How to set up dual mining and what are its benefits?

Ethereum: Basics

Over the past few years, the process of mining various cryptocurrencies has changed in a significant way, and Ethereum is no exception. At one time, only high-tech fans did this, both because they were well versed in this topic and because they had an interest in complex programs (for example, applications for mining cryptocurrencies). Over time, such programs have become much simpler and more accessible, so anyone can start mining these days.

Even the most complex CLI programs that require command line skills have become much friendlier - they now support graphical user interfaces. As a result, the Ethereum mining process no longer requires special skills.

Mining ETH is similar to mining BTC in many ways

Bitcoin (BTC) and Ethereum are similar in many ways, and therefore the mining processes of these two cryptocurrencies are also little different. Their main goal is to ensure that the cryptocurrency remains decentralized. Therefore, the Bitcoin and Ethereum networks involve a huge number of computers processing transactions.

Mining itself is the process of users verifying transactions entered into the cryptocurrency blockchain. Verification is carried out using a complex cryptographic algorithm known as “proof of work”.

Anyone can use their computing resources to take part in verifying transactions and receive an appropriate payment for it. For each confirmed block you will receive several ETH, and the Ethereum network also offers miners another reward - the so-called “gas” (transaction fee).

What it is

The basic operating principle of dual-mining is already spelled out in its name - “dual” mining of cryptocurrencies. The miner's main task is to find two protocols that can be processed simultaneously. There are no alternatives to the Equihash protocol, and it is impossible to mine ZCash and ZenCash with another cryptocurrency at the same time.

In terms of traditional pairings, Ethereum is a smart contract platform where users can create tokens, smart contracts, and DAPPS. Sia is a decentralized cloud storage. Ethereum uses the Ethash mining algorithm while Sia uses the Blake 2b mining algorithm, so it is possible to mine these two algorithms without affecting the performance of either.

Crypto mining is possible using CPU, GPU, ASIC and cloud services. Most often, miners using graphics cards prefer solutions from AMD, NVIDIA or MSI. Stable demand for the following video cards:

• MSI Radeon RX570;
• GTX

There are several options for mining cryptocurrencies using dual-mining. This can be done independently or in a pool, but payments take months depending on the power of the mining rig. Pools typically charge a small flat fee (1% or less). A special feature of the pool is that sequential payments can be set up so that the user’s wallet is replenished several times a day.

One of the proven options for dual mining is the nanopool.org , since you can mine Ethereum and Sia at the same time. Nanopool charges a 1% mining fee for Ethereum and a 2% mining fee for Sia. The advantage is a large, proven server that operates servers in the USA, EU, Asia and Australia.

You can use the services of companies that offer cloud mining power. The main thing is to choose a reliable service provider, reserve equipment and monitor the mining process.

Mining difficulty is growing, ASIC computers are becoming more popular

Over time, the complexity of block verification increases. The unit of measurement for mining difficulty is the so-called “hash rate”. An interesting fact: the difficulty of mining Ethereum grew along with the price of ETH until the collapse of 2020, when the price of tokens fell, but the difficulty of mining them continued to rise.

Why has Ethereum's hash rate remained high? This is partly due to the fact that more and more people were involved in the mining process, and also because the computers they used became more and more powerful and efficient. Here it is worth special mentioning ASIC (Application Specific Integrated Circuits) computers, created specifically for cryptocurrency mining and allowing processing blocks much faster.

Strictly speaking, ASIC computers are so powerful and expensive that many people believe that ETH is becoming less and less decentralized cryptocurrency as the bulk of the network's computing power is concentrated in the hands of ASIC owners. There have been repeated questions about how to prevent a group of the most powerful and wealthy miners from seizing control of the ETH network, but no changes have yet been made to the proof-of-work algorithm.

However, you can mine ETH without ASIC computers, but in this case you will need a powerful video card. Preferably gaming. Preferably from Nvidia or AMD. Additionally, you may need to update your computer to support mining applications.

Is dual mining profitable?

The question of how profitable it is to mine two coins simultaneously in dual mining mode is actively discussed on thematic forums. Users note that despite the increased energy consumption of the dual, income still increases significantly. Some even write that the hashrate of each individual currency in this mode is higher than when mining separately. This is due to the architecture of the GPU chips, as the developer of the miner Claymore wrote about.

It should be noted that it is better to engage in dual mining on video cards that are under warranty. This is due to the fact that the wear and tear of the equipment in this mode is much greater and if the video card breaks down, the owner will suffer large losses instead of receiving benefits.

A special calculator will help you evaluate the profitability of dual mining. There are several similar services; let’s consider one of the most popular - WhatToMine. To use it, you need to go to the WhatToMine website, find the drop-down menu at the top of the page called “ETH+” and select the desired pair.

The following are available there:

• ETH+DCR (Decred)
• ETH+SC (SiaCoin)
• ETH+LBC (LBRY Credits)
• ETH+PASC (Pascal Coin)
• ETH+PASL (Pascal Lite)
• ETH+MAX (MaxCoin)
• ETH+SMART (SmartCash)
• ETH+XVG (Verge)

Ethereum Classic or Expanse can also be used instead of Ethereum. Simply open the corresponding drop-down menus: “ETC+” and “ETH+”.

Unfortunately, in the dual calculator there is no way to simply specify the series of the video card, for example, ASUS Radeon RX 580. You must enter values ​​for both currencies. However, these values ​​can be taken from another section called “GPU”. There is a calculator for classic mining with the ability to select a GPU series and display its indicators in various currencies. You just need to select the series of your graphics card, be it ASUS dual-GTX1060-o3g, Palit Geforce GTX 1070 or dual-RX 580-o8g. But the 460 model is not supported, so if you have any ASUS AMD Radeon RX 460 dual OC, then it is better to look for information elsewhere.

It is recommended to compare current data from time to time; perhaps one of the coins will become more profitable in a dual. However, at the time of writing, all couples bring in approximately the same amount of money, and the difference is no more than one cent per hour.

Why Ethereum Mining is Worth It

Obviously, Ethereum mining has become much more difficult these days than it was just a few years ago. In addition, new promising cryptocurrencies have appeared. Finally, why mine when you can always buy ETH on an exchange, right? And yet, ETH mining has a number of its undeniable advantages. Firstly, if you make mining ETH with a video card something of a hobby, you can make money on the topic of cryptocurrencies without risking anything.

Of course, ETH mining can be based on a deeper base. This way you can show that you support the underlying values ​​of Ethereum, helping the network remain stable and decentralized. In addition, by earning money little by little with the help of your mining hobby, sooner or later you will accumulate enough to buy more serious mining equipment - and, as a result, you will be able to earn more significant sums.

Which coin will be more promising in dual?

The cryptocurrency market is known to be very unpredictable. The value of a particular currency can fall and rise significantly in just one day. The same applies to those currencies that are mined in conjunction with ether. You can choose the currency for dual using the above-mentioned calculator, but it should be noted that the income from all dual mode options is always approximately the same and rarely changes.

Another opportunity to decide on the choice of dual currency is to familiarize yourself with the technical analysis of the exchange rate from professionals. Some predictions sometimes come true. Moreover, you can make your own assumptions based on the graphs.

It is recommended to simply create several baht files with settings for different pairs and switch between them depending on the market situation. Alternatively, you can simply mine every couple of days and move on to the next one. This will help you diversify your portfolio, protect yourself from possible exchange rate crashes and earn more.

One of the most interesting options is the Verge cryptocurrency (XVG), which was actively growing in price at the end of 2017 and is still causing discussion on cryptocurrency forums. Its main feature is anonymity, like Monero, but using anonymization of client IP addresses.

Ethereum Mining Basics

How much ETH can you mine? What kind of profit can you target? The answer to these questions depends on the hardware you will be mining on. And you can start on a regular computer - with a processor, RAM, hard drive, cooling and a power supply powerful enough to support the operation of video cards.

You will need a graphics card (or, in fact, your ASIC) if you plan to mine any significant amount of ETH. Focus on the Nvidia GTX 1070ti level and higher. High-end graphics cards from AMD will also work. Update the video card firmware and drivers, and do not forget to make sure that the power supply is sufficient for the board. The fact is that a quality power supply can reduce your computer's power consumption (and, as a result, your electricity bills) and also speed up your graphics card a little.

Generally speaking, you need the most powerful hardware you can afford to not only achieve a high hash rate, but also use the least amount of electricity. Perhaps over time you will decide that even the most powerful gaming video card is not capable of bringing you to the desired level - in this case, think about buying a separate specialized mining device.

Advantages and disadvantages of dual mining

Setting up an ETH wallet and mining software

There are several ways to set up a crypto wallet. Perhaps such a wallet is already built into the mining program you choose. If you want to provide maximum security to your ETH tokens, then use your own wallet. So, we can recommend MEW (MyEtherWallet) - this free program, which only requires a regular browser, is a good choice.

If you consider yourself more of a beginner, then use a GUI mining software to mine ETH without any hassle. However, keep in mind that graphical user interface (GUI) programs are generally less flexible than command line-based programs. On the other hand, the command line is not the most convenient option for beginners.

CLI programs

Here we will suggest you to pay attention to Claymore's Dual Ethereum Miner and EthMiner, as well as PhoenixMiner. However, keep in mind that to work with all these programs you will need to create your own settings files.

• Claymore . Many people believe that Claymore is the best solution for mining ETH. This is partly due to the fact that this program allows you to better control your equipment and, as a result, earn more. Claymore supports mining of both ETH and many other cryptocurrencies.
• EthMiner . This program is very similar to Geth and uses simple code that uses minimal system resources. You will be able to mine any tokens based on ETHash - for example, ETH Classic. However, setting up this program is a little more difficult than Claymore.
• PhoenixMiner . Claymore is a popular program, but some believe that PhoenixMiner is superior in both stability and ETH mining efficiency.

Learning to work with CLI programs is quite difficult, but you can always turn to the numerous communities of users of these solutions for help. And yet, we advise you to choose mining programs not only based on whether you are afraid of the command line or not, but also with an eye to the need to independently configure and prepare complex programs for work.

Mining in dual: which currency pairs are more profitable

Not all algorithms are suitable for the practical application of dual technology. Thus, Claymore's Dual Miner software allows you to mine coins created on the basis of Dagger Hashimoto (Ether / Ether Classic / Expanse / Ubiq), as well as Siacoin, Siacoin, etc. At the same time, the popular Equihash algorithm, used in the ZEC, ZClassic and Zen cryptocurrencies , eliminates the possibility of dual mining.

With the advent of Claymore's Dual Ethereum v 10 software for Windows x64 and Linux x64, mining capabilities have been significantly expanded without purchasing special expensive equipment. The updated version provided the following benefits:

• dual-mining capability for ETH/SC, ETH/DCR, ETH/LBC, RTH/PASC;
• solo for SC (but not for DCR);
• solo for ETH; Stratum support for ETH;
• support for the Stratum and Get Work protocols for DCR;
• support for AMD and nVidia with the possibility of their parallel operation;
• display of basic information and GPU hashrate;
• the ability to change the mining pool server or, if necessary, switch to another pool;
• the ability to choose a GPU for mining;
• lack of dag files;
• temperature and GPU settings;
• remote administrator.

One of the main advantages of the software is the Stratum protocol instead of the usual HTTP. Users get the opportunity to interact directly with the pool, without the need to go through a proxy, which will help increase the speed of the program.

The creators of the software claim that the frequency of block generation using a miner increases by 2-5%. This is facilitated by a “smart” algorithm and improved source code. Innovative Open CL code minimizes the number of old idle pairs, thereby improving performance. And although the hashrate of the program is low, it still helps to increase productivity, since it will not allow the equipment to run idle.

For smooth and efficient operation, the developers recommend regularly installing driver updates on AMD video cards and configuring them through system variables (for memory over 2 GB, the virtual memory volume is set to 16 GB).

The system commission for individual mining of Ethereum is 1% and for dual mining of the Ethereum / DiCred pair - 2%.

GUI programs

Cudo Miner seems to be the most popular GUI software for mining ETH. Working with it is as simple as possible - you don’t need to enter commands or create settings files, you just need to use the mouse.

Cudo Miner allows you to mine both ETH and a number of other cryptocurrencies. The program even knows how to dynamically switch between them, meaning you will always be dealing with the most profitable cryptocurrency. Interestingly, with Cudo Miner you will always receive payments in ETH, even if the program itself chooses the cryptocurrency for mining.

Installing Cudo Miner is easy and simple, the program is supported on various versions of Windows, Linux and OS X. In fact, to prepare Cudo Miner for work you will need a minimum of effort - you can start mining even without a crypto wallet. In general, Cudo Miner can be the very tool that will open the door to the world of ETH mining.

Joining the mining pool

Mining ETH on your own can be very difficult. With only one video card at your disposal, it will take you almost an eternity to mine a single block. Proof of work these days requires enormous computing resources, and therefore the most optimal way to mine has become to join the so-called “mining pool” - a community of users who have pooled the resources available to them in order to process blocks of transactions faster and receive payments more often.

And instead of waiting until you are finally lucky enough to receive a reward, it is better to join the pool and start working together with other miners to increase your chances. Strictly speaking, if you provide enough computing resources to significantly increase the pool's hash rate, you can expect regular ETH payouts as a mining reward.

You will have to configure your mining program in such a way that it works through the pool; you can also use proprietary distributions in which such a connection is already registered. Examples of pools include Nanpool.org, but you can also work through it using CLI programs - for example, Claymore.

How to set up dual mining

Let's look at setting up dual mining using the ETH+DCR pair as an example. The first thing you need to do is register wallets for the selected cryptocurrencies. You can use official PC programs, mobile applications or special websites. Some cryptocurrency exchanges also support transfers of funds from mining pools. It is important not to confuse the addresses of Ethereum and Decred wallets when setting up the program.