On this Guild I am going to take you to the world of Ethereum Mining, but before then its important to note that Ethereum is a distributed public blockchain newtwork
To have a comprehensive understanding about ethereum, its helpful to know how the Internet work.
In this 21st century, personal data, password and our financial information are comprehensively stored on other people’s computer. Companies like Facebook, Amazon, Apple or Google. Even Dictoms.com post is stored on server controlled by a company that charge me to hold this data should it be called upon. This form of setup has its conveniences as the assigned companies deploy teams of specialist to assist in storing and securing the data.
Ethereum Mining is a systematic process of mining Ether. Better still; it can be define, as mining Ether equals securing the network, which in turn ensures verified computation.
Ether is very essential, as it serves as fuel the smooth running of the Ethereum network. An interesting way to look at Ether is its lucrative nature to motivate developers to create top-notch applications.
ETHEREUM MINING PROCEDURE
STEP ONE: First you need to Download Geth. This Geth application serve as a communication hub, linking the miner(you) to the Ethereum platform while coordinating your setup (hardware and all) and at the same time reporting any new development that requires action on your part.
STEP TWO: Geth Application normally comes as a zip file, secondly unzip and t quickly ransfer the file to the HDD. Basically The C: drive is usually best for this.
STEP THREE: On the third face, You are going to need the Command Prompt to execute the installation. Search in Windows for ‘CMD,’ if you are not quite sure about this, then quickly click on it from the search list.
STEP FOUR: Here–‘C:\Users\Username>’ the username placeholder is the name of your computer and is this normally display a format by the command terminal. Locating Geth application is the next step; type in ‘cd/’ into the command prompt terminal; this is an instruction to change location. ‘C:\>’ it should be highlighted now, which normally means you are currently in the C: drive.
STEP FIVE: After the above steps, account creation come next. To make a call to Geth application, type in ‘Geth account new’ followed by the enter key. The command terminal will now display ‘C:\>geth account new.’
STEP SIX: At this stage, a password will be given to you, please an extra care most be taken here and you should be sure about your password, write it down carefully and be sure to type it in carefully too. Its very imperative to Press enter once the second time after typing in the password and voila! Your new account is created.
STEP SEVEN: Geth application needs to link up with the network before it comes fully operational. On that note, Type in ‘geth —rpc’ in the terminal and then press the action starts the download of Ethereum’s blockchain and synchronizing with the global network. This process consumes a lot of time and is dependent on how big the blockchain is currently and also the speed of your Internet connection. Make sure you wait until the completion of this process before mining.
STEP EIGHT: To continue you need mining software, which provide your GPU in running the hash algorithm required on the platform. Ethminer is a very good choice for this heavy lifting.
STEP NINE: After Installing Ethminer or any other mining software you choose for this procedure.
STEP TEN: Repeat step four in a new command terminal (change location command). For you to open a new command terminal, please right-click on the previously active terminal icon found in the taskbar and then carefully click on the terminal from the menu.
STEP ELEVEN: In other to start Ethereum mining with your GPU, key in ‘ethminer –G’ followed by the enter key. This will initiate the mining process after building the DAG ((Directed Acyclic Graph), which is a large file stored in the RAM of your GPU for the purpose of making it ASIC (Application Specific Integrated Circuits) resistant. Ensure that there is sufficient space on your hard drive before getting to this point.
STEP TWELVE: If you are up for it, CPU mining can be done. Just type in ‘ETHMINER’ then the enter key to start the process. Remember building of a DAG is also required in this step after which Geth takes over communication with Ethminer
Lastly Ethereum Mining is very lucrative and its profit is surreal. There is a speculation of the opinion that mining will stop with the advent of the consensus algorithm and its has been argued that those with itching curiosity should mine now and think later.