 seconds. Below you can see the graph showing the level of difficulty.
Calculation of the profitability of ethereum mining
First of all, you have to go to Cryptowizzard Mining Calculator site. You will see the current values of the Ethereum on the incoming screen. In the Hardware section, select the card you want to use. The card’s Hash rate value will automatically appear. If the card you want to use is not in the list, you should find out about it yourself. Write the price of the display card in dollars in the cost part. Write the electricity cost per kilowatt at Price / kWh, which is the second space in the Solo / Pool Mining section. After you have done all of this, you can see the estimated earnings and electricity costs on the bottom table.
If we add the RX 580 and the electricity cost in your city to the account, you can earn $1212 per year and $101 per month according to the anticipated table. The RX 580 is sold at $ 400. So in a year the card takes out its own money, and there is more than $ 800 in our pocket. It is also necessary to remove the mining pool fee from the total amount. This is 1% Ethereum for most mines. Let’s add that some mining software developers can get 1-2% share.
Another point to note here is that the price of both dollars and Ethereum is variable. For example, on June 14, 2017, over $ 300, Ethereum has gone below $ 250 today. It is a fact that the dollar has fallen in a similar way. On the other hand, when you are mining with digital currencies like Ethereum, you have to wait for exchange rate changes and you can always add new balance to your account. In addition, we can say that Ethereum has been on a steady rise in general although there have been occasional drops since the day.
The level of difficulty we have mentioned before will continue to increase. Especially driving new and productive GPUs into the market can directly affect the level of difficulty. Another point is the prevention response to the market’s DAO crisis. If the measure is unacceptable, even the collapse of Ethereum is likely. In this context, digital mining is as risky as any other investment instrument. I would also add that this process consumes the graphics card’s life more quickly.
Graphics card selection for Ethereum Mining
When it comes to Ethereum mining, AMD cards stand out. The stocks of these cards, which are more prone to mining by architects, are also exhausted.
The graphics card you choose should have at least 4 GB of memory. The AMD RX series is one of the recommended cards. The Radeon RX 580 is also a favorite model of miners. However, if you buy a second hand, getting one from a game user rather than a miner will be more advantageous in terms of GPU life.
Begin the Ethereum mining!
Let’s first look at what you need to start mining:
- Jaxx software (your digital wallet will put your Ethereum)
- Latest graphics card drivers
- Claymore DualMiner for configuration file and mining for Nanopool pool
Create digital wallet with Jaxx
Once you have entered Jaxx’s site, you can download the Jaxx version for Windows. You can extract the software that does not require installation from the ZIP file and run Jaxx.exe directly. The first thing you need to do when you run it is to create a wallet. After opening the program, create a new wallet with the Create New Wallet option.
With Jaxx you can create wallets for many digital currencies, from Bitcoin to Ethereum, from Litecoin to Zcash. In this guide, select ETH and go ahead and create your wallet.
If you want, you can get a backup of your wallet information from Tools> Backup.
Jaxx will define 12 security words. Record them once. It is safer if you store it on a non-connected device or on a normal paper.
If you skip the backup part during the installation phase, 12 security words will not be given. So check out the I understand boxes and click Continue.
Since Jaxx is also available on mobile platforms, you can check your wallet anywhere you want.
It’s that simple. You can see your wallet address from ETH. Your current ethereum address is your address at the bottom of the page, with complex characters. You can copy the address on the right. Now let’s go to the next stage.
Enter the Nanopool pool and Start Ethereum mining
Doing mining by yourself does not give you much ETH and it takes much longer to get a profit. If you do not have a room full of GPUs in this context, mining pools will make more sense. However, it is useful to note that 1% of your income goes to the pool and 1% goes to the developer who writes the mining program. You can also use software that does not take percentages, but these software may be less efficient. Now make the necessary settings from Nanopool and download the mining program.
Visit https://eth.nanopool.org/help. Download your mining program from Claymore DualMiner button. Enter your system and wallet information from the Generate your config button as it goes down.
- First, select your operating system, then your GPU brand.
- Give your system a name and an email.
- Enter your wallet address beginning with 0x.
- Set the Second algorithm section to None to use a second algorithm.
In the Generate your config section, export the final configuration file to the Claymore DualMiner folder you downloaded first. Since these files are in ZIP format, you need to extract the files from the archive first and then put them in a common folder.
If you right click on the start.bat file in the folder and click Edit, it should look like this:
EthDcrMiner64.exe -epool eth-eu2.nanopool.org:9999 -ewal 0x988cd8c02d3977836eb0f398b0d2b9bf8595240a.compname/email -epsw x -mode 1 -ftime 10
setx GPU_FORCE_64BIT_PTR 0
setx GPU_MAX_HEAP_SIZE 100
setx GPU_USE_SYNC_OBJECTS 1
setx GPU_MAX_ALLOC_PERCENT 100
setx GPU_SINGLE_ALLOC_PERCENT 100
EthDcrMiner64.exe -epool eth-eu1.nanopool.org:9999 -ewal 0x988cd8c02d3977836eb0f398b0d2b9bf8595240a.compname/email -mode 1
Change this: 0x988d8c02d3977836eb0f398b0d2b9bf8595240a with your wallet address.
That’s it! Double clicking on the Start.bat file will start the mining process.
To automatically start mining when the system is turned on;
Copy the start.bat file to automatically start the mining process when the computer is turned on.
Windows logos + R key combination to open the Run screen.
Type shell: startup and press Enter.
Right-click in the new window that opens and select Paste Shortcut from the pop-up menu.
The programs in this window start automatically when the computer is turned on.
In addition, if your computer is not shut down after a power failure, you can also go to a small setting change in the BIOS to reboot automatically. Change the Restore on AC / Power Loss setting in the BIOS to On and save the settings with F10. Your computer will now be turned on automatically after power failure.
Frequently Asked Questions About Ethereum Mining
Q: Jaxx did not give me 12 security words, what can I do?
A: Visit Jaxx. You can see it in Menu> Tools> View Backup Phrase.
Q: I have X card / X system. Will these be mined?
A: Every card is mined. The better the card, the stronger the mining, the faster it gains.
Q: How much money do you earn per month with X card?
A: Learn the card’s MH / s value. For example, ETH mining can be done with R9 295 X2 at 46.0 MH / s. Mining Calculator If you enter the MH / s power of Bitcoin, Ethereum, Litecoin, Dash and Monero and the card’s TDP value, you will get a table. From there you can see your monthly income and your expense.
Q: How much does the X card perform?
A: AMD cards should be the preferred GPU in Ethereum mining. The above results have been taken in the final tests. You can choose the card accordingly.
Q: Is there any damage to the system?
A: None. Your graphics card will always run at full load. Life will shorten.
Q: How do I look at my statistics?
C: Nanopool | Ethereum | Change the 0x988cd8c02d3977836eb0f398b0d2b9bf8595240a in the account link to your own wallet address. The statistics will appear there.
Q: I started mining, but is not the money in the wall?
A: Nanopool is a mining pool. 0.2 If you pay ETH excavation (mining, mining), your wallet will be done automatically. So when the Balance value is 0.2 ETH, this amount will be automatically deposited in your wallet and the Balance part will be reset on the Nanopool page. If you reach the value of 0.2 a few times a day, you will still be paid several times a day. You do not have to do anything manually to get paid. With a single video card, this can take up to two weeks.
Q: My wallet address in Jaxx is constantly changing!
A: No panic. Jaxx mentioned this on his site. Wallet addresses may change for security purposes when payment / transfer is made. You can pay your existing address with your old address. The balance is not divided. To see your old wallet numbers, go to Menu> Tools> Display Private Keys.
Q: Can I mining for the same account from different computers?
Recommendations for Ethereum Mining Equipment:
Radeon R9 290
The Radeon R9 has the highest hash rate (29.0 MH / s) of the Ethereum GPUs on the 290 market and will cost you $ 300. Earnings of about $ 1.44 per day are $ 10.11 per week, $ 43.33 per month and $ 527.20 per year, respectively.
Radeon R9 290x
The Radeon R9 290x has a high hash rate (27.0 MH / s) of Ethereum GPUs on the market and will cost you $ 380. Earnings of about $ 1.37 per day are $ 9.62 per week, $ 41.23 per month and $ 501.66 per year, respectively.
Radeon RX 480
The Radeon RX 480 is the most economically viable way to save money and save electricity. If the Rom is overclocked, it becomes the best screening for the Mining market. About $ 1.50 per day earnings are $ 10.50 per week, $ 44.98 per month and $ 547.26 per year, respectively. The price of the Radeon RX 480 is $ 230. At the same time, if the rum is thrown out, the electricity consumption decreases. High Power Provides low electricity cost
Radeon RX 470
A Radeon RX 470 has a hash of 24.0MH / s. The daily power cost is the same as the Radeon RX 480 and is $ 0.4320. The cost per MH / s is $ 9.13, which gives $ 1.20 daily return and $ 437.81 return per year. The Radeon RX 470 will cost you $ 226.
As of January 2017, MSI has released bios update for all Z170 motherboard models, motherboards where 7 graphics cards can be installed ♦
Best Ethereum Mining Motherboards
With 7 GPU Slots
MSI Z170A-GAMING-PRO-CARBON Z170A GAMING PRO CARBON
Get the MSI Z170A Krait Gaming 3X!
MSI Z97 GAMING 5 Recommended.
MSI Z87-G45 Gaming Recommended.
MSI Z87 MPOWER
MSI Z77A-G65 G45 Recommended. Super motherboard with ivy CPU G1610
MSI Z77 MPOWER
GIGABYTE GA-Z170X-Gaming 6
Gigabyte GA-Z170X-Gaming 5
GIGABYTE GA-X99-UD4P + m2
Gigabyte GA-X99-GAMING 5
ASUS Z97-PRO Recommended.
ASRock Z170 Extreme3 LGA 1151
Asrock Z87 fatal1ty
Asrock Z77 Extreme11
BIOSTAR RACING Z170GT7
With 6 GPU Slots
MSI Z97 GUARD-PRO
MSI Z170-A PRO Recommended.
MSI Z170A SLI Recommended.
Gigabyte GA-Z170X-Gaming 3 (2x m2)
Gigabyte GA-Z170-Gaming K3
ASUS H170 PRO GAMING
ASUS CROSSBLADE RANGER A88X
Asrock Z170 Extreme3 + m2 574tl
ASRock H97 Anniversary
ASRock H61 PRO-BTC Recommended.
ASRock H81 PRO-BTC Recommended.
ASRock H81 PRO-G Recommended.
Hi-Fi Z87X 3D Version. 5.x Recommended.
Hi-Fi Z77X Version. 5.x
Hi-Fi A85X Version. 5.x