Crypto Mining for Noobs Guide
A lot of people think that mining isn’t profitable, but at this point, you can easily make profit mining ethereum if you have a mid to high end gaming pc with a good gpu. I currently make 6-7 dollars using my rx 5700 xt, which burns around 0.5 dollars in electricity (i pay 10 cents per kw/h, and the gpu is running at 180w)
Nicehash (pays in btc)
Currently the easiest way to mine is through nicehash. All you need to do to mine on nicehash is go to their website, make an account (no kyc required), download their miner, connect it to your account, and click the start button. That’s it. It will run a benchmark, figure out which algorithm is more profitable for you (takes around 5 minutes max) and then it starts mining. They have a profitability calculator on their website, so you can see an estimate of how much you can earn with your hardware here
Nicehash pays you in bitcoin which is stored in your account’s wallet, and once you have 0.001btc in your account you can either withdraw it to your personal wallet, or send it to your coinbase account without having to pay transaction fees. In case my explaination wasn’t that good, they also have a tutorial on how to use it.
Awesome Miner (pays in eth)
If you want to mine the normal way, and get paid in ethereum it’s a bit more complicated.
First of all, download Awesome Miner. Despite its name, Awesome Miner, doesn’t mine anything, it just manages the miners. It will make setting up everything much easier.
Once you’ve downloaded awesome miner you need to choose a miner and a pool.
Personally, I use phoenix miner and flexpool, so these are the ones I’m going to talk about in this post.
On awesome miner, click on new pool, and then add pool. It’ll open a window with a bunch of options.
You can leave the description field empty or add whatever name you want to make it easier recognize for you. On pool connection you need to add your pool’s url, in my case it was eth-de.flexpool.io:4444. In order to find what url you need to use for your region go to https://flexpool.io/en/docs/help/. On worker name you can add whatever you want, think of it as your computer’s name, your pc will show up on your pool with that name. Leave the worked password field empty.
On the coin field you need to choose Ethereum (ETH). On the wallet address field you need to put your ethereum wallet address. leave the personalization string and notes fields empty and click ok. Now your pool is added.
click on add new miner, then click on “managed miner” and click next, add a name (description) to it, and leave the managed host at local. After that, you’ll need to choose an algorithm, a miner, and a pool. On algorithm you need to choose Ethereum. On Mining software, choose phoenix miner, leave dual mode at disabled, and then at pool choose the pool you added earlier. then click next and you’re finished.
Now all you need to do is right click on your miner and click on start. After that you’re done.
After you’ve mined for around 5-10 minutes you’ll need to go to flexpool.io and enter your ethereum wallet address to the search field. It will open your dashboard when you can see your miner’s stats.
Flexpool’s minimum withdrawal amount is at 0.1 eth by default so you have to click on settings and change it to 0.05 to get paid sooner.
After that you’ll receive the eth in you wallet automatically every time you’ve mined 0.05 eth.
Sorry if my wall of text wasn’t understandable enough, i haven’t had a coffee yet. If you have any more questions just ask in the comments.
edit: forgot to mention that you need a gpu with at least 6gb of vram to be able to mine ethereum.
Also make sure to check you graphic’s card memory temperatures. depending on which temperature monitoring software you use, you may only be able to see the core temps. The first days I was mining my memory was overheating and i had no idea, until i used a different temperature monitoring program. I made the fan curve a bit more aggressive and everything is much more stable now.