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2021 Crypto Mining: What is ETH (Ethereum) Mining?

2021 Crypto Mining: What is ETH (Ethereum) Mining?

Today, when the blockchain is booming, "mining" has become an essential part of the blockchain world.

Whether POS or POW or the recent fires of Defi mining, storage mining, etc., they all have vigorous vitality. The mining model has also fascinated many people. Among them, BTC (Bitcoin) mining should be the oldest one. It has been with Bitcoin since its birth.s

However, due to the particularity of the Bitcoin algorithm, ordinary people can no longer use conventional personal tools such as computers to mine Bitcoin, or even if they dig it, it is impossible to dig out Bitcoin, and the output is meager.

And ETH (Ethereum) mining is a kind of retail or individual friendly among all types of mining activities. It only needs to use an ordinary computer, graphics card, etc., to perform mining.

Below we will introduce what ETH (Ethereum) mining is and how to mine eth.

ETH mining.png

What is ETH (Ethereum) mining?

ETH (ETHEREUM) mining is very similar to Bitcoin mining. Simply put, its principle is to use computers to calculate. Whoever calculates the answer first and publishes it will get the corresponding reward.

In ETH (Ethereum) mining, the generation speed of each block is about 12-15 seconds. When the miners solve the problem too fast or too slowly, the Ethereum network will adjust the "difficulty," using the calculation process. A constant value dynamically adjusts the mining speed so that the average block production speed is 13 seconds.

After each block is calculated, miners will receive a primary reward of 2 eths, packaged block rewards, and transaction fee income. I won't give a detailed introduction to these three here.

When the transaction fee income is frequently transferred on the chain, the gas fee set by various users will be higher, so the miner fee/transaction fee will increase significantly.

This situation is because traders want their transactions to be processed as soon as possible, and the miners prefer to select trades with high miner fees/gas fees for calculation.

Therefore, traders must increase the gas fee/miner fee level so that their transactions can be processed typically.

At this stage, ETH (ETHEREUM) mining still uses the POW model, which is proof of work.

However, according to the ETH (Ethereum) development roadmap, subsequent ETH (Ethereum) mining will be fully converted to the pos mode, which is the proof of rights mode.

In the POW mode, the miners have more machines and more computing power to obtain higher profits. If the miners want to get higher profits in the POS mode, they need to have more ETH (Ethereum) tokens. Can.

However, due to various reasons, Ethereum 2.0 is slow, and there are still questions about whether it can be fully converted to POS or whether it can be fully converted to POS.

Therefore, it is generally estimated that the chance of ETH (Ethereum) fully converting to eth2.0 within two years is not high, so it is still profitable to use graphics card mining machine to mine eth.

How to Start ETH Mining?

ETH (ETHEREUM) mining has many tutorials on the Internet, and they are all very detailed.

Nowadays, the most famous ETH (Ethereum) computing pools in China are f2pool and spark mining pools. Everyone needs to prepare multiple graphics cards, mining motherboards, mining power supplies, simple enough CPU and memory sticks, and a simple display.

After you are ready, you can go directly to the relevant official website to get the mining tutorial. At the same time, you can see the daily theoretical income of your machine in detail on their website to estimate and judge the return time and income.

Find the Best ETH (ETHEREUM) Mining Hardware to Get Start

Types of Ethereum Mining - GPU Mining: This is probably the most popular method of mining cryptocurrencies.

Three factors matter: the maximum possible hashrate, the energy consumption, and the purchase price.

A GPU integrated miner is a professional altcoin mining device that supports multiple hashing algorithms like ETH and other cryptocurrencies. It is assembled by high configuration graphics cards, customized and highly compatible cases, professional rack, and further optimized accessories for the highest mining efficiency. With its perfect flexibility, a GPU integrated miner can be applied in multi-hashing algorithm mining, which provides a lot more options to mine cryptocurrencies that have seen surging fever and growing profits.

Types of Ethereum Mining - ETH (ETHEREUM) Pool Mining

Pool mining is a recommended practice for eth mining because joining a mining pool helps to lower the volatility of your payouts by providing smaller, more frequent payments. When you have realized the profitable prospects of Eth mining and have your mining equipment, the next thing to do is to join the mining pool and start your ETH (ETHEREUM) mining journey.

PandaMiner ETH (ETHEREUM) Pool Introduction

Panda ETH (ETHEREUM) Pool: PandaMiner mainly mines ETH, and its mining pool: Panda ETH (ETHEREUM) Pool supports mining ETH (ETHEREUM) only.

ETH (ETHEREUM) Pool Hashrate: Total hashrates of all workers using Panda ETH (ETHEREUM) Pool.

The easiest way to mine ETH (ETHEREUM) – Cloud mining

ETH (Ethereum) Cloud mining service providers are usually big mining firms with their own mining farms.

It is also the way most people choose. Individuals who do not have sufficient money or technical background to invest in mining rigs themselves can avail this service for mining Eth. Large mining companies have their own mines and equipment, which allows them to provide mining services better than others. By purchasing mining services offered by mining companies, individuals can start mining without configuring any mining machines and mining pools. Like cloud mining service provider [OXBTC,](https://www.oxbtc.com/cloudhash/buy) it is a platform with six years of mining experience that provides users with low-threshold mining services and uses APP to show users the benefits of mining.

It is also the way most people choose. You only need to monitor online to achieve mining and harvest objective Ether. Individuals who do not have sufficient money or technical background to invest in mining rigs themselves can avail of this service for mining ETH.

Relying on the abundant supply chain resources and operation experience, OXBTC has provided safe and stable services for users from more than 50 countries in the world.