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How to Mine Ethereum

If you’re interested in dedicating computing resources to mining cryptocurrency for yourself, this article explains how the basics on how to begin mining Ethereum, and the different mining software options. The Background Ethereum mining has evolved considerably over the last few years. There’s a drive towards greater and easier participation, and away from the realms of the tech-savvy early adopters. Complicated command-line mining tools have become easier to use, and streamlined. GUI mining software has sprung up that makes it really simple to get going and start earning Ether (or ETH), the currency of Ethereum. Mining Ethereum works in a similar way to mining Bitcoin, and was designed for a similar reason. The mining process underpins the decentralization of the cryptocurrency by incentivizing computers to validate transactions on the network. Computers compete to be the one to validate transactions and are tasked with solving a complex computational equation in a process called proof-of-work. With Ethereum, whoever solves the equation first is rewarded with 2 ETH (recently reduced from 3 ETH) as well as all the transaction fees known as “gas.” As ETH increased in price in 2016 and 2017, so too did the Ethereum Hash Rate - a number that reflects how much processing power is collectively being used to solve the proof of work algorithm. Despite a large decline in the price of Ethereum since early 2018, the hash rate has still stayed high. This is partly thanks to increased participation, and partly because of the development of powerful dedicated Ethereum mining hardware in form of Application Specific Integrated Circuit (ASIC) systems from the likes of Bitmain, such as the Antminer E3. Due to their massive potential hashing power, and the large corporations that build and run them, ASICs are considered a threat to the decentralization of the network. This has sparked debate among the Ethereum community regarding whether its proof of work algorithm should be change

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Bitcoin and Ethereum are the two biggest cryptocurrencies in the market with a combined market cap o