Is it worth mastering Ethereum mining in 2024 – is it profitable now, what is the difficulty

Ethereum mining – how to start in 2022 and is it profitable now, the complexity, what equipment is needed to start mining Ethereum.Ethereum is a digital coin that appeared relatively recently, but managed to gain immense popularity. Now it competes with the already outdated and familiar bitcoin. The popularity and demand for digital currency is due to the fact that it is more adapted to modern technologies. For example, the process of transferring between wallets and other transactions has accelerated. In addition, the platform implies the presence of Smart contacts. Over time, large American companies began to be interested in this cryptocurrency. The volume of transactions in the last year alone amounted to almost 12 trillion dollars. It is not hard to guess that today mining on the air is one of the most profitable and successful.

What you need to mine ether in 2022

In order to mine, you will need the following set of equipment:

1. PC.
2. One or more video cards.
3. Special program for mining.
4. Pool.
5. Ethereum wallet (only if you want to receive money immediately).

Tips for Choosing Ethereum Mining Hardware in 2022

To start mining, you need to carefully prepare all the equipment, starting with the computer. The main advantage is that mining PC power is not a priority. The main thing is a powerful power supply and a good video card.

Video card selection

Proper selection of a video card is one of the most important steps in preparing for mining. The video card should be chosen primarily based on the amount of memory. Good results are shown by video cards with a memory capacity of 6 gigabytes. You should also pay attention to the following criteria:

1. Bus width . For those who don’t know, bus width is the ability of a video card to transfer a certain number of bits of data in one cycle. All good video cards have a bit depth of 256. At 128, 64, etc. bus bits, the mining speed will significantly decrease and practically will not bring profit.
2. The ability to cool and long work . Choose those video cards that have a regular cooling system. This greatly affects both the power of the device and the service life.

We offer you to get acquainted with the top models of video cards for generating ether:

1. RX 6900XT, RX 6800XT . Very similar novelties. Their memory capacity is 16 GB, the bus memory is 256 bits, the memory frequency is 2000 MHz, and the power is 300 watts. The only difference between them is the different frequency of the core. The 6900 XT model has a little more frequency (2250 MHz). The 6800 XT model has a power of 2015 MHz. Price category 90-100 thousand rubles.
2. Radeon Vega 64 . This model is perfect for those who are looking for a cheaper option, but not much inferior in performance. The amount of memory is 8 GB. The memory frequency (1890 MHz) and power (290 W) are almost as good as the higher models! And the bus memory is much larger – 2048 bits. The pricing policy of the goods is from 35 to 40 thousand rubles.
3. GeForce RTX 3080 . Specifications: memory – 10 GB, overclocking – 320 bits, core frequency – 1180 MHz, memory frequency – 1440, power – 320 watts. The price of the goods is 55-60 thousand rubles. The GeForce RTX 3070 and GeForce RTX 3060 Ti fall into the same price bracket. The specs are pretty much the same except for the memory clock (significantly higher on the RTX 3070 and RTX 3060 Ti) and core clock (higher on the RTX 3070 and RTX 3060 Ti). But the RTX 3080 has 2 GB more memory.

How to choose the right power supply

It is very important to take the choice of power supply as seriously as possible. On the power supply, as well as on video cards, you should not save, because it provides the necessary amount of power for all equipment. If you use a special computer to generate electronic coins, it is enough to purchase a power supply with a power of 1000 to 1500 watts. If you do not use specialized equipment, calculate the required power supply for the system using this instruction:

1. Count and summarize the power of all video cards used for mining.
2. Consider the power that needs to be allocated to the processor, hard drive, and board as well. Based on the power characteristics of these “components”.
3. Add 100-300 watts to the total and multiply everything by 1.25.

With the help of this manual, you will be able to choose the power supply needed to provide power to the entire system.

Processor and motherboard specifications

Choosing a processor for mining on video cards does not imply much hassle. It is not necessary to take expensive models in order to start mining. Processor power does not affect Ethereum mining in any way.

Important! Processor power is important only if you are going to mine not on the video card, but on the processor itself.

When choosing a motherboard, you should pay attention only to the support of several video cards at the same time. The most budget option for beginners will be a motherboard that can support 4 video cards. A good manufacturer of such boards is ASUS.

Note! When buying a processor and motherboard, always consider their compatibility! They may have different connectors.

Other

Let’s talk about the amount of RAM. In mining, RAM is almost never used, because everything is transferred to the video card and processor. If you are buying a PC just for the purpose of mining, 4 GB will be more than enough. In addition, you can mine digital currency using a hard drive. It is most profitable to mine on them, because. hard drives use less power. If you have chosen mining on video cards, you should not bother with a hard drive. Any model will fit.

Overview of programs for mining ether

In order to start mining, you need to install a special program – a miner. There are several such programs, and it is necessary to choose the right one based on their features. Moreover, each program can bring different profits, so we will tell you more about all the popular miners. Check out the list of the top mining programs at the moment:

1. Phoenix – the program involves both solo and “team” mining and has a low commission percentage – up to 1%. In addition, it has SSL protection.
2. Gminer – this program will significantly increase the amount of income. However, there is a significant drawback – the lack of a graphical shell. That is, the data for the pool and much more will have to be configured manually.
3. T-Rex – the miner will also help to increase the income from the mined cryptocurrency. With its help, mining becomes more interesting. No significant shortcomings are observed.
4. TeamRed – the program works only with video cards from the manufacturer AMD. Has an increased hash rate.

We recommend that you rely not only on this list, but also on personal experience. To decide on the program, you need to download and try to configure each. You can use different applications that offer already configured programs.

How to mine ethereum from scratch – step by step instructions

If you are new to this business, follow these instructions to start mining:

1. Install drivers

If you were able to assemble the complete set necessary for the extraction of digital currency, do not delay installing the necessary drivers. This is necessary in the first place so that the system does not freeze. In addition, good drivers help improve the performance of Ethereum mining. For AMD, you need to download the “Adrenalin Edition” driver. You can do this on the official website of the company. Wait for the program to install and follow the instructions:

• Enter the graphics card series in the “product series” box. The card series can be identified by the first 2 digits present in the model name. That is, if you have a video card 1030-1080 – this is the 10th series, etc.
• In the Product Family section, click on the graphics card model.

Once you fill in all the data, click “Search” and wait for the page to open and download the driver. To understand if the correct driver is installed, open the device manager on your PC and click on the “Display Adapters” box. All your video cards should be displayed there. In addition, they should be displayed with the name of the models. If they are named something else, you have installed the wrong driver.

It is worth noting that installing NVidia drivers is even easier than AMD. On the official NVidia website, it is enough to enter the data of the video card, after which the system itself will offer to download a specific version of the driver.

2. Creation of an electronic wallet

An electronic wallet is needed in order to mine the ether in the program. Digital money will come to him. Without a wallet, the program will not start. You can create it on the exchanges where Ethereum is traded. One of the most popular exchanges is Binance. Registration on Binance is very simple and fast. For this you need:

1. Select the country you live in.
2. Choose the registration method that is most convenient for you: by e-mail or by phone number. (In this case, we consider registration by phone number).
3. Enter your phone number.
4. Create a password. It must contain at least 8 characters, including at least one capital letter and 2 numbers.
5. At the bottom there will be a box “I have read and agree to the terms of use of the exchange”. We put a tick.
6. Click “Create an account”, after which we wait for the confirmation code in SMS and enter it in the window that opens.
7. Enable an additional method for identification. To do this, click on “verification by email” and link it. Then enter the code that will be sent to your email.

Remember the address of your wallet – later it must be entered in the program.

3. Download programs for mining.

Be careful when choosing the right program for mining cryptocurrency. Each program provides a description of all features and settings. If you do not want to configure Bat. file manually, there are programs that already have ready-made settings. You will only have to choose the appropriate parameters for different pools.

Important! When using such applications, do not forget to change the wallet address to your own.

5. Pool selection

Many do not understand what a pool is, how it works and what role it plays in mining. A pool is a server consisting of several members, each of which has a specific task. As soon as one of the participants hits the target, a block is formed and the reward is distributed among all members of the server. Choosing the right pool will allow you to quickly pay off your investment and earn money. When choosing a pool, it is worth considering such parameters as:

1. power and popularity . Pools that are not sufficiently “untwisted” and have not gained the necessary capacity will not be able to provide a good income.
2. Profit section . Ideally, income should be divided according to the share you have invested. In case you do not have the opportunity to make a big contribution, choose pools in which the income is divided equally between the participants.
3. Commissions . Be sure to find out what percentage of the commission the server charges and whether it is possible to withdraw funds to the wallet.

Ethereum Mining Suspension News

Officially, one of the founders of the company confirmed that in the summer of 2022, Ethereum will stop mining and switch to staking (storage). This decision will affect not only the cryptocurrency miners, but the entire market. The consequences of Ethereum’s departure from the mining sphere will negatively affect other digital currencies as well. Firstly, the network is expected to switch from one algorithm to a completely different one, which does not imply the presence of miners. The algorithm that will be used in the future will work at the expense of the holders of this currency, who receive funds for their storage. This process can be attributed to passive income. Most importantly, this event is just around the corner – the transition is expected at the end of August 2022. However, for some reason, the transition may be postponed to the autumn period. https://articles.opexflow.

Difficulties and nuances of ether mining, what is the profitability

Before you start mining cryptocurrency, it is important to take into account not only the advantages, but also the difficulties of this way of earning. Not all miners are profitable, despite the fact that they bought expensive equipment. Let’s start with the benefits:

1. Constant generation of digital coins on the Web.
2. The high value of the coin on the market.
3. The possibility of mining with budget equipment.
4. Many ways to withdraw funds.
5. The presence of large partners.
6. The most stable currency compared to other coins.

Let’s move on to the difficulties that may arise in the process:

1. There is a high chance that equipment will wear out before it pays off. It also requires regular updating of video cards.
2. Large power consumption.

Consider the experience of several well-known miners. They all claim that there are many nuances and complexities in mining – all this comes with a huge risk. Buying graphics cards can easily not pay off. Miners spend most of their earnings on electricity costs. You can’t do without a material cushion in this business. Bloggers recommend connecting the mining system to light panels. They save money well, generating about 10-20 kW per day.

3. With the imminent transition of the currency to another algorithm, ether mining will become impossible.
4. Ethereum price fluctuations. There is a risk of “burning out” when investing in ether. Most recently, Ethereum hit a price point of $3,500, while just 7 days before it was worth $800. Obviously, the jump is on a huge scale: because of it, not only investors, but also miners suffered financial losses. If you have purchased digital coins for a high price, we recommend that you wait and not part with them. Analysts believe that another major jump will happen soon and Ethereum will reach its maximum values.

What is the difficulty of mining ether, profitability is falling, the difficulty of mining Ethereum is increasing: https://youtu.be/1C18K_p3IKw Ethereum mining is not so much difficult as a painstaking process that requires a lot of attention and financial investments. The choice of suitable equipment, miners and pools should be approached very responsibly. There is always a risk of losing money and not paying back all the investments that were made for mining. There are many stories of experienced miners who ended up going bankrupt due to inattention. In this article, the best budget models of video cards, top programs were considered, useful tips were given for choosing equipment.