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Anyone else mining Ethereum? - Update: Ethereum mining guide included in third post

okMK

Drag Racing Champion
Currently averaging $350 a month with two video cards that were seeing next to no use. I leave my computer going 24/7 and monitor the progress from my phone. The eth cashes out to my Coinbase account when it hits the necessary limit, and I'm planning on just leaving it there for 5-10 years to see where it goes. Startup was super simple, edited a pre-existing script to contain my ether address and pool I wanted to mine in. The only real concern right now is finding hardware to even do this. If you don't already have this stuff, it's tough getting started.

Update - Ethereum is up to almost $3900 this week. I have added a guide below to get you started mining.

Eth Value History

DateOpenHighLowClose*Adj Close**Volume
May 10, 20213,915.344,158.753,897.364,126.304,126.3052,606,140,416
May 09, 20213,911.463,981.263,743.993,928.843,928.8450,568,290,278
May 08, 20213,481.993,950.173,453.773,902.653,902.6550,208,491,286
May 07, 20213,490.113,573.293,370.263,484.733,484.7339,607,240,515
May 06, 20213,524.933,598.903,386.243,490.883,490.8844,300,394,788
May 05, 20213,240.553,541.463,213.103,522.783,522.7848,334,198,383

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GTIfan99

Autocross Champion
$350 - the electricity or $350?
 

okMK

Drag Racing Champion
$350 - the electricity or $350?
If you are referring to the power cost, it's about $27 a month. Data cost is about 150 Megabytes per card, so it doesn't change the internet bill at all. Profit per month is ~$350.
 

okMK

Drag Racing Champion
I would probably try if I knew wtf I was doing lol
In order to mine Ethereum you will need a 6gb or higher video card, something like a GTX 1060 or RTX 580 is probably minimum entry level. Assuming you have a video card, you will need an Ethereum address, which you can sign up for at Coinbase.com. Your Coinbase account is going to be the most important part of this process, treat it like a bank account, something you never want to lose. Store the login information somewhere safe, and set up two factor authentication on the account.


Step 1: Creating a wallet for your Ethereum

Once you have created a Coinbase account and you are at the home-page, click on the "Send/Receive" button to find your Ethereum address.

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Once the Send / Receive menu is open, change the Asset type to Ethereum and copy the address for later. Important - If you try storing Ethereum in other type of Asset accounts, such as a Bitcoin wallet, you will almost certainly lose it. Make sure your Asset type matches the type of coin you are going to store.

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Your Coinbase account is where you will be able to store your Ethereum while you decide what to do with it. You can also trade it for other coins, such at Bitcoin or Dogecoin. You can choose to sell the coins if you want, but personally I am saving every coin I earn, as I expect Ethereum to only increase in value over time.

Step 2: Choosing a mining pool

The next thing you will need to mine Ethereum is a mining pool. Mining pools are public servers that offer payouts for mining Ethereum. In return, you pay a percentage of your mined Ethereum to the pool. In this example, the fee is 1%, about as low as you will see for a mining pool. In order to get connected to a pool, we simply need the mining address, which in this example we will see at https://ethermine.org/start.

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There are several options to choose from, so pick what is closest to you. I have chosen US East, the address format should be ip address:port, so us1.ethermine.org:4444 is what we want to target.

Step 3: Choose your mining software

There are several different options for mining software right there on the Ethermine website. However, for this example I have chosen T-Rex miner. T-Rex miner is regarded as one of the easiest to start miners, with a simple-low impact interface, and highly optimized hash-rates that require little to no user interaction.

You can download T-Rex miner at https://trex-miner.com/. Keep in mind, your computer may detect T-Rex miner or the associated batch files as a virus. This is a false-positive, meaning it's not actually a virus. In order to get T-Rex miner working, you may need to disable active protection in Windows Defender, or whichever anti-virus you are using. If your anti-virus allows for a whitelist, whitelist the .exe file instead.

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With T-Rex miner installed, you are going to see a large list of batch files to choose from. Since we are using Ethermine in this example, and we are mining Ethereum, use the batch file ETH-ethermine.bat. However, don't run the batch file yet! We need to configure it to your Ethereum address, and to the mining pool of your choice. Right click on the batch file and select "Edit".

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This is what the batch file "Eth-ethermine" is configured to by default. Before you get started, you will need to modify the mining address, and your Ehereum address.

For me, this meant changing eu1 to us1, to make sure I was in the US East mining pool.
Next up, change the 0x1 address above to the one from your Coinbase account in Step 1. If you miss this step, your coins will go to the default wallet in the batch file!
Finally, if you want, change the name of "rig0" to whatever you choose. This is your custom rig name, just make sure it's not inappropriate, as your mining efforts are publicly available on the ethermine website.

Step 4: Start Mining

With the changes above made to the batch file, time to start mining. Simply double click the file Eth-ethermine.bat, and a windows command prompt will launch. This command prompt starts the T-Rex Software with the variables you entered above in the batch file. Keep in mind, you need to leave this window running at all times while you mine.

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This is the raw output of the T-Rex miner, where you will find all of the valuable information relating to your mining efforts. If you have made it this far you are officially mining Ethereum. However, be sure and double check the settings below.

The first line that will appear is the custom information you entered in the batch file above. Ensure the mining address is correct, and make double sure your Ethereum address is correct!
You will also notice the arrow points to the address of your control panel. T-Rex miner runs a light-weight web-ui to monitor your miner's progress, simply enter this address into any web-browser.
Your GPUs will be automatically detected by T-Rex miner, and the hash-rates associated with each are constantly updated in the web-ui, and the command prompt.

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The Web UI is how you should get used to monitoring your miner. If you need to stop mining for any reason, use the the "Shutdown miner" button to stop and start operations.

Final Step: Where's my money?

Everything regarding your money earned can be found on your Ethermine dashboard. Your Ethermine dashboard can be found at https://ethermine.org/miners/<YOUR-MINING-ADDRESS>/dashboard. Edit the link to include your mining address. This is the address you setup with Coinbase, and the address you appended to the batch file above. If you go to the Settings page, this is where you can adjust your payout. The minimum payout is 0.1 Eth, which is what I selected, so once my account reaches 0.1 Eth, it will automatically transfer to my coinbase account. In order to verify these settings, you will need to enter your public IP address. You can get your public IP address from Google, simply by search for "IP"

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Interested in how much you can make a year? After you have ran your miner for an hour enter your average numbers here - https://www.cryptocompare.com/mining/calculator/eth?HashingPower=75&HashingUnit=MH/s&PowerConsumption=320golf&CostPerkWh=0.12&MiningPoolFee=1
 
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Dog Dad Wagon

Autocross Champion
Yo, you're the man. I've been watching the crypto rush fly before my eyes for years as close friends have urged me to get off my ass. I work in IT now and am much more comfortable understanding and pursuing these types of things. I am of the mind that ETH will, as a necessary function of USEFULNESS, exceed BTC in market cap/value once the market corrects post-COVID and the next run happens in a year or two. Cheers for this - I'm definitely dedicating a weekend to getting this going in the next month.
 

okMK

Drag Racing Champion
Have you ran the before/after comparison of your electricity bill since standing the GPUs up?
Only the estimate based off my current power draw, which is $27. Everyone I have spoken to about this says $10 per video card per month is what you should plan for. If you have hardware and run the miner for about an hour, you can get an estimate of what to expect with your electricity bill here.

I've been watching the crypto rush fly before my eyes for years as close friends have urged me to get off my ass.
If you have the hardware, now is the time. Ethereum is insanely profitable... so profitable there is a video card shortage.

I'm definitely dedicating a weekend to getting this going in the next month.
Send me a PM if you're interested, we can have you set up in an hour or less.
 

toothofwar

Drag Racing Champion
So basically if we have a $4k gaming rig just collecting dust it could pay for itself in just one year with this one simple trick? Banks will hate this!
 

Dog Dad Wagon

Autocross Champion
So basically if we have a $4k gaming rig just collecting dust it could pay for itself in just one year with this one simple trick? Banks will hate this!

the video he posted above is a $2500 rig that broke even in 88 days. And that’s if you sold at the 88th day. Give it a year and you’re exponentially higher. Give it two, and you’ve got 10’s of thousands worth of ETH, possibly over a hundred.
 

GTIfan99

Autocross Champion
How do you convert this digital currency to money you can spend?
 

Dog Dad Wagon

Autocross Champion
How do you convert this digital currency to money you can spend?

The Ethereum wallet he describes creating is hosted on Coinbase, which is the largest American-based crypto trading website where you can exchange the largest cryptos with USD at-will. High fees though, like 5-7%
 

GTIfan99

Autocross Champion
The Ethereum wallet he describes creating is hosted on Coinbase, which is the largest American-based crypto trading website where you can exchange the largest cryptos with USD at-will. High fees though, like 5-7%

So you have to add the cost of conversion to your bottom line.
 

Dog Dad Wagon

Autocross Champion
So you have to add the cost of conversion to your bottom line.

I mean that’s just the easiest way to do it. There are less expensive ways of doing it, but Coinbase is able to get away with their ludicrous fees due to sheer, raw convenience.
 
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