The goal of Ethereum mining is to earn coins through the computing power you put into it. The more power you supply to it, the faster ETH coins will be created.
Since it’s Genesis block was generated on July 30, 2015, solo miners and pools alike have been mining Ethereum. This article will show you how to mine Ethereum and how long it may take to mine one ETH coin.
Ethereum mining is done with GPUs, specialized computers designed to solve the computationally intensive algorithms required in this type of work.
When it comes to mining, you have a couple options depending on your budget and access to computing resources.
There are two basic types of cryptocurrency miners: solo and pool. Most people will find that leveraging a ETH mining pool is efficient and cost effective but there certainly are perks for miners that choose to go the solo route. Let’s cover this in more details below.
Solo vs pool Ethereum mining
The difference between the two lies within the amount of coins mined and their distribution. A solo miner is a single entity working by him or herself (i.e., without a group). The more power supplied, the greater chance you stand at solving an algorithm and earning ETH coins – but your gain will be equal to that power supply.
With a pool, however, there exists a strong mathematical advantage that dictates distributed computing. Each miner’s contribution is weighted and the proceeds are shared equally among all miners based on their contribution. As a result, you may generate money mining without having the best hardware.
Cloud mining Ethereum
Cloud mining is another option if you want to be completely hands-off. This is generally the most accessible mining method, with a low barrier to entry. You don’t need to buy a sophisticated equipment or dedicate your personal computer to mining under this method. Instead, you pay another miner a upfront fee to mine coins for you.
However, there are reports of dishonest cloud mining companies. This implies you may not get your coins or can’t mine them in time to generate an income in return.
How long does it take to mine one ETH coin?
The answer depends on the hashrate of your mining power and how hard is it currently to mine Ethereum. The more powerful your mining rig is, the faster you can guess the correct nonce and confirm Ethereum blocks. Of course, this means that the machines will be using more electricity as well.
If you are part of a pool, however, then depending on how fast other members are running the platform on their hardware will determine how many coins everyone receives for their effort.
Is mining Ethereum profitable?
Now that we have covered how long it takes to mine one Ethereum coin, let’s look at some profitability calculators! This way you’ll know for sure whether or not Ethereum mining is worth your time before making a decision. What these calculators do is tell you how much an ETH coin is worth today, then how much it will be tomorrow and so on.
Ethereum mining calculator
A good way to determine whether or not Ethereum mining is profitable (i.e whether or not it will make money) is by using these mining calculators.
You can do this using a website such as CryptoCompare or WhatToMine. Just type ETH on the search bar and you will be provided with all the information needed to calculate if mining Ether can be profitable for you.
This calculator takes into account your computer’s hashing power (hashrate), electricity costs and block time (40 seconds for Ethereum) and hashes them through some complex mathematical equations to tell how much profit can be made with that hardware in a certain period of time. It then compares that data with other randomly generated sets of numbers to see what could have been mined on average with the same hardware and how much it would have made.
This way you will be able to see if it’s worth your while to mine Ethereum or not.
What is the cost to mine 1 Ethereum?
As mentioned above, there are multiple variables that affect the cost to mine one ETH coin. The equipment you use, the cost of electricity, how fast you can mine and how much Ethereum is worth when mined must all be taken into consideration.
Plus whether or not you have free electricity (meaning there’s no power bill) or if the A/C costs are already built into your rent etc.
If you are solo mining, then the cost of your hardware will be much greater than if you were part of a pool.
Mining Ethereum in 2022
Each year people discover the idea of mining ETH but in 2022, is it really worth it and profitable to mine? Based on our findings, most people have missed the boat to mine ETH. The competitive is fierce, the costs keep rising the evolution of the technology will ultimately eliminate the likelihood that one can profit from mining ETH in 2022.
Should you mine Ethereum?
On a serious note though, Ethereum mining has been getting harder as now there is a very competitive group of miners trying to get those ETH coins with their powerful PCs which is causing the difficulty to rise exponentially.
In theory this means you need to invest a lot more into your mining hardware and also need to be lucky enough that a block is found soon after you start mining it. This is not an easy endeavor. Furthermore, having too many people mine Ethereum can lead to one huge ‘pool’ which could lead to dishonest behavior of the pool owner – who knows what they’ll do with all those ETH coins?
In addition, the Ethereum network is undergoing improvement upgrades which will reduce the amount of compensation you can receive for mining ETH. Instead of miners receiving the coins for securing the network, the ETH will be burned. As a result, proof of stake will not require mining in the future because the system will rely on staking.
Mining ETH today under the right conditions can be profitable but the upgrade in the network will spell the end of mining ETH coins.
If you’re still interested, then you can check out this article on how to mine Ethereum. It’s not as complicated as it sounds and we will guide you through this process step-by-step with plenty of pictures.
And if you don’t want to invest in the equipment, but instead just buy ETH coins directly, try out Uphold! There are multiple payment methods available such as credit card, debit card etc. This way you will be able to easily convert your fiat money into Ethereum should you wish to do so.
Hope you enjoyed reading this article about how long does it take to mine one Ether Coin! Till next time, wishing you all happy mining 🙂