Welcome to the Ethereum Mining Blog!.
Today I want to discuss the likely-hood and possibilities of being able to make $200 (or at the current price 0.65 ETH ) Passively every day from mining.
So How Do I Even Start Miming Ethereum ?
To start mining Ethereum and or ethereum classic you'll need to get some ethereum mining hardware at home to begin with.
If you already have your mining equipment at home set up and ready to go then you should definitely read this post because it shows in great details how easy it is to get started mining ethereum with just a small initial investment in hardware and the willingness to actually learn how to to set up your ethereum mining rig if you haven't already done so.
We will also being explaining what steps are needed to decide if investing in the time and ethereum mining hardware is worth is.
With the Ethereum price over $312 today the opportunity to mine Ether is now extremely profitable!
Even as Ethereum prepares to go to a Proof of Stake model at the end of 2017 or beginning of 2018 which will greatly reduce the possibility of making a profit mining, any mining rig built to mine Ethereum could easily be switched to start mining ETC or another coin after the switch with a huge potential to profit before!
While I thought mining any cryptocurrency was too technical for me, I now see getting started on a small scale is relatively straightforward with scaling up possible with confirmation the initial system is working.
The GREAT NEWS is that making a very basic and functional mining computer system can be done for less than $1,000!
Once we verify it works, the motivation will come to scale up the system into one that easily can produce $200+ a day in profit with current Ethereum and ETC prices as explained in the YouTube video below along with in more detail in text below that.
In summary, using a new or used Windows or Linux machine to begin just for mining seems ideal because this will be the only need and function of the computer.
For a few hundred dollars, buying a new machine to just do mining is the most basic starting point.
Next, buying a small amount of graphics cards to get started is the next step to verify the mining setup is working and to get an idea of the costs to scale.
While the idea of dropping $20,000 to make a mining setup that produces $13,000 a month seems like a big risk, how about starting out with $1,000 in graphics cards to produce $600 a month to verify everything works?
After confirming the setup is working, then it is logical to slowly scale up by adding more graphics cards and machines steadily over time using the profits generated as proof that more is possible with more power.
While I would not start off spending much without any proof I could actually set it up correctly, after confirmation that I could indeed build a mining machine that worked, I would be motivated to build more.
The real opportunity to earn much more than $200 a day is to learn how to build mining rigs for Ethereum and other cryptocurrencies.
Once we have the system down, we can just keep building more over time and then the money comes in on autopilot!
This seems ideal compared to paying into a mining pool where another company is likely earning a significant share of my profits and maintains control over all of the machines.
What are the steps to start mining Ethereum or ETC?
The beauty thing about this system is once we get it built, we can modify it to mine whichever coins are the most profitable instead of relying on a third party to continue paying us out in whatever we started with at a fixed hashing power.
Thank you for reading this and I hope you have a wonderful day!
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Credits: Article written By Jerry Banfield.