Similar to Bitcoin, Ethereum is a blockchain network with its own crypto asset called Ether (ETH). Ethereum was first created by Vitalik Buterin in 2014 as a platform that can run smart contracts, transactions that are carried out automatically to control and document relevant transactions according to law based on agreed contract terms. While the Bitcoin blockchain system was created to store a list of its transaction activities, Ethereum was designed to be able to store various data. With this system, this platform allows anyone to create decentralized programs or applications on it. Ethereum is a type of digital asset that is similar to Bitcoin. As a digital asset, Ethereum is not controlled by any bank or government. Hence, with demand, the price of Ethereum also increases.
How to Mine Ethereum
Similar to the Bitcoin blockchain system, all Ethereum transactions must also go through a verification process called proof of work, or also known as proof of work, to ensure there is no fraud in all transactions. If you are interested in mining Ethereum, the proof of work process is one of the tasks you have to complete. This is done by solving complex mathematical problems using advanced computer programming languages. If the verification process is running correctly, a new block will be added to the Ethereum blockchain system and then miners will be rewarded with ETH coins.
The above is to give you a basic understanding of how to mine Ethereum. So, what should be done to start mining Ethereum? Here are 3 ways to mine Ethereum that you can try out for yourself:
- Pool Mining
Pool mining is a way of mining Ethereum by combining computer resources from several miners. The income from this mining will be distributed evenly according to the contribution of each miner who is a member of the pool. For starters, joining a large crypto mining pool might be a better choice in order to see results faster.
- Cloud Mining
For cloud mining, miners do not need to buy special software, hardware and spend on electricity bills. This method is perfect if you are just starting out, or if you don’t have good mining experience to get started. However, make sure you choose a trusted cloud mining service because some turn out to be scams.
- Personal Mining
For this system, mining is carried out without involving other parties.Therefore, you will need to purchase the Ethereum mining equipment and run the mining processes on your own. For private mining, all the profits you earn goes to you .However, of course, this ming method requires more investment and time. The equipment you require will be a GPU system and a fast computer device that is connected to the Ethereum system via ethminer software. In addition, you also need a large amount of electricity because this mining system will run 24/7.
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