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How to Mine Ethereum: NiceHash, Mining Pools, Best Settings

Ethereum cannot be mined on Mainnet today. Here is what NiceHash actually does, how to configure it responsibly, why old pool commands fail, and how staking compares.
From TheFinanceBase Team8 min to read

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You cannot mine Ethereum today. Ethereum Mainnet stopped using proof of work on September 15, 2022, when The Merge moved the network to proof of stake. GPUs, ASICs, NiceHash, and Ethereum mining pools can no longer produce new ETH blocks.

NiceHash remains usable for a different purpose: it sells your computer’s available hashing power in a marketplace and pays you in Bitcoin. If your goal is to earn ETH, the relevant alternatives are buying ETH, staking it, or mining a different proof-of-work coin and exchanging the proceeds. Those choices have different costs, risks, and tax consequences.

What happened to Ethereum mining?

Before The Merge, Ethereum used proof of work. Miners used GPUs to calculate hashes, compete for blocks, and receive ETH rewards. That system ended on September 15, 2022.

Ethereum Mainnet now uses proof of stake. Validators propose and attest to blocks rather than miners competing with hardware. An independent validator requires a deposit of 32 ETH and the operation of execution, consensus, and validator software. Staking pools can provide alternatives for people who do not have 32 ETH or do not want to maintain validator infrastructure.

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There is no separate mineable “ETH2” coin. ETH remains Ethereum’s native asset, and “ETH2” is deprecated terminology. Likewise, Ethash is no longer Ethereum Mainnet’s active mining algorithm. Other proof-of-work networks may use Ethash or related algorithms, but mining one of those networks does not produce Ethereum Mainnet ETH.

What NiceHash actually does

NiceHash is a hashrate marketplace, not an Ethereum mining pool. Its Windows miner benchmarks your hardware and can switch between supported proof-of-work algorithms according to estimated marketplace profitability. The buyer may use that hashrate for a supported algorithm, but NiceHash is not restoring Ethereum mining.

In the standard NiceHash Miner workflow, you receive Bitcoin, paid to a Bitcoin address or your NiceHash wallet. You cannot select “Ethereum” in NiceHash and receive newly mined ETH.

What you want Practical route What you receive
Earn from spare GPU capacity Use NiceHash for a currently supported proof-of-work algorithm Normally BTC
Mine a proof-of-work coin directly Use that coin’s wallet, miner, algorithm, and pool The selected coin
Earn from ETH holdings Stake ETH directly or through a staking service Staking rewards, subject to provider and network risks
Mine Ethereum Mainnet Not available No mining rewards

How to set up NiceHash without confusing it with ETH mining

The current NiceHash Miner release listed in the official repository is version 3.1.1.4. Its release notes list XelisHashV2 support, with Excavator and LolMiner included as plugins and NanoMiner and Gminer available as optional plugins. Check the official NiceHash repository before downloading because versions and bundled components can change.

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  1. Check the computer. The documented baseline is 64-bit Windows 10 or newer. CPU mining requires AES support. NVIDIA GPUs need compute capability SM 5.3 or newer, while AMD mining requires OpenCL. Install current graphics drivers and use a reliable internet connection.
  2. Protect the machine. Mining software is frequently flagged by antivirus tools, partly because miners consume substantial system resources and some components are third-party code. Do not automatically whitelist an unfamiliar file. Download from the official source, verify what you installed, and avoid keeping cryptocurrency wallets, passwords, or sensitive work files on the same mining computer.
  3. Install and open NiceHash Miner. Run the installer or NiceHashMiner.exe from the official release.
  4. Enter a Bitcoin address. The miner’s wallet field is for BTC payment. It is not an ETH wallet field and does not configure Ethereum mining.
  5. Open the Benchmark tab. Run benchmarks for the detected devices and available algorithms. NiceHash documents three modes: Quick is fastest but can be inaccurate, Standard is a middle option, and Precise takes longest and is generally more accurate.
  6. Return to the dashboard and select Start Mining. Review the selected algorithm and expected revenue instead of assuming the software is mining ETH.

Run a Precise benchmark after installing the software and again after a significant driver, hardware, or miner-plugin change. A benchmark can be wrong, and NiceHash documents Precise benchmarking or manually entering observed values as remedies.

NiceHash settings that matter financially

Open the Settings tab to configure the controls that affect whether the computer runs and how profitability is calculated.

Setting Purpose Practical use
KwhPrice Electricity price used in calculations Enter your real price per kWh, including applicable delivery charges and taxes where relevant.
MinimumProfit Stops mining below a chosen profitability level Useful when you do not want the machine running for negligible or negative returns.
MineRegardlessOfProfit Allows mining below the profitability threshold Usually unsuitable when your aim is to preserve cash flow.
AutoStartMining Starts mining automatically Use only if you have checked thermals, noise, and electricity costs.
StartMiningWhenIdle Starts when the computer is idle Useful for a personal computer, but test whether background mining affects sleep and normal operation.
PauseMiningWhenGamingMode Pauses during gaming mode Helps prevent performance and temperature problems while gaming.
WorkerName Identifies the mining device Give each rig a recognizable name for troubleshooting and accounting.

You may see these values in configuration files such as configsGeneral.json and configsdevice_settings_XXX.json. Close NiceHash Miner before manually editing them. For most users, the application interface is safer than changing JSON files directly.

There is no universal best GPU setting

A fixed “best” overclock, voltage, fan curve, or power limit does not exist. Results vary with the exact GPU model, memory type, silicon quality, driver, miner plugin, room temperature, and electricity rate.

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A safer tuning sequence is:

  1. Begin with stock settings rather than copying an overclock from another GPU.
  2. Run the Precise benchmark and record hashrate, power draw, temperature, fan speed, and rejected shares.
  3. Enter the correct KwhPrice.
  4. Reduce power consumption conservatively and retest. A lower gross hashrate can produce a better net result if the electricity savings are larger.
  5. Watch for rejected shares, crashes, driver resets, incorrect benchmark values, and excessive heat.
  6. Keep the setting only after an extended stability test, not merely after a successful five-minute benchmark.

Memory instability can look attractive in a short test while causing rejected shares or crashes later. Excessive voltage and heat can also accelerate hardware wear. Mining software should not be treated as free income simply because the computer is already running.

Calculate net profit before turning on a rig

NiceHash’s hardware profitability calculator provides estimates, not guaranteed income. Marketplace demand, coin prices, algorithm profitability, fees, downtime, and payout conditions change.

A basic electricity calculation is:

electricity cost per day = (watts ÷ 1,000) × 24 × electricity price per kWh

For example, a 300-watt rig running continuously at $0.15 per kWh uses 7.2 kWh per day and costs $1.08 per day in electricity before considering the rest of the system. The calculation is:

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(300 ÷ 1,000) × 24 × $0.15 = $1.08

Net profitability should also account for:

  • the computer’s total wall power, not only the GPU’s advertised draw;
  • NiceHash, pool, exchange, and withdrawal fees;
  • rejected shares and downtime;
  • cooling and ventilation;
  • hardware depreciation and eventual replacement;
  • noise and the value of using the computer for another purpose; and
  • tax reporting and the difference between the value when rewards are received and the value when coins are sold.

Set MinimumProfit only after deciding whether it represents gross marketplace income or the net amount you need after electricity. If the software’s threshold does not reflect your actual costs, it can continue mining while you lose money.

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What about Ethereum mining pools?

There is no Ethereum Mainnet mining pool to join today. An old guide that provides an ETH wallet address, an Ethereum pool URL, an ethminer command, or an ethash configuration is describing the pre-Merge network or a different proof-of-work blockchain.

Ethereum Classic and other proof-of-work networks are separate chains. Mining one does not produce ETH. If you choose direct-pool mining, use a guide specific to the selected coin and verify all of the following from the pool and coin’s current documentation:

  • the algorithm;
  • the official miner software and version;
  • the correct wallet format;
  • the pool hostname and port;
  • the payout threshold and fee; and
  • the coin’s current network and software requirements.

Do not copy an old Ethereum command and replace only the wallet address. There is no valid current command for mining Ethereum Mainnet because the network no longer accepts proof-of-work blocks.

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Staking is the relevant ETH alternative

If the objective is to earn a return on ETH rather than monetize GPU hardware, staking is the activity that corresponds to Ethereum’s current consensus system. Running an independent validator requires 32 ETH and technical operation of the required software. Staking pools can reduce the minimum amount or operational burden, but they introduce provider, smart-contract, liquidity, and fee risks.

Compare the total service fee, withdrawal rules, custody arrangement, lock-up or liquidity terms, validator penalties, and tax treatment before choosing a staking provider. Staking rewards are not guaranteed investment returns, and ETH’s market price can fall by more than the value of the rewards.

Common claims that are now wrong

Claim Correction
“You can still mine ETH with a GPU.” Not on Ethereum Mainnet since September 15, 2022.
“NiceHash pays ETH.” The standard NiceHash Miner workflow pays miners in BTC.
“Ethash means Ethereum.” Ethash was Ethereum’s former proof-of-work algorithm and may still be used by other networks.
“ETH2 is the new mineable ETH.” ETH2 is deprecated terminology, not a separate mineable asset.
“Running an Ethereum node is mining.” A node verifies and relays the chain. A validator participates in proof-of-stake consensus; ordinary node operation does not require 32 ETH.
“Antivirus detection means the miner is automatically safe to whitelist.” Mining software is commonly detected, but third-party components still require caution and isolation from wallets and sensitive data.

FAQ

Can I mine Ethereum with NiceHash in 2026?

No. Ethereum Mainnet ended proof-of-work mining on September 15, 2022. NiceHash can sell your hardware’s hashrate for supported proof-of-work algorithms, but its standard miner pays you in Bitcoin rather than newly mined ETH.

Does NiceHash mine Ethereum Classic?

NiceHash is a hashrate marketplace, not a direct Ethereum Classic mining pool. Whether a supported algorithm can be rented or mined through NiceHash depends on its current marketplace and software support. Ethereum Classic remains a separate blockchain and its rewards are not ETH.

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What are the best NiceHash settings?

There is no universal best overclock or power limit. Start at stock settings, run the Precise benchmark, enter your real electricity price in KwhPrice, and compare net income after electricity and fees. Reduce power cautiously only after confirming stable shares and acceptable temperatures.

How can I earn from Ethereum now?

You can buy or hold ETH, stake it directly if you can operate a validator with a 32 ETH deposit, or use a staking pool for a smaller amount. Each option has market, technical, custody, liquidity, fee, and tax risks; none is equivalent to GPU mining.

The Bottom Line

Ethereum mining is no longer an available income strategy. NiceHash can still monetize compatible hardware, but it sells hashrate and pays BTC; it does not mine or pay out Ethereum. Before running it, enter your actual electricity rate, benchmark carefully, monitor rejected shares and temperatures, and calculate net profit after power, fees, downtime, and hardware wear. If your target is ETH yield, evaluate staking rather than old mining-pool instructions.

Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.

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