How to Mine Ethereum
Note: I expect a large number of people to object to cryptocurrency mining's energy use and I totally understand. Hell, I agree. A few notes to consider: first, this will soon be remedied by Ethereum switching to proof os stake. Second, much of the energy used to mine cryptocurrencies is renewable.
While mining cryptocurrency isn't a new concept, it's something I've recently put an effort into understanding and executing. I have an amazing gaming PC featuring a GeForce RTX 3080 10GB video card, so why not put it to good use when I'm not fragging noobs? The following details how I mine Ethereum.
Prerequisites
Before attempting to mine Ethereum, realize a few things:
- Your energy bill will rise -- be prepared for some rise in expense
- Your PC will need a modern graphics card and a good cooling and fan setup
- Don't expect too much -- an awesome gaming PC still takes a few weeks to meet minimum payout
Step 1: Download PhoenixMiner
There are a number of applications you can use to mine Ethereum, but I was most successful using PhoenixMiner. Grab the ZIP file and extract it to a directory you can easily find.
Step 2: Create an Ethereum Wallet
The ETH rewards you earn will need to go somewhere so you'll need an Ethereum wallet address. Call me a homer but I recommend MetaMask. You can also use your centralized exchange wallet as well. Any Ethereum wallet address will do.
Step 3: Let's Mine!
Open your Windows command prompt app, navigate to the directory where PhoenixMiner.exe lives via cd, and run the following command:
PhoenixMiner.exe -pool us1.ethermine.org:4444 -pool2 us1.ethermine.org:4444 -wal YOUR_WALLET_ADDRESS -proto 3
Note: Windows security settings may block PhoenixMiner from running. You may need to open the Windows security settings to allow the .exe file to run.
tdaReplace the example Ethereum wallet address with your own. You should see a message about the DAG being generated and then messages that look similar to this:
Congratulations! Your computer is hot, your energy bill is up, and you're generating rewards from an Ethereum mining pool!
I can't and won't pretend to be a mining expert. There are certainly tweaks you can make to mining settings and computer settings to get the most out of your graphics card. If you're able to control your energy source, you could dramatically reduce emissions and profitability.
The time to mine Ethereum is numbered, but there's still time if you'd like to experiment!
“A few notes to consider: first, this will soon be remedied by Ethereum switching to proof os stake. Second, much of the energy used to mine cryptocurrencies is renewable.”
Proof of stake has been in the making since 2013, and there’s no indication that it will actually work. Also, it means those with the most resources will have the most power, defeating the decentralized nature.
If a technology consumes significant resources, work should focus on reducing the energy used, not justifying the energy usage by claiming it’s “green”. Green energy should go hand in hand with reducing consumption, like energy-efficient heating and cooling, LED lighting, etc.
Now many Cryptocurrency Holders are getting mails from Income Tax Departments or governments.
The foreword shows that you felt it was wrong to post this, but that you didn’t know why exactly.
If we are to avoid the worst climate disasters, global electricity use must go down until it’s 100% renewable. Which will take decades, if we succeed at all. Right now electricity use is going up. Blockchains are one obvious reason for that (https://www.bbc.com/news/technology-56012952).
I understand that you love tech and money more than nature, but if you have more than a few decades to live, your money may become worthless and so will your tech. Because of the pandemics, droughts, eco system collapse and with that, your food supply ☠️
Ethereum is at an ATH when I am reading it today. I wish I had read it before. :'(
Please share your net income from this. You mention your electric bill going up, but don’t mention the average profits you make from a month of doing this. Are you making a loss? can you share some spreadsheets? This is a finance matter afterall.