ETHEREUM CLOUD MINING FOR DUMMIES +*** For Mac, Windows, and Linux users.*** by A.Milan (github.com/angelomilan) and M.Terzi (github.com/terzim) with the precious support of @paul_bxd and @jesus666 ** Warning: this has been tested on the Frontier test-net and has just recently undergone testing on the Frontier live-net, which has just been launched. A notice on costs: you are going to spend about 2.60 USD / hour for a g2.8 instance so keep this in mind, if you want to proceed ** This step by step tutorial tries to be easy to follow. It is supposed to be as easy as copy / pasting but we acknowledge that a certain level of understanding and patience to follow the detailed instructions is needed. Even if you lack of patience, try to understand step by step what you are doing. If you do not, it does not really matter as long as you follow the instructions properly. If you have any questions, please contact @angelomilan or @terzim (github.com/terzim). PROBLEM I want to mine Ether, but I do not want to use my machine and I do not want to invest on new hardware and pay thousand dollar electricity bills. Eobot is the easiest, cheapest, and best way to mine ETH. You can mine and hash cryptocurrency with Cloud Mining, or you can use any CPU or GPU. SOLUTION: cloud mining aka using Amazon’s cloud servers Since GPU mining is set to be 100x more efficient than CPU with Ethereum, we need to look to renting GPU power on the cloud. The answer, apparently, is Amazon Web services EC2. On @paul_bxd revealed an inner mean (hashrate) of 24 MH/s using an AWS g2.8xlarge instance comparable to the benchmark of an AMD Radeon R9 280x: 23.2 MH/S which is the best in class for ethereum mining (Nvidia Geforce is far less efficient) The tutorial is divided in two parts. In the first, we are going to create an Ubuntu Linux virtual machine on Amazon Web Services (AWS) EC2 (Elastic Compute Cloud); in the second part, we are going to install Ethereum C++ miner on Ubuntu. ##Part 1 - Creating an Ubuntu Linux virtual machine on AWS EC2 (Amazon Web Services, Elastic Compute Cloud) ###Step 1 - Get an AWS account First things first:. Amazon Web Services (AWS) is a cloud computing service provided by Amazon, the well known e-commerce giant. Click on the top-right button: As you can see, the registration process is very handy, since you can sign-in with your existing Amazon account. You may notice that AWS offers the EC2 service free for 750 hrs/month, for 12 months. However, that is for the Linux t2.micro instance. That is good for testing, but not for mining Ethereum. I will tell you later what instance to select to maximize the GPU power. Once you have registered on, you will be presented with a big list of the services offered by Amazon. Click on EC2 (stands for, Elastic Compute Cloud), that will give you GPU horsepower for mining the Ethereum blockchain. ###Step 2 - Setup the pre-built AMI (Amazon Machine Image) on AWS EC2 An Amazon Machine Image (AMI) 'provides the information required to launch an instance, which is a virtual server in the cloud'. For our purposes, we need to use the following AMI: • IMAGE: ami-2cbf3e44 for US-East (Ubuntu Server 14.04 LTS (HVM) – CUDA 6.5) • STORAGE: Use at least 8 GB, 20+ GB recommended How can we find it? To find a Linux AMI using the Images page: • Open the Amazon EC2 console. • From the navigation bar, select US East (N.Virginia); • In the navigation pane, click Images -> AMIs; • Switch to Public Images next to the search filter (the default is 'Owned by Me' which will be at first empty, since you do not yet own any AMI) • Click on the search filter and then (search by) AMI ID -> ami-2cbf3e44 Note: Make always sure you are in the correct region (US East, N.Virginia as we said) otherwise you will not see the AMI we are insterested in on the list. The ami-2cbf3e44, like all the ubuntu 14.04 images, is supported by Ethereum Frontier, but in addition this pre-built AMI has all the NVIDIA GPU drivers, OpenCL, etc. All pre-installed. • Select the ami-2cbf3e44 and click on the blue button, 'Launch'. ###Step 3 - Customize and review your instance Now we need to customize the instance to make sure we are doing things right. • You will be redirected to “Step 2: Choose an Instance Type” As we said in the intro, we need a GPU instance to mine Ethereum. If you scroll down the list you will see 2 GPU instances. • We will go for the g2.2xlarge or g2.8xlarge (if you skip this step, you will not have an nvidia device) • Just click on the empty box on the left to choose the instance Note: At this point, if you want you can play with the t2.micro free instance before proceeding spending money. • Click on 'next' and you will be redirected to 'configure instance details' to access advanced settings for your instance. We suggest leaving everything as is, unless you feel extremely comfortable in what you are doing. A particularly interesting feature is the 'purchasing options': if you click on 'request spot instances' you can specify the bid parameters for purchasing the computational power needed to launch your instance. Don't overlook this feature if you want to be in control of the instance costs. As Amazon suggests: you have the option to request Spot Instances and specify the maximum price you are willing to pay per instance hour. If you bid higher than the current Spot Price, your Spot Instance is launched and will be charged at the current Spot Price. Spot Prices often are significantly lower than On-Demand prices, so using Spot Instances for flexible, interruption-tolerant applications can lower your instance costs by up to 90%. Learn more about Spot Instances:. We want to highligth this: IF YOU ARE INTERRUPTION-TOLERANT! • Click on 'next' and you will be redirected to the 'add storage' screen. We recommend to use at least 20+ GB. Otherwise you will run out of space pretty soon!:) In any case, just do not edit these settings unless you are comfortable about what you are doing. (ask the guide creators) • Click on 'next' and you will be redirected to the 'tag instance' screen. We recommend not to edit these settings. • Click on 'next' and you will be redirected to the 'configure security group' screen. It is important that you upgrade the security settings and choose 'My IP' under the tag 'Source'. By doing so, only you (i.e., your IP) will be able to launch the instance. Indeed, you do not want all the internet to be able to launch your instance!! • We are ready, just click “Review and launch” at the bottom and 'Launch' in the next screen. ###Step 4 - Launch You will now be prompted to create your access key aka “Key pair”. To use a virtual machine we first need an access key (keep it private!). Amazon AWS access keys consist of a public key and a private key. • Scroll the dropdown menu to “Create new key pair” • Type a name for the access key • A.pem file will be automatically downloaded to your local machine, this is your private key. • Backup this file (for example, storing it in a USB drive) since you will need this for remote access to your virtual machine on the AWS cloud • Then click “Launch Instances” • All right, now on “View instances” Your instance should be pre-selected. Wait about 5 minutes for the Initializing process. Then click connect. CryptoCompare needs javascript enabled in order to work. Follow these instructions to activate and enable JavaScript in Chrome. PC • To the right of the address bar, click the icon with 3 stacked horizontal lines. • From the drop-down menu, select Settings. • At the bottom of the page, click the Show advanced settings link. • Under the Privacy section, click the Content settings button. • Under the JavaScript heading, select the Allow all sites to run JavaScript radio button. • Finally, refresh your browser. MAC • Select Chrome from the Apple/System bar at the top of the screen. • Select Preferences. From the drop-down menu. • In the left-hand column, select Settings from the list. • At the bottom of the page, click the Show advanced settings link. • Under the Privacy section, click the Content settings button. • Under the JavaScript heading, select the Allow all sites to run JavaScript radio button. • Finally, refresh your browser. Is quite difficult to mine on your standard PC as there are quite a few step to go through as can be seen in our comprehensive. If you aren't tech savvy or willing to give a bit of time to getting it up and running yourself, there is another way. This is where you pay someone else to do it for you and get them to run the mining equipment on your behalf. You can compare all. You can buy your first cloud mining contract with Genesis Mining. This is called cloud mining. It has been happening for a long time with Bitcoin and a number of reputable providers have come to the fore where you can trust their reputation for them not to run off with your money. This is especially true of Genesis Mining who are the first to set up a batch of Ethereum Mining contracts where all you do is pay them some cash and your up and running as an Ethereum miner - as simple as that - no hassle no playing around with downloading Geth and using command prompt - and most importantly you don't have to maintain it yourself which can be a big issue if you have to keep going to restart your computer. So it saves your time! The reason Ethereum Cloud miners can get better deals is two fold. Firstly they buy in bulk, so they get a discount on all their graphics cards. Secondly they can put their mining machines in low cost locations such as Iceland. This severely reduces the operating costs of running an ethereum mining contract which means they can pass on these savings to you. In fact Genesis mining run their contracts off green energy - so you can say your being green whilst being in the avant-garde of a financial and technological revolution. They offer the contracts for a period of one year and during that year you have no extra fees its a one off up front payment. You might wonder how they can do this - the simple reason is that they hedge their profit and loss so there is no risk of everything going wrong - they hedge the. They also guarantee 100% uptime - this means that if your miner goes offline - they will substitute their own machines immediately - kind of like getting replacement car if yours breaks down. The other advantage is that you don't have to listen to the noise that it creates. Adding all of this together it would seem pretty logical to opt for a mining contract unless the joy of mining was for the joy of mining itself. Although you might just get a smaller slice of profitability by doing it for yourself - would it be worth it - we don't think so. Here are three of the top mining contracts on offer. 1 Mh/s $44 $44 per MH/s 25 MH/s $1100 $44 per MH/s 100 MH/s $4400 $44 per Mh/s They are all priced the same on a cost per MH basis - usually you get a discount the more you buy. However this is due to the demand with Ethereum as it is such a popular 2nd generation crypto currency. They generally offer daily payouts to the user which you can feed into your or however you choose to store it. If you want to find out more about cloud contracts you can read about it and if you want to find out some more about ethereum, how it is mined and issued, you can find more guides. You can buy your first cloud mining contract with Genesis Mining.
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