If you have lately been in a period of continuous research of the crypto sphere and what the blockchain system refers to, you have undoubtedly come across various terms such as mining pool.
Of course, going into more detail, you’ve identified that there are mining pool platforms, and you’ve probably come across EthMiner as well.
In this article, we will provide an in-depth review of EthMiner, including its features, fees, and user experience.
What is EthMiner?
To become familiar with EthMiner, you first need to know what a mining pool is.
Basically, mining pools are groups of miners who combine their computational resources over a network to mine cryptocurrencies more effectively. When a block is mined, the reward is shared among the pool members in proportion to the amount of computational power (hash rate) each member contributed. This allows miners to earn a steady income, even if they individually have a small amount of mining power.
It is a popular mining software among miners and is used to connect miners in so-called mining pools in order to mine blocks and earn a reward.
At the time of writing, on EthMiner, you can mine the following cryptocurrencies, with interconnected hash rates:
- Ethereum Classic – 16.5 TH/s
- Ravencoin – 1.5 TH/s
- Ergo – 3.0 TH/s
In the past, EthMiner was a popular mining software among Ethereum miners. Still, since September 15, 2022, Ethereum changed its consensus mechanism from Proof-of-Work (PoW) to Proof-of-Stake (PoS), so, it is no longer possible to mine Ether on the Ethereum Network using Graphic Cards (GPUs) or ASICs.
Since September 15, 2022, on EthMiner, the Ethereum mining pool has switched to withdraw-only mode.
Also, the Beam mining pool shut down on January 16, 2023.
Related to EthMiner, some of its features include:
- Open-source: EthMiner is open-source software, which means that it is freely available for anyone to use and modify.
- Compatibility: EthMiner can be run on various operating systems, including Windows, Linux, and macOS.
- Real-time statistics: EthMiner provides real-time statistics about the miner’s performance and the status of the mining pool.
- Payout System: EthMiner uses the PPLNS payout system, a more stable and fair system than PPS (pay per share).
- Support: EthMiner supports miners in resolving any issues they may encounter while mining.
EthMiner User Experience
Additionally, EthMiner’s customer support team is generally responsive and helpful, which is a plus for many users.
EthMiner has a fee structure of 1% on rewards earned from mining. This means that for every block mined and reward earned, the mining pool will take 1% of the reward as a fee. This fee covers the mining pool’s operating costs and ensures its sustainability.
However, stay up to date with the latest fees that EthMiner charges by checking their website often because, after The Merge, there would supposedly be some increases in what the fees entail.
Another important aspect of EthMiner is its security.
The platform uses a variety of security measures to protect users’ information and funds, including SSL encryption and two-factor authentication.
Additionally, EthMiner maintains a strict policy on hacking and cheating, which helps to ensure that the platform remains fair for all users.
Is EthMiner a scam or not?
It is true that if you search the web for sites related to mining pools, you might see EthMiner there as well. However, in recent months, the platform has started to decrease its activity more and more.
Also, there is a very good chance that in the future, the fees charged by the platform will increase, taking into account that it is no longer possible to mine through the platform the cryptocurrency that made the platform known, Ethereum.
There are a lot of instructions that you need to read before putting your PC to work for yourself.
We recommend that, besides this review or other reviews, you do your own research, check what users think on various forums, and only then invest in such a platform. Remember to invest only an amount you can afford to lose!