First off, what is ethereum? Ethereum is an open software. Distributed computing platform and operating platform that is mainly based on block chain technology. It is a form of crptocurrency where its users mine for what we call ether, that is the currency earned from mining ethereum. A distinctive feature of the ethereum is that it lays focus on running the programming code. Ethereum, to put it simply is a form of crypto currency, here miners work to earn ether. Ether is usually used to pay for transaction fees and services provided by the ethereum service provider. One distinctive feature of ethereum that makes it different from the rest is that smart contracts can be built with it. Smart contract is a term used to refer to computer codes that can catalyze the trade of money, property, content and so on. So it is safe to say that a smart contract becomes automatic as It is able to carry out some instructions under some certain conditions. Another feature of ethereum is that it has the ability to support many different types of decentralized applications. Ethereum has seen massive growth in a short period of time and is seen following bit coin as the second largest
Mining ethereum is simply ether mining, a process that ensures the abundance of ether in circulation as this is one of the main ways to secure the ethereum network. The ethereum network cannot survive without ether, it serves to be the driving force of the ethereum network. While mining ethereum, eth mining calculators are available to help calculate the amount of profit made.
- Install video card drivers:
First step is to download GPU drivers, you enter in your GPU information and you are well on your way to mining ethereum, some people would prefer to use CPU instead of GPU, the catch here is that GPU is way faster than making use of CPU.
- Download the ethereum:
The ethereum application could be downloaded and it works with the GPU drivers. After downloading the application, instructions would be given on how to get an ethereum wallet but before you are able to fully set up your wallet, you would need to get to step three.
- Get the block chain:
You would have to wait for a little while or for as long as it takes for the ethereum block chain to download. On its completion, you can begin the next stage.
- Setup your wallet:
Now, you can start ethereum application and generate your wallet, this wallet is very important as it will contain the payouts from mining ethereum.
After setting up your wallet you can head over to my ether wallet where you would be required to set up your password to ensure that no one is able to hack into your account. After a series of processes, you would be given certain instructions on how to proceed and start mining ether.
Ethereum is fast growing, some say it will soon surpass bit coin, we will never know till then, the important thing is to be a part of it, it is an innovative creation.