As a Proof of Work (PoW) cryptocurrency, Ethereum Classic (ETC) depends on mining to validate transactions and secure the network. Miners are compensated for using their hash power to complete this operation, and the use of GPUs makes Ethereum Classic mining particularly attractive to new miners.
Miners need almost the same hardware to start mining ETC as it uses the same process as other cryptocurrency networks. This post will cover everything you need to know about Ethereum Classic mining, including the hardware and software requirements for its unique algorithm.
After that, let’s continue with our detailed Ethereum Classic mining instructions.
For those who do not know, the Ethereum blockchain from the very beginning is really Ethereum Classic. The Ethereum blockchain we use today is essentially a fork of the original Ethereum network.
Contradictions within the Ethereum community, in fact, became the reason for the split. The infamous incident known as the “DAO hack” took place in June 2015. The hacker managed to steal millions of ETH using the project’s code.
The developers of Ethereum at the time supported a hard fork of the code, while other developers felt that this was contrary to the idea of “code is the law.” To protect consumers whose ETH was lost in the attack, the Ethereum team forked the code.
The creators of Ethereum Classic disagreed with this and instead continued to use the current Etheruem block chain. The classic Ethereum we have today was created in this way.
Mining ethereum classic.
Ethereum Classic is also a proof-of-work (PoW) cryptocurrency, just like Ethereum. The good news is that the difficulty of the Ethereum Classic network is much lower than that of Ethereum, making it more suitable for GPU miners than ASIC setups. This means that it can be mined.
Whattomine is one of the best resources for understanding the economics of mining various coins. One of the most profitable currencies to mine is often referred to as Ethereum Classic.
As you can see, the hash rate required for mining to be profitable is not too high. but much less than the hash rate required for Ethereum to break even, which is almost half that. There is no doubt where you will focus your mining efforts considering both are mined using the Ethash mining method.
How to start mining ETC.
1) Adding an Ethereum Classic wallet to your computer.
In order for miners to receive their payouts in bitcoin, suitable wallets are required. Other digital assets such as Ethereum can be stored in different wallets, but Ethereum Classic cannot. As a result, it will be preferable if you take the time to choose the best ETC wallet. We give some suggestions at the end of this guide.
2) Joining a mining pool.
You can mine Ethereum Classic on your own, however, this will require a much larger hashrate due to the complexity of the operation. In order to increase the hash rate and therefore your chances of getting block mining rewards, you must join a mining pool.
3) Start mining.
You can start mining ETC after setting up your wallet and joining the pool. But make sure you check your hardware and software one last time. Make sure your computers are properly cooled, have a reliable internet connection, and have backup power. You can start mining currency if everything is in order.
How hashrate is measured.
The number of calculations that can be performed per second using a certain amount of processing power is taken into account when determining the hashrate, which is measured in hashes per second.
Often popular prefixes such as K (kilo), M (mega), G (giga) or T are added to the hashrate (tera).
1) 1 Kh/s means 1000 H/s.
2) 1 Mh/s means 1,000 Kh/s
3) 1 Gh/s means 1,000 Mh/s
4) 1 Th/s means 1,000 Gh/s or 1000,000,000,000,000,000 H/s
The terms gigahash (Gh/s), terahash (Th/s), and petahash (Ph/s) refer to billions, trillions, and quadrillions of hashes per second, respectively.
The importance of a high hash rate.
High hash power gives miners more opportunities to discover new currencies. This also applies to Ethereum Classic, which has become more difficult and inefficient to mine on lower hashrate hardware.
The Ethereum Classic network needs a high hash rate as it indicates that more miners are contributing to the security of the network.
Due to the overall hashrate being significantly lower in 2019 and 2020, Ethereum Classic suffered two successful 51% attacks. Since then, as the main Ethereum blockchain moves away from PoW mining methods, hash rates have increased and more miners have joined the network. The Ethereum Classic network is currently hashing at 8.18 Th/s.
Asic and GPU power.
Mining processing power refers to how fast your computer’s processor generates new coins. The hashrate increases with the power of the processor.
Initially, miners mined cryptocurrency using the processing power of their consumer-grade computers. Therefore, to start mining, it was enough to have a good central processing unit (CPU).
However, the power of computers has grown as cryptocurrencies have begun to attract more users and miners. The CPU stopped being so efficient, so the miners switched to the graphics processing unit (GPU). These graphics cards were able to process information faster and are still effective at mining Ethereum Classic and other cryptocurrencies.
However, some currencies required an even higher hash rate, and the industry adopted Field Programmable Gate Arrays (FPGAs). These gadgets made it possible to increase mining speed while consuming less power than GPUs. However, even this was not enough as the hash rate of the Bitcoin network skyrocketed, prompting the creation of even more powerful mining hardware known as Application Specific Integrated Circuit (ASIC) miners.
ASICs are much more powerful than GPUs and can deliver over 100T/s which is a significant boost. After the dramatic increase in the difficulty of mining most currencies, CPU mining is now largely obsolete.
Whether you are thinking about GPU mining or ASIC mining, you have to consider that this hardware generates a lot of heat. You should check the cooling system as it can mean the difference between profitable mining and hardware damage from overheating.
The main question is usually how to start mining. Here we will discuss the most frequently asked questions about DIY ETC mining, as well as how easy it is to set up ETC mining. Cost is important, and we’ll explain what you need to think about before you get started.
The software used by miners to mine Ethereum and other cryptocurrencies is the same as for mining Ethereum.
However, it is recommended to download and install only compatible mining software. The Internet is full of mining applications, but not all of them will be able to provide you with the best experience.
In addition, it would be helpful if you consider whether you require desktop or mobile applications. The mobile option is best for most miners as it allows them to mine from a wide variety of geographic locations.
Can I use my computer for mining.
From a technical point of view, you can set up your personal computer to mine Ethereum Classic. This is especially true given that ETC mining does not require ASIC hardware.
The ETC project aims to secure the network and provide mining access to all miners due to the minimum hardware requirements.
Miners using 3GB and 4GB graphics cards were allowed to reconnect to the network after DAG bandwidth was reduced in 2020. Try mining with a set of graphics cards if you have a good computer with a powerful processor.
Learn how to build a custom drill rig by doing some research, or you can build one. You will need a hard drive (SSD), power supply, and motherboard if you choose the later option. Also, think of a way to cool the mining rig, because even if it is a simple machine, the heat generated by it can still damage the electronics.
However, you should keep in mind that even though the currency has a less complex network, using a PC is still not a viable alternative.
In addition, it is unlikely that you will be able to compete with the miners that dominate the network hashrate when using a PC. As a result, if you join the pool, your chances of creating new blocks and receiving prizes will increase.
Selling ethereum classic.
You can use a cryptocurrency exchange to sell your ETC. Open a profile and donate money to the service. Then, in accordance with your agreement, they will compensate you for your coins. You often get this minus a negligible service charge.
Remember to follow the exchange rules and provide all required documentation when creating an account. Don’t forget to take service fees into account when calculating earnings.
Keep in mind that, especially if you have a lot of money, you should not use an exchange as a cryptocurrency wallet. Since hot wallets are often hacked, you don’t want to lose your money.
You can also use the classic Ethereum peer-to-peer marketplace to find a buyer. Check the reputation of the P2P platform and the reliability of the escrow service.
Before selling, it is recommended to take into account the time, as the value of the coin can change quickly and without prior notice.
Pool for mining ethereum classic.
If you don’t have enough resources to compete with established miners, you should join the Ethereum Classic mining pool. These farms or pools exist primarily to increase revenue and benefit from the pooling of hash power for conventional mining. You just need to join the pool after building a reputation there. You are ready to start once you have installed and configured the settings.
As an alternative to buying hardware or mining yourself, you can use cloud mining to mine ETC. For a fee, a cloud mining service offers you a hashrate and mines bitcoins on your behalf.
Many of the businesses that provide this service operate numerous farms scattered around the world and rely on a variety of powerful mining hardware and gadgets designed to produce the most hashing power. So a decent pool can ensure that you will be mining ETC regularly. Joining an Ethereum Classic Mining Pool: Pros and Cons
1) No Special Knowledge Required: You do not need to be an expert in cryptocurrency protocols, GPU architecture or ETC.
2) Easy to get started: After creating an account and paying the relevant fees, you can start earning money.
3) Affordability: no need to buy equipment or worry about changing the fleet.
1) Risk of Fraud: You may become a victim of an unscrupulous cloud mining provider. 2) Lack of management of your investments.
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