Want to be more than an Ethereum (ETH) hodlr? Here we give you a slight introduction of how to start a mining process in your own home. And so, start earning some money, and also contribute to the improvement of the Blockchain of the second most important cryptocurrency of all.
The roles that can be filled in the cryptoverse are very varied. From a hodlr, a developer, an evangelist, a trader, and also a mining crypto. All are vital to the existence of a healthy ecosystem crypto.
But, the latter requires a lot of technical knowledge, and a series of equipment that not many of us have.
Homemade crypto mining is the future of ETH
Currently, the crypto ecosystem is slightly impacted by the news of the spread of Coronavirus 🦠, and its negative and massive impact, on international stock markets.
But, even so, Ethereum (ETH) mining is on its way to recovery. In the last figures it can be seen that 2 ETH are being mined every 15 seconds, which represents approximately 8 ETH per minute.
Even with the spread of ASIC hardware, and large mining farms spread all over the world. Ethereum’s homemade mining crypto is still quite profitable, and even competitive, to get some of that 8 ETH pie per minute.
And not only that it is a profitable process in the present, but that it may be much more in the near future. This is due to the fact that in the next updates of the Ethereum Blockchain, the efficiency of ASICs is expected to be significantly reduced. So mining with GPU will regain strength within the ETH crypto ecosystem.
For this reason, it is much safer, if you have some savings that we want to put them to produce, invest in GPU hardwares instead of the much more expensive ASIC.
How to start mining Ethereum?
Thanks to the technological advances of recent times you can build enough hashrate with GPU to be competitive. It’s just a matter of connecting more GPUs to achieve proper configuration.
There are currently hardwares such as the AMD Radeon VII, which is the most powerful graphics card, it produces 90 MH / s, but has an approximate cost of $ 500. On the other hand, ProgPoW reaches 30 MH / s.
Once you have chosen which graphics card to start with, you must also think about all the secondary components necessary for the construction of the platform.
Like power supplies, a CPU powerful enough to support the, or different graphics cards. According to the homemade Ethereum crypto mining forums, the use of:
Broadband components, as well as physical boxes or sound reducers, to support and ventilate the desired number of GPUs.
A motherboard capable of supporting the different GPUs that will be needed.
On the other hand, one of the least valued components is the power source; which will be very important. This will allow all the equipment we acquire to function as adequately and optimally as possible.
According to ETH’s home miners’ forums, they recommend using a model with platinum connectors to avoid bad times; like the Corsair CP-9020140-UK HX1200 of 1.2 kW.
You could say, in a nutshell, that a GPU mining equipment is more like a functional PC than a machine specifically dedicated to mining ETH.
Finally, putting all these components together will require the help of an expert, preferably. But, in the case of not having any, let’s not forget that we are in the third decade of the 21st century; So there are countless videos on the Internet; adjusted to our language, technical capacity, and acquired hardware.
Buy now and win tomorrow
Last January, the difficulty of mining the ETH network increased naturally; this generated a large number of large miners had to close their operations, and therefore sell their products.
Therefore, it is very possible to get GPUs and their components at a much lower price than if we bought it again. Of course, with the risk of acquiring used products.
But, many more miners are expected to leave their operations in the coming months, due in part to the reduction of rewards to just 2 ETH, and the following hard forks that will reduce the power of ASICs.
Therefore, it is time to start producing ETH in a homemade and “handmade” way. Minar ETH is a matter of getting enough Hash Power and joining the right group to get a share of the daily rewards.
Economics student of the UCV. Defender of individual freedoms and of course also of the market and cryptocurrencies.