How to start mining Ethereum in 2024

Network complexity

The increase in the overall hash rate of Ethereum provokes an increase in the security of the blockchain. However, as a result, the block generation rate does not become faster in a global sense. The automatic algorithm embedded in Ethereum constantly monitors the complexity of mining. For example, as the overall hash rate increases, it becomes harder for individual blockchain participants to mine new ETH.

In the absence of a complexity mechanism, selecting valid (valid) cryptographic functions would be a simple task. In such a case, increasing the network hash rate would accelerate block creation and lead to excessive issuance of new coins.

Future Prospects

The cryptocurrency community expects Ethereum to transition to a Proof-of-Stake (PoS) consensus mechanism. With the Proof-of-Stake algorithm, high computing power is not needed. With PoS, validators invest native cryptocurrency in so-called staking. As a result, their share of the total amount deposited by all nodes and, consequently, their earnings increase.

In fact, in the future, Ethereum mining has no prospects. In this regard, you will have to switch to mining other cryptocurrencies or sell the equipment because of its uselessness.

Methods of Ethereum mining

ETH can be mined using different methods. But in all cases you need high computing power. Usually the hash rate of such equipment is used:

• Supercomputers (ASIC).
• Video cards (GPU).

Also, beginners often go for services for cloud mining. Such platforms are almost always created by scammers.

ASIC mining

Supercomputers are capable of performing only one task. Specifically ASIC-miners are programmed by manufacturers to calculate hashes. But as opposed to non-universality, supercomputers have high power, from which they got their name.

Mining ASICs are programmed so that they can only compute hash functions using certain encryption algorithms. For example, you can’t use Ethereum ASICs to mine Bitcoin. The blockchains of these cryptocurrencies are based on different hashing mechanisms – Ethash and SHA-256.

ASIC mining is based on the use of supercomputers. The user’s task is to connect their asics to the blockchain through special software (software) like Hive OS. Then the hash rate of supercomputers will be used to calculate hash functions.

Asics are expensive equipment. The price of the most powerful models exceeds ₽1 million.

In the community of cryptocurrency users, Ethereum ASICs from the manufacturer Innosilicon are the most in demand. These asics have become famous for their high power and technological excellence.

Cloud services

Not all users can afford to buy expensive mining equipment. Creators of services for cloud mining of cryptocurrencies know this and use the information for their own purposes. They offer to rent hashrate (often for a small fee). In this case, customers do not need to make the configuration of etherium mining.

But hashrate providers work only for their own profit. For this reason, they charge customers large “computer maintenance” fees. But, in fact, almost all cloud mining platforms are scams. They are created by scammers in order to deceive gullible and inattentive beginners.

As of 2024, the most common scheme of scammers is the forced termination of contracts with customers. The first incidents began to occur in early 2018. Then providers of computing power argued their actions with the fall of the cryptocurrency market, due to which the mining of coins became an unprofitable occupation.

However, even in 2024, cloud mining services often break contracts with customers. The main reason for deception is money.

GPU mining

Video cards are the graphics processors of personal computers and laptops. Their main task is rendering (processing) the corresponding images. Also in PCs and laptops, graphics cards translate visual data to monitors and screens.

GPU-mining is supported by many cryptocurrencies. ETH can also be mined using graphics cards. At the same time, some participants of the Efirium crypto network prefer to use GPUs rather than ASICs. This is due to the versatility of GPUs. They are capable of calculating hash functions using any encryption algorithm.

Many crypto miners choose NVIDIA graphics cards for ETH mining. From a technical point of view, on average, they are better and more powerful than competitive models from AMD. Also in the fall of 2021, NVIDIA launched the production of GPUs for mining digital assets. The first model was the CMP 170HX with a power of 162 MH/s.

How to start mining

Before mining ETH, you need to go through 5 stages of preparation. Here are the instructions on how to start mining etherium:

1. Register an Ethereum vault.
2. Choose equipment for the farm and buy it.
3. Find a profitable mining pool (service for joint mining of cryptoassets).
4. Install the program.
5. Start mining ethereum.

Ethereum wallet registration

First, the storage needs to be chosen. It should be convenient and reliable. In this case, the security of stored savings is the main selection criterion. Convenience is not so important in this case.

Registration of an etherium wallet is done according to the following algorithm (using MetaMask browser software as an example):

1. Launch the Google Chrome web browser.
2. Open the Chrome Web Store.
3. Type the name of the storage in the search bar.
4. Click on the cryptocurrency wallet card in the output.
5. Click on “Install.”
6. Click on “Install extension” in the opened window.
7. Wait for the installation of the browser cryptocurrency extension.
8. Click on the puzzle icon – “Extensions” (in the upper right corner of the browser).
9. Click on MetaMask.
10. Click on “Get Started”.
11. Click on “Create Wallet” under “Yes, let’s customize!”.
12. Click “I agree(s)”.
13. Think of a password and enter it twice (8 characters or more).
14. Check the “I have read and agree to the terms of use” box and click “Create”.
15. Watch a short video about the seed phrase and how to protect your wallet.
16. Click “Next”.
17. Write down the seed phrase on a piece of paper. Click “Next.”
18. Confirm the recovery mnemonic and click on the corresponding button.
19. Click on “All done”.

After that, the browser interface (UI) of the cryptocurrency wallet will load. By default, the vault is connected to the Ethereum Mainnet chain.

Choosing mining farm equipment

Before mining etherium, you need to buy computer hardware. For example, for Ethereum mining with a video card, you need the following equipment:

• Motherboard (Motherboard).
• Video card.
• Power supply.
• Processor.
• RAM (RAM).
• Hard disk drive (HDD).

At the same time, each of the components should match each other in terms of technical characteristics. The exception is the purchase of more powerful equipment with a reserve of capabilities in order to increase the mining farm in the future.

Motherboard

When choosing this component, you need to pay attention to the following basic parameters:

• Form factor. Its type determines the size of the component under consideration. It is better to choose a motherboard with a full-size ATX form factor. It will be able to accommodate the most video cards.
• The number of PCI-E slots. This parameter affects the number of connected GPUs. The more PCI-E slots there are on the board, the better – you can increase the number of graphics cards in the future.
• Number of slots for fans. In the process of mining, video cards heat up more than usual. Therefore, they need additional cooling. The more coolers you can connect to the board, the better.

It is recommended to buy special Motherboards for mining. They are often equipped with a large number of PCI-E and have an ATX form factor. In this case, special motherboards are able to supply the GPU with sufficient power.

Video card

GPUs have 6 parameters that need to be taken into account. For this reason, the selection of graphics cards often puts users in a deadlock. In the aggregate, all parameters affect the speed of etherium mining.

Power Supply

It performs 2 main functions:

• Provides connected devices with electricity.
• It protects other components from power surges.

For this reason, it is important to choose the right power supply. The main criterion is power (measured in watts).The number of video cards that can be connected to the mining farm depends on it. Also, for safety, the power supply should have a free reserve of 10% of the total power.

To collect a farm of 3 average video cards you need about 1400-1500 watts.

The second selection criterion is the number of PCI-E cables. These cables are used to connect video cards to power supplies. As a result, the number of available PCI-Es reflects the maximum number of GPUs to be connected.

Processor

Even with powerful GPUs, you should not choose a CPU that matches. However, completely weak CPUs will not be suitable for an average mining farm. You should choose a CPU according to the following parameters:

• Socket. This term refers to the socket for connecting the processor to the motherboard. The socket of both components should be the same. For example, ASRock H110 Pro BTC+ board has LGA1151. With the same socket processors like Intel Core i3-6100.
• Number of cores. Processors consist of so-called crystals (integrated circuits). In common parlance, they are known as CPU cores. Their number determines the number of tasks that the processor can perform in parallel. A 2-core CPU with 4 threads is enough for a mining farm of 2-3 video cards.
• Frequency of operation. This parameter determines the number of commands executed by the processor cores in 1 second. The greater the frequency of operation of crystals, the higher the performance of the CPU.

Choose a processor should be under a specific motherboard. This is conditioned by the compatibility of sockets of these components. Also, the required CPU power depends on the future hash rate of the collected mining farm. For example, when using 4-6 top GPUs, it is recommended to buy a 4-core CPU with 8 threads.

RAM

RAM is used to temporarily store information about the tasks being performed. Basically RAM works with the processor. For this reason, high RAM is not required. For most farms, 8GB of RAM is enough for most farms.

Hard disk drive

HDD is needed only for the installation of the operating system and software. Usually, miners have enough 500 GB of disk space. However, HDDs are considered slow devices. For this reason, in 2024, many miners prefer to purchase solid state drives (SSD). Their read and write speeds are several times faster than HDDs. At the same time, as of April 8, 2022, 500GB SSDs are 100% more expensive than HDDs.

Choosing a pool

Beginners wonder where it is better to start mining etherium in 2024. This is due to the impact of pools on the bottom line of cryptocurrency miners. Co-mining services charge users a commission. Also, each pool uses a specific reward payment system, such as:

• PPS. This scheme is considered fair to the miners. Under PPS, pools pay out rewards to participants regardless of the result achieved. If the user has invested hashrate in the common cause, then he will get a fair share of the cryptocurrency earned by the service.
• PPLNS. This scheme takes into account the rate of creation of new blocks and the time of rounds. As a result, PPLNS pools pay participants for a set number of periods. If miners take a long time to generate a new link of the Efirium chain, the value of their earnings increases. In the case of rapid creation of blocks of the cryptocurrency network, the amount of remuneration decreases.

MinerGate

This mining pool has been operating since 2014. Its creators made proprietary software for fast connection of user equipment. In total, as of April 8, 2022, MinerGate allows customers to mine 5 cryptocurrencies with a 1% commission:

However, by 2024, MinerGate became unpopular. As of April 8, 2022, the official website of the mining pool shows very modest statistics.

Binance Pool

This mining pool was created by the developers of the Binance ecosystem in 2020. Users of the service can mine ETH with a commission of only 0.5%. The low fees are explained by the pool’s exploitation of FPPS, PPS+ and PPS-type payout systems. However, the creators of the service warn that powerful equipment is needed for mining.

The developers of Binance Mining Pool position their pool as a good solution for both beginners and experienced users.

OKEx Pool

This mining pool is created by the OKX cryptocurrency exchange. For mining Bitcoin, customers are required to pay a 4 percent profit fee. For mining other coins, the platform charges only 2% of users’ income.

As of April 8, 2022, users of the service can participate in the mining of 5 cryptocurrencies.

Installing a miner

This refers to the installation of desktop software for etherium mining. Installation of the program is done as follows (using Hive OS miner as an example):

1. Go to the official website of the software.
2. Open the OS tab.
3. Go to the “Installation” section.
4. Scroll through the loaded page to the GPU item.
5. Select the method of downloading the program image (Torrent or ZIP).
6. Wait until the download is complete.
7. Extract the Hive OS image from the archive to an empty external SSD disk or any other USB drive.
8. Use a program like Rufus to install the miner.

Once the image is burned, a new disk will become available on the system. It allows you to customize the mining farm itself.

You will also need to create an account on the Hive OS website.

Starting mining

After you finish copying the Hive OS image, you need to configure the farm. Before you can start mining, you need to:

1. Find the file rig-config-example.txt on the HIVE disk that appears and open it in a text editor like Notepad++.
2. Paste the hash of the mining farm (found in the account settings on the software website) into the FARM_HASH field.
3. Save the file.
4. Rename it to rig.conf.
5. Finish installing the image.
6. Start the hardware.

After that, the operated mining equipment itself will connect to the control panel in the personal cabinet on the site. Extraction of cryptocurrency will start automatically.

Useful

Before you can mine etherium on video cards, you need to understand the following aspects of mining:

• GPU overclocking.
• Automatic calculation of profits.
• Ethereum utilization.

Video card overclocking

In 2024, users can safely increase GPU frequency. This can increase graphics card performance by up to 15% on average. For GPU overclocking, programs like MSI Afterburner are used. Also, such software allows you to track some indicators of the graphics card:

• GPU temperature.
• GPU load.
• Frequency of built-in cores and other indicators.

To overclock your graphics card, you need 2 programs – MSI Afterburner (or analog) and any software for stress tests (benchmarks), such as FurMark. To increase the frequency of operation, you need to:

1. Launch MSI Afterburner.
2. Set the maximum Power Limit value to supply sufficient power.
3. Click Apply.
4. Increase the Core Clock (MHz) by 50.
5. Click Apply.
6. Conduct a stress test.

The user needs to repeat steps 4, 5, and 6 until the “Graphics Driver Not Responding” error appears during the benchmark process. Then it will be necessary to reduce Core Clock by 50 points and recheck the performance of the video card. If the GPU functions stably, you can finish overclocking.

Profitability Calculator

Beginners often calculate the profit from mining manually. However, you can use yield calculators like WhatToMine for this purpose. There are many alternatives to this service in 2024. For example, a popular calculator in the Russian cryptocurrency community is CryptoCalc. It allows you to quickly calculate the profitability of mining, taking into account the payment of electricity taxes and pool commission.

Profit calculation through CryptoCalc is done according to the following algorithm:

1. Go to the service’s website.
2. Select etherium in the list of supported cryptocurrencies.
3. Specify the total hash rate of the mining farm.
4. Enter the total power consumption of the equipment used.
5. Specify the electricity tariff.
6. Enter the pool commission.

When performing the last step CryptoCalc will automatically calculate the profitability of the collected mining farm. Profitability is specified for 4 periods:

• Per day.
• For a week.
• For a month.
• For a year.

Using ETH

Ethereum is a blockchain platform for developing different decentralized applications (dApps). In order to exploit them, you need to have ethereums on your wallet. For this reason, blockchain participants can apply the mined ETH to utilize dApps.

Pros and cons of ether mining

ETH mining has a number of advantages and disadvantages. These are summarized in the table below.

Summary

Often beginners are looking for step-by-step instructions on how to mine etheriums on a home computer. But in this case, Ethereum mining will bring low income – up to ₽10 thousand per month with top-end components. This is due to the high complexity of the network. For more profitable ETH mining, it is recommended to build farms of several GPUs.

In addition to graphics cards, you can use asics to mine ETH. Supercomputers are very expensive. But their power can exceed the hash rate of top video cards by dozens of times.

Frequent questions from users