Ethereum is second largest market cap cryptocurrency for now. It has more than 21 Billion market cap at the rate of 208$. Mining Ethereum is not easy for starter, who is looking for earn ETH at cheap rate. You can earn/mine ethereum in profitability only if you choose right hardwares. Read More
Having touched above the 100-dollar mark, you can’t deny that Monero is a cryptocurrency with potential. The cryptocurrency’s main goal was to provide even more privacy than Bitcoin offers and as that is what most crypto-users (besides the trader population) want, it’s not really a surprise that Monero is a top-player in the crypto markets.
Although there are cryptocurrencies that are currently more valuable than Monero, mining Monero instead of other altcoins, carries a great advantage to it: CPUs still work great on it! It’s a rare case where CPUs can actually compete with the GPUs. If you look at Bitcoin, it’s pure ASIC mining. Even a GPU won’t be able to touch the terahash level of mining that the ASICs have passed long ago already at Bitcoin. Bitcoin’s small, but lethal, rival, Ethereum, has proven to be incapable of keeping CPU mining worthy as well. Although ASICs are not dominating Ethereum (yet), CPUs just don’t stand a chance against the power of GPUs.
Monero is different. Monero isn’t dominated by ASICs nor by GPUs. Both CPUs and GPUs work great for mining Monero, which allows for a wide variety of mining devices to join the playing board. In this article, I will be providing more information about Monero Mining, how to do it yourself and some recommendations.
Cloud Mining: Forget it
“Get 1% daily” This is one of the most standardized examples of a Cloud Mining advertisement. Believe me: These are not worth it. Anything offering you 1% daily is a scam. There may be exceptions, but it’s impossible to know what is legit and what’s not. Besides, what company would give you 1% daily if they could just use it themselves?
Some Cloud Mining companies might be legitimate companies, who also offer far less profits. One of these companies is Genesis Mining. HashFlare is another example, although there are some doubts about both of them, especially on the latter.
In five simple words: Stay away from Cloud Mining.
Real Monero Mining: Rewards for your effort
Although the real mining process takes a bit more effort than the simple Cloud Mining opportunities that are crowding the internet, it’s also much more rewarding. Not only would you remove the fee the Cloud Company is charging you automatically, because they obviously want to stay alive and have to pay their personnel, they also carry a large risk with them.
As you see, real monero mining is definitely worth it a lot more than Cloud Mining it. In the rest of this article, I will be explaining more about mining Monero.
In http://cryptocreed.com/2017/09/30/how-to-build-an-ethereum-mining-rig/, I gave a detailed explanation on how to build an Ethereum mining rig and what hardware to choose. For Monero, mostly the miner itself (CPU/GPU) is different. As I will only give advice about CPU/GPU here, I recommend you to check that previous article out as well, for advise about other necessary components of a good mining-rig, which include the motherboard, memory, etc!
Now to the miner itself, the CPUs and GPUs. Although GPUs often have a (much) higher hashrate, the power consumption and price of CPUs is often far lower. A good site for performance comparison of different Monero Miners, is http://monerobenchmarks.info/. As you see, there are great GPU/CPUs in the list, although you must consider that they might’ve been overclocked to have reached that result, might cause unexpected maintenance costs, have a high power consumption and the price could be quite high if they are popular.
A great example of this, is the runner up of the CPU list, the Intel XEON PHI 7200. It has a much lower hashrate than the best GPU, the Sapphire Vega 64, but because of its low energy consumption, the Intel XEON PHI 7200 beats the Sapphire Vega 64 in Hash per Watt. The Sapphire Vega gives 8.8 hashes per Watt, whilst the Intel Xeon gives almost 50% more, with a whopping 12.9 hash/watt.
Now that doesn’t mean the Intel Xeon is 50% better, but it does mean that it will give you more profit if you buy so many of them that you achieve the same hashpower as its rival. It’s important to notice that some of the miners listed on http://monerobenchmarks.info/ also have some issues causing them to cost extra money due to bugs, maintenance costs, extra electricity costs or simply a lower hashrate.
In simple words: I recommend you look for a cheap CPU, look it up in the list on the link I shared earlier and calculate your profits in comparison to other CPU/GPUs you can find. It’s the best way to find your ultimate piece of hardware.
You can find the name of the software you’ll need in the list at http://monerobenchmarks.info/ as well. Now you got the name of the software you need, you only have to download it. The download links are available at https://getmonero.org/get-started/mining/.
Maybe you like gambling and you don’t mind inconsistent earnings, but most miners love to earn the most they can. To do this, they often join mining pools. Although these mining pools (almost always) charge fees, they are definitely worth it, as you will always get your share, eliminating the luck-factor.
Some great mining pools are listed on here: http://moneropools.com/
I personally recommend joining a large pool (most consistent earnings) with a low fee (more profits).
It’s time for profits!
Now you’ve bought the hardware you need, downloaded & installed the software and configured it to your likings and joined a mining pool (or not), there’s only one thing left to do: Pure Monero profit collecting.
In January, Ethereum wasn’t even worth 10 dollars, whilst we’re trading them for over 300 dollars right now. It’s not very hard to see that Ethereum is growing & thriving like never before. It’s time now to help nature a bit by building your own Ethereum Mining Rig!
In a previous article, http://cryptocreed.com/how-to-mine-ethereum, I explained how you, as a crypto-person, can start mining. Today, I will go more in-depth into the magical world of setting up your own Ethereum Mining Rig, which isn’t very hard, but isn’t very easy without some sort of help or guidance.
In this article, I will be focussing on a mining rig with 6 modern GPUs. You could choose for more GPUs as well, but you will need different Mining Cases, Power Supplies and more, than what I will mention on here. Obviously, this could be used as a guide for any rig and you would only have to change some parts of your hardware to make it fit again.
What will you need?
- A motherboard
- A power supply
- Up to 6 GPUs (Of course you can use more if you take a different build)
- Up to 6 USB riser cables (1 per GPU)
- A hard drive (SSD preferred)
These 6 parts are essential for your mining rig. Leave out one and you won’t be having a profitable rig. Below, I will give more details on each part and what I would recommend adding to your mining rig.
Although I will be mentioning the components that I think are the best to use, it’s recommended that you do your own research on these too, as the ones that are the best for me, could be garbage in comparison to the other components you can find. If you have almost free electricity, you probably wouldn’t mind about a higher electricity consumption, whilst that would be a disaster for me, as I live in a country with quite high electricity prices. Another reason is that I could miss great components, which would be better than the ones I list here.
The motherboard is the “brain” of your mining rig. From the motherboard, the GPUs are controlled and your miners won’t work too well without it. You will need a motherboard with 6 PCIe slots to connect a GPU through. There are multiple great motherboards on the market, some more widely available than others and some functioning better than their rivals, but I would like to recommend you either of these: Z270 Gaming M5 (Or M7, but the M7 is far more expensive), the cheaper but not much worse ASRock H97 anniversary and the older but still working ASRock H81 PRO. The Z170-E ASUS 6 GPU motherboard is a great option too, as long as you don’t go above 4 GPUs. Although it should be able to control 6 GPUs, some bugs may arise if you connect more than 4 GPUs to it.
The most important part is that you play it cost-efficiently: Spend less, earn more. Therefore, you should also search for each fitting motherboard on multiple sites (or just google it), to figure out the best price for the best quality.
Although there are some Motherboard+CPU in 1 combinations available, the separated Motherboard and CPU are preferred. You don’t necessarily need a $500 CPU, as it’s not the most important part of your rig. A good CPU that is pretty affordable and functions well is the Intel Celeron G1840. It’s
A great PSU (Power Supply Unit), is the EVGA 1000 GQ, which provides 1000 Watts. The PSU should provide enough power for your rig and is not insanely expensive. It kind of depends on what components you’ll take in your mining rig and how many GPUs you put in it. If 1000 Watts is not enough for your rig, the SeaSonic Platinum 1200W offers a wonderful solution as well, with 200 additional watts for you to use on your rig.
There are multiple factors that make GPUs good. The most obvious ones are its price and its hashrate. The price should be low and the hashrate should be high. Then there’s another important property of your GPU that should be good, which is its electricity consumption. If your electricity cost is high, you might just as well stay out of the Ethereum Mining business. If your electricity cost is not high, but also not very low, you should probably go for a miner that consumes very little electricity. If you got access to very cheap electricity or even a free supply of it, electricity consumption should be less of a worry for you.
In short, that means that you will need to find a GPU with a high hashrate, for a low price and with low energy consumption. Below, I will list some of these GPUs.
There are multiple great GPUs out there and it’s quite hard to say which is the best. Currently, the GTX 1070 is a great option. The best GTX 1070 is probably the Gigabyte GeForce GTX 1070 Windforce OC 8 GB. Although it has a 10% higher price than some of the other GTX 1070s, it truly compensates for that disadvantage by delivering a higher hashrate with very well functioning built-in fans to keep the miner cool, as you could probably derive from the name and last but not least: low electricity consumption
There are other great GPUs too, like the Radeon RX 470 and Radeon RX 480, which are undoubtedly among the best GPUs on the market. They have a power consumption that’s only slightly more than the GTX 1070, they cost less than the GTX 1070 and their hashrate approaches the GTX 1070’s. It really depends on when you’re planning to buy them and what your precise electricity costs are, as their prices are fluctuating and from time to time a cheaper GPU is available on either the RX or GTX side.
Another necessary component of your mining rig is a Hard Drive. You could use a cheaper HDD/USB stick, but the SSD is preferred. If you are looking for a low-budget mining rig, you should go for the USB option though, as that tends to be much cheaper. The SSD is faster though and it often stays in good shape for longer.
Now these don’t have to be very expensive. You need a bit of quality though, so I recommend not to order at unknown sites that you shouldn’t trust, but you shouldn’t be paying tens of dollars for these things though. It’s best to use 1x 16x riser cables, which are needed to connect your motherboard & GPUs. One of these per GPU should be enough.
The Random Access Memory is the last, but definitely not the least piece you’ll need to complete your rig. A while ago, the 4 GB was fine and it should still work well, but I recommend getting 8GB of RAM now though, simply because it’s faster and more future-proof. The HyperX FURY 8GB DDR4 seems alright, but really any 8GB DDR4 coming from a trusted retailer should work for your mining rig, so don’t hesitate to buy one if you find a cheaper one at a trusted retailer.
Assembling the rig
Now we arrive at the part that’s much easier than the previous one for some, but much harder for others. It’s hard to explain how to assemble the whole rig exactly, as: If I would explain it, it would only be valid for one rig and you could encounter tons of complications if you take even a slightly different rig and your real situation might not even come close to my situation.
Assembling the rig mostly takes patience, a bit of work and a reasonably well functioning brain. It’s not rocket science, really, as all pieces are kind of made to work together with other pieces.
Some obvious, yet often forgotten things are the temperature and ventilation of the room you put the miners in. You should put the miners in a cool environment, not too close to other objects (especially inflammable ones)
If you need help on assembling the rig, a video would most likely help more than just words. Therefore I recommend to you: Youtube.com. The number 1 video provider of the internet. Just search for “Mining rig” on its search engine, together with some words that would best describe your rig and off you go. For specific help, I recommend the Technical Support section of bitcointalk.org.
You’ve made it!
Now you know how to build an Ethereum mining rig! All that’s left to do is installing the right mining software (I suggest getting Claymore’s) on the right Operating System (I recommend windows 10, as it’s widely used, very reliable and functions greatly), configuring your miner to your likings (Overclocking it, underclocking it or just running it regularly, try testing it for the right hashpower at the right electricity consumption, etc…) and then it’s finally time to pull some fresh Ethereum into your wallet!
How to mine Ethereum- Ethereum Mining
Since the launch of Bitcoin, mining has been a sweet way to earn some extra Bitcoins, as rewards were high and the difficulty was still low, because of the low amount of miners.
Currently, the situation is a bit different… Right now, it’s almost impossible to make any profit mining Bitcoin without specialized hardware and even then there are tons of risks and the possible rewards stay low.
That’s why many people are switching from mining Bitcoin to mining other cryptocurrencies. Ethereum is one of such cryptocurrencies. It’s a great alternative to Bitcoin and mining it can surely be profitable. The problem is that most people don’t know how to mine Ethereum and the vast majority of them doesn’t want to find out, simply because they think it would take too much effort or that it would be too difficult. That’s why this article will focus on providing a simple guide on how to mine Ethereum.
Cloud Mining: An easy, but dangerous way
Cloud mining is probably the easiest way to mine Ethereum. The idea is amazing: You invest in a cloud mining company, the company buys miners, pays for the electricity and runs them in a large facility, so they can make more ROI (Return On Investment) than you can by mining at home.
There are tons of Cloud Mining websites out there, offering you Ethereum Mining contracts for a certain price, often packed together with some maintenance costs. However, most of these Cloud Mining companies are scams. They will take your money, pay some of their investors to build trust and then run away with the rest of the money.
Some Cloud Mining companies are less shady. One of these is Genesis-mining.com, which has been dominating the Cloud Mining sector for years now. The big disadvantage of investing in Cloud Mining companies like Genesis Mining, however, is that they don’t offer a lot of ROI (Return On Investment), unless the price of the cryptocurrency rises, which is what you want when you invest in a Cloud Mining contract.
Ethereum mining is supported on multiple websites, although the problem is that the legitimate companies don’t pay a lot of ROI and the companies that do give you a lot of profit, are scams.
That’s why I suggest not to invest in Cloud Mining and to follow our guide below on how to mine Ethereum yourself.
Mining Ethereum yourself: A great opportunity
Mining Ethereum yourself is a bit harder than simply making an account on a cloud mining website and paying the company some money, but it’s also much more rewarding and isn’t as risky.
Below, I will be talking about each part of the mining, from choosing the right hardware to joining the most profitable mining pool.
Choosing the right hardware
Choosing the right hardware is hard. You have to find a low-cost miner that doesn’t consume much electricity but still provides some nice profits. The best way to mine Ethereum is through specialized GPUs. There are multiple places you can look for GPUs that fit your needs, such as on eBay, Bitcointalk & trusted webshops. Beware of fake reviews on these webshops though, so always google “[webshop name] scam”.
If you’ve found a miner that’s not too far out of your budget, you could try putting the information of the miner in a mining profitability calculator, like https://www.cryptocompare.com/mining/calculator/eth. What this calculator doesn’t show, is the noise the miner makes and the space it takes. Obviously, you must do your research
Remember that drops in Ethereum’s price or the rising mining difficulty might make reality a bit worse than what the calculator shows… Rises in Ethereum’s price, however, could make you some extra money. Also, take into account the quality of the miners. If the miner has been used for years already, its hash rate is probably a lot lower than when it was new and it will most likely stop functioning properly quickly.
If you’re not sure whether it would be wise to buy a miner or not, you could try asking people in the Mining Support section of Bitcointalk or on the other site. It’s definitely not an easy choice and mistakes are made very often.
Cooling, Power supply, etc.
As mining Ethereum consumes electricity and produces heat, you must get a power supply and a cooling system too. The amount of cooling your mining rig requires, depends on where you live though, as living on Antarctica obviously doesn’t require a very expensive cooling system, whilst living in a desert would require a well-functioning cooling system.
Power supplies and motherboards are also necessary for an Ethereum mining rig. What Power supply and motherboard you should get really depends on the miners you have in your rig. It’s recommended to do your research on both the miner and the cooling system, power supply, motherboards and any additional parts like the computer cases, before purchasing any of these.
To mine Ethereum, you also need the right software. One of the best places to get your Ethereum mining software is https://github.com/nanopool/Claymore-Dual-Miner/releases. Although there is other mining software available, claymore’s is the best I know of. Install the newest version, configure it as you like and go here to see all commands and features: https://bitcointalk.org/index.php?topic=1433925.0. That is also the place to request help if needed.
Joining a mining pool
Joining the right mining pool is a very important part as well. As solo mining has become nearly impossible nowadays, due to the total hash power being very high, which makes your chances to find a block very low and thus it might take years to earn your first dollar worth of Ethereum.
Therefore, it’s recommended to join a mining pool. Mining pools are groups of people mining in one “pool”, combining their mining power to achieve a higher total mining power, which makes your chances to find a block higher and thus you will find blocks more often and your income will be higher.
As most pools take a fee, it’s also important to take the fees into consideration. Some mining pools offer very low fees, but if their total hash power is still very low, it won’t be worth it. Therefore, you must look for a combination of high total hash power and low fees. This will grant you the best possible income.
Managing the risks & rewards
The final part of the game is managing your risks & rewards. It’s very important to be the only one who has access to the Ethereum address you’re sending your mining rewards to, you must make sure not to lose your keys and you should never rely completely on mining. If you completely rely on mining, a simple drop-in Ethereum’s price, a rise in its difficulty, a break-down of your miners or some other disaster could ruin your life permanently.