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Ethereum Mining: the Ultimate Guide on How to Mine Ethereum

If you're interested in mining Ethereum, you're in the right place. By following this guide, you'll learn everything you need to know about Ethereum mining. I expect you already know what Ethereum is and how it works from our previous guide on what is Ethereum. Let us start by analyzing why we need this kind of mining in the first place.

So, where does all of this mining take place, and where does the Ether come from? Well, your computer is solving math problems to make sure no one makes transactions on the Ethereum network that aren't true. If your computer manages to solve the problem, you get rewarded. And that is called mining. Everyone has an opportunity to help solve these problems and claim rewards.

What's crucial to understand, though, is that Ethereum mining is not such a simple process, so if you decide to buy this cryptocurrency instead and start trading, you should check out the most recommended crypto trading platforms, including Binance, Coinbase, Kraken, and KuCoin.

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If you still want to find out more about Ethereum mining - continue reading

Douglas Eriksen

Founder and CEO at ChainMosaic

What are the 3 main advantages of blockchain technology?

The three main advantages of blockchain technology include transparency (all network participants have access to the same data, promoting transparency and trust), security (cryptographic techniques and decentralized nature make it hard for malicious actors to alter data), and decentralization (no central authority is needed, reducing the risk of single-point failures and creating Peer-to-Peer networks).

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Short Ethereum mining explanation

The Ethereum network has its own blockchain. All transactions that are made using Ethereum need to get approved by the miners. That's why it takes a while before the Ether you send someone reaches them. The transaction has to be verified and put inside the Ethereum blockchain. This verification process is called proof of work. It is your job as a miner to make sure no one cheats.

To make sure that the transactions are valid miners are solving complex mathematical equations. When a miner solves this equation, he communicates this to all of the other miners "Hey, I've got it! I have found the number we've been looking for all this time" using fancy computer language.

All of the other miners check if this number is correct and if 51% of them agree that it's correct a new block gets added to the blockchain. This new block contains all of the transactions that are now verified and the miner who found the number is rewarded! The miners then start solving a new math problem to verify another block of transactions.

Three ways to mine Ethereum

Ok, now that we have that out of the way how do you start mining Ethereum? There are three ways you can mine.

Pool Mining

Ethereum mining in a pool is the easiest and fastest way to get started. You work together with other people. All of the people that are mining within a single pool agree that if one of them finds the secret number, they'll share rewards with everyone. How often you find blocks and share rewards depends on the pool size. However, not all pools are the same. These are the things that you should consider before joining a pool.

  • Pool size
  • Minimum Payout
  • Pool fee

Why is cryptocurrency mining pool size important? Well, the short answer is that as the number of people that mine increases, the chances of getting rewards also increase. However, as more people join the pool, the rewards are getting shared between more people.

You should try out different pools before you find the one that best works for your computer. Joining big cryptocurrency mining pools is usually a safer choice. You might be getting fewer rewards per 1 block, but at least you won't go a day or a week without getting a reward at all.

You should look at the minimum payout as well. A minimum payout is the smallest amount of Ether you will need to mine before it gets sent to your wallet. If the minimum payout is 1 ETH, you will need to stay in the same pool for a long time before getting your cryptocurrency.

Pools with large minimum payouts are not beneficial to you. You should try to find pools with a small minimum payout. You want to be getting paid as frequently as possible, without having to commit your time to a single mining pool for too long. Having the flexibility to switch between different cryptocurrency mining pools is essential!

Every pool has a fee associated with it. You have to pay a small amount so that you could continue using the pool. This amount gets paid automatically, so you don't need to worry about it. The payments are % based and are calculated in the cryptocurrency you're mining. The amount you have to pay usually differs from 1% to 3%. You should look for a pool with around 1% fee as these are far more reliable than 0% fee pools.

Running a mining pool is a full-time job and computing and data center space isn't cheap. 0% fee pools are usually supported by donations, they might be less stable than pools with a fee to cover the costs. If the pool fee is higher than 3%, you should consider looking for another pool.

Mining Alone

Mining alone might seem like a great idea. You don't have to share any rewards. You just turn your computer on and let the money roll in, right? Wrong. When you're doing Ethereum mining alone, you are competing with other people and will only get rewards if you solve the math puzzle first. Since you're competing with a very large network of people and companies that have a lot of resources, you would need to get very lucky very often. Mining alone is only profitable if you have a lot of resources at your disposal, we're talking 100+ graphics cards. Having this much computing power has its disadvantages. You would need to worry about:

  • Heating problems. If your equipment gets too hot, it could break. Once your equipment breaks, it's usually not worth it to repair it. You would need to spend more money to replace your mining rig and fix the heating issues.
  • Ventilation. To keep everything working correctly, you would need to have a lot of fans moving air very quickly. As I've mentioned above, heating is a real problem.
  • Noise. All the fans that are spinning and cooling down your equipment would make a lot of noise. It would get very loud, very fast. Usually, you need something like a garage/warehouse or a remote location to keep everything.
  • Electricity costs. Having so much equipment use power at the same time would use up a lot of electricity. For example, with only ten graphics cards you would spend around 3-4 dollars on electricity per day. Imagine ramping up to 100 cards to stay competitive. The cost to power them all would add up to 30-40 dollars per day in electricity costs alone.
  • Space. Having a place to store 100+ Ethereum mining rigs isn't something that's available to most people.

Cloud Mining

When you are using cloud mining, you are paying someone else to mine for you. The way this works is that you're renting mining time from other people and in return, they give you all the rewards they can mine. Cryptocurrency cloud mining might seem a bit dumb.

  • Why would someone use their equipment to mine for you when they can mine for themselves?
  • Why would you pay someone else to mine for you when you can invest the money in equipment and mine yourself
  • Why don't you spend the money on buying the cryptocurrency you want instead of paying someone to mine it?

And all these are valid questions. It's not better or worse than doing all the work yourself. Let's analyze the benefits and hazards of Ethereum cloud mining.


  • You are not responsible for any equipment that breaks. Once you pay someone to mine for you, you're buying a certain amount of work that has to be done. And all of the repair costs are not your responsibility. However, be careful, some companies will make you pay for electricity and repair costs. Read the contracts carefully and avoid this!
  • You don't have to keep a significant amount of noisy equipment in your home or warehouse.


  • You pay the money up-front if Ethereum price drops, you won't have a chance to get your money back. And you're stuck with the mining work you bought.
  • You can't change the mining software and hardware that the cloud mining provider uses.

Cloud mining is a safe way for mining providers to guarantee themselves profit for the equipment they've purchased. Cryptocurrency price doesn't affect them because you pay them in advance. So, when you buy cloud mining services, you don't have to deal with any troubles that come with making your ethereum mining rig. In an ideal situation, cloud mining is less profitable than mining yourself. Instead of using cloud mining services you can also just buy ethereum.

Personal opinion: For the time being, try to stay away from cloud mining services. If you wish to invest in cloud mining services, just use the money to buy your desired cryptocurrency instead. You will get your rewards right away and if something goes wrong you will have the ability to sell your cryptocurrency.

How to pool mine Ethereum: Tutorial

So your computer is going to be used to mine Ethereum. Let us go over the tools your computer needs to be an efficient miner. Here's everything you will need to be a successful Ethereum miner:

  • An Ethereum wallet to hold all of your newly found currency;
  • GPU drivers;
  • A mining application (i.e. Claymore miner or Minergate);
  • A mining pool address if you're going to mine within a mining pool;
  • A graphics card (GPU) with at least 3GB of RAM;
  • A compatible operating system (Windows 7 or 10 64bit ).
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Create a digital wallet

Before starting Ethereum mining, you will need to create a digital wallet. You have a wallet in real life for your physical money.

Cryptocurrency works the same way. You will want to create a digital wallet where you can keep your Ether, or simply choose the most secure and reliable wallets on the market - Ledger Nano X and Trezor Model T - to keep your Ethereum secure!

Installing your graphics card drivers

When your digital wallet is set and ready, it's time to update the software on your computer. The mining process will be more profitable if your hardware is running all of the latest updates. So update your drivers now.

For AMD Graphics Card users

If you have an AMD graphics card, you can download the latest drivers for your card right here.
Use these if you plan to do other things with your computer, like work or gaming.

Or here.

Use these if you plan to use your computer for Ethereum mining only. These are optimized for mining and only mining. Meaning, you won’t be able to do much more with your computer.

For Nvidia Graphics Card users

If you have an Nvidia graphics card, you can download the latest drivers for your card right here.

Download and install the drivers based on what graphics card you are using.

Installing Ethereum mining software

    1. Go to https://bitcointalk.org/index.php?topic=1433925.0Claymore's Dual Ethereum miner
    2. Download the latest version of Claymore dual miner. By clicking one of the highlighted links. As of today, the newest version is 11.0. This tutorial used the 2nd link from Megaupload.mega-upload
    3. Click the latest version for windows. Then click on the download as a zip button. Wait for the download to finish. Save the file to your desktop for easy access.download-as-zip
    4. Extract Claymore v11.0 files to a folder on your Desktop for easy access.
    5. Open the folder you’ve just extracted to view the files, it should look like this.

    6. Right click on start
    7. Click Editedit
    8. Edit the Start.txt file and insert the following lines:

EthDcrMiner64.exe -epool -ewal -epsw x

Choose your pool from one of these recommended Ethereum mining pools.

Pool Name Pool fee Minimum Payout(ETH) Pool Address Pool size
2Miners 1.0% 0.01 eth.2miners.com:2020 Small
Nanopool 1.0% 0.05 eth-eu1.nanopool.org:9999 Very big
Dwarfpool 1.0% 0.05 eth-eu.dwarfpool.com:8008 Medium
Ethermine 1.0% 0.05 eu1.ethermine.org:4444 Very big

Note: these pool addresses are for the Europe region. If you live in the US or Asia you might get better results using addresses that are closer to your region. Visit the pool site and find out if the pool supports your region.

Instead of < Mining_Pool_Address> type in your pool address.

Instead of   type in your wallet address:

insitde-startbatOnce you’re done it should look like this:




    1. Save Start.txt with your new values by going to file -> save as

    2. Change the file name to start.batstart
    3. For saving as type: choose All Files
    4. Click save and click Yes, when asked if you want to replace the filereplace
    5. Double-click Start.bat to begin miningstart
    6. If you’ve followed the steps above you should see this screen.success

That’s it! Your computer is now mining Ethereum. Leave this screen open. For this example, I’ve used the 2miners pool and MyEtherWallet. But you can use other wallets and other mining pools.

Here's the list of other recommended mining software that you should check out:

How to check how much you’ve mined?

Every pool has a different interface but the principle stays the same. You’ll need to go to your pool's website and type in your public wallet address. Let us use the 2miners pool as an example.

You type your public wallet address in the search bar and you’ll be able to see all of the information about your Ethereum mining efforts. In the case of a 2miners pool once your balance reaches 0.01 ETH it will get sent to your wallet address that you’ve typed into the start.bat file earlier.


How to calculate profits

  • Open up your miner and check how many Megahashes per second your hardware is submitting (Mh/s)
  • We can see that our one GTX 1070 GPU was getting 32.2Mh/s.
  • Open the mining calculator available here.
  • Type in your Mh/s, the cost of electricity and power consumption. You’ll get average results based on how much 1 ETH is at the time.ethereum-mining
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Tips and tricks

  • If you plan to leave your computer mining for long periods of time here’s a couple of things you might want to do to avoid any downtime.
  • Computer power settings: By default, if your computer stays idle for a long period of time it will “go to sleep”. Once your computer goes to sleep it will stop mining. To avoid this, go to your power settings and make sure your computer never sleeps.

Now your computer can mine all day long without going to sleep.

Closing thoughts

By being an Ethereum miner, you help it stay decentralized and get rewarded in the process. You should look at Ethereum as a valuable asset to hold or trade. Blockchain technology and the Ethereum network have already proven their worth. Several decentralized applications have already found success. The market response seems excellent. As more people start building upon the platform that Ethereum has created, we should see even greater results.

Some of the recommended mining software are Minergate and CCGMining. If you're interested in cloud mining, you could also check out Genesis Mining. Lastly, if you'd like to find parts for your own mining rig, make sure to visit Parallel Miner.

Once you mine Ethereum, make sure to keep it in a secure hardware wallet, such as Ledger Nano X and Trezor Model T. Alternatively, you can also store it in an exchange, such as Binance, Coinbase, or Kraken. After all, you don't want to lose your assets

About Article's Experts & Analysts

By Douglas Eriksen

Founder and CEO at ChainMosaic

By late 2019, Douglas Eriksen pivoted his career into the Blockchain space. He then chose to embark on his Masters in Law, learning how new technologies demanded modernized legal frameworks and innovative applications. Simultaneously, Douglas earn...

By Aaron S.


Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era. W...
Aaron S., Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
Douglas Eriksen, Founder and CEO at ChainMosaic
By late 2019, Douglas Eriksen pivoted his career into the Blockchain space. He then chose to embark on his Masters in Law, learning how new technologies demanded modernized legal frameworks and innovative applications. Simultaneously, Douglas earned a diploma in Blockchain Strategy through Oxford University. During the 2021 NFT boom, he started his own Web3 venture accelerator, ChainMosaic LTD - providing services for project realization in the Blockchain & AI industries, including Capital Fundraising. Project Acceleration, Product Development, and Project Management. Alongside this, he currently project-manages the NFT Marketplace on the Ultra.io platform, generating almost $1.5 million in the first 40 days of open beta release. At Ultra, Douglas' role is to innovate in the application of NFTs in Blockchain Gaming. Growing up in a country with such a wide gap amongst income classes, he always felt drawn to industries that offer solutions. In pursuit of these solutions, Douglas found his place in Web 3.0, allowing him direct access to an ever-changing landscape of innovation capable of closing the digital divide and acting as an engine of socio-economic transformation for marginalized communities.

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Is Ethereum mining worth it?

The answer to this question depends on a few different variables! These include the amount of money that you pay for hardware, the reliability of the mining pool that you've chosen, the price of ETH, and so on. Generally speaking, if you'd like to avoid all of the mining-associated hassle, you could instead opt to go for crypto staking.

What's the alternative to mining Ethereum?

Ethereum - and, to be fair, crypto - mining is still a very popular activity, to this day. However, as popular as it might be, mining still involves a lot of preparation, and some technical know-how. If you'd like to find an alternative to mining, you should look into crypto staking, on a reliable exchange - this is a much simpler and more-straightforward process.

How to pick the best crypto exchange for yourself?

Picking out the best crypto exchange for yourself, you should always focus on maintaining a balance between the essential features that all top crypto exchanges should have, and those that are important to you, personally. For example, all of the best exchanges should possess top-tier security features, but if you’re looking to trade only the main cryptocurrencies, you probably don’t really care too much about the variety of coins available on the exchange. It’s all a case-by-case scenario!

Which cryptocurrency exchange is best for beginners?

Reading through various best crypto exchange reviews online, you’re bound to notice that one of the things that most of these exchanges have in common is that they are very simple to use. While some are more straightforward and beginner-friendly than others, you shouldn’t encounter any difficulties with either of the top-rated exchanges. That said, many users believe that KuCoin is one of the simpler exchanges on the current market.

What is the difference between a crypto exchange and a brokerage?

In layman’s terms, a cryptocurrency exchange is a place where you meet and exchange cryptocurrencies with another person. The exchange platform (i.e. Binance) acts as a middleman - it connects you (your offer or request) with that other person (the seller or the buyer). With a brokerage, however, there is no “other person” - you come and exchange your crypto coins or fiat money with the platform in question, without the interference of any third party. When considering cryptocurrency exchange rankings, though, both of these types of businesses (exchanges and brokerages) are usually just thrown under the umbrella term - exchange. This is done for the sake of simplicity.

Are all the top cryptocurrency exchanges based in the United States?

No, definitely not! While some of the top cryptocurrency exchanges are, indeed, based in the United States (i.e. KuCoin or Kraken), there are other very well-known industry leaders that are located all over the world. For example, Binance is based in Tokyo, Japan, while Bittrex is located in Liechtenstein. While there are many reasons for why an exchange would prefer to be based in one location over another, most of them boil down to business intricacies, and usually have no effect on the user of the platform.



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