Ethereum mining is the process of maintaining Ethereum ledger by solving complex mathematical problems. In comparison to mining Bitcoin, Ethereum mining is handled through the process of Graphical Processing Unit (GPU) only.
To start mining Ethereum, there are four clear processes:
- Install your GPUs and set up your computer
- Acquire an Ethereum wallet.
- Join a mining pool for Ethereum.
- Start Mining as quickly as possible.
Ethereum mostly works like bitcoins. It’s a decentralised ledger that is verified and also updated by participants of the Ethereum network. It requires mining and the only way you can update a new block of Ethereum transactions is by actually mining that block.
There are core reasons why one should mine Ethereum. Mining Ethereum is a nice way to subsidize the purchase of a new high end GPU. Also, since Ethereum can be traded easily for Bitcoins (BTC), it’s an inexpensive way to build up a holding position in Bitcoin. Mining can also be an easy entry ticket to the market where Ethereum thrives. The actual markets where Ethereum is sought because of their high volatility.
Understanding Ethereum mining clearly as well as its concept like Difficulty, is an avenue to perform some economic calculations. On mining, while you earn money while mining, you also spend money, so you have to be tactful with your dealings. Any wrong decision in the market can lead with negative ROI i.e. an avenue where you pay more than you had earned, therefore leads to loss.
Guide for Mining Ethereum on a PC
For easy access or anything related to the internet, it’s better to use your PC. It should take anyone about 10 minutes to fully get a wallet, download a miner, configure stuff in Windows and set up a batch file while they mine Ethereum.
To begin first, you have to install drivers. Go to amd.com where you can choose “Support & Drivers”. Enter your GPU information and click on “Display Results”.
When you are done, click on the Download button for the current driver. You can as well choose “Download Previous Drivers & Software” which is on the right hand side, then choose older versions. This list is recommended since some driver versions are viewed as good fit for mining which is based on your cards. For example:
- R9 and older – use 15.2
- RX 4XX Series – use 16.9.2 or 16.10.3
- RX 5XX Series – since these are new in comparison, it’s recommended when you go with the current driver.
Nvidia GPUs: if you want to get the latest Nvidia GeForce drivers, you can get it here. Start by entering your card details and click, “Start Search.” Then, download the current driver version from the results. When you are done, install your GPU Drivers like you do when you download on your PC. Click next, next, ok etc, and then, reboot. If you go to the device manager, you will know when your GPU’s are recognized correctly. You can search the window bar. You know it’s right if there are no warning marks on your GPU’s.
A lot of miners successfully installed all GPUs at once and also installed the drivers. Then, there are those who prefer another method which they use to install a single card first, install drivers and then shut down the system.
In conclusion, to fully mine Ethereum successfully, these are step by step process to follow:
- Check your Graphics Processing Unit (GPU) and update drivers.
- Set up a crypto wallet
- Install the Ethereum mining software
- Join a mining pool and get server coordinates.
- Configure the.BAT files.
- Run the miners
- Calculate profitability.
With the following process above, you can successfully mine your Ethereum.