Note from the Publisher: We don’t mine digital currencies in our household in our spare time (maybe we should!). However, we found it interesting, in our daily search of all that is fintech on the web, that the following piece showed up with some specific info for beginners on how to mine the latest “hot” digital currency – ethereum. Perhaps you’ve just found your new hobby!
“If you’re new to mining Ethereum, this guide covers all the important facts in a simple, low-jargon way. Let’s start with some short answers to common questions about Ethereum mining:
Q: Why should I mine Ethereum tokens (aka ether or ETH)? doesn’t mining Ether take up a lot of electricity?
A: If done properly, more money is earned by selling mined ETH than is spent on electricity. In other words, it’s profitable!
Q: Can I mine with my CPU (Personal computer’s processor) instead of an expensive graphics card (GPU)?
A: GPUs are so much faster that CPU-mining is no longer profitable or worthwhile. Even entry-level GPUs are about 200 times faster than CPUs for mining purposes.
Q: What’s the best GPU to use for getting the most ETH for the least electricity?
A: AMD cards tend to edge out similarly-priced NVidia cards in terms of efficiency. We cover the best cards to get under the heading “GPU Hardware” further down in this post.
Q: Why point your GPU towards a mining pool as opposed to solo-mining?
A: Unless you throw a fortune into mining hardware, your odds of generating ETH on your own are low. Pool-mining allow you to earn ETH in a regular and predictable way.”