Here you are going to know how you can do Ethereum Mining after the EIP 1559 update.
Ethereum Mining Supported Graphic Cards (GPU)
Nvidia GPU: GTX 1070, 1070Ti, 1080, 1080 Ti, 1660Ti, RTX 2070, RTX 2080, RTX 2080 Ti, RTX3060Ti, RTX 3070 and RTX 3080.
AMD GPU: Radeon HD 7000, Radeon Rx 200, Radeon Rx 300, Radeon Rx 400/500, Radeon RX Vega/Radeon VII(7nm), Radeon RX 5000, Radeon RX 6000.
To learn more about Ethereum, check out their website and the following links.
- Official website: https://ethereum.org/en/
- Block explorer: https://etherscan.io/
- Github: https://github.com/ethereum/ethereum-org-website
- Coin Market Cap: https://coinmarketcap.com/currencies/ethereum/
- Community: https://bitcointalk.org/index.php?topic=428589.0
Download Ethereum Wallet:
- MyEtherWallet Wallet: https://www.myetherwallet.com/
- MetaMask Wallet: https://metamask.io/
- Android & iOS Wallet: https://trustwallet.com/
- Hardware Wallet: https://shop.ledger.com/pages/ledger-nano-x?r=c3c3216286cb
Before going for mining, first you should know about EIP 1559.
Ethereum EIP 1559
Ethereum Improvement Proposal (EIP) has been introduced to us. Ethereum gas fees had been a significant problem because of high gas fees. So EIP 1559 has proposed Vitalik Buterin and Eric corner.
So let’s see what EIP 1559 is.
Before this, I m going to tell you how the Ethereum fee mechanism works.
For doing transactions, we pay gas fees, and this gas fee goes to the miner for validating the transaction. For anyone who pays high gas fees, their transaction speed will increase. Because of this, Ethereum gas fees have been increased for regular transactions also.
Let’s see an example.
If you are a user and want to send some Ethereum, you go to Metamask, and there is an option of slow, average, and fast. If there are lots of people doing transactions simultaneously and want fast transactions, they pay higher gas fees. For regular users, the gas fees also increase.
This was the current transaction mechanism. In February 2021, a miner has earned 1.3 billion dollars with mining Ethereum just in a single month.
That’s why EIP 559 has been introduced.
In EIP 1559, the major change was in block size; previously, it was 12.5M, and after EIP 1559, the block size was 25M. Thus, block size has been doubled.
In EIP 1559, if you want to do any transaction, then you have to pay a base fee that will be the same for everyone. Therefore, miners will not get anything for doing transactions, and this base fee will get burned from the circulating supply.
If you want a fast translation, then you can pay a miner tip which goes to the miner to validate the translation fast.
How to Mine Ethereum
To start mining Ethereum coins, you should have perfect Hardware.
You can mine with different types of Hardware like ASICs, FPGA miners, and GPUs.
Make sure you have a graphic card with at least 6 GB of memory.
You are going to need some software and a mining pool. So let’s look into that.
Ethereum Mining Software
There are different software you can use for mining, and we have to choose efficient mining software.
Mining software: HiveOS, MinerOs, Easy Miner, ASIC, card, etc.
PhoenixMiner, Bminer, lolMiner, Team Red Miner, NBMiner, and GMiner are popular options for mining Ethereum.
- PhoniexMiner can be used by both AMD and NVIDIA GPU miners.
Download: Click Here
2. Bminer runs on AMD / NVIDIA GPUs, which are fast and efficient, secure, and reliable. With this mining software, you can mine BitcoinGold, BitcoinZ, BTM, GRIN.
Download: https://www.bminer.me/releases/
3. lolMiner Download: https://github.com/Lolliedieb/lolMiner-releases/releases
4. Team Red Miner Download: https://github.com/todxx/teamredminer/releases
5. NB Miner Download: https://github.com/NebuTech/NBMiner/releases
Mining Pool
The mining pool is where you mine cryptocurrency with a bunch of miners or else solo mining. Solo mining is for those who have large mining houses. Pool mining is where a group of miners from different locations mine together and share rewards. So let’s look into both Solo and Pool mining.
Solo Mining
To solo mine, you can use Claymore miner, Phoenix Miner, Ethminer.
I will suggest not solo mine the Ethereum coin because the reward will be on luck. In pool mining, you definitely will get rewarded even if your computer doesn’t find any blocks.
Pool Mining
Pool mining is where a bunch of miners mines the cryptocurrency and shares the rewards. To choose a mining pool, always go with the largest mining pool and see to it the highest hashrates.
Always see which mining pool has the lowest mining fees.
Here is the list of mining pool for Ethereum:
- Binance Pool
- Ethermine
- Nanopool
- F2Pool
- Spark Pool
- Huobi Pool
- Hiveon Pool
How to Start Mining Ethereum
So let’s get started with a step-by-step guide to mine Ethereum coin:
Step 1: Create a Wallet.
There are multiple wallets to store your mining coin, such as in exchange, mobile wallet, web wallet. I will suggest you use Metamask or Binance exchange.
You can choose mining software from the official website: Download.
Step 2: Download mining software
For Nvidia GPUs, we recommend T-Rex or GMiner.
For AMD GPU’s we recommend lolMiner or GMiner.
After downloading the software, unzip it.
Step 3: Configuration Mining
After Unzip, there will be a .bat file. Right-click and edit.
Replace the command as per your selected mining software. Below is the list of commands
| Software | Commands |
|---|---|
| PhoenixMiner | PhoenixMiner.exe -epool eth.f2pool.com:6688 -ewal username –worker worker_name -pass x |
| Bminer | bminer -uri ethproxy://username.worker_name@eth.f2pool.com:6688 |
| lolMiner | lolMiner.exe –algo ETHASH –pool eth.f2pool.com:6688 –user username.worker_name |
Enter Code as per your software, replace wallet_address with your Ethereum Metamask wallet address.
For ASIC mining
You’ll need to enter the following information into your mining device:
URL: The URL for the server closest to your region.
Username: username.workername
Password: Enter a password of your choice
This is only for ASIC miners.
Mining Hardware Rig
A mining rig is a set of graphic cards used for mining cryptocurrencies such as Ethereum.
Ethereum Mining Hardware Rig Configuration.
- Motherboard,
- 4 Graphic Card (6GB/8GB)
- SMPS of 750Watt +,
- Monitor, Keyboard, and Mouse
- 8GB Ram
Getting a mining rig is very difficult to get, and during the bull run mining Rigs, are so expensive. So I suggest you buy a mining rig once the bull run ends and the Rig price goes down.
Ethereum Mining Calculator
You can calculate mining Ethereum on: Click here to Calculate.
While Calculating, you have to enter HashRate, Electricity Cost.
As you can see on the above Image, with 100 h/s, I will be getting 5.45$ Per day, which makes 163$ per month.
FAQ
How long does it take to mine 1 Ethereum?
It all depends on your hashrates. If you have good hashrates, you can mine 1 Ethereum in 1 day. However, to mine 1 Ethereum in a month, you need 1000 Mh/s.
How much does it cost to mine 1 Ethereum?
To mine 1 Ethereum in a month, you are going to need almost 3000 Mh/s.Â
1 NVIDIA 3090 graphic card gives 114 Mh/s. So to reach 3000 Mh/s, you need 27 Nvidia 3090 graphic cards, which will cost you almost 101500$.
Can I mine Ethereum with my PC?
Yes, you can mine with your pc. It would be best if you had a GPU with 6GB. If you want to mine with a CPU, you can do this, but it is not efficient to mine with a CPU.
Is it worth it to mine Ethereum?
In a bull run, mining is worth mine, but profit also goes down once the bear market starts. Else you can mine Ethereum in the bear market and hold it until the bull market starts and sell it on the bull market, then your profit will be more significant.
