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The first coin Ethereum : Explaining the mining step-by-step

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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?

The first coin Ethereum Explaining the mining step-by-step
The first coin Ethereum Explaining the mining step-by-step
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 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:

 Create a virtual currency portfolio
Create a virtual currency portfolio

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  • 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.
Create New Wallet
Create New Wallet

 

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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.

 mining and currency conversion programs
mining and currency conversion programs

 

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.

After you download the program and decompress we will choose Edit from the list of choices by pressing right click on the Start icon.
We’ll erase what’s inside the Text file that appears in front of you and replaces those lines of the Mining Pool address and your portfolio title, as well as the name of the platform if you have multiple platforms.
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
As we see in the last line after the letters-Ewal, place your wallet address and then place a character. Then the name of the platform you want as we see we put the wallet title then 51.22.
Then we save the file by Ctrl + S, and then we start the program by pressing start.

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We also see the program will communicate with the Mining Pool and perform the processing of the Block Chain and calculate the Hash rate.

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.
mining process
mining process
  • 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.

  •  On the Payments tab, you will find transfers from the Mining Pool to the Wallet wallet and its dates and the amount of currency that you selected from the Settings option as we mentioned the minimum of 0.05 from the Ethereum.
Mining Pool
Mining Pool

Step 5: How to convert ethereum digital coins to purchases

There is a lot of ways to convert your digital currencies into ways to pay or buy:
  • 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.
It’s not so hard to start a mining operation. All you have to do is take care not to use the Internet so much from the mining system so that it doesn’t fall into the data theft sites. And keep the addresses and files of the password of the portfolio in a safe place and activate the Two-step Authentication in the Exchange sites that tell you to try the Login to the site and your account by email and your phone number.

As the mining flood happens to you or without you, there’s no harm in catching that boat and starting that successful investment project so far.

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