Ethereum Generator
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How to mine Ethereum
I’m sure you’ve already heard of the cryptocurrency craze way before reading this post. Cryptocurrencies are slowly and quietly revolutionizing the way financial systems and transactions work (and should work in my opinion).
With Bitcoin hitting its $18K mark not awhile ago, a current total of $316B in market cap and hundreds of ICOs (Initial Coin Offering) conducted since August, it’s sure to say there’s a bubble in the cryptocurrency space. What’s more, is that it doesn’t seem this bubble is going anywhere, anytime soon. As you can see, the total market cap of cryptocurrencies has grown from under $50B to over $150 in under a year!
I highly recommend purchasing coins with the exchange Binance or Coinbase (if you just want Ethereum). Binance has by far the most variety of tokens to invest in, Coinbase has an amazing user experience and both are considered extremely secure. To purchase coins with Coinbase click here, or with Binance click here. Personally, I’m very interested in Ethereum, and have found an effortless way to start mining it quickly on AWS! This post will walk you through the process.Ethereum is an open software platform based on the blockchain technology that enables developers to build and deploy decentralized applications. The advantage of Ethereum over Bitcoin, is that it can support many different types of decentralized applications.
Is mining Ethereum still worth it?
As more miners join the Ethereum network, the harder it becomes to solve the problem, which leads to an increase in the mining difficulty. This is why it’s currently costly to mine Ethereum. The returns are very low and equipment is still pretty expensive. However, as Ethereum price continues to rise, it could become worthwhile in the future.
Personally, I’ve concluded that due to the very high Ethereum mining difficulty, it’s not actually worth it in the short and mid-term. An hour of running a g2.8xlarge instance currently costs around $2.6 per hour. The current gains in mining Ethereum is around $2.6 a day!
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