Ethereum mining has evolved considerably over the last few years. There’s a drive towards greater and easier participation, and away from the realms of the tech-savvy early adopters. Complicated command-line mining tools have become easier to use, and streamlined. GUI mining software has sprung up that makes it really simple to get going and start earning Ether (or ETH), the currency of Ethereum.
You can easily buy Ether on cryptocurrency exchanges, but mining is different. Here are three reasons to give it a go:
- It’s an easy way to get ETH — hobby mining is a low risk, low cost (at least to start with) way of obtaining cryptocurrency and getting involved in the crypto movement
- You’re a believer — by mining you contribute to the stability of the network and become an active part of the community
- It can subsidize the cost of a high-end GPU — Although the profits aren’t huge these days, it will help pay back that expensive gaming graphics card
These days, mining Ethereum is really accessible — a far cry from the command line interfaces of the past (although the old applications still exist if you want to go deeper). Here’s our three-step guide to getting going:
Set up your mining hardware
Mining Ethereum, at its heart, requires a computer that contains the same elements as any computer you are already familiar with — a CPU, RAM, storage, Power Supply Unit (PSU), cooling fans. However, to be profitable, you will need a secondary processing location — a GPU or ASIC circuit. Most people getting started begin with a gaming graphics card such as the NVIDIA GeForce GTX 1080, although new models come out all the time.
Set up your Ethereum wallet
Before you start mining on your mining hardware, you should set up a crypto wallet. Some mining software includes a built-in wallet, but the most secure way to hold your cryptocurrencies is in your own wallet (it’s best to do your own research to understand why).
The simplest way is to get an Ethereum wallet is to use MyEtherWallet (MEW) [https://www.myetherwallet.com/], which is free and offers security and convenience. MyEtherWallet can be accessed via Browser using the company’s own Metamask-powered browser extension.
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1. Create your free account if you don’t have one, or log into your personal account that you’ve already created.
2. Next, time to choose the cryptocurrency you’d like to mine. We currently offer Bitcoin, Ether, Litecoin and Dash mining capability. Just head to our interactive mining returns calculator, enter the mining power you wish to purchase and enjoy approximate earnings reported to you instantly.
3. Next, simply purchase the contract you’ve chosen using your favoured payment method. Your mining experience will begin instantly with mined coins added to your account hourly, where they will be available for instant and no-fee withdrawal.
4. Usually our mining contracts are set to run for 2 years. But right now we are running an exclusive deal enabling you to try us out and quit any time you like for just a 5% fee.
And remember, now is the most important time to start or keep inviting your friends and family to earn 10% from their purchases directly to your account.