Ethereum is one of the best cryptocurrencies for 2022, created by programmer Vitaly Buterin in 2015. It is more popular than Bitcoin in some countries, for example, in China. The value of Ethereum has skyrocketed over the last few years, although it is down a bit recently. Knowing how to mine Ethereum, you can start to receive passive income with little investment.
What Is Ether Mining?
Ether (ETH) mining is the process of solving cryptographic puzzles and adding blocks to the Ethereum blockchain. The first miner to solve the puzzle correctly adds the next block to the blockchain and is rewarded with ETH. Puzzle solving ensures network security and transaction verification.
How Does Ether Mining Differ From Bitcoin?
Ethereum mining is based on bitcoin technology. But there is also a significant difference - protection against ASIK. ASIK – is the special equipment widely used for bitcoin mining. ASIK mining led to a significant centralization of hash power in BTC blockchain. Ethereum resists using such hardware to remain a decentralized cryptocurrency.
Why Should You Mine Ethereum?
At the start of work, the Ethereum exchange rate was only $1, since then it has grown a thousand times. Ethereum has the second place in capitalization and third place in price among all cryptocurrencies. It features fast transactions and smart contracts support. Also you can mine Ethereum with GPU, even on a PC, it is no need to buy special powerful equipment.
How Much Do Ether Miners Earn?
The daily trading volume on the Ethereum blockchain is $10 000 000 000. Miner receives 2 ETH for each block, added to the blockchain. A new block is added every 15 seconds. The earnings of miner depend on the hashrate (equipment power), payment for participation in the pool, electricity prices and other equipment maintenance costs. For an approximate counting you can use the mining profitability calculator. But cryptocurrency is volatile, its exchange rate is changing, so the amount of income will be inconsistent.
Ether Staking (POS) And Ethereum Classic (ETC) Mining
To know how to mine Eth, you must differ Ethereum Classic with PoW technology (Proof-of-Work) and Ethereum with PoS technology (Proof-of-Stake). In the second or third quarter of 2022, the Ethereum transition from the PoW to PoS is expected. In the Ethereum 2.0 cryptocurrency will be mined by staking. Instead of buying and placing expensive equipment it is enough to keep coins in your wallet. Users can stake their Eth and get paid for it.
How To Mine Ethereum
To join a mining pool is the easiest way to start mining Ethereum, how to mine it you can read on hiveon.com. Reward is divided among the pool members according to the provided hash power. Instruction on how to mine Ethereum on PC include the following 5 steps:
1. Registration in the pool.
2. Creating an Ethereum wallet.
3. Hardware preparation.
4. Software installation.
5. Starting mining and profit-making.
The hardware can be one or more GPUs. Upon reaching the minimum threshold, the reward from the pool can be transferred to the Ethereum wallet.
