News How to Mine Ethereum: NiceHash, Mining Pools, Optimal Settings

octavecode

Honorable
Feb 27, 2015
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The mining madness needs to end soon...
Power outages all over the world cause of some idiots trying to get easy money, probably never had a real job in their life, wasting energy while warming the planet.
This has to stop.
 

VforV

Prominent
Oct 9, 2019
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The mining madness needs to end soon...
Power outages all over the world cause of some idiots trying to get easy money, probably never had a real job in their life, wasting energy while warming the planet.
This has to stop.
I want it to stop too, but that doesn't mean it will happen soon... It could crash tomorrow theoretically, but looking at the way things are now I'm more pessimistic and I think it can easily take 1 year before the craze ends... 😕
 
Reactions: octavecode

gg83

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Jul 10, 2015
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Thank you so much for this article! its really informative and exactly what I wanted to know about mining. I knew it was ridiculous but I didn't know it was that bad. think of all the clean water you could make with that much power! You could pull a ton of people out of poverty permanently with the money spent on mining! Making small loans to entrepreneurs would generate more profits I'm sure. Think of all the "startups" that could sell out and make a huge profit.
 

mrv_co

Honorable
Jan 18, 2016
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I wonder how many people have a mining PC sitting under their desk at work connected to guest WiFi w/ their employer unknowingly paying the electric bill.
 

Findecanor

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Apr 7, 2015
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Many economists have likened the major "mined" cryptocurrencies to pyramid schemes. You make the most money based on people who enter after you.
Therefore, whenever you see someone post information on how to get into cryptocurrency, be wary that they may not have your best interest at heart.

Etherium is in a transition from "proof-of-work" (i.e. mining) to "proof-of-stake" (who owns most) for validating transactions. This will make it even less profitable to mine it (and maybe mining will stop completely) but will still benefit those who are already higher up in the pyramid.
 
Reactions: gg83 and octavecode
Feb 19, 2021
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nice overview article
one point not brought up is that the wattage consumed is turned into HEAT and at the numbers talked about for the FARMS that is a LOT OF HEAT to deal with
an employer I used to work at has a 15000 square foot workshop and running ASIC miners in ONE corner HEATED the shop to over 30C in a Canadian WINTER / the doors were left partly open to control the heat
I will say mining on "home sized" rigs during the HEATING season should be LOW COST as far as energy is concerned as the POWER being turned into HEAT is heating domestic space and displacing other heating sources
 
Jan 9, 2021
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Hi

Why is it better to pay out to a wallet than to pay out to an exchange wallet? It is mentioned in this article but it isn't explained
 

JarredWaltonGPU

Senior GPU Editor
Editor
Feb 21, 2020
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Hi

Why is it better to pay out to a wallet than to pay out to an exchange wallet? It is mentioned in this article but it isn't explained
If it's your own wallet, there's potentially less risk of compromise. And yes, using an online wallet service theoretically involves risk as well (but I'm not going to download the blockchain and run my own wallet, sorry). NiceHash has been hacked, many exchanges have been hacked, etc. I don't know that coinbase has ever been hacked, but it's certainly a big, fat target for anyone wanting to try and steal Bitcoin, Ethereum, etc.
 

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