I am writing a series of articles to document my crypto mining journey. My cryptocurrency mining career has just begun, and I decided to document my adventure to help others along the way. Below is a way to mine Ethereum. It may or may not be the best way; however, it is the way I have chosen to begin my adventure.
Mining Crypto has some mixed reviews out there. Some folks say things like:
- “do not mine it at all”
- “mining crypto is a waste of time and money”
- “time of investment is too good to be true”
- “the industry is too volatile”
I encourage you to do your own research. If it seems like the best option for you and your resources, then go for it. If not, don’t.
There are many ways to mine. This guide will not show you all the many ways to mine. It will only show how I am mining right now. If you want to mine like me, then do it. If not, follow another path. The steps below assume you have a computer with a compatible GPU available.
Step 1 – Get a wallet
You need a crypto wallet before you can begin mining crypto. A wallet comes with an address which will be your address for sending and receiving cryptocurrency. The receiving bit is important as you will want to be paid for your efforts!
Types of Wallets:
- Crypto Exchange Service
These are the easiest to use. They include MetaMask, Coinbase and more.
- Hardware Wallet
These are the safest to use. Ledger is a very popular one to choose here.
Step 2 – Mining Software
GMiner, T-Rex Miner, lolMiner, & Phoenix Miner are popular choices. You need to install these on your rig in order to develop the software for mining.
Step 3 – Selecting a Pool
There are multiple ways to mine Ether or other cryptocurrencies. Selecting a good size pool, with low fees is absolutely essential. Here are some popular pools:
These are some popular pools to choose.
Step 4 – Select your region
Now that you are in a pool, you need to select your region. Choose the one closest to you. It’s not much simpler than that.
Step 5 – Name your miner
This is especially important if you are using more than 1 GPU, or more than 1 miner. You will need to know which miner is hashing at what rate, how many shares he/she has collected, and other relevant information. Choose something that will help you identify exactly which miner is which.
Step 6 – Run your program
The pool and the software you chose will hopefully have helped you create a program to run on your computer. If they did not, and you’re still not sure what to do, then choose different pools or software. Run the program.
Step 7 – You’re done
Sit back and watch your little miner work!
This is how I currently mine crypto. I am not ready for solo mining at this point. I highly discourage beginners attempt solo mining. Thanks for reading!