Ethereum mining has become popular among people looking for a steady income. With low electricity costs and an efficient setup, profitability is easy to come by. However, mining is also very resource-intensive, so a laptop usually isn’t the right tool for the job.
Can I Mine Ethereum on My Laptop? Most laptops can’t mine Ethereum. You need a 6GB GPU or more to mine Ethereum, and most laptops lack a GPU altogether. Some high-end gaming laptops with powerful GPUs can mine Ethereum, but there are other considerations even if you have a powerful GPU.
Read on to learn about those considerations and how to mine Ethereum on your computer.
Ethereum Mining: A Quick Overview
Ethereum is an open-source software platform that lets developers create their own decentralized applications. Ethereum mining is a process of solving computational problems. Miners spend their computing power and time to solve these complex mathematical problems.
The mathematical equations become tougher to solve as more miners join the network. So, miners have to spend more computational power and time to solve these complex equations. The rewards become smaller, though. But as the value of Ether keeps rising upwards, the rewards received by Ethereum miners are still fairly significant.
Ether (Ethereum) is a cryptocurrency that runs the Ethereum platform. Additionally, it is used for paying computational costs and transaction fees. Developers and users who work on the Ethereum network can exchange Ether between themselves. Ethash is a hashing algorithm that is used to mine Ethereum.
Why Can’t Most Laptops Mine Ethereum?
Mining Ethereum on your laptop may take a long time, and it may eventually damage your device. You should know that a laptop isn’t the right tool to mine cryptocurrency.
Laptops tend to have smaller processors than desktops. Continuously running the powerful parts of the laptop, particularly mining for long periods of time, could be damaging in the long run. On the other hand, high-end gaming laptops feature powerful GPUs that can increase your mining results.
However, Ethereum mining consumes a lot of computational power which raises concerns about electricity costs. It will overheat and break your laptop down completely. Therefore, it is recommended not to mine Ethereum on your laptop. And it’s best to go with a desktop computer or a GPU rig built for the purpose of GPU Mining.
Necessary ETH Mining Hardware
Before you can begin, you will need to buy dedicated hardware called a Graphics Processing Unit (GPU) in order to set up your device for Ethereum mining.
It’s worth knowing that using CPU to mine Ether is not beneficial because GPUs are more powerful and faster than CPUs. However, before choosing a graphics card, you need to take into account the energy usage and the costs linked to the purchase itself.
Most importantly, you will also have to take into account the performance of the hash rate, which is the speed at which the mathematical puzzle will be solved.
You may also set up a gpu mining rig, a computer system made of many GPU units to boost your hash rate.
Best GPUs for Ethereum Mining
While most laptops can’t handle Ethereum mining, you should still know about the best GPUs for the task if you’re considering building a desktop computer for the mining.
The RX 5700 XT is the best graphics card Ethereum miners are using nowadays. It features 8 GB of GDDR6 memory. The Radeon RX 5700 XT uses 68w per card and mines at about 60 megahashes per card.
Nvidia GeForce RTX 3000 Series Graphics Cards
Nvidia will release its new RTX 3000 series graphics cards (RTX 3070, 3080, 3090) soon. The RTX 3080 will sell for $699, the RTX 3070 will be priced at $499, and the RTX 3090 will cost around $1,500.
According to the company, the RTX 3070 and RTX 3080 are more powerful than the RTX 2080 Ti. The RTX 3070, the most affordable model, is ideal for 4K gaming and 60% faster than the RTX 2070. It will have 8GB of GDDR6 memory.
On the other hand, the RTX 3080 is twice as fast as the RTX 2080 and will have 10GB of GDDR6X memory. And the RTX 3090 is 50% faster than the Titan RTX and will have 24GB of GDDR6X memory.
ASIC Ethereum Miners
ASIC stands for an application-specific integrated circuit. It is a device that is specially designed for the purpose of mining digital currencies, such as Bitcoin and Ethereum. Generally, each ASIC miner is built to mine a particular digital currency. An Ethereum ASIC miner can mine only Ethereum.
ASIC is more powerful than GPU and CPU mining so it has an advantage over other devices in the mining race. ASIC-enabled mining devices can outperform other devices in terms of efficiency and speed in finding blocks.
Here are some of the ASIC miners you can buy right now:
- Innosilicon A10 ETHMaster 485Mh
- Innosilicon A10 Pro 500Mh
Ether uses public and private keys for transactions. The software program which stores these keys and allows you to get and send Ether is called an Ethereum wallet. Once the wallet is created and you’ve made sure to create a secure back up you can then create a unique wallet address in which you can use for sending and receiving payments. Make sure when sending or receiving Ethereum to only share your public wallet address and never reveal any private key information with anyone.
With that said here are some of the best Ethereum wallets.
A bread wallet is a cryptocurrency wallet intended for mobile use. It is compatible with iOS and Android. The good thing is that you don’t have to pay fees for using this platform. You will have to pay network fees for the crypto network you are using, though.
Exodus is a desktop wallet that is intuitive and easy to use. You can operate or complete a transaction in an easy manner. Exodus supports Linux, Mac OS, and Windows 10 platforms. Additionally, it has a mobile app for iOS as well as Android.
Mining software is a program or operating system that solves mathematical problems using your system’s mining hardware. Once the problems are solved, the data is added to the blockchain.
Let’s look at some of the best Ethereum miners to date.
Claymore’s Dual Ethereum miner allows you to mine Ethereum and other similar algorithm cryptocurrencies without hurting your Ethereum hash rate. In fact, it is one of the best mining software for Ethereum. What’s more, Claymore Ethereum miner allows you to mine other coins in addition to Ethereum, such as Siacoin, Decred, and Pascal.
Cudo Miner is a mining platform that is safe to use and easy to install. It is the most profitable GUI (graphical user interface) Ethereum miner for Mac, Linux, and Windows 10. The best thing about this mining platform is that it continuously monitors the market and switches to a highly profitable coin.
NiceHash is a mining platform that connects buyers and sellers of hashing power (also known as the hash rate). If you want to sell your processor’s hashing power, this mining platform acts as a link between you and the purchaser who wants to mine Ethereum. Nicehash’s operating system is available on Windows 10, Linux, and iOs.
Ethereum Mining Pool
An Ethereum mining pool consists of a group of miners who combine their computational power and efforts to increase their chances of solving mathematical problems and earning Ether.
Fees, the payout structures, and the computational power of the mining pool are some of the factors you need to take into account before joining the Ethereum mining pool. The fees can normally range from 0% to 2%.
Depending on a particular pool, you can receive payouts from five to six times daily or once a day. For such frequent payouts, the balances of the most Ethereum mining pools should be greater than one Ether.
Some of the mining pools don’t require you to register. So, you can join them easily. However, some Ethereum mining pools require you to complete a signup process on their websites. Ethermine, Ethpool, and DwarfPool are some of the biggest Ethereum mining pools.
Ethereum 2.0 (Eth2) is a major upgrade to the Ethereum blockchain and will be released in multiple stages beginning this year with Phase 0. Each phase will improve the performance and functionality of Ethereum in different ways. Eth2 will enhance security, let the Ethereum network handle more transactions, and decrease the usage of energy.
Mining Ethereum on your laptop is not a good idea. The device will not be able to handle the heat and will be damaged quickly. Laptops are not designed to run at high load for long periods of time. In fact, the GPU is what matters most in cryptocurrency mining. The CPU is less powerful than a GPU in terms of mining capacity. And most of the laptops do not have a GPU.
Some of the gaming laptops come with powerful GPUs. However, there could be other impacts on your laptop with the excess heat generated from Ethereum mining. Therefore, it would be better if you go with a desktop computer.