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The development of Ethereum network has been significant in the Cryptocurrency industry. It also brought new developments in the technology of Blockchain. Just like Bitcoin, Ethereum also supports the beginners, works well with people who are familiar, and offers great opportunity to enjoy the perks of mining to those who want to begin mining on their own. The Ethereum can be mined just like any other cryptocurrency. You secure the blockchain of public transactions while mining and in return you are compensated with Ether for the work done.
How does Ethereum mining work?
The computer system used for mining is known as Ethereum mining hardware. It is difficult to create a dedicated hardware which helps in keeping the competition stable. You can earn a fair share based on your contribution. Usually, a large mining group has a slight advantage over the small miners.
While you can make use of the ordinary CPU processor as Ethereum mining hardware, you would need mining software to undertake the mining process. It will connect you with the network and the mining pool. The mining pool is a group of miners working together and collecting the rewards. The online pools are essential for the beginners. Just like btc miner, there are several apps and programmes available for Ethereum mining as well.
Difference between Ethereum and Bitcoin
- In Ethereum the block time is 14 to 15 seconds as compared to Bitcoin which is 10 minutes.
- The block rewards for btc miner halves every 4 years while the Ethereum releases the same amount of Ether every year.
- Ethereum rewards the miner based on proof of work algorithm known as Ethash. While Ethash encourages decentralized mining by the individuals, Bitcoins use more centralized ASICs for mining.
- Ethereum and Bitcoin cost their transaction in different manner. In Ethereum, the costing depends on storage needs, bandwidth usage, and complexity while in Bitcoin; the transactions are limited by block size and compete equally with each other.
The Ethereum mining not only works as a source of additional income but also offers an exciting experience to miners. Most of the youngsters and part-time works engage in this mining process to earn some good amount of money for themselves. Therefore, you can either do mining on a part-time basis or become a full-time miner to explore more opportunities and enhance your profits.
5 thoughts on “What is Ethereum Mining and How is it Different from Bitcoin Mining?”
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