Getting Started With Ethereum ETH Mining
Is a guide you may find useful: • Download Ethereum Software • Setup Ethereum Software • Download Mining Software • Setup Mining Software • Mine Step 1: Download Geth The first thing you need to do is go to this link download. (The latest version is always available as Geth-Win64-latest.zip) Geth is the program that communicates with the Ethereum Network and acts as the a relay between your computer, its hardware and the rest of the ethereum network computers so if a block is mined by another computer your Geth program will pick it up and then pass on the new information onto your GPU or CPU for mining. Step 2: Unzip GETH You need to unzip the GETH file and move it to a location on your hard drive. (Right click on the zipped file and select unpack.) In this case we'll move it to the hard drive, usually (C:) - which will make the next step easier. All you need to do is copy the file you have downloaded and unzipped and move it to the hard drive folder.
Step 3: Start Command Prompt Now you need to run the program you just downloaded. To do this you need to run Command Prompt. You can do this by searching in the search function in Windows for 'CMD' and then clicking on it when it shows up. Step 4: cd Into Root Directory Command Prompt is now open. (It can look terrifying to people who aren't familiar with it!) The Command Prompt box usually has C: Users Username>showing in it - where Username is your username - so if you log into your computer with the username cryptocompare, then the command prompt box will open with: C: Users cryptocompare You need to tell the computer to look in another place. Into the newly opened command prompt, type: cd / You should now see: C: >You have just used the cd command or 'change directory' command to make command prompt look at the C:/ drive.
Getting started. The following is a quick start guide of mining Ethereum on Windows 7 or greater x64. ETH mining as well as other alternative crypto currencies. Nov 11, 2017 - However, if your home computer is powerful enough there's no reason you can't get started mining Ethereum today. Click on the 'View' menu to deselect other cryptocurrencies, until only ETH remains. If you want to understand this further, see the Ethereum Github page for more information. It's not difficult task on how to mine and get started with ethereum mining. Mining of ethereum can be done easily on large pay scale. In today's financial. So now it is time to get started with using the cpp-ethereum (eth). Getting started solo mining with eth and ethminer. This video is a full tutorial for beginners that will teach you how to get started mining Ethereum using.
Step 5: Create Geth Account You need to tell your Geth program to create a new account. As you have installed it in your user directory in Step 2, it is just a simple case of typing in: geth account new and then pressing return/enter. It should look like this: C: >geth account new Step 6: Create Password After hitting the enter button in Step 5, you will be asked to enter a password. You will not be able to see what you are typing in, so type it carefully. This is the password that locks your account and keeps your Private key safe. If you lose this password, you will lose all your Ether attached to the wallet held by that Private key! Once you have entered your password, and confirmed it by entering it a second time, you will have created a new account.
Congratulations, your about a third of the way there! Step 7: Connect to Ethereum You need to tell your Geth Program to start communicating with the rest of the Ethereum network. You do this by typing: geth --rpc This should look like: C: >geth --rpc Press enter, and the screen should start downloading the blockchain for Ethereum. At this point, you are synchronising with the rest of the Ethereum network. Sometimes your fire wall can block this process.
If so, just click 'Allow access.' MINING Step 8: Download Mining Software Now you need to download Ethminer, which makes your GPU or CPU run the hashing algorithm that is integral to securing the Ethereum??network through proof of work.?? You can download this.
(Be sure to scroll down to the bottom of the page to get the right version. The latest and most up to date one is right at the end.) Step 9: Install Mining Software Click on the downloaded file and select 'Install'. Your firewall can cause issues, but just click 'Allow', if the firewall announces that a connection to the Internet has been blocked. The same is true if Windows doesn't recognise or approve the software.
Tell windows it is OK, if asked. Click through the installation process, until Ethminer is installed.
Step 10: Start Command Prompt You need to open up another command prompt, as in step 4. You are going to see two scary looking boxes!
Simply right click on your already opened command prompt, in the taskbar at the bottom of the page,and click on the command prompt in the menu that appears. A new command prompt should open, showing: C: users username This is the wrong place to look for etherminer, so you need to tell it the right place to find it. Step 11: Navigate to Etherminer directory Into the newly opened command prompt, type: cd / It should look like this: C: users username>cd / Then tap 'Enter'. You should now see: C: >You have just used the cd command, or 'change directory' command, to make the command prompt look at the C:/ drive, not your user file. Step 12: cd Into 'Program Files' Type in: cd prog Then tap the Tab. This should look like this: C: >cd prog Then tap Tab, which will automatically complete the phrase for the closest fit, found in the C: drive, just like autotext does on your iPhone. After tapping Tab, you should see: C:/>cd 'Program Files' Tap 'Enter', which should give you a new line saying: C: Program Files>Step 13: cd Into Ethereum Folder Type in: cd eth and then tap Tab, and then Enter.
This will take you into the newly installed Ethereum Mining software folder. It should look like this, after tapping Tab: C: Program Files>cd 'Ethereum (++) 0.9.39 (Perhaps the version numbers a the end will differ.) Tapping Enter should give you: C: Program Files Ethereum (++) 0.9.39>This will look slightly different depending on the version! Step 14: cd Into Release Folder Type in: cd release and tap 'Enter'. This should give you the line as follows: C: Program Files Ethereum (++) 0.9.39 Release>Step 15: GPU mining Type in: ethminer -G and tap 'Enter', and you should then start mining with your GPU (the best way), after building a DAG file, which can take around ten minutes. There can be problems at this point. For example: • Insufficient Memory The program might say that you have insufficient memory on your Graphics card to mine Ether, with Ethereum's Ethash algorithm. If this is the case, you can still mine with your CPU, or go out and buy a new graphics card!
If you get an error message like this, tap Ctrl+ c, to cancel the process. Then you can either retry it, or alternatively, move onto step 16, and mine with your CPU, rather than your GPU. Step 16 CPU mining Type in: ethminer and tap Enter, and you will start mining with your CPU.
Again, you will need to create a DAG file, the first time you do this, which can take some time. But after that is complete, your 'Geth' program downloaded in step 1 should start talking to your 'ethminer' program, and you should start mining! Please note if the above doesn't work.
The real fun part starts - debugging =/ Good luck!
Video: The very basics of bitcoin – No tech talk! Are bitcoin and Ethereum anonymous?
The short answer is no. All transactions on the blockchain are public. Although your name is not associated to your account number(s), transactions can be traced using IP addresses and timing analysis. Many people think they are totally anonymous using cryptocurrency, but let me remind you that there are lots of people got who caught doing bad things with cryptocurrency. So don’t do anything you wouldn’t want the world to see! Remember, transactions are recorded on the blockchain forever. Many people are confused about “where” the digital currency is stored.
Well, it’s stored everywhere – on every computer that has a copy of the ledger. That’s what the blockchain is, it’s a distributed ledger that is verified using cryptographic functions. You move bitcoins or Ether from one account to another account by signing a transaction with your private keys. The blockchain ledger is public. It’s balances and account numbers are available for all to see.. You can browse through the ledger and see who is a millionaire! You can see the balances, but you can’t touch them.
You would need the private keys to do that. So the private keys are what you are really protecting. The bitcoins and Ether are just numbers on a ledger – they aren’t actually stored in any one place! Video: Blockchain explained As long as you have the private key and the account number, you can spend the money in the account.
The private key is a long string of numbers and letters. The trick is that the private key’s letters and numbers add up to a specific value called a hash – which only matches up to one account. It’s a key that only opens one specific lock.
If a key opens more than one lock, this is called a cryptographic collision and it means the hashing function is insecure. TECH STUFF: Bitcoin and Ethereum addresses and keys are generated at random. The math behind it uses, specifically they use a curve called. Since addresses and keys are generated completely at random, isn’t that a security risk?
Couldn’t someone find existing private keys by generating many addresses? This is where the math gets funky.
If there is sufficient entropy in the generation of the key, it is considered statistically “impossible” odds to generate the same key twice. However if weak entropy is used it becomes more likely to find private keys by collision. The project attempts to find private keys this way. The project has already yielded several private keys that contained bitcoins. Most of the keys found belong to the, which is believed to be.
In other words, the theory is that these “puzzles” were created using low entropy on purpose so that someone could crack them. Video: A bit more technical explanation of bitcoin How to get started mining cryptocurrency. Myth: It’s no longer profitable to mine bitcoin or Ethereum Truth: It’s technically still profitable, but is it good for the planet? I honestly think mining as we know it will be a thing of the past in about a year. The latest coins are moving to Proof of Stake models which will make mining obsolete. Step 1) Sign up for a free account on to receive your mined bitcoin or Ethereum.
Click on learn more under SELL. Then click “I want to earn with my CPU or GPU”.
Next click the green download button. Can You Still Ethereum Classic ETC Mine here. Install all the programs. Your antivirus might freak out, because you are installing serious mining software.
I had to put an exception in my antivirus software.. Update: Nicehash got hacked. I hope you didn’t lose any money 🙁 Read below on how to keep your crypto in cold storage New Update: Nicehash is back.
Use at your own risk, but I do believe their software is good. The risk with Nicehash is that if they get hacked again and you in between your payouts, you would lose whatever they were holding. The Ethereum hashing function (dagger-hashimoto) is a “memory hard” hashing algorithm, which means it takes a lot of GPU memory. The minimum at the time of writing is a 3Gb card, and this requirement will continue climbing. With my 2gb card, I wasn’t going to be mining Ethereum. I could still mine bitcoin or other coins if I wanted to though, then convert them to Ether!
How Long Does Electra ECA Mining Take on this page. How to keep your Ethereum secure: When you use an online wallet like coinbase or myetherwallet, the private keys are stored on their servers. It’s great to create an account in a pinch, but do you really want to store your private keys “in the cloud”? SECURITY WARNING: Keeping your passwords in “plaintext” is a bad idea.
Don’t just write it down on a piece of paper. Don’t put it in a text file on your computer..
Then create a master password that is at least 15 Characters long. If you have to write it down, be smart about it! Hide it where no one would look. Ideally, don’t write it down at all and memorize it. You can create a wallet on coinbase or myetherwallet, then send your money to an address you control on your computer using a local wallet like Mist or Parity.
This ensures that you are the only one with a copy of the private keys. Pro tip: Enable 2fa on coinbase, and be sure to export your private keys – otherwise you could get locked out. This nearly happened to me and I almost lost 1 Ether! I tried both and. I liked Parity’s interface but I lost faith in the company after the latest parity wallet hack. I recommend using Mist because it’s the Ethereum foundation’s official wallet software.
Instructions for printing a secure Ethereum paper wallet: 1) Download the My Ether Wallet offline package from here: QR codes generated by offline My Ether Wallet software. Private key is encrypted using a password. 2) The package contains an offline version of the my ether wallet software. It’s just an HTML file that you’ll open in a browser. Run this on a computer that isn’t connected to the internet.
If you’re extra paranoid,. Once you have your paper wallet you can simply print it. Be careful though, some printers hold a memory. Moving your funds to an offline wallet is known as cold storage.
Once you have your funds moved to cold storage, you must never send any online transactions from this account. If you make an online transaction using the cold storage wallet, the private key will potentially be exposed.
You can just as easily use a USB stick for your cold storage. Remember though, To store your keys on a USB stick, you will export a JSON file from your wallet software. If you have a coinbase account or a wallet like Parity or Mist, you can export the private keys in JSON format. The keys will be encrypted using AES 128. Storing your keys this way requires a password.
The password will be used to encrypt the private key, that way even if the USB stick is stolen it will be useless without the password. So let’s say your USB stick containing your private keys in JSON format gets stolen. What do you do?
You would be wise to keep backups of the private keys in different locations. For example, you could make an extra copy of the JSON file and burn it to a CD and hide it in the ceiling tiles at your parents house.
As long as you remember the password to unlock the JSON file, you will be able to recover your bitcoins or Ether. A skilled attacker who steals your USB key may try to attempt to. There are even some services online that. While the attacker is busy trying every combination of password to get your keys, you can simply retrieve the backup CD at your parents’ house, load up the JSON file into a wallet software, and move the funds to a new account that only you control! You can also have your for the ultimate cold storage!
How I bought my first Ether: I decided to. The process was straight forward. I was then able to transfer some it to my local wallet. So now, I had my Ether split up in 2 accounts. Easy way to get started trading cryptocurrencies: In order to keep this first article simple, I moved the trading section to it’s own post and then. What is a Smart Contract and How Does it Work? The biggest difference between bitcoin and Ethereum is the interactive nature of Ethereum.
Ethereum has a programming language called solidity built-in. Let me give you an example of a smart contract so that you understand how Ethereum is very different. A contract on Ethereum is nothing more than an account number (address) and the computer program to execute.
A contract called (It’s misspelled on purpose) allows you to store your Ether and hold it there. If you withdraw your Ether early, you will be fined 1% which goes into a pool. Those who keep their Ether in this contract long enough are eligible to receive the 1% payout.
Sounds good, right? So how do you know if it’s fair? That’s the beauty of smart contracts and the blockchain. You can view the contract code anytime because it’s open for all to see.
The contracts can’t be changed – they are immutable. You can see exactly what the computer code is doing (as long as you understand it). Some contracts are badly programmed and have security bugs which lead to hacks and stolen funds. That’s why it’s important to have your contract code audited by a competent third party. Video: Ethereum is a planetary scale computer What is a token and what is an ICO? Tokens are essentially shares.
Since anyone can launch an ICO, it’s very risky and you will need to do your homework before investing. A token can represent a physical object. An example of this type of token would be the Farad cryptoken (Tokens can also be completely useless, or simply a form of digital memorabilia such as the. Because the blockchain is public, A token can also be used to enable functions. For example, Ether Party tokens (FUEL) can be used to deploy tokens and smart contracts. Create Your Own Crypto Currency (Cryptoken) There are many ways to create your own tokens on the Ethereum blockchain. – Token factory (Require metamask installed) – Using a 3rd party service such as (Still in beta).
– Using the Parity or Mist wallet software You can also deploy your own smart contracts and mint your own tokens manually if you want. It’s incredibly easy to create a simple token using the Parity wallet software. However None of these automatic token creation methods support the advanced token features. You will need to write your own code if you want to use the advanced token functions such as burn, freeze and transfer ownership. These functions allow you to destroy tokens, freeze and unfreeze accounts that are using your tokens, as well as transfer the ownership of the token creation contract to someone else.. With Ethereum and smart contracts, code is law. Multi signature wallet and accounts are another example of smart contracts.
With this feature, funds cannot be transferred unless all parties agree. It’s also possible to vote on the outcome of a transfer. If the vote doesn’t pass with a majority, the funds won’t be transferred. Escrow contracts are especially interesting using this technology. Now that you know a little bit more about ICOs and tokens, let’s put them together to create a crowd funding ICO with a smart contract.
This allows a company to raise funds, but if the minimum cap isn’t reached, all investors are automatically refunded. Investors can have a sense of security because they can simply read the smart contract code. The auto refund feature must be coded into the contract. Many ICOs do not have this feature and once you buy their tokens, you may be stuck with them forever.
Tokens are meant to be transferable – that’s one of their biggest features. This is where escrow services become very useful. There are also cryptocurrency exchanges that allow you to buy and sell your tokens.
Here are some interesting ICOs and altcoins I looked at: Environmentally conscious projects: H2O – Smart contract creation interface: FUEL – Real estate and P2P rentals: ATL – Capacitors and energy: FRD – Genetic information sales: ZNA – If you want to see more ICOs you can check out I haven’t participated in any ICOs yet. I would much rather hold Ether (ETH).
All cryptokens require ETH to function, and so I’d rather hold onto the Ether itself. What is Gas in Ethereum? All transactions on the Ethereum network require some amount of Ether to process. The computing power required is measured in “gas” and converted to Ether (ETH). Each transaction on the network costs a certain amount of computing power. It might seem like simple math to transfer 20 Ether from account A to account B, but it costs a lot of computing power. This is because each transaction is cryptographically verified by the network.
It’s like if you’re trying to read a word that someone wrote a piece of paper, but the paper is buried under 3 tons of mathematical equations. The word can be simple and easy to read, but you have to lift 3 tons of paper to get to it.
Each time you record data to the Ethereum blockchain, it will cost you money in the form of Ether. You can retrieve data from the Ethereum network without paying gas, such as looking up an account balance.
When you purchase tokens, you are interacting with a smart contract. Here’s an overview of the token sale process: – You send Ether from your address (A) to the smart contract address (B). – Address B is not just an account number, it’s the address of a smart contract. A smart contract can hold Ether just like a regular account, but there is a computer program inside the account controlling what happens to the Ether it’s holding. – You can view the full source code of the contract, so you can see what will happen to your Ether once you send it. If you don’t understand the code, bad things could happen.
Always make sure a contract has been audited by a professional. – Once you send your Ether plus the necessary gas money to address B, the program will record your address (A) into the blockchain and assign it a number of tokens. These tokens are attached to your account number (A). An Ethereum account number can hold many types of tokens as well as Ether (ETH). My Favorite Cryptocurrency Youtube Channels.