Can i mine ethereum without a pool
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Rig0 pause 3. How to check your hashrates After the miner is up and running, the performance statistics will be live in approximately 10 minutes. How to check your mining earnings To check your daily earning records, go to [Earn] - [Binance Pool] - [ Earnings ]. Binance reserves the right in its sole discretion to amend, change, or cancel this announcement at any time and for any reason without prior notice.
Risk Warning: Digital asset prices are subject to high market risk and price volatility. The value of your investment may go down or up, and you may not get back the amount invested. You are solely responsible for your investment decisions, and Binance is not liable for any losses you may incur.
Past performance is not a reliable predictor of future performance. Ethereum 2. Miners have a few options. Either they can start mining altcoins with modified mining rigs, or they can sell mining rigs and use the money to buy Ether, becoming validators of the Ethereum blockchain. Ethereum Classic Could Be a Savior Currently, there are only a few blockchains that run on the proof-of-work consensus and are graphics processing unit GPU compatible, which can offer Ethereum miners the luxury of a GPU-compatible blockchain.
The chief of them that comes close is Ethereum Classic ETC , which was created in after the attack on the Ethereum network. There are, however, some downsides. For better context, an influx of miners to a network will cause a spike in its hashrate , which determines the computational power of a network. It will therefore lead to an increase in mining difficulty , which indicates the difficulty of creating a block, and reduced earnings for miners.
Guo and other developers proposed a hard fork that would retain the proof-of-work mining model. A hard fork is a radical upgrade to a blockchain that permanently changes its functionality. Meanwhile, Coinbase has confirmed that it would consider listing forked Ethereum. What is Ethereum 2. The merge is the transition of Ethereum from the proof-of-work consensus model to the proof-of-stake model on the Beacon Chain.
Once completed, it will lead to the birth of Ethereum 2. This process has several benefits, including less energy intensity, improved network security, adding more scaling opportunities, etc. What is Ethereum mining?
CRYPTO LITH RITE
Maybe it will bounce back, maybe it was a bubble. Who's right? Depending on when you look, you'll find ample data-driven support for just about any opinion. The most important thing to keep in mind is that cryptocurrencies are volatile. It doesn't matter if you're treating them like a commodity and day trading, or mining, or running a mining pool.
Things are in a constant state of flux. Just look at the price of Ethereum since it launched back in Note: The following charts were last updated in March, but the patterns outlined here have continued. Image 1 of 2 Image credit: Tom's Hardware Image credit: Tom's Hardware We've got the linear chart, which includes an amazing spike at the right edge early That spike looks very similar to the one that occurred in , naturally, and we should maybe just ignore the equally dramatic crash in — or that's what the optimistic miners seem to think.
The logarithmic chart doesn't look nearly as impressive, and it's clear the real winners with Ethereum are the people who got in back in , or even Incidentally, about two thirds of all Ethereum was actually part of a 'pre-mine' that went to 'investors' before mining was even possible. Everyone joining the bandwagon now clearly missed the best part of the ride.
Alternatively, there's plenty of room left for future growth and spikes, but that's just speculation. We've passed peak profitability for mining Ethereum, at least for the time being. That's where the HODL hold mentality comes into play. There's another way to look at Ethereum mining.
In , you would have accrued an additional Ether — twice the time mined, a bit more than half the rewards. From up until today, mining has been far less compelling, and it's becoming increasingly so. The point is that you either got in early and made big gains, or you're hoping that things will continue to go up. And if that's your belief, why not just invest in Ethereum directly rather than trying to build a mining farm?
Image credit: Shutterstock Do a quick search for the optimal mining settings on a particular GPU and you're sure to find a bunch of diverging opinions. Some will throw caution to the wind and look to maximize hash rates in pursuit of short-term gains. Let's be clear: These people are very likely to end up with failed hardware.
AMD and Nvidia GPUs are tuned somewhat conservatively, with the intent to allow for many hours of gaming, every day, for several years. Striking a balance between raw performance, efficiency, and profits is key. The difficulty is that what works well on one GPU, and even on one particular card using a specific GPU, may not work everywhere.
We have a whole article about tuning GPUs for optimal Ethereum mining performance , but even that doesn't cover every possibility. Let's discuss things a bit more here, as presumably some of the people reading this are new to mining and GPUs in general and may be led astray by claims made on mining forums.
Our advice: Be more cautious and don't chase every last megahash. First, you need to know what GPU you're using. We use code names a lot, so here's the quick rundown. Each family has different features. Image credit: Tom's Hardware Temperatures — for all components, not just the GPU core — and fan speeds are a good indicator of what's safe for long-term use, so let's start there.
AMD's Vega cards prefer even lower fan speeds, because no one wants a horribly loud leaf blower while gaming. With gaming GPUs, the expectation is that cards are only used at most maybe 12 hours per day. A really high-quality fan might last years or more; we've had fans in the past burn out in less than six months. Rather than cranking up graphics card fan speeds, an alternate solution is to just get a big and cheap box fan and aim it at your PC.
If you want a reasonable estimate of where a card should run its fans, turn off the overclock and run a game at p ultra settings and just let it run for 15—20 minutes, and then check temperatures, fan speeds, clocks, etc. Alternatively, use FurMark's x stress test, though be warned that sometimes FurMark will heavily throttle the GPU clocks to keep temperatures and fan speeds in check, so sometimes it's actually less demanding than running a game.
Anything above that and you're more likely to have the fans at least fail. Next, temperatures. Most modern GPUs will have pretty reasonable temperatures on the actual graphics chip, particularly if you follow the advice in our Ethereum optimization guide , but that's not the only critical factor. That makes it a bit trickier to determine what's 'safe' and what might cause premature component failure. We'll get into the clocks and speeds momentarily, but we think your best long-term bet is to let GPU temperatures hit at most 70C, preferably less.
VRM temperatures should be kept to a maximum of 90C again, preferably less , and we definitely wouldn't run with GDDR6X temperatures of more than C and expect a card to remain viable for two years. Maybe that's pessimistic, but we've had graphics cards fail far faster than that in the past, so better safe than sorry is our motto.
Again, we think if it's above C, that's too hot for long-term reliability. It might last a year or more at C, or it might last six months — it's tough to say. Some totally failed and some were just very unstable. Nearly all of them had fans go bad, and RMAs were a complete pain.
It took weeks to get a card back, and some manufacturers even refused warranty service "due to physical damage" or other such claims. The manufacturers are going to see higher RMA rates with another mining boom, and some will use any reason to deny a claim that they can find.
Experience GPU and Memory Overclocking Image credit: Tom's Hardware Now that we've talked about temperatures and fan speeds, let's talk about overclocking — or even underclocking and undervolting. Memory speed is a key factor in Ethereum mining performance.
While tuning memory clocks, you want to pay attention to long-term hash rates. An RTX with memory running at 20Gbps and a 1. Drop the GPU clocks to 1. This means you can hit higher clocks that aren't unstable, but memory performance actually degrades past a certain point.
Trying to balance memory clocks against power and temperature is complex, and it's definitely possible to find 'stable' clocks that will end up causing problems down the road. One reasonable approach is to find the maximum stable memory overclock, by bumping the clock speed up in 50—MHz increments and letting the mining run, until you get errors or a system crash. Besides overclocking of the memory, you should look into underclocking and undervolting of the GPU, particularly for AMD's previous-generation cards.
The Vega and Polaris families are very power hungry at default settings, and it's often possible to drop the voltage by 0. That's a huge difference, especially since power scales with the square of the voltage. You'll probably need to reduce maximum clocks while reducing the voltage, but the dramatic boost in efficiency makes the effort worthwhile. Putting It All Together Step 5: Massive Profits!
Image credit: Shutterstock Ultimately, the goal of miners is to maximize profits, taking all things into consideration. That means balancing the cost of the hardware, memory speeds, GPU clocks, pool mining fees or NiceHash fees , power consumption, time required to manage the mining PC s , the cost to service or replace hardware, and more. Figuring out the optimal balance between all of those factors is complex, and while it might seem tempting to chase after every last bit of hashing performance, that may not be the best long-term solution.
If you're building a larger mining farm again, not something we recommend for a variety of reasons , efficiency will be a top priority. Two Ti cards for example will basically match a single RTX while using less than half as much power. But let's take things a step further.
That's only a rough estimate and does not include AC or other items that potentially need power. But what would those mining farms cost? We've put together a rough estimate of hardware costs per PC. Plus all the GPUs, naturally, at current eBay prices. Yeah, that's a ton of money. Power estimates based on our testing indicate the Ti PC would use about W, including PSU inefficiency and the rest of the PC, while the would need around W and the would consume W. Based on those prices, power use, and hash rates, we can determine approximate break-even time not including rental space or AC.
Hopefully, that explains how far things have fallen. Factor in the warehouse space to accommodate all those PCs, power distribution, and paying someone even yourself to build and maintain all the mining PCs would also be necessary. Those would add to the cost, pushing back the break even point, and if things take a change for the worse as they did in and , the whole operation comes crashing down.
Non-LHR cards cost more, but would probably be worth the premium if you're serious about mining. Note that the RTX does not have an LHR variant, but of course the cost of those cards is already prohibitively high and other models are a better choice. AMD for its part has done nothing to directly curb mining performance or profitability. Also, note that the LHR limiter only affects Ethereum mining.
That's going to end in the coming months regardless, and it's possible some other coin more likely coins will take Ethereum's place as the best option for GPU mining. Note that right now, however, the best non-ETH coins tend to generate about half as much value per day. There are arguably worse ways to use power and money, but there are also a lot of better ways — ways that don't carry nearly the volatility and risk of coin mining. Never mind the fact that procuring all of the necessary equipment takes time and a lot of money, or that it makes it difficult for PC enthusiasts to upgrade their PCs.
The bigger issue, by far, is that it's putting a ton of computing power to the task of merely securing the blockchain. Best-case, using the most efficient hardware, the Ethereum network would currently use over a billion watts of power, and Bitcoin would use over 5. Digiconomist pegs the current power use of the Ethereum network at around TWh per year, and kWh per transaction.
Ethereum aims to 'solve' all of these issues by switching from proof of work to proof of stake in the coming months. That's great for power consumption, but it remains to be seen whether Ethereum will continue to be popular once mining stops, and there will still be plenty of other alternative coins that still use proof of work.
Looking at all the costs and power going into these networks, it's difficult to remain optimistic about their long-term potential. We're strip-mining digital coins, basically, and that's unsustainable.
At some point, this all hits a plateau, and short of zero point energy or some future technology that allows for clean power far beyond what we currently use, there's a very good chance the viability of mining eventually stops.
Maybe that's not this year or next year, but the growth in hash rates, power use, and prices obviously can't go up indefinitely, and it won't. Cryptocurrency networks are designed to find a 'stable' equilibrium, which effectively means getting enough people to believe in and use the coin to make it viable. Equilibrium almost certainly isn't going to be highly profitable. Do you still want to mine?
That's your choice. We've provided the information here that allows you to get started. We've also provided a realistic view of what to expect, so hopefully you fully understand the risks. We also recommend mining at conservative settings until you've at least paid for the hardware you bought, which could take over two years. We'll see how long this crazy cryptocurrency ride remains viable, but don't be surprised if that's not nearly as long as you'd need to turn a healthy profit, as that ship likely already sailed.
From the first S3 Virge '3D decelerators' to today's GPUs, Jarred keeps up with all the latest graphics trends and is the one to ask about game performance. You don't have to share any rewards. You just turn your computer on and let the money roll in, right? 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.
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. 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. All the fans that are spinning and cooling down your equipment would make a lot of noise. It would get very loud, very fast. 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 dollars on electricity per day. Imagine ramping up to cards to stay competitive.
The cost to power them all would add up to dollars per day in electricity costs alone. 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. Pros: 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. Cons: 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.
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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. 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.
All the fans that are spinning and cooling down your equipment would make a lot of noise. It would get very loud, very fast. 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 dollars on electricity per day.
Imagine ramping up to cards to stay competitive. The cost to power them all would add up to dollars per day in electricity costs alone. 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. Pros: 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. Cons: 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. Beacon is a public testnet for proof of stake Ethereum. Developers experimented with a few different systems and finally found a way to ensure decentralization with proof of stake. Anyway, the Ethereum community wants proof of stake for two main reasons: Gas on Ethereum is insanely high. It tends to range from about gwei to gwei with it going to over gwei at times of peak demand.
Transaction speed on Ethereum is slow at 13 transactions per second. Speed is important on DeFi protocols because the price can change as each block is mined. Ethereum 2. How Will Ethereum Switch to Proof of Stake A blockchain, especially one as large as Ethereum, switching from proof of work to proof of stake is a complicated process. The development team cannot simply change things overnight and hope it works out.
It will not work out — the staking will not be properly set up for enough validators to join and the whole thing will be extremely centralized until more validators come online. In order to avoid problems with the transition Ethereum is dropping something called a difficulty bomb.
This means that the difficulty of mining on the blockchain will increase as if more miners had joined the blockchain. This will force people to move to staking because, well, mining is not unprofitable and staking is profitable. We do know that the difficulty bomb will drop in December , so that is a good guess on when the switch will occur.
With that said, the transition to Ethereum 2. It is certainly possible that another delay could occur because that is simply how the development works. That said, our best guess is that Ethereum will switch to proof of stake in December because there has been no sign of any delays. Beacon is already available for public use on the testnet.
This will put miners in a difficult situation because all the mining equipment they own will no longer be relevant. The next section will cover how miners are coping with the reality that Ethereum mining will not occur on the blockchain.
Ethereum miners will wind up in a difficult situation when Ethereum mining stops in They will no longer be able to mine Ethereum, so the specialized mining equipment they own ASICs is useless unless they flash the mining rig to work with another machine. GPU miners are in a slightly better situation because they mine on other proof of work blockchains.
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