Ethereum: Why my journey to mining has stopped
As a beginner in the fast -developing world of cryptocurrencies, I was excited to have explored the various altcoins that have emerged over the years. However, my enthusiasm has turned into frustration because I tried to start mining Ethereum every method under the sun – or any other cryptocurrency in this matter. But why? Is it too late to join the crypto revolution? Let’s dive and examine what could hold me back.
Brief history of crypto-difficulty
Before we start, quickly recapitulate the basics of mining by crypt. Cryptocurrency mining involves the use of powerful computers (known as “miners”) to solve complex mathematical problems, which helps to confirm transactions in the Blockchain network (such as Ethereum). The first major cryptocurrency, Bitcoin, was launched in 2009 by an individual or group using powerful machines to mining their initial block reward.
Why Ethereum is harder than I thought
Ethereum, published in 2015, meant a significant shift from traditional evidence of the consensus of the consensus that uses bitcoin. The aim of the Consensus algorithm Ethereum proof-of-of-of-of–of-of-of-the-POS (POS) algorithm, but also represents its own set of challenges.
Here are a few reasons why I tried to start mining Ethereum:
1 This means that the network requires considerable energy sources that can be expensive and environmentally hostile.
- Intelligent complexity of contracts
: The ecosystem of intelligent Ethereum contracts is huge and complex, which makes it difficult to understand the complexity of the platform to new miners. This complexity often leads to a steep learning curve, even for experienced crypt of enthusiasts like me.
- Hashrate Competition : Ethereum network has become a highly competitive space, while miners compete for hashpower (the number of calculations needed to verify the transactions). This competition reduces prices and makes new miners difficult to penetrate.
- As a result, the availability of high -performance mining facilities has been significantly reduced.
Alternatives and hints
Before I totally give up Ethereum, I want to admit that there are alternative approaches:
- They are more energy efficient than traditional CPUs, but still require a significant amount of computing energy.
- ASIC MINERS : Integrated Application -specific circuits (ASIC) are designed specifically for cryptocurrency mining and offer higher performance at WATT (HPW). However, purchases and maintenance are more expensive.
To overcome the above challenges, I tried different combinations:
- ** MULTI-MINER Settings: Setting up multiple miners on one computer or separate computers has helped increase the total hashrat.
- Hashrat Improvements : Regular improvement of my mining hardware has improved performance, but it is not always possible to keep up with the demand.
Conclusion
As I continue to explore the world of cryptocurrency mining, I realized that Ethereum was a truly more demanding animal than I thought. Although there are alternatives and hints on how to overcome these obstacles, the complexity of the platform itself can be stunning for new miners like me.
For those who have successfully mined Ethereum, I would like to hear about your experiences and any advice you could offer. Maybe with time and perseverance, I will find a way to join the rows of pioneers in the crypto-hardening area like you.