Index

Introduction

In this tutorial we will deal with several things related to mine Ethereum.
We will see what it means to be a miner, we will describe the necessary steps to be a miner and see the components of a RIG of mining (with a hardware search engine).
We will analyze whether it is profitable to mine Ethereum, or if it is better to mine Ethereum in the cloud, and we will see if it is worth mining Ethereum in several countries.

The mine is going to end

Updated:

In September 2022, Ethereum stopped being PoW and moved to PoS with the "The Merge" update. As a result, another chain emerged from Ethereum called Ethereum Pow, which can be mined. From then on, both ETC (Ethereum classic) and ETHW (Ethereum pow) are the only ones that can be mined.
At the end of October 2018 the reward for undermining Ethereum blocks dropped from 3 eth to 2 eth.
This change probably changes the rules of the game for miners and for the price of Ethereum in the market. Many small miners are not going to get out profitable by Main Ethereum with a couple of homemade rigs, which will go to undermine other cryptocurrencies, although the margin is not much greater either.

The new blockchain protocols that are going on the market, are based on POS (Proof of Stake) and DPOS (Delegated Proof of Stake), diminishing cryptocurrencies that can be undermined with GPUS.

Another change planned for the year 2019 is the new Post -based consensus algorithm (Proof of Stake) that is, to give more weight to those who have the most tokens in their Wallet at the time of "mine", rather, to get rewards for validating blocks.

This will definitely end Ethereum's mining as it is today, and that added to the fact that they will launch a pump of difficulty that will upload it through the clouds, propitiate a new future for this blockchain protocol.

But if you still want to undermine Ethereum after knowing all this, keep reading ...

What is a miner?

A miner is a key piece in blockchain technology. Its function is to consolidate the blocks of the block chain that contain the information of the transactions made by the network users.

In order for this task to be difficult and to prevent anyone from being invented, the data is usedPow (work tests)that consist of complex and very intensive calculations that computers (their CPU or their graphics cards), and the ASICs (which are machines designed with special chips for mine bitcoin).

The firstminer that manages to consolidate a block and send it to the network receives a rewardfor Ether's work (currently about 3 eth) plus the fees of block transactions. In the background it is like a lottery system. Having a powerful team to undermine will give you more ballots to win the prize, but everyone can participate.

The reality is, thatNo one mine on your own, but is part of a mining pool, where "Shares" are received, which are fractions of those 3 eth, which are distributed based on your contribution to the pool measured in Hashes per second.

How to be a miner?

It is not complicated. There are already software programs that can be downloaded and that are responsible for mine Ethereum, with barely configuring a few parameters.

Something indispensable iswallet(a purse) to store, receive, or send the Ether that we accumulate with mining.

The truth is that there are a multitude of available wallets (Wallet Online, Wallet for the computer, Wallet as an extension of the web browser, Physical Wallet in a USB, Wallet for Smartphone and even Wallet on paper).

Wallet for cryptocurrencies

• To start we can discard thePhysical Wallet, since they have too high prices superior to what we are going to win by starting to undermine Ethereum, the collar is more expensive than the dog. That is a very safe Wallet against hacker attacks, since it is not connected to the network.
  
• We can also rule out theWallet paperWell, as you can imagine, it is not very agile, since the coins accumulated in the paper wallet to one connected to the network to be able to make transfers should be moved. It is also a very safe Wallet because it is not online.
  
• Have oneWallet as a browser extension(for example Metamk) is thought rather to use in DAPPS (distributed applications that work with Ether).
  
• We would stayWallet onlineor theWallet for the computer. In both cases it is important thatYou have the private key of the Wallet, since otherwise you could lose all the accumulated ETIHES.
  
• As computer program wallet it is recommendedExodusAnd like Wallet OnlineMythherwallet.

What is a rig of mining?

A rig of mining is a hardware team mounted especially for mine Ethereum (or other cryptocurrency), contains the common pieces of a personal computer, such as the CPU, memory, hard disk, the network interface, the power supply, etc ... butIt contains many graphics cards (GPUS), about 6 or 8 usually and a specific motherboard to connect so many GPUS. Even more than one power supply to use all graphics cards at the same time.

Here a recommended GPUS table is shown to undermine Ethereum and other components:

div class = "row"> <div class = "Col-SM-9 Well"> <Action form = "/course/minar-ethhereum#" Method = "post"> <Label id = "search engine"> Search for another component: </se <input type = "text" name = "Q" required> <Button Class = "BTN BTN-Primary Btn-SM" Title = "Search GPU online"> <i class = "Fa fa-search"> </i> </ston </para </ div> </Div

MINAR ETHEREUM GUIDE

To mine Ethereum we have several programs, they usually connect to a mining pool.
A pool is like a group of miners who work together to undermine the blocks.
We can use some like these:

Minergate

Minergate is a computer program that is capable of undermining several cryptocurrencies using the CPU and computer GPUSs. It does not need to configure excessively and is simple to use.
OnceDownloaded MinergateAn account is installed and created. Then the "Smart Mine" option is activated and activated, we select the number of CPU or GPU chores and we will be undermining.
From time to time depending on what we accumulate will be transferred to our Wallet.

Nicehash

NicehashIt is another computer program that is capable of undermining a variety of algorithms but is charged in Bitcoin (BTC).

Ethminer

At more advanced level we can findEthminerthat we can configure at will based on what we want.
First we create a text file (a .bat or .cmd) with the following:

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
ethminer.exe --farm-recheck 200 -U -S eu1.ethermine.org:4444 -FS us1.ethermine.org:4444 -O tuwallet.Worker

The parameters are the following.

--Farm-Reheck-Is Ms Between Checks for Changed Work
-U CUDA MINING (NVIDIA TECHNOLOL
-G for opencl if you card doesn’t support cuda
-S - Stratum port of your mining pool
-FS - Failover Stratum Mining Pool in Case First Fails (optional)
-O - ​​UserPass YourThereumwalletadress.workername

Claymore's Dual Ethereum Mine

ClaymoreIt is a program that allows you to undermine using AMD graphics cards and NVIDIA mixed in the same RIG of mining. And allows you to undermine two cryptocurrencies at the same time as Ethereum and Decred or Siacoin.

Usando el pool de ethpool:
EthDcrMiner64.exe -epool us1.ethpool.org:3333 -ewal miwallet -epsw x

Usando el pool de nicehash:
EthDcrMiner64.exe -epool stratum+tcp://daggerhashimoto.eu.nicehash.com:3353 -ewal miwallet -epsw x -esm 3 -allpools 1 -estale 0

Minar Ethereum is profitable?

To know profitability we needsubtract income expenses
To getincomeWe will have toSell ​​the EtherTo get euros.
For thebillsFirst we haveBuy the components(CPU, motherboard, memory, disc, graphics cards, power supply) If we don't have them. You can tell this as amortization, but of a short period, since in a short time more power will be needed to continue winning the same.

Then you have to take into account theElectricity expenditureThat is needed, for this you can use devices to measure that expense, since it would have to be subtracted from the total income.

In the heat months, it is important to refrigerate the room where the RIG of Mining are located, which would have to add thatExtra electricity spending and air conditioning devicesIf we don't have them anymore.
By the way, unforeseen expenses must be taken into account, in case a hardware component is broken.

You also have to subtract the Pool commissions and the transfers of Ether to your Wallet (if any).

And finally take into account the issue of taxes, since as an economic activity, thoseattributable taxes in several countries

You can use this website forCalculate Ethereum Minar ProfitabilityKnowing HASH's power per second, and the consumption and cost of electricity you have.

Minar Ethereum in the cloud

Another option to earn money undermating Ethereum is not to spend money on the purchase of hardware, but"Some" calculation power of a mining farmalready existing and then recover that money more long -term interest.
It is measured in hash units per second. For example, a GTX 1060 NVIDIA series graphics card can give us about 20 mh/s.

In the best case, it will give us a profitability, depending on the contracted hash power, not counting the rise or decline of that cryptocurrency in front of the euro in all that time.
Isless risky than buy the hardware yourselfWell, you eliminate that risk.
One of the reference web portals forcloud under the cloud is HasflareandGenesis

Ethereum mining in several countries

The price of electricityIn several countries it is quite highAs if it is very profitable, Ethereum. Even so, it is possible to obtain a small profitability depending on the rig of mining that is used in the mining farm.
With RIG of GTX 1060 graphics mining we could recover the investment in at least 10 months. Possibly convenient mezcaldo with the use of ASIC for Bitcoin mining.
You have to take into account the summer months, since several countries enjoy an excellent time,Very hot, which does not benefit from mine Ethereum.
The key business factors are the location of the mining farm. Locations in the coldest parts of the Peninsula, as well as access to solar or hydroelectric energy can increase the profitability of ethhereum, usually mountainous and north areas would be the most recommended, as well as those areas that by their wind, sun or water jumps, make attractive use of renewable energy.
These rigs of mining generate considerable heat, and either invested to refrigerate the room or it will simply be more profitable to turn off the RIG of mining and go to the beach or the pool.
As we have said before, in several countries it is not tax free, since as an economic activity, these attable taxes should be deduced.

Similarly, Minar Ethereum with a simple rig of 4-6 cards, it will not provide you with revenues, but it is an excellent hobby for all lovers of cryptocurrencies and hardware.

Conclusion

In this tutorial we have talked about many concepts that we need to undermine Ethereum describing in a single tutorial the majority of things we need to know.
Surely some doubts appear, you can leave them in the comments.
If you liked or seemed useful, share it on social networks.