Although Ethereum is generally seen as an altcoin, it is actually an innovative system aimed at the development of blockchain technology and its use in more fields.
Ethereum is a crypto operating system that takes Ether cryptocurrency value as the power channel. Thanks to the freedom it provides in Ethereum production, it enables many altcoins to be issued.
A subject that caused long discussions and occasional reactions; Will Ethereum be an alternative to Bitcoin? Does it even replace Bitcoin?
Vitalik Buterin's explanation on this subject is as follows:
“If we compare cryptocurrencies with valuable resources in the world and accept Bitcoin as GOLD and Litecoin as SILVER, Ethereum is PETROL. Because the technology underlying Ethereum will be the energy source in the internet system of the world. The same applies to Ethereum technology, as oil is used in many sectors and technologies in the world. The energy needed by the Ethereum platform will be provided with Ether (ETH). ”
As can be understood from this explanation of Buterin, we see that Ethereum has no eye on Bitcoin.
Ethereum, with its algorithm, has a structure resistant to Asic devices with scrypt mining. In this way, all individual computers can mining easily. Thanks to this feature of Ethereum, the system network can be fed by much larger masses.
Ethereum mining is similar to Bitcoin mining, but there are minor differences. These differences create an advantage in terms of having a smart contract for Ethereum.
You must create an Ethereum wallet for Ethereum mining. You can start mining after installing the necessary programs for mining. You can produce individually, or you can produce as a pool. Being included in the pool will increase your mining amount. You don't need high-spec, thousands of dollars for Ethereum mining. Therefore, the production cost is much more affordable compared to Bitcoin. Ethereum mining can be done via graphics card (GPU).