If you’re looking to acquire the crypto token that is the second largest in terms of market cap, you might want to know how to buy Ethereum. However, if you’re ready to explore a more intriguing way to go about getting some Ether tokens for yourself, you may be considering mining. Now, if you’re just starting out in the mining scene, it might be a tad too daunting for you to figure out how to mine Ethereum all by yourself. Therefore, here we tell you the 5 simplest ways to go about it.
1. Join a Mining Pool
Joining a mining pool is a great way to combine your own computational power and abilities to solve cryptographic puzzles with that of many others. You simply work in cooperation with a group of other miners who have also dedicated their hardware resources and problem-solving skills to mining Ethereum. All members of the mining pool try to solve a given puzzle at once and whoever does manage to crack it agrees to share the reward of this with every other miner in the pool. The payouts are distributed proportionally, in keeping with the computational power each miner brings to the table. Sometimes mining pools offer payouts once each day. Some mining pools, however, also offer mining pools about 6 to 8 times within each day. Mining pools are a safe choice since it gives a reasonable enough guarantee that you’ll get paid frequently. However, one should remain careful about choosing a pool that keeps its minimum payout at a lower level, as that will allow you to make profits more quickly and switch pools with ease and flexibility. Some of the well-known Ethereum mining pools are :
2) Use an Ethereum Mining Software:
“Is cryptocurrency mining still profitable in 2018?“, a lot of you must have wondered at some point or the other. Well, it can be, if you use software options such as MinerGate that allows you to mine using just your laptop/PC and an internet connection without even having to worry about having a a GPU. While there are other examples of similar software options you should definitely check out, MinerGate is one of the most popular ones. What it does is that it makes use of an algorithm known as the Variable Difficulty Algorithm to ensure only small parts of the blocks of Ethereum, are given to miners. Such assignations depends on the capacity of their equipment and the hashrate they support. This makes it possible to make the difficult process of mining much easier, depending on your own hardware resources. Other software options similar to MinerGate include WinMiner that uses the power of your PC when it lies idle to mine cryptocurrencies, and Awesome Miner, which makes centralised management possible for your mining efforts.
3) Use A Cloud Mining Service:
A cloud mining service is a way to mine cryptocurrencies with a great deal of ease or convenience as in this method, there is no need for you to host costly and noisy mining equipments yourself. You rent out a miner in the cloud and the service provider does the mining for you against a fee. There is no need for you to risk your own hardware and you can reap the benefits of mining anyway. Possibly the most popular cloud mining services for Ethereum users are Hashflare.io and Genesis Mining. Other companies like IQMining, Eobot, Aliencloud.xyz are also some good options to check out.
4) Use a Free Ethereum Mining Website:
If you are a new entrant in the field of cryptocurrency mining, you might not want to spend any money OR dedicate any hardware resources in the first place. It makes sense because when you’re trying out something new, it is definitely better to dip your toes first instead of taking a plunge right away. However, you must keep in mind that these free mining websites are slow and give you quite low payouts, which is only fair, considering you’re not paying a dime for their services. Some of the well-known websites that provide Ethereum mining for free are as follows:
5) Use a Mobilemining App:
A mobile mining app uses the computational power of your smartphone to mine cryptocurrencies. While the hash rates of phones are quite low, using one of the freely available apps on the Android and iOs platforms may be a good way to start mining Ethereum cheaply and easily. Examples of such apps include the MinerGate Mobile Miner and Electroneum.
Before mining Ethereum in one of these ways, you must create a storage option for your tokens from amongst three kinds of Ethereum wallet: mobile, web and hardware for storing your tokens. Alternatively, you can also choose a paper wallet. Once that is done, you can simply go ahead with one of these easy mining options to create your very own ETH tokens.