Easy Steps Start Ethereum Mining  

by ne on 2021-09-29 under TechBuzz

Lot of us are always looking for easy ways to Earn money, and Mining and Crypto Currency is a way to help us earn with efforts only to get up our mining-system aka rig - up and running.

Before we start, we should know what we are dealing with here.

What is crypto currency ?

Crypto currency or digial or virtual currency is a digial asset which is secured by cryptography (making it impossible to hack, counterfeit, or double spend), generated via a decentralized system and having no central governing authority (generally, like World Bank, RBI etc), immune to manual manipulations. Crypto currencies only fluctuate according to the change in demand and supplies. That way, they are pure form of a currency. Example : Bitcoin - the first popular crypto currency

What is Ethereum ?

While Bitcoin was super successful, it was limited in technical ways. Ethereum, built on the similar crypto-currency model, blockchain architecture offers digital payment solutions, global applications and transaction management systems. And the entire system is trust-less, having no central authority of control.

What is Mining ?

A process by which new units of crypto-currency (coins) are entered into system, or maintained, or transactions are validated so on. Since the entire process of a blockchain based crypto-currency is a distributed network of computers.

Every miner is connected to this system, and continuously receives some algorithmic problem to solve as a part of signing off on the transaction/creation. This computation is very complex and require good amount of computational power.

So the system is designed in a way, that it rewards every miner for its contribution to the entire process. These rewards are our earning.

Seems cryptic or complex ! Don't worry, we just need to follow few steps, then our system will keep earning for us.

Ok, then how do I get started ? Here you go :

As discussed above, the more the computational power, the more you will earn - as you will be able to contribute more and hence earn more.

1. Get your tools ready aka mining-rig

A decent PC, something like :

  • 120GB SSD
  • i3-processor
  • z390 pro-wifi motherboard
  • 700 W power supply
  • and the heart - graphic cards. For graphic cards - you can start with few Nvidia 3060s. 

This is what is called a mining-rig

You can later or add more graphic cards, or even opt for a better processor like i5 or i7 etc, if you're willing to spend that much.

2. Create an account on a wallet which supports crypto-earning/investments:

Eg: Zebpay. You need to create a wallet account in Zebpay (or similar provider), link it with your bank account. Select Ethereum as the cryptocurrency and then select Receive. You will be provided with hash address like 0x2734872368----- somthing of this sort. 

This is your hash-address of Ethereum. Meaning whenever you mine ethereum, you use this address. And all your rewards/contributions etc will be linked with this hash-address. More on it, in a bit.

3. Now start a miner application

There are plenty of simple click to start applications available (eg T-rex). All you need is download the .bat file (for windows, and .sh for linux), edit the file and put your hash-address. Start the application to start mining.

After couple of minutes, you can verify https://ethermine.org/miners/HASH_ADDRESS_REMOVING_0x_FROM_START/dashboard 

Now, after this step, your graphics cards will be identified by this miner application, and it will utilize your computational power, mine ethereum using your hash-address, and since your hash-address is linked with zebpay which in turn is linked with your back account - whenever your earnings reach a particular threshold, Ethereum will deposit money to your hash-address-linked-zebpay account, from where you can transfer that money to your bank account.

More on tuning your mining rig, MSI burner, hacks to autostart etc, soon

Happy Mining