Digital Insanity

Hi, I'mEmin BARKÇİN

Designer & Developer

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(Beginner’s Guide) Ethereum Mining in 12/2017

Introduction

This is one of the hardest thing to explain with words. Even some of the engineers who are into Ethereum can barely understand. I’m willing to do series of articles so be here with me and shoot me as much feedback as possible. So lets introduce Ethereum.

What Is Ethereum ?

Ethereum is an open source platform to build, distribute next-gen decentralized applications.
That is, applications that have no middlemen where users interact with social systems, financial systems, gaming interfaces all in a peer to peer fashion.
Because the ethereum network will be distributed on hundreds of thousands of computers around the globe.
This all takes place on a censorship proof foundation.

Ethereum make it easy for developers to build those applications leveraging tools that they are already familiar with. Things like HTML and Javascript to build the interfaces or Go, python or Lisp to build the business logic.
In short, ethereum mission is to open up the floodgates of decentralized application development.

What You Will Need ?

  1. A computer of some sort
  2. Min. 4 GB Ram
  3. 1 or more GPU with at least 4 GB of Memory
  4. Linux or Windows Os
  5. Wallet
  6. Patience

Choosing Wallet

As you are begginer you should prefer Jaxx as it has easy interface etc. also Jaxx does not pocket fees. They go straight to the network. That means they are subject to change based on the state of the network.

Jaxx has many defining features, but none more than the following:

  • Cross-platform pairing
  • Multi-coin support
  • Integration of ShapeShift, a powerful exchange that supports dozens of cryptos

Jaxx is a multi-chain wallet that offers support for seven different cryptocurrency assets. If you’re new to the cryptocurrency space, you’ll be happy to know that Jaxx gives you access to the world’s biggest cryptos by market cap.

This essentially means that the assets you hold on your wallet are highly liquid and in strong demand.

All these features are designed with the beginner in mind. Whether on mobile or desktop, your experience with Jaxx is likely to be smooth and intuitive.

Compatible with:

Jaxx is available on 9 different platforms, including:

  • Windows, Apple and Linux desktop
  • Android and iOS mobile and tablet
  • Google Chrome and Firefox extensions

It’s also designed to work and sync across all your devices. Jaxx can also be downloaded from Google Play and iTunes.

 

Hardware

Our goal is ~ 69-70 Mh/s Ethereum Mining without OC with 6 GPUs, with OC you can push it up to ~ 75-80 Mh/s but you can damage your GPUs.

List

Motherboard : Asus PRIME Z270-P Intel Z270 3200MHz+ (OC) DDR4 Soket 1151 ATX – 559 TL

Processor : Intel Skylake Pentium G4400 3.3GHz 3Mb Cache LGA1151 – 240 TL

Ram : G.Skill Aegis 4GB DDR4 Ram – 245 TL

PSU : High Power 750W 80+ Bronze – 355 TL

Riser : 6 pin power version 7 riser – 6 x 25 TL= 150 TL

GPU : Sapphire Amd Radeon RX 560 4GB OC GDDR5 – 6 x 550 TL= 3300 TL

HDD : SanDisk 120GB Plus SDSSDA-120G-G27 SSD – 262 TL
***** If you are going to use SimpleMining, you don’t need to buy hdd but will just need a 16GB+ USB.

Total = 5111 TL – 1.323 USD

 

Lets get down to business

After assembling computer parts we’ll need to choose pool. I prefer nanopool which has 175,883 miners at the time of writing – with 21,728.3GH/s of hashrate power amongst the users. Nanopool pays out your ETH mining when you hit 0.2ETH created.

Detailed info about running nanopool: https://eth.nanopool.org/help

Alternative Ethereum Mining Pools

There are other mining pools:

Nicehash
+ Different concept, you sell your mining power instead of mining coins, you get rewards in BTC
+ Good overview on current and past performance
+ No need for a wallet in each currency
+ Manage to get decent money out of it (comparable or slightly higher than normal pools)
Fluctuating performance, hashrate sometimes go really down while I did not see this in my miner
Fifficult to predict as it’s not directly linked to the currency you are mining, someone needs to buy your miner power

Dwarfpool
+ higher than average hashrate, almost as good as Nanopool
+ simple and straighforward
+ low threshold payout
 Very basic dashboard, difficult to read graphs

Ethpool
+ predictable solo mining
+ nice and practical interface
Rewards are going to big mining farms
Need more time for payouts

Noobpool
Because it is smaller, it can be trying when you get a block with a high variance. On a really big pool like dwarf they get lots of blocks all the time, so it is a lot smoother. Noob had 1 block yesterday, 3 the day before, and going back 1, 4, 2 and 5 days of trouble before that.
Currently Miners Online: 204

Ethereum Mining Rig Calculation

Our rig makes 69-70 mh/s
Cost per KW/h ($) : 0.1
Power consumption (w) : 750
Profit per month (After paying electricity) : $ 151.17

 

On next guide I will explain with each GPUs making 30 Mh/s.

 

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