Several years ago, the Oxford Dictionary got a new word, bitcoin. It was a tacit acknowledgment that cryptocurrency became an integral part of life. Cryptocurrency has been used all over the world, but the attitude towards it remains controversial. Bearish dynamics still dominate the cryptocurrency market. Prices for coins from the top ten do not show clear upward trends. Given the fact that the difficulty of mining popular coins continues to increase, profitability decreases rapidly.
Nonetheless, according to experts, everything is not as critical as it might seem at first glance. It resembles the situation with students and their assignments that they cannot cope with. Sometimes, the only possible way out is to turn to academic writing services and meet the challenge. Thus, you can learn info about Ethereum, the second-largest cryptocurrency in terms of capitalization, which is often considered as a choice for investments.
What is Ethereum mining?
It is the process of verifying new transactions on the self-titled blockchain and adding them to blocks, together with the release of crypto coins.
The process is based on math calculations using special equipment. The first miner who finds a hash that matches the ongoing task's answer receives a reward along with the entire transaction fee. The emission is not limited, unlike the same bitcoin. And if you study edubirdie reviews, you will see that your opportunities are not limited as well.
What do you need to start mining ETH?
The main tool for making a coin is powerful GPUs. ETH mining requires capital investment and special skills, but it traditionally occupies the first lines on the most profitable cryptocurrencies list. Classic Ethereum costs much less than modified Ethereum, but it has several advantages. For instance, stability and increased requirements for the contracts' security. After the hacker attack that led to the split of Ethereum, the developers have focused on protecting against attackers. Unlike modified Ethereum preparing for the transition to PoS (proof of ownership), ETH mining will remain available for the next few years. So, if you want to make some money to afford everything you want, for example, to use service nerdify and free up the schedule, you can engage in mining ETH.
Today you can start mining on video cards with 4 GB of memory. However, soon the classic DAG file will reach a size that exceeds these graphics adapters' capabilities.
You have to use the recent version of Phoenix, which will reduce the minimum size of free video memory. You should use an eight-gig card or display a picture on a monitor through integrated graphics. If you try to run ETH mining on a card with 4 GB of video memory on your PC, you will fail. Red cards are more suitable for dealing with certain algorithms while using Nvidia graphics accelerators is not that profitable. Earlier profitable mining on AMD was impossible without flashing the GPU. But the latest versions of crypto mining software allow you to change timings on the fly. You can examine the best custom writing reviews to make sure you can get your papers done at light speed as well (within reasonable limits, of course).
Ethereum mining methods
You can earn ETH in several ways. But first, you should create a special virtual wallet suitable for Ethereum, and only after that, you can proceed to choose one of the following options. Thus, you can become a participant of a mining pool ETH, try cloud or solo mining, or design your pool. However, bear in mind that you will face a challenge if you choose the latter option since the rivalry in this field is extremely high, and you must make significant investments.
Considering the large number of people wishing to make money on it, the more difficult the problem is, the more currency you will get. Thus, every single miner has small chances to cope with the issue and earn money. And this method helps them cope with this problem. The pool gathers a few miners, thereby increasing the efficiency of mining. Thus, each participant gets a part of a math problem. Having solved the problem together, all participants in the pool receive a part of the reward.
It is about using rented equipment where the rental company acts as the equipment owner and is engaged in its maintenance. The tenant, in turn, covers the expenses on the operating time of the equipment. A miner gets all cryptocurrency mined during the rental period. Although this option has several advantages, it also has some drawbacks. For instance, the risk of decreasing the ETH cost can turn equipment rental into a loss-making business. And, of course, you should keep your eyes open since you can run into scammers.
Think about whether you want to try this method this year. Mining pools have appeared not for nothing. Given the ongoing competition, you will have to spend a lot on equipment, but even then, there is no 100% guarantee that you will be able to get profit for the mined Ethereum block. On average, it will take a few months before you can mine the block yourself.