Cryptocurrency is a secular trend of today’s financial world. Some users buy cryptos online, the others purchase expensive machines to mine coins, still others wonder if there is any way to make a home PC solve complicated proof-of-work algorithms. And today we are going to take a closer look at this last question.
In fact, if you have a powerful computer with advanced CPU/GPU and 64 bit Windows, you can start mining Ethereum from home whenever you want. You only need to download and setup MinerGate client to start. This is a simple application that connects you to the mining pool, where you can join other users and combine your mining powers to generate Ether in reward.
There is no other way to mine Ether without owning specific equipment than joining a mining pool. Mining pools are platforms that let users unite in groups and work together. The final reward is divided between all members of the pool. Your income strongly depends on the contribution you make. Therefore, if you have an old, low-performing computer, then your chances to earn a lot of coins are pretty small.
Remember that the income you will receive from joining a pool depends on the Ether’s price fluctuations, mining difficulty, and your hardware capacities. And don’t forget the electricity bills.
So let’s see how can you start mining Ether using your home computer.
Step 1: Download Minergate client
Visit Minergate website and simply click the button “Download Miner & Start Mining”. Once the download is done, just setup and launch the program. Make sure to close all other applications and agree to the license request. On the screen “Install Options” select the option “Add MinerGate to the system PATH for current user” and “Create MinerGate Desktop Icon” (if you want to have an icon on your desktop, of course). Click “Next” and “Install”.
Step 2: Launch Minergate
Once the setup is done, click “Finish” to launch the app. Then click “Create Account” and enter your personal information (email and password). Make sure that you remember both, because you will need them to access your future funds. Click the button “Register”.
After that, you will see Minergate’s notification that “smart mining” started. This means that the application tries to use the power of your PC to mine cryptocurrency automatically.
Step 3: Evaluate your computer’s power
Your future income strongly depends on the hashrate afforded by your PC’s processor and GPU. If you don’t know for sure that your computer is suitable for mining, click the button “Benchmark” on the top bar.
The application will test the power your computer can afford to mine coins and provide you with necessary information. Professional miners usually buy specified machines to mine various coin types, like Ether. If your computer is not efficient enough, try owning a machine with a number of graphic cards, since they work more efficiently than an average CPU.
Step 4: Mining starts
Click the “Mining” button on the top and choose a specific coin to start (if you want Ether, then make sure to mark it, otherwise Minergate will choose for you). Click “Start Mining” next to ETH. That’s all!
What are the numbers all about?
You may want to understand how the app actually works. Here are some important moments:
- You can view your balance by clicking “Miner” button and see the amount of Ether earned to date
- Visit GPU and CPU sections to see your hashrate (you can regulate the amount of CPU and GPU power you want to dedicate to mining)
- Visit “Shares” section to see how the work is divided between the machines in the pool to make sure that every member receives as many reward as his machine works
- You can view an unconfirmed balance which is your Ether waiting for Minergate’s approval, you will receive this to your wallet very soon.
So, as you can see, mining Ether from home is pretty simple – you just need to download a client and join a pool of other miners to unite your powers and receive income. Think about all possible expenses and compare them to a presumable income before you start. Remember that mining from your home PC will bring you money only in case your machine is powerful enough. Good luck and happy mining!