There are 2 ways to buy ethereum
- Purchase them on an exchange trading platform
- Through mining, that is to say by carrying out a sort of download of the coins in issue
Let’s sift through the 2 alternatives:Buy Ethereum through an exchange
To do this, you need to buy a wallet. That is to say a virtual wallet where to manage the cryptocurrency. Experts typically recommend Coinbase for this purpose. Which also provides a convenient connection to the Paypal account. An excellent platform to associate with Coinbase, is certainly The Rock Trading, which will be important when you have to try your hand at converting cryptocurrencies into euros. A valid alternative to Coinbase is Bitfinex Cross-Chain Integration.
How Ethereum Mining Works
If, on the other hand, you want to run into the Ethereum mining road , this means that you have to extract cryptocurrency tickets from a blockchain system. But it also means having computers that continues to run on a hashing algorithms, which puts up with a huge percentage of data and compresses it into a cord of words and digits of a limited size. The hashing algorithm that Ethereum utilizes hashes metadata from the vastly current blocks utilizing the nonprofit. This is a binary digit that generates an unusual stew price. For each new block of the blockchain, the network will set a target hashing value and all the extractors of the network will try to guess the nonce that generates that value.However, let’s say right away that guessing a nonce that will generate a certain value is practically impossible. Therefore, the only way to find the correct nonce is to sift through all possible solutions. That is to say proof-of-work. The miner who finds the correct nonce will then be awarded a block and will receive 5 Ethereum.
Once this is done, the process starts again in a cycle that recurs every 12 seconds. Ethereum mining is based on only one important parameter: the MH / s (Megahash per second, which would be the hashrate), i.e. the number of hash checks that the video card performs in one second. What matters is having the highest MH / s value possible. To evaluate this aspect, you can rely on the Nicehash website, which calculates the initial cost of the video card and its consumption in Watts compared to the cost of electricity in € / Kwh. To facilitate the calculation without having to see in the electricity bill how many euros we spend in Kwh, we can conventionally use 0.27 as the value. That would be the average of Italian spending.
In this way you could make a more approximate count on Ethereum mining and understand whether or not it is convenient to do so. The main costs are given by the electricity spent every day and by the purchase of the initial video card.