With the substantial increase in value that digital currencies have amused in recent times, many are now thinking how to mine popular currencies like Bitcoin and Ethereum. However, mining these currencies is not as straightforward as many would think. The installation, set up process and technical knowhow deters many from mining such currencies. However, technology offers different ways to go about things for mining cryptocurrencies, either by using mining contracts or putting up a mining software on a local machine. Mining Ethereum on your local machineTo mine Ethereum on your local machine, you will first need a synchronized Ethereum Blockchain and proper mining software itself besides an Ethereum wallet.
There are two ways of mining Ethereum from a local machine- solo mining and pool mining. Mining softwareThere are many mining software around. These include Geth, MiningGate, Genoil, Claymore, with each operating system having it own miner preferred instructions. If you wish to go solo, then your computer must be powerful enough to perform computing operation, however, it is much profitable to join a Mining gate pool even though you will share rewards among pool users. Besides, Mining gates are simpler for the absolute beginner. To mine Ethereum with MinerGates, go to the download pages and download the GUI-miner which comes available for all operating systems and different versions.
Once MinerGates is installed, open an account. To mine Ethereum, navigate to the Miner tab then click on start. The MinerGate interface has some intuitive features you can put to use. From the interface, you can see your hashrate, regulate CPU cores and GPU intensity for better results. Mining Ethereum Using Cloud MiningMining Ethereum on the cloud is possible although there are few cloud contracts offering to do so.
Genesis mining, Eobot, and Hasflare are the few know cloud mining providers around. With these providers, you pay upfront mainly electricity and maintenance fee and you are provided with your dedicated mining rig. Cloud mining releases you the huge hassle of the complex mining equipment and maintenance cost. Typically, you will share processing power of a remote data center. However, caution must be taken with cloud mining as the fees and hashpower costs can eat into your ROI if not carefully considered.
In addition, there are scams from runaway developer from new sites and startups.
