If you’ve started to mine crypto or are seriously considering it, you might have wondered how long it takes to mine Ethereum and whether it is the right choice to add to your portfolio. Ethereum was born in 2015, and it’s one of the leading cryptocurrencies in the world. It is currently the second most popular type of crypto after Bitcoin. This means it should be on the top of your mining list.
Mining 1 Ethereum with a hashing power of 500 MH/S takes approximately 137 days or 4.45 months.
However, it is important to note that the time you take to mine 1 ETH will largely depend on mining difficulty and your GPU. This is a valid scenario if you’re a professional miner with the proper equipment. But going solo it’s not the best option if you don’t have the necessary hashing power. In that case, we advise you to opt for pool or cloud mining. This will allow you to share the computer power (as well as the rewards) with other users.
Let’s go over some FAQs about Ethereum mining.
How does Ethereum reward you?
Before we get into more details, we should hit refresh on how mining works. Miners are users with enough computing power to solve the underlying algorithm that protects end-to-end transactions in decentralized crypto networks. Every proceeding gets recorded in the blockchain to prevent duplication, manipulation, and economic attacks.
Essentially, miners add valid blocks to the chain to verify the validity of every transaction. Then, they get a reward for it. This reward uses a proof-of-work (POW) consensus protocol. With Ethereum, a block is added every 13-15 minutes, and the reward for that is 2 ETH per block.
Is mining Ethereum easier than Bitcoin?
Yes. Ethereum mining is easier because competition is fiercer for BTC, which adds a block every 10 minutes and allows other hardware options. Mining 1 Bitcoin with a hashing power of 500 MH/S takes around 15 months nowadays.
Additionally, some experts argue that mining ether is more profitable than mining Bitcoin. Statistics point out that Ethereum miners earn an average of $77 million in daily revenue, while BTC miners get $67 million.
Is mining for ETH going to be phased out?
Unfortunately, Ethereum recently announced that mining is going to disappear for this cryptocurrency in favor of staking. But that doesn’t mean the validation process will end. It will just be different. Validators who own at least 32 ETH will be the ones in charge of securing the net now. According to the developers, proof-of-staking will be overall more secure and more sustainable, as intensive computer activity won’t be necessary. This means that the protocol will be widely accessible compared to mining.
How do I start?
If you decide to mine ether before the merge takes place in August 2022, you should first be honest with yourself. Have you ever attempted crypto mining? Do you have a lot of hardware? If the answer is no to both questions, you should opt for a mining pool instead.
A platform like NiceHash or Poolin is the perfect starting point for newcomers who want to learn more about mining and reap some benefits. You can start mining ETH in an easier-to-understand, controlled environment. In addition, this will give you the opportunity to mine other cryptocurrencies of your choice.
On the other hand, if you have enough mining knowledge — or you work as a programmer — you can start mining right away. Our recommendation is to use an Ethereum mining rig. Opt for a top-tier graphic card like Nvidia GTX 3090 or AMD RX 6700 XT. Additionally, you will have to pick a reputable mining software package and take into account your energy consumption.
You can learn more about the technical requirements in this guide. Happy mining!