Everything you need to know about one of the most Profitable mining
With more than 1,300 cryptocurrencies out there, Ethereum has risen to the top of the pile,
with its name often mentioned in the same breath as bitcoin.
Although its value is no way near that of the flagship cryptocurrency, it’s great for trading and some of its more advanced features give it some exciting potential for the future.
As the price of Ethereum hovers around $500, you may be wondering to yourself How to begin mining on Ethereum to create token?
I will show you step by step How to create token on Ethereum Requirements for starting mining to create token on
Ethereum Mining Hardware
Using an efficient Ethereum mining hardware to create token will
significantly reduce your electricity bills and cut down your costs.
I will help you learn more about the best Ethereum mining hardware.
Just like a normal Computer, you will need the following for your Ethereum mining rig:
To allow parts to communicate.
To process the proof-of-stake algorithm.
To store the Blockchain and new ly verified transactions.
To give the mining program working memory.
Be generous with your investment in RAM as the DAG file is only growing in size.
Power Supply (PSU)
To provide power for the parts.
To receive new ly validated transactions to be stored in the Blockchain, plus the new validations completed while ‘mining’.
Since Ethereum’s implementation of the Casper Proof of Stake algorithm, ASIC hardware that is known to be particularly effective for mining BTC and other Proof of Work based cryptocurrencies can no longer be used for Ethereum.
As a result, Ether mining is limited primarily to Graphics Processing Units (GPU).
This excludes the use of Bitcoin ASICs that have significantly limited the pay-off to entry-level mining hobbyists.
It also makes Ethereum interestingly favor the home consumer over big-time investors.
How can you find the best GPU and rig to create token on Ethereum?
Some GPUs have a higher hash rate than others, while some use more electric power as well.
In choosing the most efficient GPU the most important thing is striking a balance between how powerful you want your rig to be and how much you are willing to spend on the GPU itself and the electricity.
here is a list and brief description of the most efficient GPUs on sale.
Radeon R9 295X
The Radeon R9 295X2 has by far the highest hash rate (46.0 MH/s) of the Ethereum GPUs on
the market and will cost you $600.
It has a power cost per day of about $1.44, a return per day of about $1.61 and a cost per MH/s of $13.04. This gives a return per year of $586.43.
Radeon R9 HD 7990
A Radeon R9 HD 7990 will cost you $680.
Its power cost per day is lower than the R9 295X2 at $1.08 but its hash rate is significantly lower at 36 MH/s.
Its return per day is $1.29 while its cost per MH/s is $18.89, giving it a return per year of $469.40.
Radeon RX 480
The Radeon RX 480 is most arguably the most economical in terms of cost and saving electricity.
Its power cost per day is significantly lower than the two that I have mentioned at $0.4320.
Its hash rate is 25.0 MH/s, meaning its cost per MH/s is $7.96.
This gives a return per day of $1.21 and therefore a return per year of $440.91.
Radeon RX 480 will cost you $199.
Radeon RX 470
A Radeon RX 470 has a modest hash rate of 24.0MH/s.
Its power cost per day is exactly the same as the Radeon RX 480 at $0.4320.
Its cost per MH/s is $9.13, giving it a return per day of $1.15 and a return per year of $418.16.
Radeon RX 470 will cost you $219.
Note that the graphics card plays the most important role in determining how lucrative your rig will be.
Ethereum Mining Wallet
A Ethereum wallet is the most important step to using Ethereum to create token.
Why? Without a wallet, you can’t receive, store, or spend bitcoins.
many investors are now flocking to Ethereum.
Naturally, this has triggered demand for more secure Ethereum wallets.
To make sure your wallet is secure make sure that the serequirements are met be for you store your coins there this is what all secure cryptocurrency wallets need to have:
Backup & security – Backup and restore features.
Private keys – Wallets where you control your private keys.
Compatibility – Compatible with different operating systems.
Development community – Active development community.
Ease of use – Elegant UI for ease of use.
Here I have listed out the best wallets for Ethereum.
They all meet the above requirements.
- Tr e z o r (Hardware Wallet)
- Ledger Nano (Hardware Wallet)
- Exodus (Desktop Wallet)
- MyEtherWallet (Web Wallet)
- ETHAdress (Paper Wallet)
- Jaxx (Mobile Wallet)
Ethereum Mining Pools
your next step is to decide on which Ethereum mining pool you’ll join.
Mining pools are simply groups of miners that work together to create oken on Ethereum.
Joining a pool helps to lower the volatility of your payouts by providing smaller, more frequent payments rather than a lump sum that you only receive when a block is solved.
When choosing a mining pool, it’s important to join one with low fees that brings reliable returns.
You should also consider the server location of the pool when deciding which is best for you.
The closer your mining rig is to the server, the more efficiently it can mine.
I will highlight five of the best Ethereum mining pools so you can confidently decide which one to join:
Ethpool / Ethermine
Ethpool and Ethermine are two different sites although they appear to be basically the same pool.
They are currently the largest Ether mining pool with about 25% of the network’s hash rate.
F2pool is also a Bitcoin mining pool.
Its Ether mining pool appears to only be available in Chinese, so this is not a good option for most of our readers.
f2pool has about 21.6% of the network’s hash rate.
DwarfPool is the third largest Ethereum mining pool with about 13% of the network’s hash rate.
In addition to Ether you can mine a bunch of other currencies like Monero and Dash.
ethfans is another Chinese pool with about 8.6% of the network hash rate.
Ethereum Mining Software
Ethereum Software is the program used when creating token on Ethereum that communicates with the Ethereum Network and acts as the relay between your computer, its hardware and the rest of the
Here I have listed out the best software for Ethereum.
Ethminer : Ethereum Mining on a Windows computer
Dual Miner : Ethereum Mining on a Windows computer
WinETH : Ethereum Mining on a Windows computer.
Minergate : Ethereum Mining on a MAC computer.
Ethminer : Ethereum Mining Software for Linux.
Now you are ready to create token on Ethereum Note Electricity costs are the deciding factor for most miners.
miners in China, Iceland, and other places with cheap electricity have a huge advantage!
For more accurate estimates, use an Ethereum mining calculator and plug in your own numbers.