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How Much Can You Make Mining Ethereum

It Is No Longer Worth It To Build An Ethereum Mining Rig

It Is No Longer Worth It To Build An Ethereum Mining Rig

It Is No Longer Worth It To Build An Ethereum Mining Rig Building an Ethereum mining rig hasnt been worth it for months, and soon they will be completely obsolete. Goodnight, sweet prince. Image: Daniel Oberhaus/Motherboard Back in May I wrote a guide explaining how to build an Ethereum mining rig , a special type of computer that forms the backbone of the Ethereum network and earns ether, the digital currency native to the network, for its owner. Shortly thereafter, Motherboard also made a video documenting this process . Since then, Ive received countless emails from readers inquiring about my mining rig. Ive received three such emails this week. The most common question voiced by these readers is whether or not it is still worth it to build a mining rig. The answer to this question is no. Building an Ethereum mining rig hasnt been worth it for months and a few months from now, mining ether will be completely obsolete. Read More: An Idiot's Guide to Building an Ethereum Mining Rig Arguably, building an Ethereum mining rig wasnt even worth it when I built my machine in May, and many readers let me know this when the article and video first came out. This is somewhat true, but there is a necessary caveat here. Mining ether also wasnt worth it for about the first year and a half of the cryptocurrencys existence. The price of ether hovered around $10 from 2015 until early 2017, when it saw a spike to $25. This was important because it meant the value of the ether being mined was higher than the cost of the electricity that was needed to mine it. In other words, until that point small scale mines were operating at a loss in the belief that the tokens they were mining would someday be worth a lot more money. In hindsight, these early miners were rightthe price of ether has Continue reading >>

How To Mine Ethereum On Your Pc

How To Mine Ethereum On Your Pc

Hoover up some Ether using your home computer The cryptocurrency revolution is largely down to enthusiastic 'miners', who build or use their own machines to perform the complex proof of work algorithms to process data blocks, creating more of their chosen currency such as Bitcoin and Ethereum. Specialized mining equipment is available online and you can even rent processing power from companies such as Genesis Mining (weve got a guide on how to do this here ). However, if your home computer is powerful enough there's no reason you can't get started mining Ethereum today. In this guide, you'll learn how to use the friendly MinerGate client. This handy program quickly and easily connects you to MinerGate's mining pool from where you can share some of your machines resources, and then subsequently share in the rewards of generating Ether. Before you begin, remember that the actual amount of hard cash you'll make from doing this will vary depending on the mining difficulty, the fluctuating price of Ether and how powerful your hardware is. MinerGate has a built-in benchmarking tool to give you a rough idea how much you stand to make per year, although this doesn't take into account the electricity used by your machine. Open your browser and navigate to . Click on the button marked Download Miner & Start Mining. If you're using Microsoft Edge, you can click Run to launch the installer at this stage. Windows 10 will ask you to confirm that you wish to allow MinerGate to make changes to your system. Click Yes. Setup will now launch. Close down any other open apps and agree to the license agreement. On the next screen (Install Options), select Add MinerGate to the system PATH for current user as well as Create MinerGate Desktop Icon. Click Next, then Install. Once MinerGate has Continue reading >>

Were Mining Ethereum Again This Is How Much We Are Making

Were Mining Ethereum Again This Is How Much We Are Making

Were mining Ethereum again This is how much we are making Toward the end of 2017, we switched the software on our GPU mining rig from Claymore mining Ethereum to NiceHash. Our returns with Ethereum had been dropping rapidly , and the amount of time it took to mine 1 ETH had grown from just over 200 hours to 800 hours in three months. With the price of Bitcoin rising as our Ethereum returns dropped, we switched to NiceHash which let us mine altcoins which were then exchanged for Bitcoin. All was grand from there, until the massive NiceHash hack in December 2017. NiceHash was taken offline while the hack was investigated and our 6x RX580 rig was left idle. This proved fortuitous, however, as the start of our Ethereum mining coincided with a sharp rise in the cryptocurrencys price. When we started mining Ethereum in June 2017, it was worth around $360 and we made 1 ETH in under 10 days. This slowed to 1 ETH every 33 days around the middle of September 2017 when Ethereum had dropped to $260. With the returns dropping both in terms of Ethereum and US dollars and therefore rand we switched to NiceHash to bring in Bitcoin. After the NiceHash hack in December where we lost around $50 worth of Bitcoin at the time, as it was in the NiceHash wallet we downloaded the latest version of Claymore. The plan was to mine Ethereum in the interim while NiceHash was secured and brought back online. NiceHash has since come back online, but our rig is still humming to the sound of Ethereum mining thanks to its rise in price. Our Ethereum returns are still low, and we currently average a bit under 0.5 ETH per month with the rig performing at 120Mh/s. However, as Ethereum is sitting above the $1,200 mark (at the time of writing), our US dollar returns and by extension, our rand returns are muc Continue reading >>

How To Calculate Mining Profitability

How To Calculate Mining Profitability

CoinDesk Launches 2017 Year in Review Opinion and Analysis Series Are you serious about mining cryptocurrencies? If so, you need to know how to make the best use of your money and equipment. In this guide, well show you how to mine your digital treasure in the most profitable way. Obviously, the big money is going into costly bitcoin ASICs. If you arealready in that position, you probably know how the process works and are intending to mine bitcoin. However, those of you on a more moderate budget are probably looking at building a GPU miner for scrypt currencies, or a buying a small ASIC machine for bitcoin or other SHA-256 currencies. In that case, you have come to the right place. The process of mining digital currencies involves solving complex cryptographic puzzles. By doing this, miners are providing proof of work that is rewarded with digital currency. Broadly speaking, there are two proof-of-work hashing algorithms in use today: SHA-256 and scrypt . Note that there are some lesser-used alternatives, which we will not be looking at in this guide (for example, Primecoin ). The SHA-256 algorithm favours raw processing power. In bitcoins very early days, one could mine effectivelywith the CPUs and GPUs (graphics processing units) that you find in a normal home PC. That time has passed, however, and the difficulty level of bitcoin is so high that specialised processors known as Application Specific Integrated Chips (ASICs) are needed to mine it. The use of such powerful processors, alongwith bitcoins exponentialincrease in difficulty level,have created a technological arms race, which means that even quite recently designed chips can quickly become obsolete. The scrypt algorithm favours greater amounts of RAM and parallel processing ability, which is why GPU-based ri Continue reading >>

Is Genesis Mining Worth It? A Genesis Mining Profitability Calculator Youll Actuallyuse

Is Genesis Mining Worth It? A Genesis Mining Profitability Calculator Youll Actuallyuse

Founder, Spreadstreet.io. Husband to the most beautiful woman in the world. Runner-up in 6th grade spelling bee. Super-nerd. Is Genesis Mining Worth it? A Genesis Mining Profitability Calculator Youll ActuallyUse BitPay is on pace to process over $1B annually in bitcoin payment acceptance and payouts, and has already grown their payments dollar volume 328% year-over-year, according to a recent blog post on the BitPay website . The very nature of cryptocurrencies requires transactions to be verified by miners. What does this mean? Cryptocurrency transactions are verified by a network of nodes, then recorded in a publicly distributed ledger known as a blockchain, which authenticates the coins as monetary units of measurement or money. Cryptocurrency mining refers to coins created as a reward in which the users of the network verify and record transactions on this very blockchain. Users who are able to successfully verify the transactions receive fees and rewards in the form of brand new coins. And Genesis Mining stands as the largest cryptocurrency cloud mining company in the world. A user can rent hashing power in the form of a two-year contract from Genesis for a one-time, upfront fee. In turn, they receive daily payouts of whatever specific cryptocurrency they purchased the contract for. While Genesis Mining has done a great job breaking down a complex problem into an easy-to-understand business model, users consistently have one big question: How profitable is {x} contract? Everybody, ever While the user is able to see the upfront cost, they are unable to get an idea of how many coins they will receive by the end of the contract. The problem exists, because of two major uncertainties surrounding cryptocurrencies: Where the price of the currency will fluctuate over ti Continue reading >>

Beginner's Guide To Ethereum Mining In 2017 - How To Mine Ethereum On Your Pc?

Beginner's Guide To Ethereum Mining In 2017 - How To Mine Ethereum On Your Pc?

Last updated on August 15th, 2017 at 11:06 pm Getting Started with Ethereum Mining the video guide The good news is that getting started with Ethereum Mining is now easier than ever. You do not need to download the full Ethereum blockchain, which is now over 20+ GBs and still growing! You also do not need to manage clunky command line miners with manual instructions. For purposes of this guide, we are going to do a detailed walk-through of setting up and using the very popular Claymore Miner. Get the current version here from Claymores original Bitcointalk thread and then follow along with the steps in this video. The whole process of getting a wallet setup, downloading your miner, configuring things in Windows and setting up your batch file to run should take less than 10 minutes: If youre new to mining Ethereum , this guide covers all the important facts in a simple, low-jargon way. Lets start with some short answers to common questions about Ethereum mining: Q: Whyshould Imine Ethereum tokens (aka ether or ETH)? doesnt mining Ether take up a lot of electricity? A: If done properly, more money is earned by selling mined ETH than is spent on electricity. In other words, its profitable! You can check out the profitability with our Ethereum mining calculator . Q: Can I mine with my CPU (Personal computersprocessor) instead ofan expensive graphics card (GPU)? A: GPUs are so much faster that CPU-mining is no longer profitable or worthwhile. Even entry-level GPUs are about 200 times faster than CPUs for mining purposes. Q: Whats the best GPU to use for getting the most ETH for the least electricity? A: AMD cards tend to edge out similarly-priced NVidia cards in terms of efficiency. We cover the best cards to get under the heading GPU Hardware further down in this post. Q: Continue reading >>

How Much Money Can You Make Mining With Your Gaming Pc?

How Much Money Can You Make Mining With Your Gaming Pc?

How Much Money Can You Make Mining With Your Gaming PC? {{article.article.images.featured.caption}} Opinions expressed by Forbes Contributors are their own. The author is a Forbes contributor. The opinions expressed are those of the writer. This story appears in the {{article.article.magazine.pretty_date}} issue of {{article.article.magazine.pubName}}. {{article.article.magazine.subscription_text}} Mining and cryptocurrency are dirty words to many of my readers. Extradirty to people looking to build their own gaming PC in a retail landscape that's seen the prices of graphics cards from AMD and Nvidia inflate to atrociouslevels. Seriously, it's now significantly cheaper to buy the majority of boutique or mass-market systems than it is to build them yourself. Perhaps it's not the right time to go DIY. Maybe you have no desire to assemble a crazy mining rig. But for those of you with gaming PCs, you might be surprised how much money you can make mining with it, and how easy it is . Use your existing gaming PC to make some extra Bitcoin, or extra cash. When I stopped mining for crypto coins back in 2013, getting a client up and running was a challenge. Basic knowledge of Linux and terminal commands were requirements. I'm dipping my toes back in these waters now, and I've found it's shockingly easy to get up and running on a Windows PC using software called NiceHash . No command lines, no messy configuration files -- although they're there if you need them. Just an installer, some quick auto-benchmarks, and then your GPU or CPU (or both) are putting their hashrates to work for you. The software even generates a Bitcoin wallet address for you. NiceHash makes it super simple to earn money mining with your existing gaming PC [Ed note: Investing in cryptocoins or tokens is high Continue reading >>

Ethereum Mining Is Profitable, But Not For Long

Ethereum Mining Is Profitable, But Not For Long

Ethereum mining is profitable, but not for long Venture Capital | Investment Analysis | Deal sourcing + Execution. Previously founded and exited a profitable tech company in India You can also reach me at @shekhartee You can create a community post just like Shekhar here . This is a constant question, especially now that the price of Ethereum is rising. This year, Ethereum has seen an almost 20x jump in price. This increase has led people, who hadnt considered cryptocurrency, to sit down and become suddenly extremely interested. When this happens, I believe that most of the biggest profits have already been made. People have been mining the coin for months or years, and they have probably seen some tremendous gains, especially if they have a decent-sized operation. OK, lets get back to the question: Is it worth it to start mining? If you are just hearing about Ethereum and interested in maybe jumping onboard, this can be a very difficult question and the answer depends on a lot of factors. Well, hopefully, this article will help you get an idea of whether it is good to mine Ethereum. In elementary terms, Ethereum is an open software platform based on the blockchain technology that enables developers to build and deploy decentralized applications. I remember a friend once came up to me and asked, Is bitcoin and Ethereumsimilar? Well, sort of, but not really. Like bitcoin, Ethereum is a distributed public blockchain network. There are, of course, some significant technical differences, but the most important is that they differ substantially in purpose and capability. Bitcoin offers one application a peer-to-peer electronic cash system that enables bitcoin payments. The Ethereum blockchain can support many different types of decentralized applications. Wait, if it is a n Continue reading >>

How Much Can You Make Mining Ether And How Much Does It Cost To Run? <ethminer 75 Days In>

How Much Can You Make Mining Ether And How Much Does It Cost To Run?

I'll break it down for you, show youhow much it costs to get up and running, how much you'll make and how much you can expect to pay for electricity, but first I want you to know that You're probably asking the wrong question. You shouldn't be asking "How much do I make in one day of mining Ether?"... Here's why: Asking that, demonstrates that you might be getting into mining for the wrong reasons. If you're setting up a rig thinking you're going to strike it rich with a couple of GPUs in your parents basement and you've run up your credit card on 'case fans' like a hardware junkie, you might need to reconsider your goal. There is NO Ether mining 'get rich quick' scheme, nor is Ether day-trading a smooth route to a quick buck. It takes some work to get the basics working for you, but what it really takes to make it work, is Time. If you are setting up a rig for any other reason, then you might be a long haul believer, like me. As I explained in one of my first articles' How I Learned to Mine Ether... , Bitcoin never felt that exciting to me, but Ethereum held promise of a new "form" of internet, the fuel of the new web, its' technological background is fundamentally different, and better. That alone is worth it for me, but then you add to that, the fact that some of the most valuable AltCoins are based on Ethreum as well. - that's why I voted for Ethereum with my dollars. But not just buying in, I got GPUs and dedicated my PC to be a mining rig because I wanted to be a part of the support for Ethereum and learn first hand how it all fits together, I really only 'invest' in things if I can understand and see how it works - I don't buy black box anything. So, as much as I would have to pay for new GPUs, I also put some money directly into buying ETH coins with smaller pu Continue reading >>

Stop Building New Rigs! It Is Not Worth It! Please Read Before You Start Mining!

Stop Building New Rigs! It Is Not Worth It! Please Read Before You Start Mining!

My English knowledge is average so please sorry for grammatical mistakes. Thank you Proof that if you buy RIG just to mine ETH is not a good idea: There are a lot of threads where people are saying that the moment to start mining is lost...But people are still begin mining! First of all you do not understand what means difficulty and what means return of investment. I begin mining one year ago... And it was already to late for me to get in. Why? Because the amount of Ether produced in all this time by me is lower, than if with the same amount of money I invested in production, I would buy directly Ether's! Yes! And I started 1 year ago. Difficulty grew up very fast and amount produced every day become lower and lower! I don't tell you problems with heat in the summer and freezing Rig's ... So if I would buy Ethers at 10$ (at this price I can buy exactly amount of Ether I produced in one Year) one year ago I would sell now at 4 times profit! But there was moments when Ether fall down to 6-7$ (At this price I would buy much more Ethers than I produced in 1 year) which I would sell at 7-8 times profit! Or I would sell now just an amount to recover investment and wait for Ether to go to the moon! Big Idea is that now is the same. Just make a calculation. With a computer with 5 rx480's you will produce about 0.27 per day, that's 8 Ether's/month (if your computer will work 100% of time). But this you will produce in first month, in next months amount will be lower and lower! In just couple of months amount of Ether produced can be 4 Ether's/month. For Example as evidence of that in November-December 2016 you would produce 150-200 % more than know.... You can check the difficulty graph for evidence... Also there is POS coming...which can happen this year! So you will never re Continue reading >>

How To Mine Ethereum In 5min

How To Mine Ethereum In 5min

Surprisingly, all you need is an AWS EC2 instance to start mining Ethereum. Im sure youve already heard of the cryptocurrency craze way before reading this post. Cryptocurrencies are slowly and quietly revolutionizing the way financial systems and transactions work (and should work in my opinion). With Bitcoin hitting its $6K mark not awhile ago, a current total of $158B in market cap and hundreds of ICOs (Initial Coin Offering) conducted since August, its sure to say theres a bubble in the cryptocurrency space. Whats more, is that it doesnt seem this bubble is going anywhere, anytime soon. As you can see in the graph below, the total market cap of cryptocurrencies has grown from under $50B to over $150 in under a year! So what would be the best way to enter this space and enjoy the growth? Im not a cryptocurrency expert, however, from my research Ive found that the answer is pretty clear across all opinions: If youre looking for quick earnings, just invest incoins. However, due to this ever-growing crypto market, mining in the short term could lead to significant earnings in the long term. Personally, Im very interested in Ethereum , and have found an effortless way to start mining it quickly on AWS! This post will walk you through the process. But before we start, lets go over some basics. If youre already familiar with them, just scroll down. Ethereum is an open software platform based on the blockchain technology that enables developers to build and deploy decentralized applications. The advantage of Ethereum over Bitcoin, is that it can support many different types of decentralized applications. Ethereum has the second largest market cap after Bitcoin, and has gained massive growth in the last year with over 230% as you can see below: However, increasing growth in Continue reading >>

How Much Can You Make Mining Ethereum Or Other Cryptocurrencies

How Much Can You Make Mining Ethereum Or Other Cryptocurrencies

How Much Can you Make Mining Ethereum or Other Cryptocurrencies How Much Can you Make Mining Ethereum or Other Cryptocurrencies These days a lot of people are trying to earn money with someMining Ethereum or other cryptocurrencies. Everyone is buying video card on top of video cards and building systems just for this purposes. Because of this, the pricesof video cards have gone up as demandis very high. Because of the high demand for video cards, you can bearly find a video card higher the GTX 1050 TI on the local distributors, its just crazy. I am from Romania and the fever for mining Cryptocurrencies reached this place also, just the other days I have seen a colleagueoff mine with 4 Nvidia Video cards in the elevator bought for this purpose. I didnt know how much you canpotentiallyearn but I know how much 4 GTX 1080 cost ( more than 2000$) and this withouttaking into considerations the other parts needed like CPU, Motherboard, CASE, SSD, etc. If someone is willing to pay that much for a video card I thought that it means real money is made with miningCryptocurrencies and started to search around the internet for more details about the potential earning. I am in the online world for severalyears and I have never seen money being made easy without off some sort of scheme. Continue reading >>

The Real Cost Of Mining Ethereum

The Real Cost Of Mining Ethereum

Image Credit: Vitaliy Karimov/Shutterstock Just how profitable is it to mine Ethereum? To properly answer this question, lets start at the beginning: Lets construct a hypothetical mining rig, plug in some reasonable numbers, and come up with a pragmatic analysis of how much you can earn through Ethereum mining. Lets also hold the price of Ethereum static. By removing any profitability from the appreciation of Ethereum from the equation, well be able to correlate the actual rates of return exclusively with hardware, electricity, and any other costs associated with running a mining rig. Our assumption set uses numbers from January of 2018 that you can see below (we have done our best to use reasonable and middle-ground numbers): As you can see here, our hypothetical mining rig is more efficient and profitable than some of the best mining equipment on the market right now. We are assuming four GPUs that mine 40 MH/s each. The hardware specs are four GPUs, plus a processor, a motherboard, and a power supply rated at 1,000 Watts of electricity. The cost of this rig would be approximately $3,000. A reasonable cost of power is approximately 10 cents per kwh. This is below the national average for retail power rates in the U.S. To run a mining rig you will likely pay at least 10 cents per 1,000 watts run for each hour. This means one full day of mining comes with an electricity cost of $2.40. We will also use the block reward and block difficulty from January of 2018 as our base point. And we assume mining with a single rig is only reasonable when working with a mining pool. Some mining pools take up to 10 percent of your earnings, but some of the best only take 1 percent. For that reason, weve pick a modest 1.5 percent. Taking several points across Etherescans historical char Continue reading >>

Is It Worth It To Start Mining Ethereum? [december 2017]

Is It Worth It To Start Mining Ethereum? [december 2017]

Its been a while since we updated this series this past summer , but our answer for the Is it worth it? question has remained mostly the same. Ethereum saw increasing difficulty throughout the fall and little increase in price, which made mining steadily less and less attractive. But recently, Ethereum has boomed to be priced at around $700-$800, which has led to a resurgence in mining interest. So whats the latest answer to this constantly-repeated question in the mining community? Ethereum is becoming even more profitable now after its first huge jump in price over the summer, which has meant even more to become suddenly interested. Especially since Ethereum is currently one of the most profitable coins to mine, its worth considering how the landscape has changed lately. We recommended for two months straight over the summer that people that want to minimize the risks involved with investing in the cryptocurrency space should consider getting into Ethereum mining, but that it might be a bit late in the game to set up a rig considering the many unknowns in the industry. Those that got in early and have remained steadfast in keeping their rigs online since then have made really decent gains, especially if they had many rigs or GPUs to maximize their profits. So back to the question: Is it worth it to start mining? If youre just now hearing about Ethereum and interested in maybe jumping on board, that can be a hard question, and it depends on a lot of different factors. Do you appreciate this guide? Tips welcome! Ethereum:0x51984c8b295e6ee46d0d0fba0fd5548cff632327 Bitcoin:17nveRFLh833mnFjkyk9zaw9oYFudV8UKF Ethereum difficulty update for December 2017 Difficulty moved up steadily throughout the summer (all the way up to 3,000T in mid-October, at which point mining Ethere Continue reading >>

How Much Can You Make Mining Ethereum : Beginners Guide

How Much Can You Make Mining Ethereum : Beginners Guide

How Much Can You Make Mining Ethereum : Beginners Guide How much can you make mining Ethereum? This concerning question is stuck in many peoples mind. And they have asked me a number of times to provide them with the answer. So, in this article, Ive decided to answer to one of the very basic and the first question beginners have. And that is, how much can you make mining Ethereum? Mining Ethereum is not a task which involves setting up a mining rig and then waiting for Ether to flow in. If youre thinking youll just set up a mining rig and youll turn rich. Then let me tell you that youre totally wrong. Setting up an Ethereum mining rig requires the right information about the world of Ethereum mining. Without having the knowledge of the basics and some advanced concepts, youre likely to end upinvesting your moneyin the wrong mining rig. So, without wasting any time, lets first start with the basics. Ethereum is a decentralized blockchain based platform featuring smart contracts. With the help of Ethereum, you can create any software or any application. You can also create or build your own startup or a company from scratch. You also have the freedom to invest in your own projects, and if you do not have the required money to invest, you can complete your projects through writing smart contracts. The above sentence might confuse you a little, but this is what Ethereum is all about. There is a lot more to explain, but Ill rather focus on explaining only the important things. Ether is the token name of Ethereum. Every cryptocurrency has its own token name. And the token name is the name of the cryptocurrency. In the case of Ethereum, Ether is the token name. With the help of Ether, you can carry out smart contracts in Ethereum. Or, you can also buy, sell, trade and invest Continue reading >>

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