What you need to know about Ethereum mining

29 October 2018

Ethereum mining is one of the essential means to develop your business in the best possible ways. Work out the plans that can help you to achieve your goals in the correct order. Do not make your choices in grey while you want to develop your trading business in the correct way.

Ethereum mining is possible in a number of ways

Crypto mining is a new money-making frontier without much risks involved. And while Bitcoin is becoming less profitable to mine by the day, Ethereum is still a solid choice. It gives solid returns (assuming the price of ETH doesn’t change too much!). Today, let’s see how we can have a setup for Ethereum mining!

1. Get your Mining Setup Together

Mining basically means running an algorithm again and again until you find the “solution”. Once said the solution is found, you are paid by the system with Ethereum

Mining can become computationally expensive and can be demanding on CPU or mining hardware. To have a chance of mining and therefore earning, a decently powerful computer setup is the absolute minimum. More power would potentially mean more earnings on average. Ethereum Mining can help your business to grow at a rapid pace. Work out the plans that can work well in your favor.

In the case of Ethereum, it pays out 5 ETH roughly every 15 seconds to whoever solves the mining algorithm (though this may change in the future when Ethereum switches over to a Proof of Stake algorithm)

So,first step would be to get a computer and/or graphics card setup. A standard, absolute minimum setup consists of 6 video cards. These should be a minimum of 3GB, and a motherboard with 6 PCI slots minimum. The other crucial parts would be a CPU, Memory of at least 4 GB, a decent power supply capable of handling of 80% of the output capacity, and a 60 GB hard drive.

It’s also recommended to connect the rig to the Internet via a wired Ethernet cable connection; WiFi isn’t really recommended. The above rig is optimized for Ethereum mining using the current algorithm and mining difficulty. It collects a decent 0.5 ETH per month but, as is with cryptocurrencies, things change fast.

2. Get a Digital Wallet

For you to earn and use cryptocurrencies, you need a digital wallet. Wallets are nothing more than placeholders where your coins are stored online. You have tons of choices in this area, with many different factors too big to cover in this guide. Ethereum mining can help your business to grow in the right direction in a short time span. Work out the plans that can work well in your favor.

Once you have a wallet, it’s time to decide:

3. Do you Mine Alone or join Mining Pool

Mining at it alone sounds like a great idea. The reward is much bigger and it’s all yours. However, this only works if you consistently beat thousands of others in solving the algorithm first. Trust us, with those odds, it won’t happen very often

To successfully solo mine, you will need an upwards of 100+ graphics cards at your disposal. Not to mention taking the brunt of the enormous electricity costs, taking care of heating problems and ventilation, and the huge upfront cost of buying the hardware. Solo mining is possible and, yes can be rewarding, but you need to know what’s in store here.

Mining pools are a collection of mining rigs which combine their hash rates together for a better chance of mining Ethereum coins. With crypto mining pools, you get a steady income even if you mine a block by proxy. It’s all about a collective group effort.

There are lots of factors you should consider before joining a mining pool. The size of the pool, or the number people joining, is an important consideration. More people in the pool means there’s a bigger chance of mining a block and getting a reward. On the flipside, however, the payout per person gets smaller, since it gets split between more people.

It might be worthwhile to try different pools to see which one you like best. But here are some we recommend

NiceHash is a relatively easy to use and quick to set up mining pool to join. The nice thing about it is that it automatically searches for the best algorithm or cryptocurrency to mine, not just Ethereum. This can give more value for your rig in the long run. It should be noted that NiceHash also pays in Bitcoin, regardless if you were mining Ethereum or something else

To join, you first need to download the AMD or Nvidia program installer from their site. This application will scan your hardware setup and install software as necessary. Afterward, you enter your Bitcoin wallet address. It should be noted that you need a BItcoin wallet setup before joining NiceHash. Else, you won’t get paid. Once entered, click on the benchmark button and start another scan. You’re then ready to mine

NiceHash runs at an overall hash rate that is 20% less. This might seem concerning, but the switching feature more than makes up for this, as it can potentially up your profitability than just focusing on one coin alone.

Another option is Nanopool. It is currently one of the largest mining pool joinable with 130,000 active members and counting. Nanopool also pays out to miners who are close to solving the algorithm, so that’s nifty as well. It charges a fee of 1%. Similar to Nanopool is Ethermine, which has a similar structure and fee.

For mining software, we recommend Claymore Dual Miner. This allows you to mine two different coins at the same time. This works brilliantly for mining Ethereum and another crypto coin. Since Ethereum is more memory intensive, the processor can be used to mine for more processor heavy crypto coins. Thus allowing you to mine at twice the speed. Both Nanopool and Ethermine support Claymore.

4. Start mining!

Once you’ve installed your choice of mining software, just run the appropriate program and your computer will then automatically start mining. Remember to always keep the program running, preferably 24/7.

5. Check your earnings and profit!

After a while, you might want to check how much ETH you’re earning. To do so, you need to go to your mining pool’s website and type in your digital wallet address. You should be able to see how much ETH you’ve been earning thus far. Ethereum Mining can help your business to grow and move at a rapid pace.

But earnings are different from profits. To truly calculate how much you are profiting, you need to consider electricity costs. To do this, you need to find out how many mega hashes per second (Mh/S) your setup is contributing to the pool. Next, go to the numerous mining calculators available online. Supply the relevant information to see how much you’re really earning!

6. Improve your Results

There are a lot of ways you can improve your results and therefore your profits. Techniques such as overclocking and undervolting are worth looking at. What doesn’t change is the need for constant learning and improvement in this area since changes come in very rapidly. You need to be on your toes if you want to keep the profits rolling in. Happy mining!

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Ariana Smith

I enjoy writing and I write quality guest posts on topics of my interest and passion. I have been doing this since my college days. My special interests are in health, fitness, food and following the latest trends in these areas. I am an editor at Content Rally.

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Investing In Bitcoins: 5 Things You Need To Know

Ever since Bitcoin was announced to the world, it has generated hype and frenzy unlike any other financial commodity in the world. However, Bitcoin is much bigger than just a digital currency. It is a system of finance. Many people make the mistake of assuming Bitcoin as a sole entity. It is not. It is part of a larger financial structure or medium known as Blockchain. In this article, we will look at how any individual can easily acquire, invest and trade in Bitcoin. We will also look at the top 5 things individuals need to keep in mind before undertaking any Bitcoin or Blockchain adventure. Bitcoin and Blockchain: What is it? Bitcoin is a digital currency, which seeks to remove finance from the hands of governments and international financial institutions. In many ways, Bitcoin is a democratic, peer-to-peer payment structure, which aims to reduce costs, makes payments faster and eases the entire network. Founded by the anonymous Satoshi Nakamoto in 2009, the digital currency hit a high of over $17000 USD in late 2017. From then on, the volatility and speculation surrounding it have made it jump up and down in terms of evaluations. However, as of now, one Bitcoin has reached nearly $8000 USD once again. Bitcoin has emerged as one of the strongest financial investment products over the past few years. However, this means that there are many nuances, risks, and rewards out there for Bitcoin trading. It also means that there are manipulators out there who are tricking and cheating people when it comes to Bitcoin trading. Here are 5 Things to know before Investing in Bitcoins: 1. Do your research before selecting on a Bitcoin Trading Platform Many unscrupulous people and websites out there are cheating unsuspecting individuals of thousands of dollars by offering Bitcoins. Please do your research before you try to make a payment for purchasing Bitcoins. One of the best ways to ensure safety is to be part of Bitcoin Trading Platforms, which have their own bitcoin trader login as a point of entry. This ensures professionalism and safety for all your transactions. 2. Try to make Small Bitcoin Investment Options initially If you are someone who is looking to just step into the Bitcoin investment game, it would be wise to tread cautiously. This means that you do not need to purchase one Bitcoin at one go. This would be too expensive and complicated. Bitcoins can be broken down into one-millionth of a trade. This means that you can make small purchases as investment options. This will help you familiarise yourself with the market and enable you to work towards bigger investments. Nowadays, you can also use this cryptocurrency trading platform bot that determines when the price will rise and you can make great profits as a result. 3. Do not reveal your identity to third parties at any costs It would be foolish to assume that digital transactions of investments cannot go wrong. The same goes for Bitcoins. It is important that you do not reveal your Bitcoin Address, Bitcoin Wallet or your cell phone numbers to outside parties. There are hackers who are much more technologically advanced than you are. By being safe, you can ensure that your investments will keep growing in a safe and secure environment. 4. Do not invest every penny you have into Bitcoins In other words, do not take loans from people, just for the sake of investing in Bitcoins. There are speculations out there that result in many fluctuations. It is important to ride out these volatilities. If you are someone who is not on a strong financial footing, investing in the present might not be a good idea. Try to be secure before taking the plunge. As with all financial products, investments can be risky. 5. Select the Right Bitcoin Trading Platform Many experts out there have been following Bitcoins and Blockchain technology right from its inception. Some of them have taken the leap and established their own trading platforms, which offers help, guidance, and expertise on Bitcoin trading. It is best to select a trading platform, which is backed by expertise and experience. Aligning with amateurs who do not understand the market might be too risky. Conclusion: In recent years, more and more people who are trading in Bitcoins are using the best software to boost their chances of earning profits. From using complex algorithms to Artificial Intelligence, the advanced nature of the software makes it very easy for people to make complex decisions. One such software is the Bitcoin Evolution. Many critics are skeptical of Bitcoin Mining as it involves high costs and investment expenditure. The Bitcoin Evolution software is trustworthy, legit and very affordable. While there are many who make millions from investing in Bitcoins, several others lose quote a lot of money. It is important to follow the five steps mentioned above to ensure that your investments in Bitcoin return a healthy profit. Read Also: How To Make Money From Bitcoins In 2019 Bitcoin Profit Review 2019 How To Make Money From Bitcoins In 2019

7 Advantages in Hiring a Third Party Company to Manage your Accounting

Running a small business in the market today can be quite demanding and involving, especially when it comes to the need for different skills, experiences, and competencies necessary to handle different tasks. As a business owner, you may need to hire the services of a professional consultant company to provide technical help where necessary. One of the commonly demanding tasks in a business that you may need to outsource services from a third-party consultancy company is in the area of accounting. The skills required to accomplish professional accounting in a small business are too involving in ways that small businesses often prefer working with external consultancy service providers. Working with a hired third-party company to manage your business’s accounting needs is advantageous in several ways. It saves you money: One of the key advantages of working with a consultancy company is that you get to save much on the cost required to get the financial services you need. When hiring an outside financial consultancy and accounting company to handle your business’s accounting needs, you are not mandated to provide the necessary resources such as office space, software, furniture, and other crucial elements that are necessary to facilitate the third-party businesses’ operations. Generally, this is an advantage to your business. The one-time contractual agreement between your company and the third party consultancy reduces the financial burden upon your business. This is as opposed to a situation where you would be required to hire competent accountants and financial experts to handle your business’s financial and accountancy needs. In such a case, your business will be required to provide the necessary resources in addition to providing a competitive salary, benefits, and remuneration to the workers. Saves on time: Hiring the services of a professional consulting company to provide accounting consultancy services to your business gives you an opportunity to save on the time that may be dedicated to other tasks. Accounting is one of the most demanding business activities as it involves compiling accurate reports from thousands of transactions in a business. To be accurate in the accounting reports generated, one must put in much time and resources into accounting operations and calculations. As a business owner, the time that would have gone into performing the accountancy operations in your business may be allotted for other crucial business tasks. Exposure to professional and competent services: Professional businesses such as Gold Coast TW Accounting that offer consultancy services in the area of accounting and finance are normally competent enough to provide reliable and accurate services. Such consultants, as compared to hired accounting workers in your business, prove more resourceful in terms of providing accounting services with competence, confidence, and certainty. The results of the accounting process for your business may also come in handy with crucial interpretations that may help your business to improve on its financial performance in the market. Contractual services: For your business, working with a hired accounting consultancy company is much advantageous, especially since the contractual agreement between your business and the consultant can be altered to your advantage. The contractual agreement between your business and the consultant, in such a case, can be varied such that your business gets the upper hand in terms of the quality of service you receive. In case the contract does not satisfy your business’s needs, you have the upper hand and capacity to terminate the contract at a moment’s notice and seek to hire the services of a more qualified accounting consultant who will meet your specific needs. This is as opposed to instances where you work with employees whose terms of engagement may be too complicated to terminate at once without causing legal repercussions. Increased market exposure: Whenever you hire external financial accountants to handle your business’s accounting operations, you get a significant level of market exposure. The professional accountants come equipped with knowledge on how other businesses in the market have been performing financially. Such knowledge may come in handy in cases where the consultant may provide technical insight on how your business is doing financially as compared to your competitors. Besides, the technical expertise and advice provided by such consultants may also help in other areas of your business management. For example, the accountants may provide insights on how to simplify and increase your networking and market relationships with your customers and other businesses as a strategy of bettering your financial performance. Unbiased results: Hiring the services of a third-party company to manage your accounting needs in your business reduces or eliminates the risk of being exposed to biased accounting services. Professional accountants who provide consultancy services in businesses have zero tolerance for bias. Such bias may otherwise set-in in cases where internal accounting department workers willfully manipulate the accounting records to give you a false impression of good performance in your business. Having reliable results comes in handy as far as the long-term sustainability and survival of your business in the market are concerned. Get the peace of mind: Accounting operations in business are mind-bogglingly challenging to effectively carry out. The challenges associated with successfully carrying out accounting operations internally may deny you, as a business owner or manager, the peace of mind necessary to successfully undertake other tasks. Hiring the services of an external accountant to do such complicated and voluminous accounting tasks reassures you and gives you much time to focus on steering your business forward. Besides, the professional consultants know the precise records that they should go after in your business to do comprehensive and reliable accounting work. In general, hiring an external company to manage accounting tasks in your business gives you a comparative advantage as compared to instances where you work with internally based workers hired in your business’s accounting department. The high-quality accounting services that you receive from such qualified personnel providing accounting consultancy services are crucial to the financial survival of your business. You may also receive an added advantage on the technical advisory you receive from the consultants on how to steer your business to financial success. Read Also: Balancing The Books With Outsourcing – Virtual Receptionists Major Financial Problems That Can Affect A New Business Why You Should Choose To Have An Asset Protection For Your Business Don’t Do The Math: 5 Reasons Outsourced Bookkeeping Services Are The Right Choice For Your Business

5 Fun Facts About The American Eagle Gold Coin

As the official bullion coin of the U.S., the gold American eagle coin is sought-after by investors and numismatics. These consumers are intrigued by the coin's all-American precious metals, the reputation of the coin, and the intricate, detailed design. The interest in collectors for this coin is also due to being one of the top-selling billions in the country. Serious investors also want to know that they are putting their money into an investment they can count on. Security of investment is a given with American gold eagle coins, as they are the only coins officially backed by the U.S. government. The guarantee eradicates concerns over the coin's validity in value, which tells investors they are truly getting what they pay for. With guaranteed quality control, investors and numismatics never need to worry about their investment's content, purity, weight, or quality of metal. With these facts secured, the investment is set to be used as legal tender or secured as an asset. While the legitimacy of the coin is the most crucial fact about the American Eagle gold coin, here are five additional fun facts to note. 1. The American eagle gold coin is more scratch-resistant than gold buffalos. The polished surfaces and keen attention to detail are showcased on American eagle gold bullions; their beauty adds to the investor and numismatic interest. Since the American Eagle gold bullion contain 10% copper and silver alloys, it is notably more scratch-resistant than its counterparts, 24-karat Gold Buffalos. Additionally, the U.S. Mint tailors coin production to meet the aesthetic appeal of collectors. 2. There are more opportunities for creative collection display. Collectors interested in placing their coins into a portfolio may wish to display their collectors' coins in a unique and creative way. For instance, some collectors may arrange coins based on historical significance, others by type or style. With the American eagle gold coin, you can also organize your portfolio by coin similarity. For example, the Gold Eagle is similar in design to the Double eagle gold coin. On both coins, Lady Liberty and an American eagle are displayed. Additionally, both indicate the currency value and mintage dates. 3. The gold is sourced by the U.S. All Gold Eagle coins are produced with gold sourced only from the U.S. The coins may not include metal from unknown or foreign sources during the minting process. As a legal requirement, these specifications are not to be altered for any reason. For collectors looking to invoke patriotism and American pride into their collection, the American Eagle gold coin is a wise investment choice. American-derived gold is of significant historical influence as well for collectors or investors interested in obtaining a piece of American history. 4. The coin value will always remain what it is. No matter if the price of gold decreases, the American Eagle gold coin retains the value that is minted onto them. Each coin has a face value from five to fifty dollars of legal currency. Regardless of changes in currency, the coin value is maintained, making Gold Eagles a wise investment for those looking to add tangible assets to their portfolios. Likewise, collectors looking to compile assets to pass on can achieve peace of mind knowing that the American Eagle gold coin will not depreciate in value, no matter how much time goes by or how American currency changes over time. 5. These coins offer the historical significance of legal tender. Some collectors and investors want to purchase coins that offer historical significance. Interest or appreciation for rich American history can be acknowledged by purchasing a Gold Eagle coin. The first Gold Eagle was introduced in 1986 in response to the Gold Bullion Coin Act Of 1985. The act recognized the value of gold coins with legal currency and precious metals. The American eagle gold coin is the established, official U.S. gold bullion. Invest in coins with permanent value and lasting significance. The American eagle gold coin offers numismatics and investors the opportunity to establish a balanced investment portfolio or collectors' portfolio. As a protected coin, devaluing currencies are not influential, allowing collectors to preserve their coins and maintain their value for future investment opportunities and generations to come. Read Also: Can I Convert My 401k To A Gold IRA? Starting Your Rare Coin Collections: A Beginners Guide to the 1794 Flowing Hair Half Dime Bitcoin’s 10th Birthday: Does Satoshi Nakamoto’s White Paper Still Hold Relevance?

What you need to know about Ethereum mining

Ethereum mining is possible in a number of ways

1. Get your Mining Setup Together

2. Get a Digital Wallet

3. Do you Mine Alone or join Mining Pool

4. Start mining!

5. Check your earnings and profit!

6. Improve your Results

Lining up for a Loan – How to Secure a Good Loan

How to Save more Money?

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Ariana Smith

I enjoy writing and I write quality guest posts on topics of my interest and passion. I have been doing this since my college days. My special interests are in health, fitness, food and following the latest trends in these areas. I am an editor at Content Rally.

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Investing In Bitcoins: 5 Things You Need To Know

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What you need to know about Ethereum mining

Ethereum mining is possible in a number of ways

1. Get your Mining Setup Together

2. Get a Digital Wallet

3. Do you Mine Alone or join Mining Pool

4. Start mining!

5. Check your earnings and profit!

6. Improve your Results

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Lining up for a Loan – How to Secure a Good Loan

How to Save more Money?

Tags

I enjoy writing and I write quality guest posts on topics of my interest and passion. I have been doing this since my college days. My special interests are in health, fitness, food and following the latest trends in these areas. I am an editor at Content Rally.

Leave a Reply Cancel reply

Popular

Follow Us

Recent

Related