This article will highlight the relevance of Minerstat and how it can be an informative guide for beginners. If you are pondering over the thought of starting with mining and came across Minerstat, then you’re halfway through already. Minerstat is an evolving software that is predominantly into monitoring and management. Initially, it was amply intended for those users that manage a plethora of rigs, but now, complete novices and beginners can also be facilitated and can learn as much as they want about the world of mining.
The pivotal advantage that Minerstat provides with a small rig or even just a single GPU is having an entire mining client conveniently at the tip of your finger, which is anything that a beginner can ask for. Remotely from the web dashboard, you get the option at your disposal to easily switch between several combinations of the mining as well as optimize your rig on the go.
The first and foremost thing you are required to do is registering yourself with a new account, in case you haven’t done that already. Followed by the registration process, you are supposed to add a new worker, and then the installation process can be started with the help of instructions.
You can use your access key in accordance with the worker’s name for the purpose of identifying the software. If you follow these instructions carefully, your worker will soon appear online and start mining.
Tools required To Start mining
Tool 1: Hardware: You will require a powerful Nvidia or AMD GPU.
Tool 2: ETH wallet address: The wallet ETH address should start with 0x. In case your GPU doesn’t have 5GB or more of VRAM, then it will be required for you to get some other wallet as well, for instance, RVN or ETC.
Tool 3: Software: You can easily download Minerstat for Windows; it will guide you through the whole process coherently.
Tips You Need To Know:
So, regardless of you being a beginner or a pro-crypto miner, it is imperative to assess and scrutinize the profitability and returns of mining Ethereum. Below mentioned are some of the key points you should consider before you embark on your mining:
Tip.1: Ethereum Prices
The current prices of Ethereum are approximately $2,500. The price has significantly gone up to as much as $3,900, which is an all-time high, and that too only in a matter of a couple of recent weeks. At the inception of the pandemic COVID-19, the value plummeted from $280 to only $120 back in March 2020.
Now the question that usually vexes the masses is what kind of significant advantage will you reap from mining Ethereum in a scenario where its price increases?
Well, the answer is quite unsophisticated and constructive because if the prices of Ethereum surge, the rewards you get in terms of fiat value also go up simultaneously.
Tip. 2: EIP-1559 – reduced reward
Now, this is another substantial factor to be worth addressing is the upcoming EIP-1559 fork that will decrease Ethereum block rewards. Currently, Ethereum block reward is 2 ETH + dynamic part, which depends on transaction fees. These transaction fees can be 0.5 ETH or go higher to 4 ETH, 6 ETH, or even 30 ETH, when the network is full.
EIP-1559 will adjust rewards and decrease the earnings made from transaction fees.
Tip.3: Upcoming PoS
Ethereum is planning to switch from Proof-of-Work mechanism (mining) to Proof-of-Stake mechanism (staking). This means that mining Ethereum soon won’t be possible anymore. When this moment comes, it will be really important to be able to switch to other (profitable) coins and quickly adjust to the situation on the market.
How Minestrat Keeps You Ahead:
Step 1: It is easy to set up: You can easily download and then install Minestrat for Windows. You can log in with your unique access key and worker’s name. That’s how you can kick off mining with just a few clicks.
Step 2: Facilitates remote access: Miners might need remote access in some circumstances, and that should not become a debilitating hurdle. With Minestrat, you can remotely set up your mining configuration, switch to other coins, as well as overclock directly from your Minerstat dashboard.
Step 3: Provides holistic solution: Minestrat assists you in monitoring and managing your rigs with recourse from the unique features in the likes of ClockTune, Alerts, Triggers, Profit Switch, etc.
