Are you looking to make money from Ethereum? This guide shares how you can make money by mining free Eth (Ethereum).
This article includes an interview with a real Ethereum miner.
He shares how he mines Ethereum and generates free eth, a form of passive income.
After reading this guide, you will be able to mine Etherum and make free Eth as well.
This guide to mining free Eth shares
- The advantages of cryptocurrency
- The differences between Ethereum, Bitcoin, and Dogecoin
- The difference between an Ethereum rig and an Ethereum faucet
- The approximate cost and time it takes to build an Ethereum rig
- The parts needed to build an Ethereum rig
- The advantages and disadvantages of mining free Eth
- The difference between an Ethereum miner and an Ethereum investor
You’ll also get to see an Ethereum rig.
Let’s get started discovering how to make passive income by mining free Eth.
What is Ethereum?
Ethereum is a form of cryptocurrency or digital money.
Cryptocurrency can be used to buy items or trade for cash.
Since cryptocurrency is not regulated by the federal government, the value is subject to volatile swings.
Ethereum is a form of cryptocurrency. Therefore, Ethereum is digital money, also called “electronic money.”
Cryptocurrency is part of a “blockchain development technology.” This means a network of computers owned by many different miners generates the digital money.
Related Reading: How to Make Money with Steemit gives you more information about cryptocurrency.
What are the Benefits of Cryptocurrency?
There are advantages to cryptocurrency:
- You can’t have counterfeit cryptocurrency like you do with printed currency.
- Since the value of cryptocurrency is subject to volatile swings, you have the opportunity to make a large appreciation of your initial investment quickly.
- You don’t need to carry cryptocurrency around in your wallet since the money is electronic.
- Currently, the federal government does not tax the cryptocurrency exchange.
Ethereum vs Bitcoin
Why Etherum?
Bitcoin has the strongest reputation as the original form of cryptocurrency.
However, Ethereum has advantages over other forms of cryptocurrency. For instance, have you heard of NFTs (Non-Fungible Tokens)? Check out this guide to learn more about how to invest in the NFT market smartly. Consider also using the BTC to eth price converter to convert many cryptocurrencies for trading, investing, or mining.
Ethereum is part of the blockchain (computer network) that generates NFTs.
Ethereum vs Dogecoin
Dogecoin’s reputation is the worst of the three types of cryptocurrency mentioned here. The Dogepool started as a joke and financially appreciated due to internet publicity. Therefore, investors are predicting the value of Dogecoin will plummet if it hasn’t already by the time of this writing.
You can invest in Ethereum, but this guide tells you how to make free Eth yourself.
Cryptocurrency Trading Platforms
UPDATED INFORMATION October 2021
CoinMarketCal | LunarCrush |
This website shows all upcoming events and future releases regarding a certain Cryptocurrency. Uses a rating system. | Uses artificial intelligence to gather data on social media surrounding cryptocurrencies. It organizes social media outlets (including Reddit). |
This table is for people who don’t want to mine free eth but want to trade it.
Since Ethereum is a form of cryptocurrency, you might be interested in these websites. If you are interested in mining free eth, you might want to check out these websites that give information to enable you to make an informed decision when it comes to trading Ethereum and other cryptocurrencies.
How to Generate Free Eth
I asked an Etherum miner to explain how you can generate free Eth which he does as an additional source of income.
Explain what is meant by crypto mining.
“Processing transactions while creating more currency through the network. A complex algorithm has to be solved for each block.”
Ethereum Faucet vs Ethereum Mining
What is the difference between an Ethereum Faucet and Ethereum Mining?
“I do not use Ethereum faucets. I don’t know if they exist anymore. There is a difference between faucets and mining. Faucets just give you free crypto without having to mine anything. I used the crypto that I earned through mining to purchase gift cards.”
What is your response to the claim that Ethereum is dead and why (Source)?
“It is not dead because people own computers and as long as I own a computer that is mining ethereum, it won’t be dead. As long as people continue to give crypto a value and people continue to mine it, it will not die.”
Is it free mining once you make the rig? This is what would make mining free Eth passive income, correct?
“Besides the electrical costs, yes, it is free once you build the rig.”
How long does it take to build the rig?
“It took about a day to make it.”
How expensive are the parts?
“The cost is currently varying depending on what hashrate (speed of mining) you want and how many cards you want to use. It depends how much you want to make from it.”
What parts do you use to build the rig?
- Six 5700 XT (graphic cards), 1600 watt power supply, a motherboard, processor (HIVE OS – mining operating system)”
Where do you get the parts?
“The parts you buy online through Newegg or Amazon.”
Any downsides other than the amount of electricity this takes and the volatile fluctuations of the value?
“None that I can think of.”
How much did you make in your best month?
“In April 2021, I mined a total of .6 ethereum which was valued at $1,620. Highest per day was about $80 per day, averaging about $50 per day for that month.”
How long have you been mining Ethereum?
“Since September of 2020.”
Would you recommend Ethereum mining for others looking for a side income?
“Depending on your electric rate. If it is 10c per kilowatt hour, then yes, if it is over, no, because the costs wouldn’t be worth it to mine. Otherwise it is not efficient to mine, so your electric build would be higher than you would receive.”
Introduce yourself. How did you gain the knowledge to build a mining rig?
“I used YouTube and communities through YouTube. Anyone who has a mining rig is more than willing to help others build in order to strengthen the network. I was interested in building a computer first, and then found out I could make money mining crypto instead.”
How did you build the rig?
“I followed instructions from YouTube and put it together like a computer.”
What is your function regarding the mining of Cryptocurrency? Are you an investor or broker as well as a miner?
“I would not invest in cryptocurrency. You use cryptocurrency like you would a dollar. I do not provide advice to anyone regarding the currency or invest in it. I just am rewarded for processing transactions with it.
How does the Ethereum blockchain work?
- For Eth specifically: Each block reward is 2 Ethereum plus all of the fees from transactions made in that block.
- An Ethereum block is between ten and twenty seconds. A block is a blockchain, a ledger that records all of the information inside for all of the transactions, and once enough computers verify it is correct, the block is essentially mined, and all of the people who verified that the block is correct are rewarded.
- The pool that completes the block is rewarded with 2 Ethereum. This is in addition to all of the fees from transactions inside of that block so a total block reward can get up to 6 Ethereum. The reward is then split with all of the miners in that pool.
- If it is mined by a pool, I get my cut based on my hashrate for that block. It splits the block reward between the various miners.
- My rig has 342 megahash. There are 1k megahash in one gigahash, and then 1k gigahash in 1 terahash, and the pool that I mine in has 125.5 terahash.
- A hashrate is the speed at which you solve the algorithm of the block. The higher the hashrate, the more shares you validate in the blockchain, the more money you receive.”
Would working alone be more profitable?
“If you solo mine, you get it all, but solo mining is very hard because you are competing against pools that have far higher hashrates.”
Is Ethereum mining legal?
“Yes. It is legal.”
How does being an Ethereum miner work? For instance, how do you profit from mining free Ether?
“I am part of a bigger mining operation and I get a small cut based on what I contribute. I am helping mine all crypto transactions and getting a cut from that.
The ethereum blockchain (algorithm) provides mining pools who solve the blockchain the 2 ethereum reward, so I receive cuts of that based upon my contribution towards solving the block (aka processing the transactions).”
What does an Ethereum rig look like? I’m sure many people have never seen one.
Here is the Ethereum rig from a different angle.
Free Eth: People Also Ask
How Can I Get Free Eth?
After you build a mining rig, you can generate free Eth. Mining free Eth becomes passive income for you.
Wrapping Up: A Guide to Mining Free Eth
By reading this guide to free Eth, you discovered
- The difference between Ethereum and different forms of cryptocurrency
- The difference between an Ethereum rig and an Ethereum faucet
- The approximate cost and time involved in building an Ethereum rig
- The parts needed to build an Ethereum rig
- The advantages and disadvantages of mining free Eth
- The difference between an Ethereum miner and an Ethereum investor
Readers, please share so other entrepreneurs looking to make passive income know what mining free Eth entails.
I look forward to your views in the comments section. Would you consider mining free Eth as a form of income?
Janice Wald is the founder of MostlyBlogging.com and co-founder of the Mostly Blogging Academy. She is an ebook author, blogger, blogging coach, blogging judge, freelance writer, and speaker. She won the Best Internet Marketer Award and the Best Blogger Award at the 2021 Infinity Blog Awards. Wald was also nominated as 2019 Best Internet Marketer by the Infinity Blog Awards and in 2017 as the Most Informative Blogger by the London Bloggers Bash. She’s been featured on Small Business Trends, the Huffington Post, and Lifehack.
