Ethereum Classic is a part of the original Ethereum blockchain that developers, unlike ETH, didn’t hard fork in 2016 after the infamous DAO hack, where hackers stole millions of ETH. Even when some developers were not in favor of forking, the hack was considered a breach of the “code is law” maxim.
What is Ethereum Classic Mining (ETC)
ETC uses the Proof of Work algorithm, just like BTC and LTC. It depends on miners to maintain the flow of fresh ETC coins in the crypto world. ETC is an open-source platform and a decentralized cryptocurrency, allowing everyone to participate in the mining of ETC tokens.
ETC has not seen mining difficulties like the BTC networking and hasn’t reached high saturation. So, Ethereum Classic mining can bring miners a good return on investment. The tools required to mine ETC have a lower cost than other cryptocurrencies, and miners can set them up easily.
Why Mine Ethereum Classic (ETC)
Ethereum Classic has a max supply cap of 210,700,000 ETC, and only 65% of this cap has been successfully mined. Miners have abundant opportunities to mine ETC as the supply will not be depleted until mid-2025. The average ETC block creation time is 15 seconds, meaning miners have the opportunity to mine 4 ETC blocks every minute.
ETC uses the Ethash algorithm, the same as ETH. However, the only difference is the hash rate, the threshold for breakeven mining, and rewards per block. Ethereum Classic miners work together to detect valid transactions on the blockchain while disregarding unverified ones. The blockchain issues reward to the miners as compensation to keep them motivated as they continue mining and securing the ETC blockchain.
Profitability of Ethereum Classic Mining (ETC) Rig
The profitability of your ETC rig depends on your system’s hash rate, power consumption, pool fees, and electricity costs. The easiest way to calculate the profitability is to use the ETC calculator at MinerStat.
A hash rate is your system’s ability to solve complex mathematical problems over the blockchain. Just input these values into the calculator, and it will tell you about the profitability of your ETC mining rig. If your rig has a hash rate of 2000 or above, you can successfully mine more than 1 ETC daily.
Requirements to Set Up
Currently, the most popular method to mine Ethereum Classic is with GPUs, you can use both AMD and Nvidia GPUs as the Ethash algorithm supports them. If you prefer Nvidia, you can use the most power-efficient cards like GeForce GTX 1080, GTX 1080 Ti, RTX 2070, RTX 3070, and RTX 3060Ti.
If you want to proceed with AMD GPUs, you can use the Radeon VII, which has a hash rate of 105 MH/s, or you can consider Rx 5700 XT, Rx 6600 XT, Rx 6700 XT, Rx 6800 XT, and Rx 6900 XT for Ethereum Classic mining.
Other than these, you can use any other AMD or Nvidia GPU with a minimum of 4 GB of memory. Ethereum Classic has a decreased DAG size, allowing aspiring miners to begin mining ETC who may not have the investment to purchase a high-end graphics card.
You also need an ETC wallet to store your earnings; here are three types of wallets you can choose:
- Web Wallets: You can use Web3 wallets from their web pages. However, these may not be able to secure large amounts but can allow you to interact without your ETC without downloading anything. Options you can consider include MyCrypto, MyEtherWallet, and Squarelink.
- Browser Integrated Wallets: You can integrate these Web3 wallets with your web browser to seamlessly interact with Ethereum Classic dapps without inputting your credentials. Options you can consider include Brave, MetaMask, and Nifty Wallet.
- Hardware Wallets: You can consider a hardware wallet for long-term storage if you want to protect your ETC earnings for a long time. Options you can consider include Bitski, CoolBitX, and KeyPal.
Once you’ve decided on the wallet to store your earnings, head to MiningPoolStats to select an ETC pool.
Step-by-Step Guide for Ethereum Classic Mining (ETC) on a PC
After deciding on an ETC wallet and mining pool, you can start mining Ethereum Classic by following these steps:
The first thing you need to do is to update your GPU’s driver to ensure optimal performance. Head to your Manufacturer’s website and download the latest driver for your GPU.
Configuring Mining Software
When mining with GPUs, GMiner and NBMiner are two popular options for mining Ethereum Classic. After downloading, extract the files and right-click on the start.bat or start.cmd to edit them. You will add your pool and wallet address in the file like:
- algo — input ethash as the mining algorithm.
- server — input the pool address and the port obtained from MiningPoolStats.
- user — input your wallet address and worker name.
After adding everything, save the file and click on miner.exe to start mining.
Since the Ethash algorithm supports consumer-grade hardware and ASICs, you can easily consider cloud mining to increase your ETC earnings. ASICs are commercial-grade mining machines with massive hash rates and can mine 2 to 3 ETC daily. However, they are expensive to purchase and operate. So, you can simply get in touch with a cloud mining service like Genesis Mining.
The biggest benefit of considering cloud mining for earning ETC is you don’t have to worry about electricity and hardware costs. You will rent their hardware present in large mining datacenters and earn ETC. However, it’s essential to check for reviews to determine the credibility of a cloud mining platform, as you will have to sign an agreement to start mining.
Many miners have moved to ETC mining after the introduction of the Merge. Therefore, Ethereum Classic has appreciated in value, and more people are considering mining ETC to earn good rewards. You can also start mining ETC with your home computer using mining software like GMiner. However, if you don’t want to invest in the right mining hardware, you can always opt for cloud mining.
Ethereum Classic Mining (ETC) On PC 2022 - An Easy To Follow Step-by-Step Guide For Beginners …
Ethereum Classic is a part of the original Ethereum blockchain that developers, unlike ETH, didn't hard fork in 2016…