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How to mine Ethereum: A step by step guide

Ethereum

Mining is called the ‘lifeblood’ of proof-of-work mechanisms, like Ethereum. There are many ways to solve the cryptographically hard puzzles that mining offers. It requires time as well as processing power. 

I would like to show you an easier way on how to mine Ethereum. Ethereum mining is really popular amongst miners. Before starting, I would suggest using the Brave browser. It is a free and open-source web browser, which blocks ads and website trackers and provides a way for users to send cryptocurrency contributions in the form of Basic Attention Tokens to websites and content creators along with the ability to keep the cryptocurrency they earned. 

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The wallet

*Skip these steps if you already have one*

One other important thing is the wallet you choose to store the currency. I would recommend Metamask. In Metamask, once you make a payout, you want to start utilizing Ethereum to make more money.  

You have to download Metamask, install Metamask for Chrome, or as a plugin from Chrome Extensions and pin it for future use. Once the extension is installed, you create a new wallet and choose a difficult password. I recommend using a password manager in order to remember this sensitive data. Here you get the secret words. You have to save it and you don’t want to share or lose it. In case you change browser or device, safewords are required. Token swapping is also available in Metamask. Although, you are always free to choose your own wallet.

The miner

After creating the wallet, click on your account and copy the key. You will need it for the mining configuration. Next, click on this Github repository and download lolMiner_v1.25_Win64.zip. 

Most antiviruses consider mining malicious, so you have to be very safe on what you open. After the download is finished, extract the zip folder. Now you have all the files to start mining. There are some pre-configured files with the .bat extension. Make sure the ‘Hide extensions for known file types in File Explorer Options’ are unchecked. Otherwise, you may have trouble identifying the bat files.

Choosing a mining pool

I suggest etheremine.org. We click ‘Let’s start mining now’ Then we have to choose our mining server. If you are from Europe, you copy eu1.ethermine.org. 

Editing the .bat file

Your performance is going to be better in cards with 4Gb video memory. If you have a card with more than 4Gb, we use mine_eth.bat. Otherwise, we use mine_eth_4G.bat. The configuration is the same. We start editing the chosen file.

ethereum

For Europe we choose eu1.ethermine.org. We paste the port. We paste the wallet address saved from Metamask before.

Once everything is set, we double-click the batch file. The miner starts. It should look something like this:

ethereum

Here you can see that we found the share, and we accepted it. You can also see the average speed in megahash/second.

Downsides

You should remember that, for the mining process to work as expected, you have to possess a graphic card with at least 4Gb video memory. A better graphic card increases the average mining speed. This translates to more Ethereum in a shorter time. A laptop or PC must be available for the best profit. I would recommend using a ‘spare’ one and not your work laptop because it can drain your working graphic card. Another thing worth mentioning is including the energy cost in your calculations and doing a balance.

How to see your dashboard?

You go to ethermine.org, paste your wallet key, and you will have your mining data in real-time. Keep calm and Start Mining!

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