Beginner’s guide to mining Ethereum with Genesis Mining

Follow this step-by-step guide to get started with Ethereum mining.

  • OPEN AN ACCOUNT

Head to Genesis Mining and open an account.  The process is straightforward – email, password, the usual.

  • SET UP THE MINERS

At the moment of writing (June 2017), I recommend starting with Ethereum. Genesis Mining’s Bitcoin mining option is sold out at the moment, and the profit calculations for Monero are not nearly as good as Ethereum.

Click on “Start Mining Now” and use the slider to select how much hashpower (MH/s) you want to buy. To estimate the ROI, use the calculator here. Add the MH/s amount you’re planning to buy and check the profit / year column for an estimate.

mining-ethereum-slider.png

Please note that the ROI estimate from the calculator is only accurate if the price of Ethereum stays the same. If the price doubles, your profits double. If the price drops, your profits drop. There is risk, just like with any other investment.

Always use an affiliate code when buying hashpower – even if you already have some, and are buying more. You can use the code Sr5fmI to get 3% off any hashpower purchase.

You can pay with credit cards, Bitcoin or some altcoins, if you’re holding any. I paid with credit card and it went through smoothly.

  • SET UP A WALLET

A cryptocurrency wallet is basically the cryptocurrency equivalent of a bank account. In the case of an Ether wallet, you can deposit (receive), store and send Ethereum, including sending it to marketplaces to sell later.

UPDATE 15.6.2017: After experimenting with different types of wallets, I recommend Exodus, which is a great desktop wallet with a neat interface and good safety features. You can download Exodus here (available for Windows, MAC and Linux). The installation is easy and straightforward.

After you have Exodus installed, click on Wallet -> Ethereum -> Receive, and copy your Ethereum wallet address (hashcode, long string of numbers and letters). Head to Genesis Mining (My Account -> Settings -> Wallets) and paste the address to the Ether field (lower left corner).

Genesis Mining will pay you daily. However, if you use a credit card to buy the hashpower, you’ll have to wait 30 days for your first payment. I assume they’ve had some issues with credit cards in the past, as in, card charge back.

That’s it – your miners are running and your payment details set. If you have any problems or if the guide is missing something, please let me know in the comments.

USEFUL LINKS

Genesis Mining

CryptoCompare Mining Calculator

Official Ethereum website

 

Early days

A little bit about myself: I’m a 33-year old Finnish startup entrepreneur / nomad / former IT manager. I turned my life around five years ago when I quit my job and joined the then-booming digital nomad movement, and spent several years living abroad in Southeast Europe, Asia, North America and Australia. I’ve settled to the APAC region for now.

I only got into cryptocurrency investing fairly recently, while living in Chiang Mai. Since then, I’ve invested mainly in Bitcoin and Ether, and am a huge fan of passive income, which fits well into this scenario.

This blog’s purpose is two-fold. Mainly, it will be a vessel for my ravings and observations of the cryptocurrency investing field, from a beginner’s viewpoint. I will also be tracking the results of my investments transparently. Unless anything drastic happens, the results will be updated weekly.

Main methods for this experiment will be Genesis Mining and direct investment (buying and holding the currency).