How Long Does It Take To Mine 1 ethereum?
What you will discuss:
- How does it differ from mining Bitcoin?
- How to Mine with NiceHash
- How to Mine with a Mining Pool
- How to Solo Mine
- How to Start Mining Ethereum for Profit
- What Settings Are ‘Safe’ for 24/7 GPU Mining?
- Temperatures and Fan Speeds
- GPU and Memory Overclocking
- Mining Ethereum on Android
To mine 1 ethereum, it will take you 7.5 days at the current difficulty rate and a hashing power of 500MH/S.
But when you’re looking at stats, look to see how fast you can break even on your investment and turn a profit. The speed at which you can mine 1 whole ethereum is not too relevant because at the end of the day, mining is like any other business where you need to calculate profit and loss.
How does it differ from mining Bitcoin?
The overall goals of Bitcoin and Ethereum networks are different. Although Bitcoin was created as an alternative to the local currency and therefore aims to be a medium of exchange and storage of value, Ethereum is considered a platform that promotes immutable software contracts and applications through its own currency.
BTC and ETH are digital currencies, but the main purpose of ETH is not to establish itself as an alternative currency system, but to promote and profit from the work of Ethereum smart contracts and decentralized application platforms.
Ethereum is another blockchain use case that supports the Bitcoin network and should theoretically not compete with Bitcoin. However, the popularity of Ethereum pushes it to compete with all cryptocurrencies, especially from the perspective of traders. Since its launch in mid-2015, Ether has been close to Bitcoin in the ranking of leading cryptocurrencies by market capitalization for most of its history. Having said that, it is important to remember that the Ethereum ecosystem is much smaller than the Bitcoin ecosystem: as of January 2020, the market value of Ethereum is slightly less than $16 billion, while Bitcoin is almost 10 times more than 1,470 One hundred million U.S. dollars.
How to Mine with NiceHash
The easiest way to start mining is to use NiceHash. NiceHash was launched in 2014, which coincided with the first significant increase in cryptocurrency mining (the second time if you want to consider that Bitcoin initially soared to $32 per BTC in 2011). NiceHash significantly lowers the barrier to entry and eliminates some concerns about which tokens to mine. In fact, you rent out the functions of your PC to other users who can choose to mine content, and then you will be paid in Bitcoin. NiceHash occupies a small part of the potential profit, and your computer can start mining in a few minutes.
How to Mine with a Mining Pool
Switching to a mining pool instead of NiceHash opens up more options for software and payment methods. NiceHash currently only pays in BTC (again, which isn’t necessarily a bad thing) and the Ethereum mining pool will pay you in ETH. Commissions still need to be paid – most mining pools account for 1-2% of total revenue, but that’s 7% less than the salary difference you can get from NiceHash.
The first choice is which mining pool to use. Generally speaking, choosing the largest mining pool will lead to more stable income, but there are many reasons why this should not be done. Most of these reasons are selfless, such as not wanting any mining pool to control too much of the network’s overall hash rate, so we recommend using a larger mining pool. (Google is your friend.) After choosing a mining pool, you need to set up your account, select the mining software you want to run, and then set up your startup options. This simplifies several steps, each of which can vary greatly depending on the pool in use.
How to Solo Mine
Due to the high complexity of the network, we just showed a method that is applicable to all cryptocurrencies with a proof of work. Hence, in order to mine other altcoins separately, all you have to do is apply the same procedure. We’ll show you how to use only the GPU, but this also applies to processors and ASICs.
This tutorial also uses two methods:
1. One person mining using the same computer that runs the wallet.
2. Mining by one person using mining equipment without a wallet.
No client is required for mining in the pool. All that is needed is the pool address, username and password. But for mining alone, you need to set up a local environment and enable the RPC port. Follow these steps to set up a single player mining environment.
How to Start Mining Ethereum for Profit
This cryptocurrency takes a lot of space on GPU memory: the ETH DAG file is already over 4.5 GB and it requires 8MB more every 3–4 days. Still, most beginners with one GPU try to mine it and then get frustrated by high fees as they get their rewards. The 2Miners pool created a unique payout system that lets you get your rewards daily and without fees. Read more here.
What Settings Are ‘Safe’ for 24/7 GPU Mining?
Assuming you’re interested in trying out cryptocurrency mining, there’s a lot of conflicting advice on how to go about tuning for optimal performance. Many tutorials throw caution to the wind and look to maximise hash rates, with little heed to the differences in individual graphics cards. It’s a fast track to dead hardware if you’re not careful. While it’s true that AMD and Nvidia graphics cards tend to be tuned somewhat conservatively, the intent is for the card to handle hours of gaming, every day, for several years. 24/7 cryptocurrency mining is a completely different use case.
There’s a reason Nvidia’s data center GPUs are usually clocked lower than consumer GeForce parts, with very different cooling configurations. Supercomputers use high-speed fans that push a lot of air through the coolers, and the fans are designed to be hot-swappable. The cards are designed for 24/7 high utilisation, which means thermal pads and other elements are also built to those specifications. Even someone playing games eight hours a day, every day, won’t come close to punishing a card like mining will. Keep that in mind.
Temperatures and Fan Speeds
FAQ
What should GPU fan speed be mining?
NiceHash specifically recommends running your fans at 90-100% on the 3080 and 3090, which can definitely boost performance. … The current thinking for a lot of miners is that Nvidia’s RTX 30-series cards are superior to AMD, but that’s really only true if you look at pure hashrates on the 3080 and 3090.
What temps are good for mining?
The ideal temperature should be as low as possible. But realistically speaking, a temperature from 60°C up to 70°C is the normal GPU mining temperature.
Does increasing fan speed lower temps?
Well, yes, increasing your fan speed will most likely result in a cooler CPU temperature.
GPU and Memory Overclocking
Overclocking is fairly easy and doesn’t cost much. But first, it’s best to make sure your PC is optimized from the ground up, and ready to run its best. Here’s a good article that’ll show you how to boost your PC’s performance right now.
1. An overclocking tool
2. A benchmark/stress-test utility
3. A bit of patience — and nerves of titanium
Mining Ethereum on Android
FAQ
Can I mine cryptocurrency on my smartphone?
Ignoring the fact that cryptocurrency mining requires huge processing power, Google and Apple do not allow mining on Android and iOS devices.
Why did Google ban crypto mining apps?
Crypto mining puts extreme pressure on the processor and other components of the device and drains the battery.
But I still see some mining apps listed in the Play Store. What gives?
As stated in the above policy, Google allows applications to help you manage cryptocurrency mining done remotely, whether in the cloud or on your computer.
So is there no way I can make cryptocurrencies using my phone?
Almost all encrypted apps in the Play Store allow you to manage remote cloud mining tasks or pay for rewards and gifts in other ways.
But I found a mining app on the Internet. Couldn’t I just sideload it?
Although Google won’t prevent you from downloading the app in an unpublished manner, we can tell you two reasons why you shouldn’t consider it. First, most security experts agree that third-party applications loaded with unreleased software are often full of malware. Since application developers do not need to follow the strict rules set by the application store, what prevents them from infiltrating malware under the guise of legitimate applications.
