Ether is holding one of the top positions in terms of price, growth, and impact. That’s why so many people are interested in mining it. However, due to the latest changes in the policy of the network, as of today, this activity does not look so profitable. Let us explain these updates and give you a piece of expert advice.

First, let us explain to you why the network decided to adjust the rules. The point is that they plan to switch from their Proof-of-Work algorithm to the Proof-of-Stake scheme, which will make the crypto 99% more environmentally friendly.

Before the latest update of the policy, which took place in August 2021, miners got the reward, which included two components ― a basic payment for mining a block plus fees paid by users who executed transfers within this block. As a result, miners were provided with substantial profits along with an opportunity to mine priority blocks, which were more actively used for performing transactions and brought higher profits.

As of now, miners keep on receiving the basic mining rewards, but they are deprived of transaction commissions. To be objective, the administration of the network proposed users send certain tips to miners on a voluntary basis. However, this practice does not enjoy much demand.

Alos Read: How to Invest in Ethereum: Prospects and Guidelines

Speaking about the technical process of mining, there are no differences yet. Here is a short guide on how to mine Ethereum:

•   Choose a location. The key criterion is the price of electricity, as this is the key expense in mining.
•   Buy hardware. Some miners use computers complemented with numerous video cards, others ― invest in ASIC miners.
•   If you plan to mine on a computer, buy the software. Among the most popular choices are ETHminer, WinETH, and CGMiner.
•   Create a wallet for storing the coins. We recommend MyEtherWallet.
•   Join a pool. For example, Ethpool.org, Ethereumpool, Nanopool.

But the question is how much one can earn from mining Ether today? Taking into account the reward for a block equalling 2 ETH, electricity consumption of 400 Watt at a price of $0.1, one can count on $6.96 daily. That constitutes $2,540 per year. Certainly, as there are still some transactions of the old type left, some miners can earn from fees ― 0.079 ETH per transaction. But, in the near future, this opportunity will disappear.

No doubt, an additional profit won’t hurt in any situation. But, one must keep in mind that there is a new update upcoming ― Difficulty Bomb. It is scheduled for December 1, 2021. It implies increasing the difficulty of puzzles for mining the crypto. Thus, miners will have to choose between buying new equipment, which will be more powerful, or stop mining.

Also Read: Where to Buy Ethereum: Best Exchanges and Step-by-step Guidelines

In sum, if you are only thinking about trying your hand at mining this crypto and buying the corresponding equipment, we recommend you choose to invest in the crypto itself instead. That can bring you about 20% annually.

Do you have any Ethers on your balance? If not, it is time to get acquainted with this coin and decide whether it has any potential. It is number-two crypto on today’s market after all. Thus, find a couple of minutes to look through our guide and decide whether to add it to your portfolio.

So, the name Ethereum (Ether and ETH) can be used in two ways. First of all, it is a popular cryptocurrency based on blockchain technology (similarly to Bitcoin). Yet, it is also a programmable network for buying and selling other cryptos for a minimum fee. Its unique feature is the support of diversified coins, including Bitcoin. Another crucial point is that it promotes smart contracts that allow transferring money and other assets without involving any intermediaries and paying huge commissions for their services. Also, it has the potential to fix the problems of fiat currency devaluation and financial inequality.

Obviously, taking into account the benefits mentioned, overall boom in the crypto market, and a recent increase in the price of this asset by 900% (over the last year), this investment opportunity is definitely worth considering.

Also Read: The Great Bitcoin Scam

Here are short guidelines on how to invest in Ethereum:

1. Register on a crypto exchange. In practice, you can choose any licensed service that supports this coin, but our top list includes Coinbase, Binance, and Kraken as they charge the lowest fees. In this guide, we will discuss Binance as an example, but most exchanges work very similarly. For registration, you will need to disclose your email or mobile number, as well as confirm your identity. According to the rules, you will be asked for a photo of your passport or driver’s license.
2. Analyze the situation on the market. Type the name of the crypto in the search bar and open the very first link. There, you will see the chart and recent statistics.
3. Deposit funds to your account. In case it is your first transfer, you will need to link and verify your bank account first. Press “Deposit” ― “Bank Account” ― “Add Account”.
4. Buy the crypto. Press “Buy/Sell” on the right, then choose “Sell”, and click on the name of the coin. Now, you can specify either a sum you want to invest or an amount of crypto you want to buy. Then, preview the details of the order for extra safety and click on “Buy”.

Also Read: How to Buy Ethereum: Instructions

Besides, you can also buy this coin via decentralized exchange or online wallet. Another available option is to try mining it if you have experience in coding and a suitable computer.

In conclusion, we would like to say that Ethereum is one of the top coins for investments so far. Yet, like any other crypto, it is subject to certain risks connected with the perspectives of this technology.