Mining of the Most Promising Altcoin: What Do You Need to Know About Mining Ethereum?

mining cow UFO

The Ethereum project with its technology of “smart contracts” opened up a completely different path for the cryptocurrency industry. The coin quickly occupied the second position in the global rating of Coinmarketcap, so many miners switched from Bitcoin to Ethereum. In this article we will explain how profitable Ethereum mining is, what it takes to start it and how promising the coin is.

(please, click the topic to scroll down to it)

  1. What do you need to start mining Ethereum?
  2. Cloud Ethereum mining
  3. Forecasts for Ethereum
  4. Conclusion

1. What do you need to start mining Ethereum?

Let’s go over the list of necessary things that are necessary for the miner:

– a powerful video card, but the optimal option will be 4-6 pieces within a single farm;

– a PC or a farm, which already has Windows x64 installed (it is very important that the 64-bit version is installed);

– a monitor or its emulator;

– uninterrupted access to the Internet (not necessarily high-speed, but preferably wired, not WiFi);

– a mining pool, as solo mining is a rather complicated process that requires very powerful equipment;

– a wallet that supports Ethereum.

2. Cloud Ethereum mining

If you are too lazy to get into the technical nuances of mining farms or pay a good commission to people who are engaged in their assembly, then there is a simpler and uncomplicated way for you to mine Ethereum. Cloud mining does not require any extra time from you. Specialized companies that own entire data centers will gladly sell (or lease) you their own computing power. How does it work? You just pay for a certain amount of a hashrate and look at the precious coins that appear on your account.

If we talk about the financial component of the issue, everything is not so unambiguous. On the one hand, buying physical mining equipment for the same money, you will get more power and will be able to get more coins. On the other hand, farms can break down sometimes, they will have to be repaired and serviced. And if you decide to supply a large amount of equipment, you will still need to take care of the electrical wiring and the ventilation system of the room. With cloud-based mining, all these related costs are incurred by the data center.

It would seem that this is an ideal investment solution, but there are pitfalls as well. Firstly, it is rather difficult to find a worthy company that can be trusted. Secondly, long-term earnings will be lower than in physical mining.

3. Forecasts for Ethereum

You need to evaluate the prospects for the most large-scale decentralized platform for creating blockchain-based applications should not be done from the point of view of standard criteria for cryptocurrencies, such as: transaction speed and commission size. The future fate of Ethereum directly depends on the development speed of competitive projects (Cardano, Tezos, etc.)

Ethereum is currently the most demanded coin. This is caused by the ICO boom, more than 95% of which are conducted on the Ethereum platform. Competitors are still very far from the stability that is provided by the “baby” of Vitalik Buterin.

4. Conclusion

Ethereum is currently the most promising altcoin for mining. You can start doing it even with a small farm at home. If you do not want to bother with the installation and maintenance of your own equipment, you can do cloud mining.

Mining such a promising coin as Ethereum should be seen as a long-term investment, since the project has fundamental reasons for growth in the coming years. Therefore, we would not recommend selling mined coins here and now

Subscribe to The Coin Shark news in Facebook: