Those who mine Ethereum are tasked with approving transactions on the blockchain. This generates a passive income for the miner while also securing the network.
For the purpose of this guide, we’ve reviewed the best Ethereum mining platforms of 2023. We also explain how to start mining Ethereum, the tools needed, and whether the process is financially viable.
The 3 Best Ethereum Mining Platforms in 2023
Below is a list of the top 3 platforms for mining Ethereum in 2023.
That said, potential miners will also find a couple of reputable alternatives:
- Copium Protocol – Crypto Mining Investments For All
- ECOS – Most Popular Ethereum Mining Platform in 2023
- Hashiny – Crypto Mining Site With Daily Payouts
A Closer Look at the Top Ethereum Mining Platforms
Part of learning how to mine Ethereum is finding a reliable platform for the task at hand. We like ECOS for many reasons. To mention a few, there is a variety of mining contracts, no need to buy expensive hardware, and payouts occur on a daily basis.
To make an informed decision, read the following thorough review of ECOS. As mentioned in the above list, there are alternative options for mining ETH – so consider these platforms too before proceeding.
1. Copium Protocol – Crypto Mining Investments For All
Copium Protocol Investor Pass NFTs minting date: 09 November 2022
Copium Protocol is a crypto mining investment ecosystem that promises a safe and reliable opportunity to earn passive income from crypto mining. It is built around two core assets — Copium Coin and Copium Protocol Investor Pass. Let’s take a closer look at these assets and how they decentralize crypto mining investments.
Copium Coin is the native ERC-20 token that fuels the ecosystem. Copium Protocol Investor Pass, on the other hand, is an early-investor NFT pass that comes with exclusive real-world benefits, rewards, and opportunities. Copium Protocol is centered around Copium Mining, a leading crypto mining company based in New Zealand.
A limited public presale offering (ICO) of Copium Coin will mark the first stage of the project development. The presale will be held for a maximum period of 60 days before the official launch date of the Coin. In the next stage, a collection of 10,000 Investor Pass will be launched through a Dutch auction sale. The starting price will be 3.5 ETH. However, the first 2000 people to register interest in the sale via a pre-mint link will get a guaranteed mint spot at a discounted, fixed price of 3TH. The minting date is scheduled for 09 November 2022.
Here are the key benefits of holding the Copium Protocol Investor Pass:
- Access to the Initial Copium Coin Airdrop worth 10,000 Copium Coins
- Special rates when staking Copium Coin holdings for a range of pre-defined periods. The yields will be substantially higher than what public stakers get
- Opportunity to stake Investor Pass in return for daily Copium Coin earnings. The platform guarantees a daily allocation of ten Copium Coins per staked Investor Pass for two years
- A one-time only, initial staking rate of 38% APY for a locked 36-month period. It has to be activated within 30 days of minting the Investor Pass
The funds collected from the Investor Pass sales are used to buy equipment at the Copium Mining facility in NZ. The daily mining revenue earned from the mining facility, in turn, is used to buy Copium Coins from the open market. It is then burnt to reduce the supply of the token, driving the value of Copium Coin in the long term.
The public launch of Copium Coin will coincide with the Investor Pass auction. The tokens will be initially available for purchase on Uniswap. However, you can buy them early for a discounted price at the Copium Coin Presale.
What we like
2. ECOS – Overall Best Ethereum Mining Platform in 2023
ECOS combines the benefits of cryptocurrency cloud mining with its trading platform, which supports 200 digital assets. The platform has expansive data centers that are capable of hosting thousands of sophisticated mining rigs.
Additionally, the platform supports staking as well as ECOS debit card, which can be used to make cryptocurrency payments for products and services – but in the real world. There is a calculator on the platform which will help miners choose the correct contract.
ECOS also offers investment portfolios and savings accounts. When mining at ECOS, payouts are offered on a daily basis. Importantly, Ethereum cloud mining is not natively supported by the ECOS platform.
However, it is still feasible to pay for a Bitcoin contract with Ethereum. An alternative option is to mine or deposit Bitcoin or other cryptocurrencies, and instantaneously swap them for Ethereum on the ECOS platform. ECOS also offers diversified mining indexes. This enables users to mine multiple tokens via a single contract and many indexes include Ethereum.
The minimum cloud mining contract is usually $149. However, the platform offers a special trial contract for $125. According to the platform, the minimum withdrawal is 0.014 ETH. In terms of the minimum withdrawal on other coins, this stands at 0.001 BTC, 30 XRP, 0.042 BCH, and 40 USDT.
ECOS offers a cell phone app for iOS and Android users. In addition to a top mining platform, investors will also have access to a crypto wallet for storing digital currencies and NFTs. This allows investors to cash out, save, and access their portfolio of digital assets on the move.
Supported payment types for renting the mining facilities include credit cards. Moreover, the platform offers investment portfolios. This is a great way to diversify via a single investment. Each portfolio is made up of a collection of the coins that have the most potential, as determined by thorough market analysis.
Crypto, NFTs, and other digital assets are included in ECOS portfolios, with varying rates of risk and return. Finally, ECOS is offering all new users a free cloud mining contract for one month.
What We Like:
Cryptoassets are a highly volatile unregulated investment product.
3. Hashiny – Crypto Mining Site With Daily Payouts
Hashiny was launched in 2015 and is now one of the top Ethereum mining platforms. With the help of Hashshiny, investors may earn ETH and gradually reinvest it to boost their hash power.
Moreover, Hashiny features a mining calculator which makes it easier to work out how much can be earned. The platform also supports daily payouts and has a referral program. Hashiny is fairly easy to navigate too. Furthermore, signing up takes minutes and simply entails verifying the account, making a deposit, and choosing a mining plan
Investors can access and view different cryptocurrencies at Hashiny. Those who will be mining for Ethereum will be offered a minimum hash rate of 100 KH/s on a two-year contract. The maintenance fee is $0.0013/100 KH/s per day at the time of writing.
The hardware used is GTX 1080 (8 cards) and miners receive an automatic payout in ETH. The maintenance charge is $0.90 per 100 KH/s. Mining begins automatically after an hour and the first payout is received within 24 hours.
There are some basic features at Hashiny, which include real-time mining charts, and ASIC (application-specific integrated circuit) miner GPU Ethereum rigs. Moreover, there is a tutorial on mining different coins and also a free cell phone app.
At the time of writing, Hashiny is offering a 15% price reduction to those using a coupon code. Supported payment methods include cryptocurrencies, credit cards, e-wallets, and wire transfers.
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How Does Ethereum Mining Work?
As one of the best coins to mine, Ethereum mining describes the process of building a block of transactions to be added to the blockchain.
- The connection between gold and digital currencies like Bitcoin is where the term ‘mining’ first appeared in relation to crypto.
- This is because many digital tokens have a limited supply, and the only method to raise the overall volume is by mining
- That is to say, after the initial launch of a crypto asset, mining is the exclusive method of issuing tokens
That said, mining also serves as a means of securing the network in question.
- As such, mining is a way of validating, propagating, and publishing blocks in the Ethereum blockchain
- Like Bitcoin mining, Ethereum employs a proof-of-work (PoW) consensus algorithm. The backbone of proof-of-work is mining
- Ethereum miners use their time and computing power to process transactions and create blocks on machines that are running special software
See some more information below on the different ways to partake in Ethereum mining:
Ethereum Mining Pools
An Ethereum mining pool is a term used to describe a group of crypto miners.
They join together to combine their computational resources to increase their chances of finding a block and thus – earning rewards.
Here’s how it works:
- Each miner who joins a pool understands that rewards will be distributed among them based on the hash power supplied
- This will be awarded if one of the miners manages to solve the cryptographic equation
- As such, the number of blocks the group finds on average depends on the size of the pool, expressed in hash power
Importantly, not every pool is made equal. Pool size, minimum payout, and fees are the three main factors that should be taken into account during the selection process.
The portion that the pool administrator receives for managing it is specified in the fee.
Mining for Ethereum Solo
For more Ethereum mining profitability, some investors go solo. That is to say, instead of clubbing together with a pool of others and sharing the rewards, they find the best mining software for Ethereum and go it alone.
Since there are no pool fees to pay and benefits need not be divided, mining independently looks to be a more appealing option than pool mining. However, this option requires hundreds of GPUs or ASICs to have a realistic chance of finishing in an acceptable period of time.
Not only that, but Ethereum mining hardware costs hundreds or thousands of dollars. As a result, it’s usually professional miners who own their own mining farms and who choose to engage with solo mining. This will not be suitable for everyone.
Choose a Cloud Mining Platform
To save time and money on Ethereum mining hardware, many look for alternative options.
In stark contrast to the aforementioned pooling and solo mining, it’s possible to get started in a few clicks with no hardware or software required at all.
For instance, it’s possible to pay a platform a small fee to mine – this is called cloud mining.
See some more information on Ethereum cloud mining below:
- Signing up with a cloud mining platform is comparable to renting out equipment
- When taking the cloud platform route, the provider in question will already have its own large-scale data centers with Ethereum mining rigs
- Be mindful that cloud mining, particularly when done through an online service, requires confidence in the counterparty
- There is no assurance that the upfront payment is utilized to operate mining equipment or that such equipment even exists
Because of this, it is advisable to choose reputable, well-established cloud mining services like ECOS. The company has a huge high-speed data center that uses 200 MW of electricity and Antminer S19j Pro.
Ethereum mining on a platform like ECOS is a no-brainer for many. As we’ve touched on, it eliminates the need to find the best mining software for Ethereum or buy sophisticated ASIC equipment.
Is Ethereum Mining Profitable?
It has to be said that Ethereum mining in the traditional sense is less profitable than it used to be.
- Once the cost of electricity is taken into account, the cost of entry into mining Ethereum in 2023 is simply unaffordable for many
- When solving a block using ASICs, this uses a huge amount of energy
- To make matters worse, at the time of writing, electricity is higher than it’s been for many years and is still surging
- Moreover, an advanced Ethereum mining rig can cost many thousands of dollars
- On top of that, to be successful in a pool and gain that all-important hash power, Ethereum mining really requires more than one of the aforementioned ASICs
- The more ASICs, the higher the miners’ utility bill will be
Again, ECOS makes Ethereum mining easy. There is no initial outlay to buy advanced equipment because the platform has its own fully fledged data centers. Fewer financial burdens increase the potential for Ethereum mining profitability.
ECOS allows miners to select and customize their own contract, which also includes being able to select varying service charges. At ECOS, Bitcoin can be mined, and then the rewards can be paid in ETH.
How to Mine Ethereum Easily
To access the best mining software for Ethereum and earn rewards in an easy-to-navigate environment, look no further than ECOS.
As we touched on, this all-in-one data center makes mining cryptocurrencies a breeze.
Step 1: Open an Account
To create an account, visit ECOS and look for the button labeled ‘Sign Up’.
After clicking it, a form will appear. This must be completed to access the best crypto mining software offered by ECOS.
Enter an email address, password, and cell phone number followed by other basics surrounding identity to continue.
Step 2: Verify Account
When ECOS sends an email it will contain a code. This code can be used on the ECOS platform to verify the account.
Step 3: Fund an Account
Next, make a deposit in order to pay for a cloud mining contract. This can be done using Ethereum, a credit card, or another cryptocurrency such as Litecoin.
Bear in mind that the ECOS cloud mining platform offers a special trial contract for $125. After considering how much to deposit, click ‘Add Money’.
Step 4: Buy a Contract
As we touched on in our earlier review, direct Ethereum mining is not possible at this time.
That said, the contract can be paid for with Ethereum and the withdrawal can also be in this digital currency.
It’s also possible to deposit BTC or other crypto assets and swap them for ETH.
Click ‘Cloud Mining’ on the dashboard. Next, slide the bars across to customize the contract and confirm when ready.
ECOS is also offering a special promotion for newbies whereby a mining contract of $5,000 is on offer. To qualify, enter an email address and click ‘Send Special Offer’ for details.
Today, we’ve analyzed the best Ethereum mining platforms and the different ways in which this can be achieved.
At ECOS, it’s possible to mine Bitcoin, pay for the contract in Ethereum, and also withdraw rewards in ETH. Moreover, ECOS offers ready-made portfolios and indices, many of which include Ethereum.
Miners can look forward to daily payouts, a simple-to-use website, and a multitude of accepted payment types from Ethereum and Bitcoin to credit cards.
Cryptoassets are a highly volatile unregulated investment product.