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Mining the Second Popular Cryptocurrency - Ethereum Mining



A cryptocurrency, Ethereum, without any doubt has been known to have gained popularity after Bitcoin. According to experts in this field, Ethereum mining is more profitable than bitcoin mining!

Here I would dig deep into its basic steps to know how Ethereum mining works!

1. Choose the Mining Type
In the foremost step, you need to pick one of the categories from Pool Mining, Solo Mining, or Cloud mining. In brief; Firstly, Pool Mining is the most understandable and easy way as compared to other types. It is perfect for those who do not have any hardware to depend on. It is less time-consuming and as per its name, the collective computers are used to operate the system and quickly bring about the mining. As the work is collectively done, the reward is also distributed among the contributors.
Secondly, Solo mining is quite the opposite. All you have to do is by yourself. This can be bothersome, as you will be bound to see all the factors including your time, physical space, equipment, and electric cost.

And finally, we have cloud mining. Here is quite a different way of mining by which you don't mine by yourself but rather rely on somebody else's service. This is sometimes a beneficial, and seemingly very easy approach, but there is a chance that you can be caught by the fraud or scam.

2. Opening an Account or Crypto Wallet
Although the currency we are discussing here is digital, in order to pile up your stock, you need a safe. It's most similar to bank accounts. It also falls under two categories; Hardware and Software wallets.

Hardware wallets involve physical devices and can also be called as cold wallets. This is how your crypto account is saved offline. The storing device looks akin to USBs. Whereas, software wallets require their access through an internet connection.

3. Installation and Configuration of Software and Hardware Device
You must know the fact that the heavy mining process requires a massive power supply! When you begin thinking about mining, you should first consider the infrastructure. The strong computer in blockchain language is referred to as "rig", where mining ether is profitable. The mining approach decides for you to set up your hardware system. You should have a look at the best ethereum miner hardware unixhash.

It is recommended for a casual miner to opt for pool mining. Here is how the combination is made: A mining rig associated with single or multiple GPUs or a computer, An specific operating system for Ethereum mining, GPU drivers, and a wallet. And if you own a whole system and going to pick solo mining, you should consider the expenses concerned with it.

Also see: best ASIC miner for sale unixhash

4. Opting for a Mining Pool
Because it is very rare that a person decides to mine is having his pocket full of tons of thousands of dollars to purchase and maintain the equipment. Here mining pool can be seen as a very easy and feasible track to follow. One must know that even though they have decided to opt for pool mining, but still they need to select from a few options, as per their comfort. The important factors are Hashrate, Pool size, Payout method, Minimum payout, and Fees.

5. Reward Collection
Here is the time to enjoy the fruits of your hard work! Your ether can be passively collected by the means of your wallet. In case you have worked in a mining pool, you'll get the payouts periodically (in installments).

Anyhow, these are important consideration but whenever you decide to mine, you must first visit the most updated news about it in case there is any implications in the pattern.










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Mining the Second Popular Cryptocurrency - Ethereum Mining




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