What account to use for mining Ethereum (Ethereum configuration)

08/16/2023 13:35 • Metaverse Matters • 66 views

What account to use for mining Ethereum? Official introduction from mining machine manufacturers: Mining Ethereum requires downloading a plugin. The plugin can be installed on a phone or run and maintained on a computer. The software package of the plugin includes Windows 7, macOS 8, Linux 9, Android 10, CPU 12G4G6G2G3G, and Android 1 and above versions.

There are two types of plugins. One type is to connect the machine locally or insert the plug directly into the computer through a server. The other type is to access dedicated programs in the network itself or other devices to operate the system or wallet hardware.

Ethereum configuration for mining

Regarding the configuration for mining Ethereum, according to CoinGecko’s data, it is estimated that mining ETH will officially start around the end of 2020. In addition, if you consider the configuration of a Bitcoin mining machine, the current cost of mining Ethereum should be around 2 million RMB (excluding fees).

Based on this price, you will need to invest at least 200,000 RMB or more. However, since the beginning of last year, we have seen the price of Ethereum increase tenfold, while the market value of Bitcoin alone exceeded 10 billion US dollars. Therefore, we recommend that you not buy too much Bitcoin. Of course, some people have turned this high price into short-term speculative capital game results.

So I think now investors can choose to directly configure mainstream assets such as Bitcoin or Litecoin. But for individuals, these types of investments are still relatively conservative. (Note: According to OKEx data, at the time of writing, the price of Bitcoin is $8,450, and the price of Ethereum is $6,280)

So how do you determine the Ethereum you hold? First, look at your investment strategy:

1. Choose alternative varieties such as Bitcoin, LTC, XRP, EOS, etc.

2. The configuration method of buying alternative coins is the same as traditional stocks.

3. Choose some mainstream exchanges to trade funds and wealth management products (such as Binance, Huobi).

4. Try to choose risky targets to participate in mining.

5. Configure a small amount of BTC/USDT.

6. Configure coins with a value greater than 3000 RMB, preferably stable targets listed on compliant platforms.

7. In the investment portfolio of Bitcoin or other cryptocurrencies, stay away from these targets.

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What account to use for mining Ethereum (Ethereum configuration)

Ethereum configuration for mining

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