Blast From The Past: Let's Talk: Ether Mining - with Crypt0 (August 2016)
You may enjoy one of my older videos, where I discussed mining Ether, if you're interested in getting some skin in the game.
Enjoy this blast from the past :)
You may enjoy one of my older videos, where I discussed mining Ether, if you're interested in getting some skin in the game.
Enjoy this blast from the past :)
I would like to mine by my own but the power costs where i live are astronomicly high. :(
Ethereum itself is a platform for decentralized applications.
This means that instead of talking to one central server, clients talk to each other. Developers can then build applications that rely on this network to perform tasks distributed among clients in real time. This creates a peer-to-peer network of nodes that perform tasks with one another, similar to how peer-to-peer file sharing protocol BitTorrent works. It's not the same, but similar enough to compare ("peer to peer" with the "reward" being a file).
The process which you, a miner, is interested in surrounds finding information in a particular block. As the information is found ("mined") and verified, the worker (you) will receive a reward (Ether) for completing task.
Although this is a broad overview of how mining works with regards to Ethereum, the underlying functionality remains the same. Ethereum is a platform which relies on blockchain technology that is solidified and secured through mined Ether.
Information source from google.@upvoted
Before getting started, you will need special computer hardware to dedicate full-time to mining.
There are two types of mining hardware: CPUs and GPUs. GPUs boast a higher hash rate, meaning they can guess puzzle answers more quickly. At time of writing, GPUs are now the only option for ether miners.
Settling on a GPU is a complex task and you can browse plenty of advice about which ones are the most profitable based on hash rate performance, power consumption and the initial expense of the card. You probably want to set up a mining rig, a machine that might be composed of multiple GPUs and might take a week to build.
Mining profitability calculators show the likely amount of ether you'll earn at a given hash rate, and whether that ether is enough, when set against setup and electricity costs, to make a profit.
Unlike bitcoin, powerful and fast ethereum ASICs aren't available right now.
Installing the software:After selecting some mining hardware, the next step is to install the mining software. First off, miners need to install a client to connect to the network
Programmers familiar with the command line can install geth, which runs an ethereum node written in the scripting language 'Go', or any of a number of clients.
Download Geth here, using the directions for your appropriate operating system (Windows, Mac OS, or Linux), unzip it and run it.
Once installed, your node can 'talk' to other nodes, connecting it to the ethereum network. In addition to mining ether, it provides an interface for deploying your own smart contracts and sending transactions using the command line.After doing all this you have to check then you can start mining.
Source internet.
This is first time i am watching something like this.I heard about mining but never seen all the gadget before.Thanks for the video.
Mining is the glue that holds ethereum's 'decentralized app store' together by ensuring that it comes to consensus on each change to any of the applications (dapps) running on the network.
Miners set computers loose to solve cryptographic puzzles in an attempt to win ether, and they need to try a huge number of computational problems until one unlocks a new batch of the asset.
The catch is that mining on major public blockchains tends to require more and more power over time, as more people invest in more powerful hardware.
In this day and age, those mining with low-powered setups are unlikely to win, but it's still a viable past-time for hobbyists and enthusiasts alike.
Useful information @Omar.
Mining is a computationally intensive work that requires a lot of processing power and time. Mining is the act of participating in a given peer distributed cryptocurrency network in consensus. The miner is subsequently rewarded for providing solutions to challenging math problems. It is done by putting the computer’s hardware to use with mining applications.
All the information on cryptocurrency transactions must be embedded in data blocks. Each block is linked internally to several other blocks. This creates the blockchain. These blocks must be analyzed as fast as possible to ensure a smooth running of transactions on the platform. However, the issuers of such currencies do not have the processing capabilities to handle this alone. It is where miners come in.
Thanks for sharing cryptocurrency update providing.i like Bitcoin.
The catch is that mining on major public blockchains tends to require more and more power over time, as more people invest in more powerful hardware.
In this day and age, those mining with low-powered setups are unlikely to win, but it's still a viable past-time for hobbyists and enthusiasts alike...best of luck
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Thanks for sharing! It is inspiring to see part of your journey. Look at your space and how that has grown over time (with your recent move even more)! Congrats on the journey!