There are two mining algorithms:
Proof of work - proof-of-work (PoW);
Proof of ownership - proof-of-stake (PoS).
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The first type is the most common, it requires a large amount of high-performance equipment and a lot of electricity. Most networks work according to this principle. The essence of the process is that miners make calculations, add new blocks to the network and receive a reward with coins and commissions for transactions. From December 2020, there is a gradual transition from traditional PoW mining to PoS mining.
Proof-of-stake “confirms the stake”, protects the crypto by placing it in a digital wallet to support verification of transactions on PoS blockchains. This method is better protected from interference, less energy consuming. And this directly applies to Ethereum. There are several ways to mine ethereum: using a video card, a processor, or their combined efforts.
Any video card is used, the main thing is the stock of free RAM of at least 2 GB, optimally - 4. More efficient, of course, is the combination of a couple. Buying cards will not be difficult, focus on the price to understand the payback period of the tool. The operating system must be Windows 7 and higher, the drivers are updated before starting work, and the electronic wallet is created in advance. It remains only to choose: solo mining or a pool (a server that evenly distributes work between connected PCs). For both options, you can use Claymore’s Dual Ethereum+Decred program or the most popular Ethminer.
With team mining, the contribution of the equipment of each participant is taken into account and there is a proportional distribution of profits. Solo mining becomes inefficient, there is too much competition alone, many blocks appear in the process, capable of overheating the equipment. Combining several PCs into pools allows you to bring the mining of crypto to an industrial level. Miners are advised to use the Ethereum production calculator - it is easy to calculate the profitability online, follow the quotes, and determine the time to decrypt the block.
Proof of work - proof-of-work (PoW);
Proof of ownership - proof-of-stake (PoS).
If you just want to buy or sell ether use reliable platform https://redot.com/staking/
The first type is the most common, it requires a large amount of high-performance equipment and a lot of electricity. Most networks work according to this principle. The essence of the process is that miners make calculations, add new blocks to the network and receive a reward with coins and commissions for transactions. From December 2020, there is a gradual transition from traditional PoW mining to PoS mining.
Proof-of-stake “confirms the stake”, protects the crypto by placing it in a digital wallet to support verification of transactions on PoS blockchains. This method is better protected from interference, less energy consuming. And this directly applies to Ethereum. There are several ways to mine ethereum: using a video card, a processor, or their combined efforts.
Any video card is used, the main thing is the stock of free RAM of at least 2 GB, optimally - 4. More efficient, of course, is the combination of a couple. Buying cards will not be difficult, focus on the price to understand the payback period of the tool. The operating system must be Windows 7 and higher, the drivers are updated before starting work, and the electronic wallet is created in advance. It remains only to choose: solo mining or a pool (a server that evenly distributes work between connected PCs). For both options, you can use Claymore’s Dual Ethereum+Decred program or the most popular Ethminer.
With team mining, the contribution of the equipment of each participant is taken into account and there is a proportional distribution of profits. Solo mining becomes inefficient, there is too much competition alone, many blocks appear in the process, capable of overheating the equipment. Combining several PCs into pools allows you to bring the mining of crypto to an industrial level. Miners are advised to use the Ethereum production calculator - it is easy to calculate the profitability online, follow the quotes, and determine the time to decrypt the block.
