Udemy

How to Mine Ethereum (Ether)

A free video tutorial from Chris Haroun
CEO of Haroun MBA Degree Program®
Rating: 4.5 out of 5Instructor rating
69 courses
1,303,553 students
(A) How to Mine Ethereum (Ether)

Learn more from the full course

The Complete Cryptocurrency Course: More than 5 Courses in 1

Learn everything you need to know about cryptocurrency and blockchain, including investing, mining and much more!

23:57:51 of on-demand video • Updated August 2022

Upon completion of this course, students will be able to invest, mine, trade and thoroughly understand cryptocurrencies
Understand what makes a great cryptocurrency as a great long term investment
Understand what are the biggest mistakes new investors make in cryptocurrencies?
Know how to watch out for scams and managing risk
Learn tools to be able to identify the next great cryptocurrency (what to look for & watch out for)
Learn how to read charts
How to buy Bitcoin
How to mine Bitcoin
Understand the pros and cons of Bitcoin
How to buy Ethereum
How to mine Ethereum
Understand the pros and cons of Ethereum
How to buy Ripple
Understand the pros and cons of Ripple
How to buy Litecoin
How to mine Litecoin
Understand the pros and cons of Litecoin
How to buy Monero
How to mine Monero
Understand the pros and cons of Monero
How to buy Zcash
How to mine Zcash
Understand the pros and cons of Zcash
How to buy Dash
How to mine Dash
Understand the pros and cons of Dash
How to buy NEO
How to mine NEO
Understand the pros and cons of NEO
How to buy Cardano
Understand the pros and cons of Cardano
How to buy Stellar
Understand the pros and cons of Stellar
Know what makes a great cryptocurrency wallet
How to get QR Code Wallets + how to use them +how to transfer money out of them
Understand the pros and cons of QR Code Wallets
How to get USB Wallets + how to use them (Trezor, Ledger Nano S, DigitalBitBox & KeepKey) +how to transfer money out of them
Understand the pros and cons of USB Wallets (Trezor, Ledger Nano S, DigitalBitBox & KeepKey)
How to get a Coinbase wallet + how to use it +how to transfer money out of this wallet
Understand the pros and cons of Coinbase Wallets
How to get an Electrum Wallet + how to use it +how to transfer money out of this wallet
Understand the pros and cons of Electrum Wallets
How to get a Blockchain Wallet + how to use it +how to transfer money out of this wallet
Understand the pros and cons of Blockchain Wallets
Know what makes a great cryptocurrency exchange (what to look for from researching an exchange)
How to use GDAX ("Coinbase Pro")
Understand the pros and cons of GDAX ("Coinbase Pro")
How to use Poloniex
Understand the pros and cons of Poloniex
How to use Kraken
Understand the pros and cons of Kraken
How to use Bittrex
Understand the pros and cons of Bittrex
How to use Gemini
Understand the pros and cons of Gemini
How to use Binance
Understand the pros and cons of Binance
What makes a great ICO...meaning Initial Currency Offering (what to look for from researching an ICO)
What are many great cryptocurrency online resources and how to use them (if applicable)
How to create a diversified cryptocurrency portfolio
Understand what % of your net worth should you consider investing in cryptocurrencies?
....and much much more....
English [Auto]
All right. Are you ready to mind some ether? This is going to be fun. Okay, so if you have decided that based on the last lecture that mining Ethereum or Ether, as they call it, whatever is profitable enough, then what we can do is we can download and install software on our mining rig here that we made to to mine Ethereum. This will be a lot of fun. We are now on my mining PC and I'm going to show you exactly how to mine Ethereum or Ether, as people call it. So what we're going to do is we're going to do a search for the Claymore Miner, which is the mining software that I love to use when I mined Ethereum. Okay, so go to any link you want. Just make sure you get the most recent version and I'll show you what that means of the Claymore miner. Okay. And so. I usually use these mega links here. I find that it downloads things faster for me. Okay. And what you'll see here is a number of different Claymore miners files, I should say, and they're just sorted from most recent to oldest. Ignore that top folder there. Can see the sorting here and you can either download a Linux version which is new compressed. Or you can download the zip archive version, which I prefer because it's Windows, which is what I'm using right now, obviously. Now before I click download this file is called claim was dual Ethereum plus whatever miner and it works with both graphic card companies we discuss in this course. Now it's dual because it allows you to download Ethereum and other coins at the same time. We're just going to download Ethereum though. Okay, so if I click download as zip. It'll download here. Now I've already downloaded it, so I'm going to X out of here. Okay. Leave. Okay, great. And let me now go here to my explorer. Okay. And we'll go to Download. And let me right click this and extract all those documents in that zip file there. And then I'm just going to create a new folder and I'll just call it iti ff minor. Sure. Caps lock is not on. Good. Select that folder. Open it up. Great. And we are within a minor. Little messy. I know. I get it. Okay. I'll go extract all again within the same folder. That's fine. Here we go. We've got all our files here that are extracted into our Mayan directory. Now, I want to show you a couple of files in here before we start mining. So there's a bunch of files you don't have to worry about, but there's a couple I want to mention, because if you understand this process, then you'll be able to mine other coins as well using this methodology. So the most important one we have here is the starter batch or bat file. And if I edit it, you'll see here that there is an executable that is mentioned here and that is the miner here. Okay, I've got Windows 264 bit version. So when you double click the start bat file and don't do it yet, please, but when you do it, it's going to run this executable here. Now, if you have any virus or firewall software installed, you've got to make sure that it allows this file to run. So whatever AV or firewall software you have, just make sure it allows this file here to run. That's executable. And then there's a bunch of parameters after that and I'll explain what each one of these is just, or a couple of them at least. So it's basically the start top batch file is saying, okay, look, run this executable, but I want you to use some parameters when you run it. I want you to use the Ethereum pool and this address here, and that's if you're in Europe, I'm going to show you how to configure this from scratch. And so this might not make much sense to you right now, but it will in a couple minutes, I promise you. Okay. So the pool that it's going to use is this one by default, and that's the port number. Then it's going to say, okay, after we mine it, what wallet do we put it in? What? Etherium wallets. And so what you're going to do is you're going to give them your public key and I'll show you how to do that. I'm actually going to grab it from Coinbase, my public key there. Okay, great. And I'm going to ignore the rest of that just for now. Okay. All right, cool. There's also another file here called E Pools. And in a second, we're going to run a really cool feature from a website called Nano Pool that's going to create a customized version of the start file and e pools. So within e pools here. You'll see here that, you know, when you comment your code, usually if you put a hash at the beginning in certain programming languages like like COBOL. Yes, I am dating myself there. Then what happens is the compiler or the executable file doesn't read this stuff. But if you were to remove this hash here, this would basically say, okay, I want you to to to get Ethereum from this pool here. And if that fails, then use this one, then this one and this one. Okay. All right, good. Now, what I'm going to do is this I'm going to customize these to here. And a lot of people right click and they go edit and they type in their own stuff, whatever, to customize the parameters. I'm going to show you an easier way that I like. Okay? So what I'll do now is I'm going to go to nano pool. Okay? And you can get this from part six in the menu there within the Excel file. But you see right here, what you would do is you go to NPR.org. That's basically saying let's go to the Ethereum portion of the nano pool website and let's get some help. Okay. So when we're here, it then says, wait a second, before we get started mining Ethereum, make sure your GPU has at least four gigs of RAM and we're fine because we have eight gigs of RAM in our card. And then you've got to have an AMD driver of this amount or higher, which I already do. Okay. And if you're not sure, you can always go to device manager. Okay. And you can check to see what you've got. And this here is this. Here is my card. Okay, my graphics card. I can go to properties. I can look at the driver here. Driver details. Just to make sure you've got the most recent driver installed. And if you don't have the most recent driver installed, you can always go to just search for Radeon Rx, Vega, or whatever your card is to get the most recent driver installed. Okay. All right. So and here's all the drivers here. I think you get the idea. Okay. All right, cool. Now, here's what we're going to do. We download the Claymore miner already, and I prefer to download it at the other website I just showed you. Okay. I just find it's a cleaner install that way. A little bit off topic there. Okay. And if you're not using an AMD chip, if you've got an NVIDIA, if you're not using an AMD, I should say GPU, if you have an Nvidia GPU, you would go and get this here. It's called fin miner. Okay. Now, I want to do is this I'm going to generate the config file right now so that the EA pools and start bat is is customized for us. And when you use pooling software like this or websites, you have to pay a 1% fee, which is a good deal, I think. Let's go generate our config. Okay, good. Now we're using windows. We have an AMD chip or GPU. The worker name. You name this anything you want. I'm going to call it Chris Miner. Okay. Then it's asking for your email. And this is a good thing, because what happens is if if your minor goes down, which happens a lot, you'll get an automatic email from from nano pool saying, hey, your miner's down. And they do that not just to be nice, but also because there's a financial incentive for them, because they're taking 1% fiefs. They want to be online all the time. And I'll show you what it looks like when you get an email saying that you're offline. So in the middle of the night, last night or 3 hours ago before I got up, it basically said, Hey, Chris, your minor is offline. So I've already installed the software, but I'm doing it from scratch just to teach you how to do it. It's saying, Hey, Chris, you're minors offline. And I would click here and it would just give me some more details. Now it goes offline every now and then, and there's nothing you can do about it, right? Sometimes you don't have the strongest internet connection and then your minor will reconnect on its own unless you have a power out. Okay. And if you're interested in advanced mining tips to automatically have your minor kick in and start when the power goes out, you can go to this lecture here on advanced mining tips. If you're just beginning with mining, don't don't even watch that that that lecture. Okay, cool. All right. And so you click here and it would tell you what's going on with my with my mining software. And this here is my my public key. I will talk about that in a second. Okay. All right. So now let's let's go back here. So I mentioned in my email and it's saying, well, where do you want to mine from? And I'm going to say, well, you know, I'm closest to the West Coast, so I'll select this one here for my main server. Okay. And it just means faster. If you're closer to wherever the main server is, then it's saying, okay, what do you want to mine? Well, it's Etherium, I want to mine, not Ethereum Classic. And then it's going to say, well, what is your what's your address? And I already got this from Coinbase. See that address there? Right. So that's your public key. Now make sure that you're Etherium mining public key for your wallet and don't select another wallet's public key. Otherwise you might lose those coins forever. Cap. Then it's saying, well, what's your your secondary algorithm? Because this is a dual miner. It mines more than one thing. And you can mine these. I'm going to say none. Okay. Now I'm going to click Generate here. Okay. And what happens is it just created this zip file and let me click on that. True it's in that case. So downloads. Let me go back down want to show you. Okay. So it just created this zip file and that's the minor software that we already installed. So they open this up. Okay. And what I'm going to do is you've got to take these guys here. You've got to copy them. Okay? And then you're going to put them into the same directory that your mining software is in. Okay, so remember I put it here, I'm going to go paste it. It's going to overwrite. Okay, hold on. Paste wo replace? Yes. Good. Okay. Now I'm going to show you what those files look like. So let's go here to the start batch file. Remember, we looked at it before, it was just that one line. And the one line was basically had the executable with some parameters, but it's much bigger now. Watch this. Okay. See what I did there? I clicked there and it's and I'm saying run anyway. It's not running actually. It's just opening up. But Windows Defender kicked in because I told Symantec I turned off antivirus and firewall for this file here. And then Windows Defender kicked in as a secondary secure measure and said, Hey, you sure you want to run that? And I am sure. Okay, that's fine. Okay, cool. So in the start, bat file, this stuff here has been set. But what's important for us is this line item here. These are just parameters regarding our GPU. And so it's it's it's saying, okay, let's run that executable, which again, is right here and it's saying and the Ethereum pool we're going to use is this one here, because that's where we are. It's west. Okay, that's the port. And it's going to say, okay, well, how can I pay you and the wallet? We're saying, well, I want you to send it to this address here. And that's my public key address from my Coinbase wallet, this whole thing here. And just remember this number. Remember this, this field here, o x ending with EB one. I'll come back to that in a minute. Okay. And then it's going to say, well, what's your mind are called again? And we entered in Chris Minor. We could have hardcoded all this stuff here in this file if we wanted to. I just like using the config version. It's just more intuitive. And then I got my email address and then you can ignore the rest of that stuff. And then if I go here to e pools, remember this. These two files are the ones that we just inserted here. So if I go to edit. It basically says, remember, it got rid of the hash sign at the beginning. It says, okay, so these are the pools that we're going to use for you. And these are just secondary pools if the first one goes down, right? So you've got us East Coast, then Europe, Europe to Asia, Japan, just then Australia, whatever is farther away from me and depending on where you are in the world, these will be in different orders. All right, good. We are now ready to mine, so let's do it. So I'm going to double click the start here. And you might hear my my GPU get a little bit louder here. Let me double click. Okay. GPU is not kicked in yet. The fan is not. Okay, here we go. Okay. It's saying that you need at least that much gigs in memory if you want to run multiple cards. We're only using one for now. Okay. It recognizes my GPU, which is this one here. I've got eight gigs available. I've got one card here. Okay. All right. That is my hashing speed, which is 38, which is actually decent. And some people crank it up using overclocking to make it better. We're not going to do that. So we don't burn out our card. It's now saying, okay, this is the temperature of your card. Oh, listen. You hear that? That's my card. Okay, my. My card is just kicked in. The fans, at least they're running to keep it cool because the temperature gets insanely hot in these things and actually hotter than a cup of coffee. Even so, here we go. Now we're trying to see if we can mine. All right, so here's my speed, and it'll keep updating the speed for you. Okay, so we got a new job, right? So we are now on the payroll. Here we go. That's our new job we got. And then what happens is eventually you'll get shares that you'll be working on, Ethereum shares to mine. Okay. And I'm going to let this run for a couple of minutes or so here. And then what I'm going to do is I'm going to show you how to monitor the progress of of your CPU and of your mining on this nano pool website. Okay. So. Give it a second here. And while that's running, actually what I'm going. Oh, here we go. Look at that Cher found. Who? Cher accepted. Exciting. All right, so we are now mining. We've got to share. We're working on mining that one share of ether or Ethereum, same thing. Now, what I do is this. And it's playing around here with, with, with my CPU. Sometimes your GPU will get really loud just because the fans kicking in to cool it down. Okay. And there's other software you can use if you want to overclock, meaning run your GPU at a higher level. I don't recommend doing it, but the one I use is, is this this guy here? Actually, I'll open it up really quickly to show what it looks like. It's called MSI Afterburner OC. And here you can kind of customize what your GPU is going to run at OC and you click here, right? And then actually I'll show you really quickly. So watch this. I'm going to crank the fan speed all the way up just for a second. OC Listen this. Cool. Got it. Back to Otto. Okay, so let me just close out of that. Okay, great. So it's now working on a share. Now, what I'm going to do is I'm going to show you on nano pool. We're going to track this to see how we're doing. And I set this up last night as well, so you'll see that I mined some stuff overnight. So let me just copy my public address there and I close that. And then here I'm going to paste in. Take that public. You see how we're doing. So I clicked it. Okay. And you see that last night. And you can get the recent time here. I'm keeping it real easy in real time. It says offline right now, but it won't be in a minute, you'll think. So last night I turned on at about 11:00 for the kids to bed. Notice it was offline. Turn it on here. And what you have to do is you have to tell Windows not to go to sleep. Just keep it on. And then you also have to configure your antivirus and firewall software. So it doesn't it doesn't try to block your minor. Okay. Okay. And so we see here that last night I mined $0.33 us. I know it doesn't sound like a lot, but it's kind of a big deal because that was just overnight. And if I mine at a rate that's cheaper than the cost of electricity, which we talked about earlier in the course. And if I have many of these GPUs running at the same time, you can actually have a pretty profitable business. And what I want you to take away from this lesson is not just how to mine Ethereum, but just the whole process. Okay, great. All right. Let's take a look here. I have not been paid yet. Okay. No payments, shares. These are all the shares, like overnights that I got. And let me actually show you this. This table here. This is pretty cool. Okay. So this is the reported hash rate right here. And you can see it's 35. I can't point to that thing, but you can see look at the bottom of that little box there. 34.8 mega hashes per second. That's the black line. Then you've got and when we talk about technical analysis, I'll talk about moving averages the 50 day and 200 day moving average. Okay. If that didn't make sense, you don't worry because we'll cover that later. But but here I've got the moving average of 28.3 over the past 2 hours. Okay. And then the.