How to Mine Ethereum (Ether)

Chris Haroun
A free video tutorial from Chris Haroun
Award Winning MBA Professor, Venture Capitalist and Author.
4.5 instructor rating • 67 courses • 1,143,059 students

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The Complete Cryptocurrency Course: More than 5 Courses in 1

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23:53:08 of on-demand video • Updated July 2021

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  • ....and much much more....
English [Auto] All right, are you ready to mine some ether? This is going to be fun. OK, so if you have decided that based on the last lecture that mining Ethereum or ether's as call 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 into a search for the Clay Moore miner, which the mining software that I love to use when I mind a theorem. OK, 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. OK, so. I usually use these mega links here, I find that it downloads things faster for me. OK, 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. See that the sorting here. And you can either download a Linux version, which is Jianyu 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 Claymores Dual Ethereum plus whatever minor. And it works with both graphic card companies we discuss in this course. OK, now it's due because it allows you to download Ethereum and other coins at the same time. We're just going to download Ethereum now. OK, so if I click download as Zipp. It'll download here now, I've already downloaded it, so I'm going to X out of here, OK? Leave. OK, great. And let me now go here to my explorer. OK, and we'll go to download and let me right click this and extract all those documents that zip file there, and then I'm just going to create a new folder and I'll just call it a minor Slackistan on. Good. Select that folder. Open it up. Crates, and we are within each miner. A little messy, I know, I got it. I'll go extract all again within the same folder. That's fine. Here we go, we got all our files here that are extracted into our giant 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 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 start batch or Bati file in. If I edit it, you'll see here that there is an executable that is mentioned here and that is the miner here. I've got Windows, a 64 bit version. So when you double click the start file. Don't do it yet, please. But when you do it, it's going to run this executable here, OK? Now, if you have any virus or firewall software installed, you got to make sure that it allows this file to run. So whatever avy or firewall software you have, just make sure it allows this file here to run. OK, that's an 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 list. So it's basically the start up batch file saying, OK, 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, OK? 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 number that is going to say, OK, after we mine it, what wallet do we put it in? Theory, wallet. And so what you can do is you're going to give them your public key and I'll show you how to actually integrate it from Coinbase. My my public key there. OK, great. And I'm going to ignore the rest of that just for now. OK? All right, cool. There's also another file here called E Pools. OK, it's in a second we're going to run a really cool feature from a website called NENO Pool that's going to create a customized version of the start file and e pools can. So within e pools here. You'll see here that, you know, when you comment your code, usually if you put a hash tag beginning in certain programming languages like like COBOL, yes, I am telling myself there, then what happens is the compiler or the executable file doesn't read the stuff. But if you were to remove this hash here, this would basically say, OK, I want you to to to get a theorem from this pool here. And if that fails and use this one, then this one than this one. OK, 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 by showing an easier way that I like. OK, so what I'll do now is I'm going to go to NENO Pulque. 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 eat in a pool dog that's basically saying, let's go to the etherial portion of the pool website and let's get some help, OK? So when we're here, it then says, wait a second before you get started mining Ethereum, make sure your GPU has at least four gigs of RAM and we're fine because we have eight gigs eram in our card. And then you've got to have an AMD driver of this amount or higher, which I already do. OK, and if you're not sure, you can always go to device manager, OK? And you can check to see what you've got. And this here is this, here is my card at 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 Radian6 Begger or whatever your card is to get the most recent driver installed. OK, all right. So and here's all the drivers here. You get the idea, OK? All right, cool. Now, here's what we're gonna do. Can we download the Claymore mine are already OK and I prefer to download it at the other website I just showed you. OK, I just find the cleaner install that way a little bit off topic that I can. And if you're not using AMD Chip, if you've got an invidia, if you're not using AMD, I should say GPU, if you have an Invidia GPU you would go and get this here is called Finn Miner. OK. OK, now we're going to do this, I'm going to generate the config file right now so that the pools and start Yati is is customized for us. OK, and when you use pooling software like this or websites you have to pay a one percent fee. OK, which is a good deal. I think this could generate our config. OK, good. Now we're using windows. We have an AMD chip or GPU the worker naming names to say anything you want. I'm going to call it Chris Miner, OK. That is asking for your email, and this is a good thing, because what happens is if if your minor goes down, which happens a lot, this you'll get an automatic email from from NENO pool saying, hey, your Myners down. And they do that not just to be nice, but also because there's a financial incentive for them because they're taking one percent fee if 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 three hours ago for I got up, it basically said, hey, Chris, your mind is offline. So I've already installed the software, but I'm doing it from scratch just to teach how to do it. It's saying, hey, Chris, your Meiners 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. OK, 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. And if you're just beginning with mining, don't don't even watch that. That's that leisure. OK, 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 a second. All right, so now let's let's go back here, so I venture to 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 from my main server, OK? And it just means faster. If you're closer to wherever the main server is, then it's saying, OK, what do you want of mine? Well, it's a theory. My one of mine, OK, Autherine Classic. And then it's going to say, well, what is your what's your address? And I already got this from Coinbase to that address there. Right. So that's your public key. And I make sure that is your theory. I'm mining public key for your wallet, OK? And don't select another wallets, public key. Otherwise you might lose those coins forever. Then it's saying, well, what's your your secondary algorithm? Because this is a dual monitor. It means more than one thing. And you can mine these are going to say none. They're going to click generate here. Get. And what happens is it just created this zip file, OK, and let me click on that Truworths it in their case, so downloads go back down to show you. OK, so it just created this zip file and that's the minor software that we already installed. So open this up, OK? And what I'm going to do is you got to take these guys here, you got to copy them, OK? And then you're going to put them into the same directory that you're mining software is in. OK, so remember I put it here, I'm going to go paste and it's going to overwrite, OK? Paste. Well, replace, yes, good. OK, now I'm going to show you what those files look like, OK, so let's go here to start batch file. And then we looked at for just that one line and the one line was basically had the executable with some parameters, but it's much bigger now. Watch this. OK, see what I did there, I clicked there and it's and I'm saying run anyway, OK, it's not running actually she's opening it, 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 security measure and said, hey, you sure you want to run that? And I am sure. OK, OK, cool. So in the start bat file, this stuff here has been set. OK, but what's important for us is this line item here. Cady's just parameters regarding our GPU, OK. And so it's it's it's saying, OK, let's run that executable, which again is right here, and it's saying and the theory pool we're going to use is this one here, because that's where we are. It's w OK, that's the port. And it's going to say, OK, well, how can I pay you in the wallet? We're saying, well, I want you to send it to this address here. And that's that's my public key address from my Coinbase wallet, this whole thing here. And just remember this. No, remember or this this field here, X ending with EB one. I'll come back to that in a minute. And then it's going to say, well, what's your minor 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 I got my email address and then you can ignore the rest of that stuff, OK? And then if I go here to E pools, remember this these two files are the ones that we just insert here. OK, so if I go to edit. It basically says, I never got rid of the hash sign at the beginning, it says, OK, 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 U.S. East Coast, then Europe, Europe to Asia, Japan, just in Australia, whatever, as far 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. Let's do it so I can double click the start here. And you might hear my my GPU get a little bit louder. Here, let me double click. OK. GPU is not kicked in yet, the fan is not. OK, here we go. OK, 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. OK. It recognizes my GPU, which is this one here, I've got eight gigs available, I've got one card here, OK? All right, that is my hashing speed, OK, which is thirty eight, which is actually decent, and some people crank it up using overclocking to make it better, we're not going to do that. We don't burn out our card. It's now saying, OK, this is the temperature of your card. Oh, listen. You hear that? That's my card, 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. OK, so here we go. Now we're trying to see if we can mind. All right. So here's my speed and we'll keep updating the speed for you. OK, so we've got a new job. 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 a theory. More shares the mine. OK, 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 GPU and of your mining on this power website. OK. OK, so. Give it a second here. And while that's running, actually going to oh, here we go. Look at that share found who share except it exciting. All right. So we are now mining. We've got to share. We're working on mining that one share of ether or thorium. Same thing, OK? Now, what they do is this ask. And it's playing around here with with with my GPU, sometimes your GPU will get really loud just because the fans kicking in to cool it down. OK. 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, just so it looks like it's called MSI Afterburner. OK, and here you can kind of customize what your GPU is going to run at 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. OK, listen, this. Cool, got it back to auto, OK? OK, so let me just close out of that cap. Great. So it's now working on a share. Now, what I'm going to do is I'm going to show you on Naanu 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 mind some stuff overnight. So let me just copy my public address there. And I closed that. And then here, I'm going to paste in. OK, that public see how we're doing. So I clicked it OK, and you see that last night and you can get the recent time here. I'm keeping it real, you see, in real time, OK? It says offline right now, but it won't be in a minute, you'll say. So last night I turn on at about 11 o'clock, put the kids to bed, noticed it was offline, turn it on here. And what you have to do is you have to tell Windows not to go to sleep, OK? 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. OK, OK. And so we see here that last night I mined 33 cents U.S. 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 GPS right 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. OK, great. All right. Let's take a look here. I have not been paid yet. Payments, OK, shares. OK, these are all the shares like overnight's that I got. And let me actually show you this this table here. This is pretty cool, OK? So this is the reported hash rate right here, and you can see it's thirty five, I can't point to that thing, but you can see look at the bottom of that little box there. Thirty four point eight megabits 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. If that makes sense, you don't worry because we'll cover that later. But but here I've got the moving average of twenty eight point three over the past two hours. OK, and then the.