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How To Easily Mine Ethereum Without Any Technical Know-how

How To Easily Mine Ethereum Without Any Technical Know-how

BTC Casino / 19th May 2016

If you been around the cryptosphere for a while the word Ethereum come as no news. Ethereum is currently the second largest cryptocurrency by market capitalization after Bitcoin, and shows now sign of stopping its long-term upward trend.
Due to the lack of information or technical know-how you might not yet have started the process of mining Ethereum yourself. Rather than going out looking for graphics card (GPU’s) and building your own rig we are going to show you a viable option to start mining Ethereum today.
With the help of Ethereum cloud mining services you could be up and running, mining your first Etherum today. Below you will find detail information about quality Ethereum Cloud Mining Services and how to get started.


Thursday January 01, 1970

Genesis Mining


Thursday January 01, 1970

Genesis Mining started as a Bitcoin cloud mining service at the end of 2013. Since then the cloud mining provider has extened its mining operation to also cover Ethash, the hashing algorithm used in Ethereum. The Ethereum mining contracts comes in three sizes 1 Mh/s, 25 Mh/s and 100 Mh/s all with the same pricing structure of $37 per Mh/s.
Start by signing up with Genesis Mining and then purchase hashing power through the dashboard. You can also check the pricing and deiced on a mining contract that suits your needs and sign up from there.

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The Genesis Mining Dashboard
The Genesis Mining dashboard comes equipped with neat knobs that you can twist and turn to allocate mining power between coins. A great feature for people who want to mine and manage different cryptocurrencies. In this case we amuse that you want to mine Etherem, so select Ethash and crank the knob to full capacity to start mining process. You will see the earnings arriving to your wallet within the next 24 hours.

Remember to Add Your Ethereum Wallet Address
Do not forget to set your Ethereum address under the account section (my account -> settings -> wallets) to receive the Ethereum mined to your wallet daily. Don’t worry, if no address is set the coins will still be available to withdraw from your account as soon as an address is set.
Secure Your Mining Account Properly
We recommend using Google Authenticator for extra security of your account. The Authenticator is an application that you have on your iOS or Android device that lets you perform a two-step-verification to access your account. The application can be downloaded from the App Store or Google Play Store for free. To activate the Authentication process (navigate to my account -> settings -> 2factor auth) with-in the genesis mining dashboard, open the Google Authenticator app and photograph the QR code found on the screen, then type in the six-digit code found in the app to confirm and pair the accounts.

HashFlare

HashFlare is a cloud mining services brought to you by the HashCoins team of cryptomining experts. The team has been involved with cryptocurrencies since the inception of Bitcoin and has over 3 years of experience in the field of mining cryptocurrencies. With the goal to make cryptocurrency mining accessible to everyone regardless of age, location, investment, technical ability or experience.
HashFlare’s datacenter is a modern, hi-tech facility, designed to house and host cryptocurrency mining equipment. Facility’s temperature and humidity is kept at constant values according to industry standards. This allows for mining at maximum hashrates without overheating the equipment.
HashFlare’s Ethereum mining contracts costs $42.50 per Mh/s and can be bought in batches of 100 Kh/s. A price that is slightly higher than the price of Genesis Mining. Still a contract that comes in handy for people with less to invest due to it’s low entry level.
Simply register with HashFlare and start mine Ethereum today. Do not forget to add your wallet address and to activate two factor authentication for extra security for your mining account.

OXBTC

OXBTC is a cryptocurrency investment service platform which integrates cloud hash power purchase, trading and Bitcoin deposit investment products. As a OXBTC user you can can purchase, trade cloud hash power and invest in Bitcoin deposit to enjoy the world’s highest Bitcoin ROI.
OXBTC was founded in October 2014 by several well-established investors in China. OXBTC has long-time experience in Bitcoin mining and farm deployment to support the success and leadership of China’s Bitcoin mining industry.
If you have Bitcoin that you would like to invest into Ethereum mining then OXBTC is a good option for you. OXBTX got Ethereum mining contracts that cost around 0.08 BTC per Mh/s (depending on the current Bitcoin price).

How to Calculate Mining Profit

It’s important to do your due-diligence and calculate your mining profitability before purchasing any form of mining contract. To calculate mining profitability we recommend using this mining calculator. Simply enter the hash rate (in Mh/s) you are thinking of purchasing and let the calculator do the job.
Keep in mind that the results are based on today’s Ethereum price, total network hashrate and blocktime.
Our Ethereum Mining Calculation

In our test calculation we got $383.84 in profit per month for 100 Mh/s. So if we where to buy a 100 Mh/s 1 year Ethereum Mining contract with Genesis Mining for $3700 we would be profitable with today’s calculation (12 * 383.84 = $4 606,08). However it is not that simple, imagine if the total hash rate increased (the amount of hashing power competing for the Ethereum released to miners each block). Maybe the price of Ethereum will not be $13.36 but much lower or higher. Another thing to take into consideration is the planned move from Proof-of-Work to Proof-of-Stake. It’s up to you to figure out if it’s going to be profitable or not. Without a magical crystal ball it is impossible to know, but if you believe in the Ethereum project, you simply do. Maybe you are not in it for the dollar but for the Ether.
Best of luck with your Ethereum mining operation, be sure to let us and others know how it’s going in the comments below!
The post How To Easily Mine Ethereum Without Any Technical Know-how appeared first on CryptoJunction.

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