The Ethereum platform have a cryptocurrency called Ether. Ether is the GAS in the Ethereum network that keeps the operation live. Ethereum miners get paid in Ether for contributing computing power to the network in order to process transactions on the blockchain.
If you would like to quickly start experimenting with crypto mining, you can download the NiceHash mining app and start right away.
What is Ethereum?
Ethereum is a blockchain technology with a platform for smart contracts that revolutionized cryptocurrency when it was introduced to the market.
Ethereum is a technology that makes it easy for us to create a cryptocurrency or token on Ethereum’s network and blockchain. Earlier in the days, you also had to create a whole new blockchain for your cryptocurrency. It did also require advanced programming knowledge to create applications running on the blockchain.
Ethereum mastered this very time-consuming obstacle by creating a crypto platform where you and I can build new projects with crypto tokens and smart contracts or even self running applications.
Ethereum is therefore, a blockchain technology where we can build applications with the help of smart contracts.
Ethereum is also a network where we can create applications with blockchain technology without having to create a new blockchain. With that, we can easily create decentralized applications on Ethereum’s platform with Ethereum’s standard. Such as the ERC20 Standard to create cryptocurrency tokens on the Ethereum platform.
Ethereum is built on a system where users can create a cryptocurrency and other applications through a concept of smart contracts. These contracts are distributed to thousands of computers, called nodes, around the world.
Everything that happens on Ethereum’s network is recorded in a blockchain ledger where all the transactions are stored. In this way, Ethereum smart contracts are spread through a decentralized system. Ethereum is a platform for tokens, smart contracts, and decentralized apps and uses Ether (GAS) to as the fuel to keep the network up and running. When you are mining Ethereum, you are basically processing encrypted token and smart contract transactions on the Ethereum network and get paid in Ethereum for the transaction fee.
If you want to mine Ethereum, you will need mining hardware such as high-end graphic cards or Ethereum ASIC miners.
Another option is to join the Bitway Network and get monthly payouts in ETH for holding Bitway (WAY) tokens in your wallet.