In simple words, ethereum can be described as a platform for open source software, which is used by developers for creating blockchain-based applications. Ether or ETH is the token that powers such applications, and it is this Ether that gets mined or traded, something similar to bitcoins. The following Mining Ethereum 101 – How to start’ article throws light on ethereum- how to start mining this open source platform so that developers can create decentralized applications.
Ethereum Mining Basics
First and foremost, electricity consumption is impressively high during the process of ethereum mining. Also, the hard drive in your computer needs to be free of memory- at least 30 GB of free space will be required for the software and the blockchain.
The ethereum mining rig in your computer should include the following:
- Power Supply (PSU)
- Graphics Card
- Mother Board
- Storage (SSD/HDD)
- Memory (RAM)
How To Start
Following the steps provided below will guide you to get the right start for your ethereum mining process.
The process starts with you downloading Geth application, which will create a link between your system and the ethereum platform. It will also help you to set up the hardware, and provide you with new developments that you have to act upon.
Since Geth is generally downloaded in zip file format; you have to extract it to your system’s storage (HDD). Use the C: drive to store this application.
The application can be installed using the Command Prompt only, so look for “CMD” in Windows search box. When found, click on it.
The command terminal’s general display format as well as your computer name is the username placeholder- “C:\Users\Username>”. Next, you have to locate Geth for which you need to type “cd/” on the command prompt terminal. With this instruction, the directory will change to “C:\>” (it will also be highlighted), showing that you are in the C: drive of your computer.
The next step is creating your account. In order to give Geth a phone call, you have to type “geth new account” and then press the enter key. This will show “C:\>geth account new” on your screen.
Now, you have to type a password (make sure it is a strong one). If you tend to forget passwords, write down the password somewhere safe. Next, press enter key after you have typed the password. You have now created an account.
In order to start functioning, Geth will require to be linked with the network. Type geth —rpc’ in your terminal, next press enter. Doing this will ensure that ethereum’s blockchain gets downloaded, and that it synchronizes your system with global network. Depending on the size of blockchain at that moment along with internet speed, you might have to wait some time for the process to complete prior to getting started with the mining.
You will now require mining software (like Ethminer) that will help the GPU to run the hash algorithm necessary for the platform.
Install the mining software.
After installing the software, repeat step no.4 in another command terminal. This new command terminal can be opened by right-clicking on your previous active terminal icon, which you will find in the taskbar.
Type “cd prog” and then press on the tab key in the new terminal. You should be able to see “C:/> cd “Program Files” on your screen; press enter to view “C:\Program Files>”.
Next, to get access to the folder with the mining software, type in “cd cpp” followed by tab key and enter key. Press the tab key again to view the “C:\Program Files>” in the terminal.
Now, you can begin mining by typing in “ethminer –G” and then pressing the enter key. At first the DAG or Directed Acyclic Graph will be built (which will make your GPU resistant to ASIC or Application Specific Integrated Circuit). Now, you can start the mining process after ensuring that your computer has enough space for mining.
Remember, mining involves solving complex math problems so be ready accordingly. However, the process of solving will become easier as it gets broken down into simpler steps. Mining Ether is the key to ethereum mining process. With a little brain and lots of enthusiasm, you will surely make the most of ethereum mining.
If you don’t want to mine, but want to still get into the market, check out our other articleon How to make money with Ethereum!