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 2022. 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 2022
Below is a list of the top 3 platforms for mining Ethereum in 2022.
That said, potential miners will also find a couple of reputable alternatives:
- ECOS – Overall Best Ethereum Mining Platform in 2022
- Hashiny – Crypto Mining Site With Daily Payouts
- Crypto.com – Alternative Way to Earn Interest on Ethereum Without Mining
In addition to being one of the best Bitcoin mining sites in the space, ECOS is also the top choice for Ethereum.
Cryptoassets are a highly volatile unregulated investment product.
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. ECOS – Overall Best Ethereum Mining Platform in 2022
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:
- Tailored for each investor’s needs
- Crypto payouts occur daily
- Mining is available on the cell phone app
- The minimum special trial contract value is just $125
- Free mining contract for new sign-ups
Cryptoassets are a highly volatile unregulated investment product.
2. 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.
What We Like:
- Various crypto coins supported
- Mining begins automatically within an hour
- 15% discount with a coupon code
- Daily payouts
- Real-time mining charts
3. Crypto.com – Best Way to Earn Interest on Ethereum Without Staking
An alternative to generating an income from Ethereum mining contracts is to earn interest on idle tokens instead. Crypto.com is one of the best DeFi staking platforms to facilitate this. Moreover, there are over 40 supported tokens on Crypto Earn.
The holding term options for earning Ethereum include flexible withdrawals, as well as one and three-month fixed. When an investor locks up a certain amount of CRO, Crypto.com’s native token, they earn additional digital currencies. On the flexible term contract, investors get an annual reward rate of 0.2% on $4,000 or less.
On a one-month contract, this is 1.5%. For three months, the annual reward rate is 3%. When $4,000 or more is locked up, the rates are 0.25% on flexible, 2% on one month, and 4% on the three-month fixed term contract. The minimum allocation for Ethereum via Crypto Earn is 0.15 ETH.
There are multiple trading tools available at Crypto.com and the platform now supports TradingView. For those unaware, TradingView is a charting program that enables users to utilize technical indicators and sophisticated drawing tools for doing in-depth market research.
This allows users of Crypto.com to easily switch between TradingView charts and those created by Crypto.com. To place an order and start earning on Ethereum, make a deposit via ACH, credit/debit card, or Crypto.com Pay via the app, or use what’s in the account balance.
What We Like:
- Earning interest is a great alternative to Ethereum mining
- The platform supports credit/debit cards
- Start earning today with a minimum investment of 0.15 ETH
- Regulated exchange and huge trading volumes
- Low commissions
Cryptoassets are a highly volatile unregulated investment product.
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…
Read More: Best Ethereum Mining Platforms in July 2022 – Mine Ethereum Today
