The process of mining ethereuem is quite intensive, requiring a lot of processing power and time. In the end, a miner is rewarded for discovering solutions to the challenging math problems through blockchain technology, in the same way Bitcoin mining and Bitcoin cloud mining operate. Like Bitcoin mining hardware, ethereum can be considered as a computational network.
It is a decentralized network, applicable to anyone and capable of performing operations with little or no chance for censorship, fraud, and down time. Ethereuem is the second fastest growing currency after Bitcoin, which is the native digital cryptocurrency mining that that has generated a lot of buzz on the market and taken the world by storm.
In barely one and a half years, the price of ether has skyrocketed to a level that is more than 300 times initial market price. Having seen the Bitcoin network and the price of Bitcoins make its way to the top, investors were eager not to miss out on the opportunity unfolded by ethereum, which led to its hyper growth.
Any personal computer can be used for the mining of ether, as long as the device incorporates a Graphic Card (GPU) and having at least 2 Gigabytes of RAM. Mining on Central Processing Unit (CPU) is simply a frustration in exercise; it incurs a lot of time with very minimal profits.
Graphic cards are more suitable for handling the recurrent processes that characterize the mining of ether. They offer tremendous speeds of up to 200 times faster than central processing units. Also, ether is better mined by AMD which is more effective than NVIDIA cards.
Before determining the best miner and venturing into the adventure that is mining, you may want to know if the whole process is profitable. Ether mining is similar to trading; cryptocurrency prices fluctuate and incur some expenditure too. Whether mining will be profitable or not depend on the cost of energy and electricity, coin prices, and initial equipment set-up among other factors.
Apart From Profitability, Ether Is Incredibly Useful In Our Day-To-Day Activities:
It provides a digital token for trading which can be used as a means of payment, a representation of an asset, a proof of payment, a virtual share and anything you can imagine.
Your ethereum wallet offers you a gateway to distributed applications on the blockchain. The wallet enables you to secure ether among other crypto-portfolios built on ethereum. You can also write, deploy and make use of smart contracts.
Additionally, it is incredibly fast, allowing you to send money anywhere in the world and within the shortest time possible. The wallet is simply software, which is open source, safe, and supports editing.
The question of which is the best ether miner is quite challenging to tackle is quite subjective. There isn’t actually any single definite best ether miner. All of the reliable ether miners serve you greatly by getting you ethers or simply having you rewarded for your discovery. However, the distinguishing feature is in their service provisions in terms of the fees charged, specific functions supported and other resource assistance.
Ethermine is a high-performing ether mining pool and is a direct successor of the ethpool.org. This miner offers the same level of service and efficiency as its predecessor, ethpool.org but makes its payments via the traditional PPLNS mode. In ethermine pays instantly and individual miners on this platform will receive their ether as soon as they attain the set payment threshold.
Genesis is the world’s largest and most transparent hash power provider for ether, Altcoins, and Bitcoin. It is not only reliable but also customer friendly. They have heavily invested in the latest hardware and software that keeps them abreast with technology. It provides the easiest way of mining. With Genesis available, there is no need of investing in your rig.
The platform offers a smart and convenient way for you to invest your money. They provide amicable solutions to the novice and veteran ether miners alike. It is the first multi-algorithm ether mining service and offers an alternative to those who would want to engage in mining Altcoin and Bitcoin.
The Other Advantages And Features Of Genesis Mining Include:
F2pool is also among the major ethereum mining pool which also offers the mining of Bitcoin. However, the main shortcoming of this miner is that their ether mining site is limited to a few countries only. The pool charges a fee of 3% per share.
Dwarfpool accounts for around 13% of ether’s hash rate. They will charge you a fee of 2%. Their payments are released between 4 to 5 times in a day for amounts higher than one ETH.
Ether miners are critical to ether and its security. Ether would be quite vulnerable and prone to attack. It is worth noting that most ether users do not mine and, therefore, miners play the role of providing the supply of this valuable commodity. Miners create new Bitcoins and, through the process, they regulate their supply and, to some extent, their value and price.
Mining was once a common practice among individual users via home computers. Nowadays, the mining is mainly done by specialized warehouse, having substantial amounts of software and hardware. Such warehouses are the ones discussed above, which channel their hashing capability towards mining pools.