People in Spain are currently earning money with Ethereum, the trendiest cryptocurrency, and they're not hackers, Anonymous leaders, or drug dealers. They're regular individuals with some tech-savvy and entrepreneurial spirit.
The Rise of Ethereum Mining
In February, Mario Chamorro, a Madrid-based consultant, discussed cryptocurrencies with a friend when Ethereum came up. "It seemed like a superior technology to Bitcoin, enabling functionalities Bitcoin couldn’t... At first, I didn’t pay much attention, but in May, when its value started rising, I reconsidered," he explains.
With more curiosity than expertise, Chamorro and his brother built a mining rig—a setup to mine Ether, Ethereum’s native currency. Mining involves contributing computing power to the Ethereum network in exchange for rewards proportional to the effort. To keep the system running, a small fee called gas is deducted from each mined Ether.
Why Ethereum Over Bitcoin?
- Bitcoin mining is dominated by industrial-scale operations, making it unprofitable for individuals.
- Ethereum mining remains accessible. "Once Ether hits $200, it becomes profitable," says Chamorro. "The higher the price, the more you earn."
On July 19, Ether prices fluctuated between $206 and $256, marking a profitable day for miners.
Setting Up a Mining Operation
Hardware Challenges
- Global shortages of high-end GPUs due to cryptocurrency mining demand.
- Brands like NVIDIA now produce mining-specific GPUs.
Chamorro started with his personal computer but quickly realized its limitations. "A regular PC costs too much to mine Ether efficiently."
Building the Rig
- Invested in 12 high-end GPUs.
- Sourced specialized mining cables from Hong Kong.
- Followed online guides to assemble the rig.
Profitability
- Two rigs generate ~3 Ether per month.
- Monthly electricity costs: €180.
- ROI projected within a year.
Risks and Rewards
Market Volatility
- Ethereum’s rising transaction volume fuels growth—and bubble fears.
- Chamorro remains cautious: "If Ether crashes, we can resell hardware at 60% value."
Alternative Approaches
- Trading Ether: Raúl Marcos, a programmer, prefers buying/selling over mining.
- Cloud Mining: Rent computing power from third-party services.
FAQ
1. Is Ethereum mining still profitable?
Yes, if Ether stays above $200 and electricity costs are manageable.
2. Can I mine Ethereum with a regular PC?
Possible but inefficient. High-end GPUs are recommended.
3. What’s the biggest challenge for miners?
Hardware scarcity and rising electricity costs.
4. How long does it take to break even?
Typically 6–12 months, depending on Ether’s price.
5. Is Ethereum mining environmentally friendly?
High energy consumption is a concern. Some miners opt for renewable energy sources.
👉 Learn more about Ethereum mining
Ethereum mining blends profit potential with technological curiosity. Whether you mine, trade, or invest, understanding the ecosystem is key to navigating its risks and rewards.