How to Mine Ethereum Cryptocurrency

How to Mine Ethereum Cryptocurrency

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Ethereum is a popular alternative to Bitcoin. At the time of writing this, it's the second largest cryptocurrency in the world, with a market cap of $35 billion USD.

People keep asking me if it's still profitable to mine. The answer is yes! With a single GTX 1070, I'm currently earning around $60/month from it.

Follow this guide and you'll be mining Ether just like I do.

Step #1:

In order to send and receive Ether, you'll need to have a wallet.

If you already have an Ethereum wallet, you can go ahead and skip to step #3.

If you still need to create a wallet, then download the latest version of Ethereum Wallet. Scroll down the page to the Downloads section, and grab the latest release.

ethereum-wallet-download

Step #2:

Install the Ethereum Wallet that you just downloaded. After you install it, open it up.

Click the Use The Main Network option.

ethereum-wallet-downloading-blocks-1

It'll now ask you if you have a wallet file. Click the skip button.

ethereum-wallet-drop-wallet-file-1

You can now set a password for your wallet.

The password can't be changed at a later date. So set something hard for it.

ethereum-wallet-password

You have to wait for the wallet to download all of the blocks in order to send and receive Ethereum with it. This process can take a couple of hours.

Now copy your newly generated Ethereum address into your clipboard.
You'll need to specify this address when you're setting up the miner.

ethereum-wallet-address

Step #3:

The program we'll be using to mine with is called ethminer. Ethminer supports both NVIDIA CUDA and AMD OpenCL mining.

Create a folder on your desktop called ethminer.

ethminer-folder

Download the latest version of ethminer from github and extract it into the ethminer folder that you just created.

ethereum-latest-version

Step #4:

Decide which Ethereum mining pool that you want to use. I use and recommend ethermine.

There's also a handy app for Android which lets you check your stats on the ethermine pool.

ethermine-stats-1

Step #5

Create a ethminer.bat file in your ethminer folder.

ethminer-batch-file

Copy and paste the following script into the ethminer.bat file.

setx GPU_FORCE_64BIT_PTR 0
setx GPU_MAX_HEAP_SIZE 100
setx GPU_USE_SYNC_OBJECTS 1
setx GPU_MAX_ALLOC_PERCENT 100
setx GPU_SINGLE_ALLOC_PERCENT 100
%~dp0\ethminer.exe --cuda-grid-size 8192 --cuda-block-size 128 --farm-recheck 200 -G -S us1.ethermine.org:4444 -FS us1.ethermine.org:14444 -O <Your_Ethereum_Address>.<ComputerName>

You'll need to edit it and modify the values for the stratum servers, your Ethereum wallet address and the name of your computer.

Here are the stratum servers for ethermine.org:

North America (East): us1.ethermine.org:4444 or us1.ethermine.org:14444
North America (West): us2.ethermine.org:4444 or us2.ethermine.org:14444
Europe (France): eu1.ethermine.org:4444 or eu1.ethermine.org:14444
Asia: asia1.ethermine.org:4444 or asia1.ethermine.org:14444

You can now go ahead and run the ethminer.bat script.

Antivirus warnings:

Ethminer is open source software used by thousands of miners across the globe.

However, some hackers have realized the profit potential of running cryptocurrency mining software on their victims' computers. So, some AVs will automatically flag this software as a virus.

bitdefender-warning-notice

If your antivirus gives you a warning like mine did, you'll need to add it to your antivirus exclusion list.

bit-defender-exclusion

Congratulations!

You're now mining Ethereum!

ethereum-mining

You can check your current mining progress by visiting the following address:

ethermine.org/miners/your-ethereum-address-here

Example:
https://ethermine.org/miners/a438dd99362aec8629c803bb4061f4b867373515

If this how-to guide has helped you out, please consider running your miner for a day or two with my ethereum address: 0x67f2149fe667ead22bc2c1d53f11e0130ceaf61f