With all of the focus on Ethereum in recent times, a lot of people are starting to wonder how they can start mining this popular digital currency. There are certain aspects of mining Ethereum that are not as straightforward on the Windows operating system compared to Linux or Mac OS X. That being said, there are different ways to go about things, by either setting up mining software on one’s computer or using a mining contract.
Also read: How To Buy Bitcoin Instantly
Mining Ethereum On Windows
Our friends over at CryptoCompare have put together a very nice guide on mining Ethereum on a Windows device. Some prerequisites need to be taken into account when venturing into this market, such as setting up the proper software outside of mining itself. Without a synchronized Ethereum blockchain, there is no point in attempting the whole process.
The first step is downloading and installing Geth, as this software allows miners-to-be to communicate with the Ethereum network. Moreover, Geth is very similar to using the Bitcoin Core or Bitcoin Classic client when solo mining. The software forms a bridge between your computer and the Ethereum network, which will ensure the correct block finder is rewarded.
Unlike what most digital currency miners might be accustomed to, Geth can not be run through a shortcut or executable file on the Windows operating system. To mining Ethereum, users will need to run Geth from the Command Prompt, and follow the detailed instructions posted here. Some people might see this as a weakness regarding user-friendliness of Ethereum, but keep in mind a graphical interface will be added to Geth through a future update.
Moreover, Geth will not automatically communicate with the Ethereum network, and the user will have to set this up through the Command Prompt as well. Once this step is completed, Geth will start downloading the Ethereum blockchain, a process than can take up to several hours to complete.
Installing Geth and synchronizing the blockchain is just the first step along the way to mining Ethereum. Users will also need to download Ethminer – which comes packaged as an executable file – although the Command prompt is needed to finish the setup. The software will look for Ethminer in the wrong folder, and Windows users will need to adjust this through a few simple commands, as can be found here. Last but not least, once everything is said and done, users will need to determine whether or use their CPU or GPU for mining Ethereum. A combination of both is possible too.
Mining Ethereum With A Cloud Contract
For those digital currency enthusiasts looking for a hassle-free way to start mining Ethereum, cloud mining contracts might be the answer. As is the case with any type of cloud mining, investors should not expect to make their money back within a few days or weeks. That being said, it also depends on which cloud mining provider one chooses, as most of them are very transparent regarding ROI.
Contrary to popular expectations, there are not that many companies offering cloud mining contracts to start mining Ethereum. Genesis Mining is the one of the leaders in this regard, as all of their contracts are sitting around the 170 days mark to achieve ROI. There are no additional costs involved with these contracts, as they include electricity and maintenance fees for the entire year.
Hashflare is another Ethereum cloud mining provider, and their contracts run for a full year as well. Compared to Genesis Mining prices, they might be a bit cheaper when it comes to mining Ethereum, and they offer a shorter ROI period. Users can even get a discount of 12% on their contract when using the “HF16ETHER12” code when pre-ordering on or before March 21st.
Partial Source: Cryptocompare
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