“ethereum mining for dummies”

“ethereum mining for dummies”

1 Megahash, 2 Megahash, 3 Megahash, 4 Megahash, 5 Megahash, 7.5 Megahash, 10 Megahash, 15 Megahash, 20 Megahash, 25 Megahash, 30 Megahash, 40 Megahash, 50 Megahash, 55 Megahash, 70 Megahash, 80 Megahash, 90 Megahash, 100 Megahash, 250 Megahash, 500 Megahash
Genesis Mining is the only trustworthy, hassle-freeining company in the internet. Luckily, I joined 2 years ago and with bitcoin I got 1000% profit, and growing because of a lifetime contract. I hope to keep on investing with Genesis Mining for several years to come.
Mining works by connecting to the blockchain and verifying transactions by verifying new blocks in the blockchain. By doing this they are securing the network and preventing errors from happening such as double spending. The miners put these blocks through a process by applying a mathematical formula to it, turning the numbers into a shorter, random looking sequence of numbers. This number is the blockchain’s hash. Producing hashes from the data of a blockchain’s block is easy, however it is impossible to work out what the starting data was just by looking at the hash. Each hash is unique and changing even a single character in the hash changes it completely. Here is an excellent video which explains what your computers do when its mining that uses pen and paper as an example (This method is extremely inefficient so do not expect to make a profit off of it.)
Sidenote: If mining isn’t your thing, and you are just interested in purchasing some cryptocurrency as part of your investment portfolio, I personally use and recommend Coinbase. I would also recommend keeping your coins safe using the Ledger Nano S hardware wallet. This hardware wallet supports all the major cryptos including Bitcoin, Ethereum, Litecoin, Dogecoin, Zcash, Dash, Stratis, Ripple, Bitcoin Cash, Ark, Expanse, ubiq, Pivx, Vertcoin and Viacoin. Did I miss any?
Here’s the only real drawback to this card: It’s an all-round excellent performer, so that mining demand has driven its price from the regular $400 range to over $700! If you’re able to find it at a lower price, don’t hesitate to snap it up.
I have 2 8 rig systems. Risers i use https://m.newegg.com/products/9SIA4RE6KD8226 i connect 6 to the molex and 2 to sata. Problem with sata is not so much the saftey issue it’s the ability to have a constant reliable power supply. My opinion anyway.
On Ethereum forum @paul_bxd revealed an inner mean (hashrate) of 24 MH/s using an AWS g2.8xlarge instance comparable to the benchmark of an AMD Radeon R9 280x : 23.2 MH/S which is the best in class for ethereum mining (Nvidia Geforce is far less efficient)
Like the concept and ease of website. Not clear as to the difference of the Monero contract vs others you sell as I thought I could allocate my mining across different coins which was a little disappointing. Looking forward to seeing results!
In your test calculations, you will likely see that some cloud mining services will be profitable for a few months, but, as the difficulty level of bitcoin increases, you would probably start to make a loss in four to six months and beyond.
So far, I am very satisfied with my purchase of the 2 Year Litecoin Contracts. I think Litecoin is going to be way more profitable than what it is now and will be buying more when I can. Thank you for providing this service.
So today we’ve applied even more paint and we kept on the smaller details to make the room look good (or acceptable, depending on tastes). The room is quite big and it takes quite a while to paint it.
Basically, today we’ve installed the panel and connected all the plugs and power cables. Safety is always a priority for us so we’ve made sure to make the installation according to all norms. We’ve also tested it and everything works perfectly. I feel so good about it – the amount of cables to connect was quite intimidating at first, but eventually we’ve managed to plug the right wires to the right places.
Ethereum mining hardware is thus, very crucial in terms of usage and require a large amount of electricity at the same time. Therefore, in choosing efficient Ethereum mining hardware, we would have to look into the factor of cost, how much power does it take and also higher hash rate i.e. the speed of solving and completing an operation, and thus striking a balance between them.
Thanx for the update. It’s still accurate right? And what do you suggest, should I wait for bitcoin to come back as a mining option and upgrade what I have or should I buy Ether/Monero from genesis(which is more profitable)?
The Mining Power is the number of hashes of the Mining Algorithm that the rented hardware can process per second. For Ethash the number also depends on a variable factor, the DAG size, thus the number of performed hashes may vary over time.
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I am a lightweight as far as mining goes, however, there is still room to make money on ETH. If you already have hardware, turn it on and let it run. If you don’t have hardware, I can see it being difficult to ROI. A lot depends on price and difficulty, price has been going down as of late, while difficulty has been going up, HOWEVER, its always possible people quit mining and difficulty goes back down. That is almost a win win. Less competition, that is if you are in it for the long haul, however you have pretty much missed the boat on that.
Eken Cloud Mining is an easy, cheap, and good way to get or mine Bitcoin, Ethereum, Zcash, Dash or Monero. EKEN Cloud Mining was founded in 2016 in France where the office was set. With the mining operation in Canada, they provide daily payouts to the clients with a minimum amount of 0.0047 BTC and 0.12 ETH. EKEN is giving you a $15 welcome sign account.
Currently even at overinflated GPU prices you might see a return in ~6 months. In the mining community that seems like an insane amount of time. Crypto is an anomaly though. In business that’s a super win. Even if the timeline goes out to 8 months and then you start profiting it’s still considered a good investment.
Crypterra – new company, offering mostly 2-year proftable cloud mining contracts. Update on Crypterra: Looks like they are a scam, the website disappeared and SSL certificate was revoked. We were paid the last time on january 20, 2018. Discussion here. Before adding them to our website we did a lot of emailing with them and somehow they convinced us that they are a legit company. We also received regular payments. For more detalis you can contact us [2018-01-25].
There are four components of mining for Ethereum. Here we address the first component, which is mining hardware. Then there’s Ethereum Mining Software, Ethereum Wallets and Ethereum Mining Pools. We will take a closer look at each of them in a dedicated chapter.
What I am writing probably sounds like a project I still have to work on. However, I’ve already got the gear and parts for several rigs. There are some things that should be finished, but I am actually a step away from being ready to accept orders.
Below, we rank our favorite AMD cards for Ethereum mining according to the overall value for the money. Note that the mining performance of the Polaris architecture is common to AMD’s venerable RX range, and it is rapidly degrading with each new epoch.
It isn’t only China mining centres. Genesis and quite a few other Western farms are being expanded and set up so yah! It’s still technically “impossible” for us to see mining become unprofitable for the general home miner isn’t it
Although, Radeon RX 480 may not compete with earlier versions of Graphic Processing Units of Ethereum mining in terms of hash power ratings, it enjoys excellent popularity due to its impressive economy. Radeon RX 480 offers outstanding power economy to compensate its lower hash power of 25 MH/s. The cost efficiency of Radeon RX 480 is higher than aforementioned GPUs for Ethereum mining and consumes just about 150 Watts. As far as the RAM is concerned Radeon RX 480 is packed with 8GB GDDR5 RAM. Total cost of Radeon RX 480 delivers excellent economy as compared with majority of Graphic Processing Units for Ethereum mining.
An interesting notion, but my gut says overall performance will be poor for two reasons. First, memory bandwidth. Even premium dual-channel boards top out around 30 GB/s, yet the lowly 1050 Ti can do better than 100 GB/s. Second, even if you had the bandwidth, low shader count wouldn’t let you work with it fast enough. Also, you ‘d need iGPUs with OpenCL support, which I believe requires Haswell and later ( I know my Sandy Bridge HD 3000 doesn’t do OpenCL ). If you had a bunch of AMD APUs, that’s a different story, of course.
It depends on the difficulty level. I’m not sure where Ethereum is right now, but a megahash rate of around 25 is what most people were getting with IIRC an RX 470 and they were profitably mining a few months ago. A hash rate of 11 MH/s isn’t amazing, but it’s almost half of an RX 470 (which sells for a ridiculous amount of money). You won’t make any money unless Ethereum goes up in value vs your power costs. But using a build like this helps you keep the power cost and build costs lower than had you decided to get a 470 or 480.
A hash algorithm turns an arbitrarily-large amount of data into a fixed-length hash. The same hash will always result from the same data, but modifying the data by even one bit will completely change the hash. Like all computer data, hashes are large numbers, and are usually written as hexadecimal. BitCoin uses the SHA-256 hash algorithm to generate verifiably “random” numbers in a way that requires a predictable amount of CPU effort. Generating a SHA-256 hash with a value less than the current target solves a block and wins you some coins.
After you calculate the amount of kWh you will be using every month, multiply the kWh per month by the amount you pay for electricity in your country, and then you will find out the cost. Take your monthly power cost away from the value of the amount of the currency you mine to find your monthly profits. Though most mining calculators include this calculation for you, it can be very useful to find the exact amount you will be spending on power.
Affiliate link here: If you are just planning to acquire your first bitcoin, ethereum or litecoin, consider to register at coinbase.com with this link, once you buy or sell $100 (€85) of digital currency or more, we will both get $10 (€8) of free bitcoin.
As mentioned above, the risk of fraud and mismanagement is all too common in the cloud mining space. Investors should only invest in cloud mining if they are comfortable with these risks – as the saying goes, never invest more than you are willing to lose.
Have a look at the quality-price ratio when choosing your video cards. Feel free to contact 2Miners support for an advice. By default you could purchase NVIDIA GTX 1060/1070 – this is a good option for beginners: there are many brands to choose from, and these cards are universal, so they work both on Ethash and Equihash algorithms. Do not combine AMD and NVIDIA GPUs on the same rig – if you choose AMD, then buy 8 AMD GPUs, if you select NVIDIA, then buy 8 NVIDIA GPUs.
Hopefully we get some plateau, and ETH price goes up to where there is ROI at some point for cards in the $250 range that were online in the 2018 time frame. Then we can all be happy (and blissfully ignore the fact that buying would likely have been better haha – but yes that’s a different topic entirely – profitable in USD is good enough for me for this project!)
Generally, any motherboard with PCIe slots on it is suitable for mining—typically one GPU per PCIe slot. The PCIe slots don’t need to be full-length, as we can attach GPUs to 1x slots with the help of risers. With that said, there are potentially some limitations when you start to pack a large number (4+) of GPUs onto one motherboard, even if that board has enough PCIe slots to physically accommodate them. That’s why picking a suitable motherboard is probably your biggest hardware headache if you want to run as many GPUs as possible in your rig.

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