Ethereum Mining Tutorial [Cost+Profit]

ethereum mining tutorial

Due to the growth in price and popularity of Ethereum platform, many people are interested in Ethereum mining.

An interesting feature of open-source Ethereum block-chain is that everyone can participate in mine. In this article we will examine the process of starting the extraction of Ethereum.

Choosing the right hardware

Ethereum extraction computer consists of several graphics cards

The hardware needed for Ethereum Mining

In order to extract Ethereum, you need a specialized hardware called GPU (GPU) or the same graphics card.

At the outset, Ethereal developers chose the CPU for the extraction process, but after a lot of research they found that the graphics cards had more power to do so.

Therefore, the easiest sentence is: Ethereal Graphics Card Extractor (GPU).

How to find the best graphics and equipment Ethereum Mining?

Some graphics processors have higher hash rates than others. Obviously, the higher the hash power of the graphics, the higher the revenue.

Of course, high income does not always mean net profit. You have to choose graphics that have a good proportion of hash and consumption. No matter how much more hassle and less consumption, net profits will also increase.

In Iran, domestic electricity costs are exponentially fluctuating, so the best way to extract Ethereum is to use industrial and cheap electricity.

Introducing the appropriate graphics card for Ethereum Mining

Here are four powerful graphics cards that are commonly used for Ethereum Mining

Radeon R9 295X2

Radeon R9 295X2

The Radeon R9 295X2 has the highest hash (46.0 MH/s) between Ethereal graphics on the market and its price is around $600. With an electric power of about $1.4 a day, it costs around $1.61 per day, each with a net profit.

Radeon R9 HD 7990

Radeon R9 HD 7990

Radeon R9 HD 7990 costs around $680. The energy consumption of this Garage card is lower than the top model. At about $0.88 a day, the power consumption of this graphics card, but its hash rate of 36 MH/s, is significantly lower than the previous model. The performance of each graphics card is $1.29 per day.

Radeon RX 480

Radeon RX 480

The Radeon RX 480 is the least expensive graphics available to extract Ethereum. The cost of electricity is less than the previous two and $4320 per day. The hash of this graphics card is 25.0 MH/s. Daily daily graphics of this model is $1. 21. The Radeon RX 480 is priced at $200 in prestigious stores.

Radeon RX 470

Radeon RX 470

The Radeon RX 470 has a hash rate of 24.0 MH/s. Its daily electricity costs are roughly similar to the previous model and about $ 4.40. This graphics card has a daily profit of $1.15 a net profit. The price is about $220.

The above are just the graphics cards that are usually used, so you can use a variety of stronger or even weaker graphics cards.

Other needed hardware:

The minimum requirements are as follows:

  • 64-bit Windows operating system (preferably Windows 10)
  • A motherboard with a PCI-E slot to cover multiple concurrent graphics
  • Suitable for power control
  • A simple CPU (preferably i3 core up) and at least 4GB of RAM
  • Keyboard, mouse and standard monitor

Software installation:

After selecting and adjusting hardware, you need to install the required software. Miners need to install a client to connect to the network.

You can install geth software and connect it to the network with some simple cmd code. This software is easy to download and run for Windows, Mac and Linux systems.

Download Geth

Client test

You can test the software in the system to ensure its operation and execution. You can do this with ordinary home systems, but you should not expect to profit from it.

Joining a mining money or pool extraction

As a miner, it’s unlikely that you alone can extract Ethereum. For this reason, virtual sites called Money Mining or Extractors have been created to connect your computer to it. In Mining, many miners connect to it and share their power, and then the profits earned on each computer’s power are divided between miners.

There are a lot of money that you can extract from Ethereum by registering a strong computer connection to them. The best and easiest to minimize Ethereum money is Ethminer now . By visiting the official site, you can download Ethminer software. After installing this software, you can formally act as a ninety or node on the network.

Frequently Asked Questions for Ethereum Extraction

Can I use a CPU instead of an expensive graphics card?
Graphics cards are much faster and extra efficient with CPUs. Even weak GPUs are 200 times faster than powerful CPUs.
Why should we connect our graphics to extraction pools?
The odds of producing Ethereum alone are low. Pools of extraction will allow you to operate on a regular basis.
How do I start extraction of ethereum?
If you have graphics with a capacity of more than 3 gigabytes, you can start the Ethereum extraction by simply installing the necessary software. Of course, this will not bring you a lot of money, and it’s just good for testing.
What wallet can I use?
The best wallets are Mist and MyetherWallet.
Are there other options for extracting Ethereum? Like ASIC devices, laptops or virtual environment?
You can start extracting Ethereum with at least 3GB of graphics. Some laptops have decent graphics, but with significant heat generated in extraction operations, they may have a bad effect on the laptop. So, it’s best to do it with a decent desktop and fan system. Cloud extraction is possible, but more cloud extraction is applied to bitcoin because extra cost is higher for bitcoin. There are currently no ASIC devices for Ethereum.