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Create your very own ETH address and private key



  • Hello Pimps,

    If you want to begin with ETH mining, you have to provide your ETH address to the miner config in order to receive the ETH you mine.

    There are several providers on the internet who offer you to create an ETH address for you. These providers create the ETH address and you can copy it on your computer or you can write it down on a piece of paper. As far as I know, there are a few providers who also offer you to generate a private key, which you can also store on your computer. Well, that's all fine and most of the users do it this way. You can even access your private key at the providers by entering your private key pass phrase. But really? Who wants to do that? When you type in your pass phrase online you are potentially exposed to key loggers and other threats. The best and safest way is to generate you private offline, which means that you create your private key while you are not connected to the internet. With the following method I want to give you the opportunity to make sure that nobody reads your private key after you reconnect to the internet. All you have to do is to copy the private key that you created to a safe (offline) location and reinstall the OS.

    Next I will show you, how you can create your very own private key, public key and ETH address. Although, you will only need the address and private key to make transactions, you should copy the raw private key and the public key to a safe location, too. In my example I am using Linux OS. Open a shell and execute the following commands:

    1. create the raw private key
    • openssl ecparam -name secp256k1 -genkey -noout | openssl ec -text -noout > rawkey
    1. extract the public key
    • cat rawkey | grep pub -A 5 | tail -n +2 | tr -d '\n[:space:]:' | sed 's/^04//' > pub
    1. extract the private key
      cat key | grep priv -A 3 | tail -n +2 | tr -d '\n[:space:]:' | sed 's/^00//' > priv

    2. generate the hash and create the address

    • cat pub | keccak-256sum -x -l | tr -d ' -' | tail -c 41 >

    You might need to install openssl and ssh3 in order to execute the command.

    After you are done, you have your unique private key, public key and ETH address. Keep it safe and never lose the raw private key. You can always derive the address and the private key from the raw private key.

    Note that this is only an optional way to create your keys. If this is to complicated for you stick with the online providers.

    Safe and happy mining pimps!


  • Staff

    Hey 4thHorseman! Thanks for making this post. Pretty awesome work, and reveals a great new world to the majority of us miners who delight at poking under the hood.

    Not only that, but one of the most secure ways you could create your wallet address. Very cool!



  • Hello melt, thank you.

    I already checked my private key. What I did is the following:

    1. Purchased ETH worth 40 bucks on kraken
    2. Sent the ETH to my very own ETH address
    3. Sent my ETH from my very own ETH address to my coinbase account

    For step 3, I used MEW offline in order to create a signed transaction. What I noticed was that I had to pay a transaction fee. Coinbase took about 4 $ and MEW also. This is not alot, but how high can the fee get? Will the fee be higher when I send ETH woth a 1000$ or a 2000$ ? This is the question, I want to solve now. Do you have an idea?

    Thank you in advance.


  • Staff

    Hey 4thHorseman,

    Glad to see more on this topic :) Congratulations on sending the coins successfully.
    There is a pretty cool calculation involved in the ETH network fees, here is a decent write-up I found. https://www.sitepoint.com/ethereum-transaction-costs/


 



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