The first coin Ethereum : Explaining the mining step-by-step
Now we’re taking the side of the practical part of the mining project, we’ve already talked about your guide to choosing the right pieces of software for the builders of the mining platform to currency of Ethereum, calculation of total cost or capital and expected physical return from that platform during the month or year and how the Mining platform is considered an option Suitable for those who want to start an investment project now. The next is to figure out how to do a step-by-step mining process by creating a virtual portfolio and what programs and sites will you use during that process?
Step 1: Create a virtual currency portfolio
The first stage is to create a virtual purse that will place the currencies you are mining. We will use the https://www.myetherwallet.com/wallet and follow the steps below:
- After accessing the site, choose to Create New Wallet, and then put the password of the portfolio that you create and press create New Wallet and you should remember that pin well because if you lose it, you can’t get it back in the wallet.
Now you have opened your default wallet, which will be titled as described and the title you will use with the mining and currency conversion programs afterward. You will also find information about the portfolio from the value of the Ethereum currency and the corresponding currency of bitcoin.
Step 2: Use of mining programmes
The mining program you are Stclayand you can download from this link. The following steps will explain how to clarify the default portfolio title within the program and run it.
setx GPU_FORCE_64BIT_PTR 0
setx GPU_MAX_HEAP_SIZE 100
setx GPU_USE_SYNC_OBJECTS 1
setx GPU_MAX_ALLOC_PERCENT 100
setx GPU_SINGLE_ALLOC_PERCENT 100
EthDcrMiner64.exe -epool eu1.ethermine.org:4444 -ewal <Your_Ethereum_Address>.<RigName> -epsw x
Step 3: Link your wallet to the mining platform and program
We have mentioned the term mining pool in the previous step, which is a site that combines grouped collections of mining operations for the same Block you are trying to decode. Here we will use the https://ethermine.org/site, which offers the Pool address that we have already used by modifying the Text file for the Clayprogram.
- To follow the course of the mining process by entering the site and placing your portfolio address in the search box.
- Then you will find the Dashboard tab at the rate of hash rates for your mining platforms and the amount of ethereum that you have and the number of platforms that work with a graph by explaining those readings as shown.
Note that the amount of ethereum that you are mining remains at the mining Pool site and is transferred to the portfolio only after you have collected a certain value at least 0.05 of Ethereum currency The value of the currency that is transferred to the portfolio can be determined by the Settings tab and the minimum currency transition mode To the wallet through the Payment Threshold and save the settings after putting the latest IP address numbers for your mining platform. The IP address of the mining platform can be defined by opening the browser in the mining device and typing in the search engine my IP address or through the https://whatismyipaddress.com/site and you will find the device title easily.
Step 4: How to follow the developments of the MINING platform
At that point, you want to keep track of the mining process in terms of knowing the rate of hashrates for your platform and the conversions that have been made to your e-wallet. This will be done through the https://www.myetherwallet.com/portfolio site as well as the https://ethermine.org/site.
- First, through the Dashboard tab, you can follow the course of the mining platforms and its hashrates rate.
Step 5: How to convert ethereum digital coins to purchases
- You can share a reliable group of mining groups on social networking sites and transfer from your portfolio.
- Use one of the exchange sites and speculate on currencies such as https://www.coinbase.com/ or https://bittrex.com/Home/Markets and connect their wallet and confirm your account data and then view the value of the currencies you want and transfer them to your bank account or purchase cards from purchase sites such as Amazon and so on.