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What is Ethereum is a simplified explanation of the Ethereum Currency

Bitcoin first appeared in 2009, working with new and revolutionary technology. Over time, there was more interest in the technology behind the bitcoin work and more interest in developing new non-bitcoin technologies. We’re talking here about the Blokshin technique, which was very well invested by ethereum, and it brought out new features and techniques that didn’t exist earlier.

Here we’re going to go into some detail about what ethereum is?

What is ethereum?

It’s an open-source platform based on Blogspot technology that’s capable of performing many functions, most notably smart contracts. The idea of ethereum was proposed by a white paper describing the project by the Russian VitalikButrin in 2013. To help him start the project, Gavin Wood and Joseph Lobin

The idea of Ethereum is proposed as a completely different project from bitcoin, whose work is limited to facilitating electronic payments. Ethereum is much larger and much larger, as therefore presents a network and an integrated system based on the Blogshin technology that provides unadjustable accounts and transactions. The Ethereum network was established to adopt projects by modifying the Blogspot network in accordance with its compatibility and facilitating its work.

The work of ethereum is based on the advantage of smart contracts that allow for the conclusion of contracts similar to traditional contracts, but more transparent, and binds contractors to the agreed contract. Thus, ethereum is a decentralized platform that allows for the conclusion of smart contracts and the adoption of small blockchain projects on it, and allows the operation of decentralized applications, and has a digital currency that can be traded.

what is ethereum mining?

After we’ve identified the platform and the ethereum project, we recognize the currency that’s run by the ethereum platform, which is the currency of the ethereum that has the ETH symbol as its acronym. The currency was first created in 2015 and is a mineable currency with an unlimited ceiling of currencies. The second-largest currency after bitcoin is ethereum, with a unit price of $243 (at present) and a total market value of $25.9 billion. The available liquidity is estimated at 106 million ethyls, a mineable currency, as we mentioned earlier.

60 million units were sold as the first launch of the currency in 2014, 12 million of which were awarded to the Foundation, which is developing the network and managing online research and promotions. Five lithium units are given every 12 seconds to the mineral, while 18 million lithium units are extracted annually. Several voices have emerged calling for an adjustment of the reward policy and a reduction in the total number of available lithium units.

For the platform that is trading at a high rate, and the first is the Penance platform. Currency is considered one of the most famous currencies used in the ISO process and its bitcoin counterpart. For information, a number of projects similar to lithium work have been developed, with additional improvements and features such as accelerating transactions and reducing costs. Among the competing and alternative projects for the ethereum project are Cardano, Neo, EOS, Tron, ethereum classic…

ethereum mining equipment

Before you start, you’ll need to choose custom hardware to set up your computer for full-time mining. There are two options: CPU, which means using the PC processor, the GPU, which will lead to a costly graphics card.

It is important to note that CPU mining is neither profitable nor worthwhile, as L1 CPUs are about 200 times faster than CPUs for mining purposes. Before you buy a graphics card, you must consider the costs associated with the purchase itself as well as power consumption. And most importantly, you need to look at the performance of the margin, which is the speed at which the math problems are going to be solved.

You may also consider setting up a mining device, a multi-graphical processing unit, to increase the margin rate and therefore your chances for successful mining.

First, you need a computer or graphics card that can compute the algorithm provided by the ethereum grid.

For ethereum, complex puzzles are created, and video cards try to find a solution on average ​ every 15 seconds.

And that means that every 15 seconds, the ethereum grid pays out to the mass, 5 ethereum (that might change over time).

It should be noted that at some point in the future, the ethereum will be converted to the PoS demonstration with the update of the Casper Division, which means the end of the mining process.

For ethereum mining equipment, there are many options for the ethereum metal based on the type of video card, the number of video cards you want on a single motherboard, and the energy requirements.

A standard-setting usually consists of:

  • Video 6x (3Gb minimum recommended 4Gb )
  • The best recommendation for retail and price card: Radeon RX 570 4GB
  • We strongly recommend cranes with all built-in capacitors – version 006C
  • Motherboard (with a minimum of 6 PCI slots for cards.
  • Use Z170-A or TB250 motherboard
  • CPU: G4400
  • Cache: 4 Giga.
  • Power supply: Minimum 80% maximum capacity, recommended: 1200W.
  • 60GB SSD.

Using this setting, you will find on average an ​ of about 0.5 thereunder month.

This will change depending on the difficulty of mining the ethereum, you can use the WhatToMini website to calculate your profits or find other profitable encrypted currencies.

It’s important to think about how hard it is to measure whether you want to keep extracting ethereum, or whether you want to switch to another algorithm or other encrypted currency.

Tests before start mining

Before you start mining Ether, you can set up a special test network. And it’s a very useful tool if you want to test public contracts, try to develop a new technology or just test your mining capabilities. In a private testing network, you are the only user, which means you are responsible for finding all blocks, verifying all parameters, and implementing smart contracts. Any ethereum frame work, so to speak. Currently, this is done by the command line, with services like Ghaith that offer such options.

Knowing at least the approximate margin rate for your system will also be useful for you when it comes to calculating potential earnings. And you can use this profit calculator, which automatically calculates the margin rate based on the device you’re using and the electricity costs in your country. And basically, you’re going to look for the highest possible hashtags, and the higher they are, the faster the Ether mining rate.

Is it still worth it to count ethereum?

When it comes to most encrypted currencies, the difficulty of mining, and therefore the associated costs, will only rise. However, as you can see from the graph below, the difficulty of mining ethylene dropped by 50% in October 2017. This is mostly because the reward is reduced from five per mass to three.

 

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