If you’re considering attempting your hand at mining Ethereum PoW fork, your timing is unfortunate. The Ethereum blockchain simply underwent a major transformation that modified the nature of how Ethereum is created and validated, and because of this, it’s no longer doable to mine Ethereum. But that doesn’t imply you’ve misplaced your opportunity to profit by servicing this rapidly increasing blockchain network.
ViaBTC supports the mining of eleven totally different cryptos, including Bitcoin, Bitcoin Money, Litecoin, and Ethereum Traditional. You can mine with ASICs, GPUs, and CPUs with ViaBTC, or you’ll be able to attempt the platform’s cloud mining service if you don’t want to purchase hardware. The platform additionally offers a customer service page to your points or concerns.
So what Ethereum affords is a «smart contract platform» which takes numerous that expensive, difficult stuff and automates it. It’s early days yet, so we can’t do all the pieces, however we’re seeing a stunning quantity of functionality even from the primary version of the world’s first generally obtainable sensible contract platform.
Mining algorithm. Despite Ethereum and Bitcoin using the PoW consensus mechanism, they don’t use similar hashing algorithms. Bitcoin uses the SHA-256 encryption algorithm, while Ethereum makes use of Ethash.
Bitcoin’s SHA-256 allows for the use of extremely specialised tools known as ASICs (Application Specific Built-in Circuit chips). Ethereum, alternatively, may be mined using GPUs (Graphical Processing Models). ASICs are much more powerful and expensive compared to GPUs.