How to Mine Ethereum Coin?

 

Over the period of 2020 and early 2021, mining Ethereum became extremely profitable, with income effectively tripling in a single month. 

Ethereum is a decentralized blockchain that is constantly updated and confirmed by Ethereum network participants. Mining is the sole means to add new blocks to the Ethereum network. The term "mining" is derived from the process of extracting valuable metals from the ground, which requires a significant amount of effort and energy. So, how to Mine Ethereum?

Basically, there 6 Steps to Mine Ethereum:

  1* Select your MINING Strategy

Typically, Mining Ethereum contains 3 types:

Solo Mining

Mining on your own appears to be a more appealing option than pool mining, given there are no pool fees to pay and no prizes to share. A miner will require hundreds of GPUs to have a realistic chance of solving one of the cryptographic puzzles in a fair amount of time. As a result, solo mining is primarily used by professional miners that own and operate their own mining fields.

Pool Mining

The easiest and fastest method to start mining Ethereum is to join a pool. When you mine in a pool, you join forces with other people. All miners who join a pool agree that if one of them solves the cryptographic problems, the rewards will be divided among them based on the amount of hashpower provided. The size of the pool, measured in hashpower, determines the average number of blocks found by the group.

Cloud Mining

You hire someone else to mine for you in cloud mining. Instead of owning and operating your own mining hardware, you rent computer power from someone else and have them do the work for you. You get the mining benefits in exchange. But keep in mind that cloud mining, especially when done through an online service, necessitates trust in the counterparty. There is no guarantee that the money paid upfront will be utilized to run mining equipment if such equipment even exists.

2* Make your Own ETHEREUM Wallet

You must create an Ethereum wallet if you do not already have one. There are numerous wallets on the market. MetaMask and Trust Wallet are two popular wallets.

3* Get your Hardware and Software 

Mining necessitates a large amount of computing power. At least one powerful GPU unit must mine ether efficiently. 'Mining rigs,' which are made up of several GPUs, can also be connected. Install the latest available updates supplied by your GPU maker, AMD or Nvidia to guarantee that your GPUs perform as efficiently as possible.

4* Install ETHEREUM-MINING Software

There are different types of ether-mining software.

5* Select a Mining Pool

You will have to choose the mining pool you wish to join while setting up your mining software. There are other options, such as 2Miners or Ethermine. Make carefully to examine the pool size, minimum payout, and pool fee before deciding.

6* Start Collecting your Rewards

You can get your mining prizes once you've mined for a while. To get an overview of your mining rewards, go to your pool's webpage and copy/paste your public Ethereum wallet address into the search field. You can either claim your prizes manually or have them automatically sent to your ether wallet when you meet the minimum payment threshold, depending on the pool.

Conclusion

In conclusion, mining Ethereum is one of the simplest and most recommended methods. Simply implement those 6 strategies and start enjoying the rewards.