How to Mine Ethereum: The Slightly Harder Way

Regardless of what other cryptocurrency news websites say, I believe Ethereum still has a lot of potential and room for growth, unlike Bitcoin Core. Today we'll be looking at how to mine it and cash it out to your wallet!

Prerequisites

This tutorial assumes you are using Windows 7/8/10.

If you’re looking for quick money, this is not for you. Depending on your rig, especially if you’re just a casual miner with one or two graphics cards, then it will take about one month to get a payout. Just invest in coins otherwise.

The only thing you really need before you setup your mining environment is a decent graphics card. I personally do not recommended anything below a GTX 770 for more “casual” mining. I use the term “casual” mining to refer to miners who only mine while they’re asleep, and/or mine on their home computer while they’re at work or school. If you’re more of a “hardcore” miner and have multiple machines with multiple graphics cards just for 247 mining, then you will have to follow each of the following steps on every single one of your mining rigs. Now, as previously stated, you only need a decent graphics card to begin mining, but you can use any graphics card, except it just won’t be profitable – you’d be losing money per month instead of gaining anything. RAM, CPU, motherboard, etc. doesn’t really matter since your graphics card is doing all the heavy lifting.

There are a few things you need to download before you begin mining, obviously. I personally recommend using Windows especially if you’re a casual miner or even a hardcore miner. This is because if you’re using Linux, you’re using open source, proprietary drivers, which will result in worse performance.

Setting up the Wallet

First things first, you need a wallet. This is where your payouts will be sent after you’ve mined an adequate amount of Ethereum. If you don’t want to download the entire Ethereum blockchain or dish out nearly USD$100 on cold storage, then I recommend using MyEtherWallet. The setup process is very simple, and is as follows

  1. Enter a very secure password you using for nothing else. This is very important, in the event your computer gets keylogged or hacked, your wallet will still unlikely be compromised, which leads me to say an important tech tip: When Chrome or Firefox or whatever browser you use asks you to save your password, NEVER SAVE IT! When you get keylogged, this is how the attacker takes and steals your password!
  2. Download the Keystore file if you want to access the wallet that way, or remember the private key if you want to access your wallet that way instead. It is inevitably going to say it’s an unsafe method of accessing your wallet, but unfortunately, this is the only free way to access your wallet. Just be careful, use common sense, and you’ll be fine.
  3. Viola! You have your own private wallet now!

Mining

Now that you have a wallet, you’re going to want to begin mining, or at least preparing the software so you can mine. For this tutorial, we’re going to be using Nanopool. Nanopool is the mining pool we’ll be mining in to receive payouts after we’ve mined a certain amount of Ethereum.

NVIDIA GPU Setup

  1. Download FinMiner
  2. Open the config.ini
  3. For the wallet= put your MyEtherWallet wallet address, which can be found on the right side of the MyEtherWallet website when you’re logged in (HINT: It begins with 0x)
  4. Remove the semi-colon in front of coin= and put in ETH.
  5. Scroll all the way down until you see “(Optional) Mining pools. By default nanopool is used.” Uncomment the pool that is closest to your location. Since I live on the east coast of the United States, I would uncomment eth-us-east1.nanopool.org:9999.
  6. After you have done the previous steps, launch FinMiner.exe and viola! You’re now mining Ethereum.

AMD GPU Setup

  1. Download Claymore’s Dual Miner
  2. Chances are, Chrome will say it may be dangerous, as it did for me, at least. To bypass this, on the top right corner of Chrome where the three dots are, click on them and then click “Downloads”. Optionally, you can type in the URL bar chrome://downloads/ and it will take you to the same page. Then, click on “Keep dangerous file”.
  3. Uncomment #-ewal so it looks like -ewal. After -ewal, put a space (obviously), then your wallet address. Your wallet address will be your MyEtherWallet address, which can be found on the right side of the MyEtherWallet website when you’re logged in. The address will begin with 0x.
  4. Type in -eworker, and after -eworker you can put anything. I will be putting miner1.
  5. Uncomment #-epool, and put in the Nanopool mining pool that is closest to your location. You can view the locations here. For example, because I live on the east coast, I would put -epool eth-us-east1.nanopool.org:9999
  6. Viola! Launch the executable file and you should be good to go!

Hopefully this tutorial helped you in the basics of mining. If you have any questions, comments, or if something didn’t work properly while following this tutorial, please do not hesitate to write something in the comment section below. Happy mining!

Photo by Thought Catalog on Unsplash


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