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Mining is the production of cryptocurrency through computations. This is a mutually beneficial process: miners keep the Ethereum network up-to-date with their calculations, and the network pays them a reward for this. In principle Ethereum mining is similar to generating other cryptocurrencies. Ethereum is based on the Proof-of-Work PoW protocol.
All transactions must be confirmed and verified during the mining process, and then written to a block of transactions. Special cryptographic calculations are used to discover new blocks. Ethereum block appears every 14 seconds. The reward is received by those participants who managed to find a unique value of the hash function. After completing the task, the discovered block is saved in the Ethereum blockchain.
The amount of computation required to discover a block is enormous, so most of the participants join up into mining pools to work together. You can also mine solo, but in order to receive income at solo mining you need to have at least GPUs. Nowadays, Ethereum mining is very profitable. Any suitable graphics card provides a significant amount, even if you have expensive electricity. You can easily estimate the profitability and hashrate of your video card when mining Ethereum and other cryptocurrencies in the mining calculator or look at the Table of the best video cards for mining.
A mining computer doesn't have to be powerful. But you need to pay special attention to two components - the video card and the power supply. The most important thing in Ethereum mining is choosing the right GPU. The main criterion is the amount of video memory. The minimum is 6 GB. It's because of a growing DAG file.
What is a DAG file? This is a specially formed file that is loaded into the memory of the video card. Therefore it is better to have memory with a margin. Now the size of the DAG file is 4. Some more space in the memory of the video card is occupied by Windows. Therefore, it is not recommended to take cards with 5 gigabytes of video memory - they will turn off soon. The second criterion is performance or hash rate. It shows how many cryptographic operations the card makes per second.
This parameter can be found in the table of the best GPUs for mining. It can be bypassed, but it will require additional configuration steps. Moreover, they consume quite a lot of energy. Pay special attention to the PSU. You should not save on it, even if only one video card is involved in the Ethereum mining. Any modern CPU will do. The processor power does not matter for Ethereum mining. Any with support for multiple GPUs. If there are not enough PCI-e ports, the cards can be connected through risers.
Mining is done using a special application - a miner. There are several of them and each has its own features. For example, some miners only work on Nvidia cards and some only on AMD cards. In addition, they often give different profits. Few things to keep in mind before proceeding with the exchange:. If the payment wasn't received within 15 minutes interval, the rate will be recalculated.
The exchange rate also will be recalculated for orders with unconfirmed transactions for more than 24 hours. Discount is provided only to registered users How-to register. You can learn more about discount here. Automatic exchange directions are very fast from few seconds to minutes.
If you change destination amount the source amount will be automatically re-calculated and vice versa. Enter your cryptocurrency address 2 where exchanged funds will arrive. Make sure to provide the correct address you own! In our example the cryptocurrency address - is the Bitcoin address. The next page is the payment page. You need to send exact amount displayed 1 to our deposit address 2. After we've received unconfirmed transaction from you - the page will be refreshed automatically and system will indicate that we received your payment, but it's awaiting required number of confirmations on the blockchain.
In our example: the order will be completed automatically after transaction gets 12 confirmations. Your order has been completed!
Pick a crypto exchange. Connect an existing bank account. Transfer your Ethereum to the crypto exchange.