While Bitcoin is the most popular digital asset on the market of cryptocurrencies, the ETH is successfully following it since its introduction in 2015. There are some features that are affecting such popularity, especially when it comes to decentralization, smart contracts, and the ability to improve the management tools in companies.
Also, the high volatility is leading to increasing popularity for investors to trade with it. If you are interested in trading with ETH, go to the-etherum-code.com. On the other hand, you can combine it with trading with Bitcoin, which can be an even more profitable solution. Bitcoin Code is one of the best platforms for trading with BTC, and you can learn more about it by reading this review.
Besides trading, another method to acquire cryptocurrencies is by mining. This process requires proper equipment, special software, and a lot of time. The most popular mining option is Bitcoin, and it is known that it requires expensive equipment and resources for a profitable process. In this article, we are going to introduce you to the main feature of Ether mining and can it be profitable in 2024.
Reasons to Choose Ethereum
Even though Bitcoin is more expensive, there are some benefits of choosing to mine this option instead. First of all, the process is much faster. Bitcoin will provide you with a higher profit over time, but you will gain it much faster this way. The reason for that is that this crypto is using a separate system that is much more efficient. Also, with all of the features that ETH can bring, there is a huge potential for the increase of the price in the future. Also, chances are great that this will be the most stable option, with lower chances to lose it over time, which is a frequent case with most other choices.
How To Mine ETH?
The process is the same as with any other sort of digital mining. First of all, you will need proper equipment that serves as a resource on the platform where data are processed and stored. The software is creating special blocks of codes, and you will get tokens in reward for that. After you collect a certain amount of tokens, you can convert them into ETH currency. We already mentioned that this system is much faster when compared with BTC, and you will get a reward after every fifteen seconds. Also, there is a bonus available for your activities from time to time.
When you want to start mining, the first thing to do is to download the required software and connect it with the drivers of your equipment. After that, you will have to choose a proper digital wallet where you will store the ETH. Moreover, be sure to set an option where your PC will work all the time. Also, we recommend you delete any anti-virus in your PC since it might cause issues. You can choose solo mining, or to become a part of some mining pool, which might be the best option today.
Required Equipment
When it comes to equipment, we can notice that there is a huge difference when we compare the requirements with BTC mining. First of all, you don’t need such expensive equipment and special mining rigs to be efficient. You can use your home PC, and the best operating system is the latest Windows since it is most compatible.
However, you should buy the latest graphics card to improve efficiency. If you are interested in investing more in this process, the best option is to create a special rig made out of the most recent motherboard, processor, and a set of graphics cards. We have to mention that the main reason why GPU and other desktop devices became so expensive in recent years is the rise in the popularity of mining. The best graphics card in 2024 are Ge Force RTX 3060, 3090, and 3080.
Choose the Right Pool
The main reason to choose a mining pool is because you can share your resources with other people to make the process even faster, and then share the reward. Be sure to choose the right platform. Therefore, check the features like additional fees and the number of active people.
Can You Make Profit?
If you manage to comply with all of the requirements and select the right mining pool. For example, investing in six of the most recent graphics card that will become a part of your mining rig can make you over $1,500 per week. It might sound expensive since the single graphics card costs that much. However, you will repay the investment after only two months and start making a profit. On the other side, the price of ETH is the most important. There is a great chance that it will continue to rise in the future, which makes this an excellent option to make additional profit without any effort.
What About ETH 2.0?
In the end, you should know that there is no much time left when it comes to ETH mining. They are planning to upgrade the system to version 2.0, where mining will no longer be available. However, it will still be required for people to share the resources on this platform because that is the basis of its existence. Someone will have to confirm and allow the processing of data and transactions. In that matter, the profit will get lower, but that can also change if the price continues to rise.
The Verdict
As you can see, the profitability of mining depends on your investment. It can be a great option who want to invest $5,000 in a side gig. Even after the update in 2024, if the price of ETH continues to grow, it will still be a great option to be the part of this blockchain. On the other side, if you are not interested in this option, you can always start with trading. The two most common options are buying and keeping until the price get higher, and day trading, which can be a great way to make profit since the market is highly volatile.
