Ethereum is a software platform based on blockchain which has a primary job of supporting the cryptocurrency with the globe’s second-largest market capitalisation. Just like with other cryptocurrencies, Ethereum is used to receive and send value anywhere in the world without having a third party step in or watching unexpectedly.
The way Ethereum is used today is as a value exchange. This can also be said for its native token, the ether. However, there are quite a number of reasons why developers are choosing to work on this cryptocurrency. For one, it has a long term potential, one that the most ambitious developers share of using Ethereum to provide users greater control over their online data and finances.
Ethermine: What is it?
Just as with the most popular cryptocurrency Bitcoin and others, Ethereum transactions require “proof of work” to be confirmed. Proof of work in this sense means that a third party needs to ethash or hash out algorithms that occur during a transaction. The moment the proof of work is accepted, the process is then completed. This type of mining transforms you into an etherminer as you have to create new Ethereum chains while the transaction is occurring. This basically means that once the transaction goes through, you get paid in Ethereum.
You might wonder if that’s all there is to learn on how to mine Ethereum, well there is something else you have to know. Every time the blockchain processes a transaction, the links in the chain become longer. This simply means that it takes a bit more work to have the transaction processed. This additional work is translated into an increase in computational power right before the transaction of every ethermine situation. The computational power needed will increase after every transaction, that is why you might need to consider other methods of free Ethereum mining.
Becoming an Etherminer
If you are interested in free Ethereum mining, you would be happy to know that unlike Bitcoin mining which has a centralisation encouraging algorithm, Ethereum’s algorithm actually encouraged decentralisation, making it easy for just about anyone to become an etherminer using their hardware to ethermine.
Unfortunately, it doesn’t make much sense to ethermine using a laptop in today’s world. It is not only not profitable, but it is also not really worth the time. choosing to ethermine means that you will have to incur some significant start-up costs. For one, your hardware will have to be upgraded. This means getting a great GPU which will work at least 200 times quicker than the CPU in your system. It also has the added benefit of providing a much-improved output.
Software is also an integral aspect of free Ethereum mining. There are quite a lot of options to select from when it comes to becoming an etherminer like Ethermine, Minergate or Geth. These applications will have to be saved on your computer before you can ethermine.
Free Ethereum mining
If you are interested in becoming an etherminer but have no clue about GPUs, ethash or algorithms, then you might be interested in joining a mining pool. With an Ethereum mining pool, you can, as the word describes, pool your resources together which becomes a lot more valuable and profitable. The higher the number of people included in the pool, the larger the computational resource available to ethermine and potentially make some money. Choosing to be part of an Ethereum mining pool might lower your potential income in the short term, however, this method is comparatively better than trying to do it alone. There are countless Ethereum mining pools available online.