Ehereum (ETH) Cloud Mining Services
What Is The Ethereum Cryptocurrency?
Ethereum is the one of the cryptocurrencies which has been gaining traction in the last few years. According to the official Ethereum website, Ethereum is a platform which is designed to run smart applications which never have censorship, downtime, and interference from third parties and fraud. Some investors are actually going as far as proposing that this currency is becoming better than Bitcoin.
The currency addresses a number of concerns miners and investors have when it comes to using cloud mining services. Every miner wants to know that the platform he is working on is safe and doesn’t give away his identity.
The applications supporting the Ethereum Cryptocurrency run on a blockchain that’s custom built to deliver the enormous power required to run an infrastructure which can effectively move around value while safeguarding property ownership.
The currency operates from a platform where developers have the capacity to perform all the activities linked to creating value and markets, storage of registries of debt, and executive instructions to transfer funds.
What’s great about this technology is that all this happens without the need for the services of the middleman who just makes things more risky and expensive.
The Ethereum project was established with very little investment, by fans in 2014, through an Ether presale. It was later developed and managed by a Swiss-based non-profit organization known as the Ethereum Foundation comprising of some of the cleverest minds.
Ethereum Cryptocurrency Growth
The ETH price has been rising extremely fast, taking the currency into the list of the most promising digital currencies. Many people started paying attention to this currency after Bloomberg Technology, in 2017, reported that a trader had made over $200 million in just a single month after investing only $55 million. That’s a whopping 413 percent return in investment in just one month.
Even though there is no way of knowing who is behind the wallet that accumulated this mouthwatering amount, these wallets are transparent enough for the earnings to be verified.
Bloomberg Statistics reports that this $200 million trader is not the only one who made a great profit from Ethereum; anyone who invested $10 per ETH in January 2017 would have a value of $425 per ETH less than two months later.
What all these mouthwatering figures are telling us is that the price of Ethereum has been increasing rapidly and in the process creating some extremely wealthy individuals. Some of them would prefer to keep their earnings private, but there are a lot of well-known individuals who have publicly declared their ETH mining profits.
Ethereum Mining And Technologies
There are a few basic things you need to understand before you can start Ethereum mining, such as the technologies used. Cryptocurrency mining consumes a lot of electricity but the Ethereum mining profitability can help to recoup the cost of electricity. Ethereum mining online can also be done more effectively if you take advantage of Ethereum mining calculators to get an idea of the kind of profit you can expect from your efforts.
Mining for Ethereum can be done with the use of any personal computer. However, the system will need to have a Graphics card (GPU) with a RAM of 2GB or more. While you can still use a Central Processing Unit (CPU), chances are that you will find the process extremely frustrating. Apart from the process taking too long to execute, the costs will also eat into your profits.
If you want any peace, just go with GPU; it’s 200 times faster than CPUs. AMD cards are also more efficient than NVidia ones.
If you’re planning to use your computer for mining Ethereum, you’ll need to ensure there is lots of free space on your computer’s hard drive. It is estimated that the blockchain and other essential software can be accommodated in a space of around 30 gigabytes.
The Process Of Ethereum Mining Online
The following procedure will get you going in a matter of minutes:
- Download Geth, the application that connects you to the Ethereum platform and also ensures your hardware is coordinated.
- Receive a ZIP-file which you can now move to the HDD, most people use the C: drive for this purpose.
- Use the command prompt to install the application.
- Locate Geth on your computer.
- Create an account. A call to Geth can be made by typing in "Geth account new" and then pressing the enter key.
- You’ll then need to create a password. Remember this password, otherwise you’ll be stuck outside your own account. Once you type in to enter, your account has been created.
- In order to link up with the network, download the Ethereum blockchain. To do this, type in "Geth —rpc" inside the terminal. This process which synchronizes your computer to the global network can be quite intensive and depends on the size of the blockchain and how fast your internet connection is. Before starting mining, you’ll need to be patient until the process is complete.
- Install the mining software you want to use, like Ethminer.
- Locate Geth on your computer and open a new command terminal by right-clicking the terminal icon that was previously active which you will find in the taskbar, where you will then click on the terminal from the menu.
- When a new terminal window opens, type "cd prog" and then the tab key.
- To enter the folder with the Ethereum mining software you’ll need to type in ‘cd cpp’ followed by the tab and enter keys.
- The mining process can now be started by simply keying in "Ethminer —G" and then the enter key.
- If you are mining through CPU you will just need to type in "ETHMINER" followed by enter. After building DAG, the process is taken over by Geth.
Ethereum Mining With A Help Of Cloud Services
Process above a little too complicated for you? Don’t worry, Ethereum mining can be done through the use of cloud mining services. You can select one of the best Ethereum mining company from some of them in the market including, HashFlare, Genesis mining, NiceHash, and Eobot.
What you’ll notice with all good cloud mining services is that they have all been around for some time now and are managed by a good team of experts. Also, check out the location of the service to ensure that you are dealing with a legitimate service. It’s also important to ensure that you read reviews from other investors who are using the service.
Good cloud mining services will also ensure that you can withdraw your investment without too many hustles. Now, let’s check out some of the best services out there.
Ethereum Mining On HashFlare.io
One of the best cryptocurrency mining companies from which you can mine for Ethereum is HashFlare. The main advantages of this company include low risk, unlimited contract length and you also get immediate payouts. It’s been in the cloud mining business since 2014.
Genesis Mining For Ethereum
Genesis mining is also one of the most trusted service providers when it comes to mining Ethereum. A major advantage of this company is its mining farms which are spread in different parts of the world so that security can be enhanced. It also offers custom mining plans which allow you to select the amount you want to invest according to your specific aims.
NiceHash Ethereum Mining
Like all other good services from which you can mine for Ethereum, NiceHash has been in the cryptocurrency business since 2014. Some of the advantages of trading with this service include the option to trade Hashpower. However, dealing with this service has to be done with some extra care as there were times when reports indicated that the service had been hacked.
Ethereum Mining With Eobot
If you’re looking for low mining prices and maintenance fees, you can mine for Ethereum on Eobot. The main advantage of this cloud mining service is that it happens to be one of the oldest companies around. It’s trusted by over half a million users.
How To Earn Ethereum Without Investments
Want to earn Ethereum without investment? You’ll be glad to know that this is possible. To become part of the action you’ll need to first create an Ethereum wallet. This will make it possible for you to generate about free 0.0035 ETH on a daily basis. If you don’t yet have a wallet you can make use of services such as MyEtherWallet or Jaxx to create one.
Based on the type of profits and numbers above, it looks like the future of Ethereum as a currency is promising. It’s also clear that the currency has been improving its processes since its inception in 2014.