Since the turn of this year, there has been an increase in the number of cryptocurrency investors for both trading and mining. This is probably the reason why the value of cryptocurrency is witnessing a tremendous increase. An increase in the value of cryptocurrency means more profit for miners, more people mining, and more Ethereum mining rigs being sold.
Ethereum specifically has seen an increase in its value and is regarded as the most valuable cryptocurrency for GPU mining. For the benefit of our readers who are still new to crypto, let’s have a look at what Ethereum really is.
What is Ethereum?
Ethereum is a blockchain platform just like Bitcoin, it is open source and is a decentralized software platform, has its own native token known as the Ether. Its use case is to serve as smart contracts and Distributed Applications (ĐApps). What this means is that Ethereum creates contracts, for developers and in exchange they pay the developer’s fee.
Why mine Ethereum?
Three years ago, for the first time, Ethereum’s market capitalization crossed 100 billion US dollars. Within the months that followed, there was a downturn, and by January of 2019, it had dropped to 11.2 billion US dollars. The rise and fall continued but by December 2020, the market had bounced back to 80 billion US Dollars. With this, you will be expecting a mediocre performance. If you are, you are wrong.
The months that followed saw Ethereum’s market rise to over 150 billion US dollars. This was a record-breaking figure.
From the last available information, the value has Ethereum market size has risen to over 200 billion US dollars, amounting to over 1 million transactions daily.
This huge figure means one thing, which is that Ethereum is currently valuable, so no matter how much you spend mining, it will certainly turn out profitable in the end if you are able to mine blocks.
Overall, an Ethereum miner with good mining software will find cryptocurrency mining profitable. The miner who chooses GPU and the miner with a regular pc have equal access to the Ethereum mining pool.
What is mining hardware?
Mining requires some special tools known as hardware, the most important tool among the required mining hardware is the ASIC miner.
ASIC miners are computers that serve one purpose alone and that is to mine. The demand for mining makes it difficult for the regular computers to keep up, hence if you want to mine full time, you need the ASIC miners.
Mining with the regular PC is a complete waste of time, as you would find yourself earning less than a cent annually after accumulating a huge electricity bill.
What Is mining software?
You don’t just mine out of the blue; you need software that can serve as a medium for mining. Mining software helps miners mine efficiently.
If you are mining Ethereum, the software needed can be accessed only through specialized mining hardware that has the capability to solve complex calculations. You can utilize the software to mine individually or as part of a mining pool, where you’ll be sharing both hardware power and profit.
A mining software creates hash rate access to miners while they remain anonymous.
Joining a mining pool vs solo mining
When miners come together to mine Ethereum, there is an improved chance of solving complex mathematical equations. More miners equals more Ether. Profit is shared as a reward for participating in the mining process.
A major concern for a miner is his hash rate. Any miner into Ether mining, or any other crypto mining should be concerned about having a good hash rate. Mining Ether among a pool of fellow miners makes cryptocurrency mining easier.
Both mining strategy has both advantages and disadvantages, for instance, mining as a member of a pool means constant revenue although small. In solo mining, the entire profit belongs to you, although it will take longer before you can mine a single token on your own.
Pooled mining tends to generate more income since you will be pulling resources with other co-miners, unlike mining alone that requires you to depend only on your own devices.
The burden of setting up a mining rig for individual mining is very expensive, but if you choose to mine as part of a mining pool, you’ll be spending less, since your output will also be reduced as other hands are on deck. A pool helps the individual miners to reduce the total electricity costs which is a major problem among miners.
Once a miner picks a pool, the next step is to pick an Ethereum wallet which is also important for coin mining. It doesn’t matter if you are using ASIC mining for your mining operation. Mining cryptocurrency has now been made easy since you now have access to pool mining, mining programs, and mining machines.
Whether you are mining solo or through mining pools, you need the best ETH mining software that suits your purpose.
Best mining software for mining Ethereum
Now that we’ve passed all of the pre-requirements and covered the needed terminology, we can jump right into the list of the best Ethereum mining software. This list isn’t created in any particular order, nor give any preferences.
Now that we have a clearer picture of what mining software is and how to use them, the next stage is to find out the best Ethereum mining software for newbies who just want to start mining and pro-miners who want to maximize their profits.
Ethereum mining software means access to Ethereum mining pools, remote interface capabilities, and miner log for a fee. Mining ETH can be made easy if you are using the right cryptocurrency mining software. As a miner, you are guaranteed mining efficiency if you have the right ethereum mining hardware.
There are numerous ETH mining software promising similar solutions however, most turn out to be a scam, and this makes it a tricky task to pick the best Ethereum mining software.
The list of best Ethereum mining software available below is randomly listed based on features and performance.
ETHminer (Windows) is a Mining software suitable for Microsoft Windows
ETHminer (Windows) is, without doubt, one of the most efficient as well as popular software for mining Ethereum. Features like the Earnings per Minute” and “Earnings per Day” options are what make it stand out. It gives bonuses ranging from 10% to 100%. All this and more is what makes the platform popular among miners.
Clamore is also a great software for miners looking to make a profit mining Ethereum.
What makes Claymore stand out from other mining software is the fact that is properly optimized and users get updates regularly. It has a feature called dual mining that allows miners the liberty to mine two different cryptocurrencies simultaneously. For example, you can mine Ethereum and another token at the same time.
This separate mining mode makes it easy for Ethereum miners to avoid completely irrelevant stress while mining at an average speed and making more money in the process.
The platform is always coming up with new ways of pleasing clients, for instance, they recently pumped up the mining speed and gave room for Ethereum forks and they are also creating opportunities for other operating systems to access the software, as they currently are on Windows and Linux.
If you are looking for upgraded mining software for cryptocurrency mining, Claymore is what you need.
If you are looking for an Ethereum software that you can actually rely on, then you should consider CGMiner. It has been around for 6 years now, this means for that period of time, thousands of users have relied on it. It was built with C++ programming language this makes it available to users across various devices.
This software does not necessarily need machines with high graphics cards. Windows devices and Linux-based devices without graphics cards can make use of this software.
It was originally designed to mine Ethereum alone, so all its features are meant to make Ethereum mining easier. One of its popular features is the freedom it gives users to mine on multiple devices and mining pools. This feature is specifically beneficial to miners who want to mine solo.
This software is very easy to use, with just a few clicks, you can start mining. It also offers high mining performance for miners mining on the ethereum network.
For Mac users who are looking to mine, Minergate is a great option. With a Mac and the Minergate software, you will be able to mine Ethereum using the ASIC pool.
The platform has other features like the calculator and a cloud mining service.
It is not yet available for other operating systems, however, it is a long-standing mining software that has proven to be reliable, with an amazing graphical user interface that makes cryptocurrency mining run easier. It is suitable for solo mining or mining through Ethereum mining pools.
What you consider as the best Ethereum mining software may be different from what other miners consider. Choosing mining software for mining cryptocurrencies needs a background check on what the software offers because most mining software turn out to be completely different from what they promised.
A mining farm allows both Nvidia GPU miners and ASIC devices to mine fairly for equal mining rewards. The mining device no longer matters since CPU mining is now accepted.
Ethereum mining software minimizes the cost of mining rigs especially if the miner is using a pool. The collective hashing power makes it easier for them to have a higher hash rate.