Ethereum has been developed with awareness of the ASIC-mining monopoly that Bitcoin has suffered from. The Ethash requires miners to work with a big amount of data subsets, ruling out ASICs from the equation. The data subset is called a DAC. The DAC is few GBs big and newly generated every 30,000 blocks (which is a 100+ hour window, called an epoch).
Therefore, it is best to use a graphic card with a large video memory for mining (GPU mining). CPU mining is possible too, but less efficient compared to GPU mining.
Pool mining is a possibility too, and probably a wise one with the ever-increasing mining difficulty, but most pools don’t pay out rewards for uncle blocks (stale blocks not on the longest chain, but still included on the side to neutralize the effect of network lag on the dispersion of mining rewards, thereby increasing security).
- Exactly 5.0 Ether for the ‘winning’ block
- Cost of the gas expended within the block – an amount of ether that depends on the current gas price
- An extra reward for including uncles as part of the block, in the form of an extra 1/32 per uncle included
The Ethereum block is mined every 13.9123. But this block is then divided between all miners. How long does it take to mine 1 block of Ethereum for yourself depends on your hash rate, which is basically how powerful your mining setup is. For mining Ethereum you will get the best results with using asic.
It is difficult to say how much does it cost to mine 1 block of Ethereum because it depends on the price of your electricity. But in general, if you want to be profitable, you have to invest in specialized mining setups called ASIC. They are created for mining cryptocurrencies, and because of that, they have perfect parameters for this job together with high efficiency.
Although it is entirely possible to mine Ethereum on your computer, you should consider investing in the ASIC mining setup if you are serious about cryptocurrency mining. Actually, the best way how to mine Ethereum is the asic. Anyway, if you really want to go with the computer way, try to join some miner pool.
In the beginning, you can try mining Ethereum at home with your computer. Once you get more experienced in mining, you can invest in asic. That is the best way how to mine Ethereum. But make sure to check mining profitability charts, so you are not just burning money.
Mining Ethereum on Android is straightforward. All you need to do is install an application called MinerGate. After you have installed it from Google Play Store, create an account, and you are ready to mine Ethereum on your Android.
Unfortunately, it's not possible to mine Ethereum on iPhone. Apple restricts it because mining caused damage to hardware. All the applications that were mining Ethereum drained battery generated excessive heat, or put unnecessary strain on device resources, what is the reason it's now forbidden.
If you want to be a serious Ethereum miner, the first step you should do is join a miner pool. They will help you with your setup and guide you in the beginnings. Then it would be best if you bought, of course, some asic to get as much value as possible.
It's complicated to say how profitable is Ethereum mining because it varies person from person. It depends on many variables like the cost of electricity, cost of a mining setup, taxes, etc. The best way you can do is to check the Ethereum profitability charts. They will tell you how profitable is Ethereum mining in your location.
A Ethereum miner is just a computer. The main criterium you should look for is efficiency compared to electricity cost. Anyway, it's usually better to buy specialized, professional miners called ASIC. Or you can use asic, which is the best way how to mine Ethereum.
The best way to start with Ethereum is to start from the beginning - that means mining. This way, you get your hands dirty and get some super relevant experience with this cryptocurrency. For mining Ethereum, we recommend asic as the best way how to mine.