Best Ethereum Miners in 2024

The Ethereum network utilizes the Proof-of-Work mechanism but by June 2022, it is planning to shift to the Proof-of-Stake mechanism, and staking is already available. Therefore, if you are planning to benefit from ETH mining, it is recommended to start with it now, till it is still possible.

But if you haven’t purchased mining equipment, it might be more beneficial to start staking Ethereum now to benefit more in the future. If you stake 32 ETH, you become a validator with the right to confirm blocks for a reward. It might be a better and more sustainable option to invest your funds because soon, traditional Ethereum mining will become obsolete.

But if you are still after mining, here are some tips on how to start with it, along with the list of the best ETH miners.

How to Start Mining Ethereum

To start with ETH mining, you need to choose your mining approach. You can opt for:

• Solo mining
• Mining in a pool
• Cloud mining

Solo mining is probably the most challenging option. To benefit from solo mining, you’d need to have a lot of hashing power. It means that you shall have a farm of mining rigs. Add expenses for electricity, cooling equipment, and space to install all this, and you’ll get an estimated cost of your mining farm if you are willing to try solo mining.

If you don’t have sufficient resources to invest in as much equipment as it is needed to mine solo, you might want to check mining in a pool or cloud mining.

If you do not have a lot of mining equipment, the best and most straightforward way to mine is to choose a mining pool. It is because, with more coins in circulation, mining has become more challenging. In a pool, miners combine their computing power to mine coins, and rewards are shared among miners based on the share of computing power they have contributed.

Mining in a cloud is the best option for beginners. If you choose cloud mining, you don’t need to get special equipment. Instead, you pay another miner a predetermined fee to mine coins on your behalf. Be careful though because there are a lot of scams when it comes to cloud mining. Therefore, check the miner’s reputation to prevent the situation when a miner just takes your upfront payment and disappears with it.

Get the Right Hardware and Software

Now, it is possible to mine Ethereum with GPU and ASIC miners. ASIC miners are incomparably more efficient than GPU miners but if you are going to mine in a pool, GPU miners would work, too.

If you opt for GPU mining in a pool, you’d need the following:

• A computer or a mining rig with several GPUs.
• An Ethereum mining OS.
• GPU drivers to enable communication between GPUs and OS.
• A cryptocurrency wallet to store your mining rewards.

Mining with ASICs is more efficient but ASIC miners are expensive. Therefore, the entry level is higher if you choose to mine with ASICs. ASICs are created to mine a specific coin. Considering that Ethereum is in the process of shifting to the PoS consensus mechanism, investing in an ASIC to mine ETH for a short time might be inefficient. ASICs also consume a lot of electricity, therefore, be ready for increased electricity bills.

The Best Ethereum Mining Software

Now, it is time to have a look at the best software options for Ethereum mining. Our leaders are:

• Minedollars
• MinerGate
• Wineth
• GoEthereum
• Cudo Miner
• Ethermine

Their details you can check in the table below.

Bottom Line

While mining Ethereum is still possible, we recommend getting a GPU miner because later, you can use your GPU miners to mine other coins. If you do not have an ASIC miner to mine Ethereum, it is not recommended to invest in it now.

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