Ethereum Classic is a blockchain cryptocurrency platform built for creating decentralized applications using open-source smart contracts. It allows anyone to participate in generating ETC tokens.
The platform was created as a result of a hard fork from Ethereum in 2016. The network uses PoW and has not yet reached high difficulty. Ethereum switched to Proof-of-Stake some time ago, and that has drawn additional attention to ETC.
Many people wonder if mining Ethereum Classic is worth it and how to do it. Well, in this article, we'll try to shed some light on the subject. Please note that this article provides an overview of the existing opportunities and does not encourage specific actions or investments in high-risk digital currencies.
Getting started with Ethereum Classic involves preparing your equipment, configuring it, and ensuring that it meets the necessary operational conditions.
Mining on a CPU isn't suitable for Ethereum Classic, but video cards can provide the required level of performance. This is the central aspect around which the rest of the farm components are assembled. It is recommended to use Nvidia and AMD products for mining this digital currency. If you already have an idle GPU, you can use it. To ensure optimal performance, we recommend using video cards with at least 4 GB of RAM.
To get started with earning cryptocurrency, your equipment requires corresponding software. The following programs are the most effective and universal for Ethereum Classic:
This software supports video cards from different manufacturers with the possibility of dual mining. For a simpler but faster solution, consider using MinerGate. Keep in mind, however, that the listed programs charge fees ranging from 0 to 2%, as do some mining pools for using their services, so the total commission, depending on the choice, can be significant.
You need a video card (GPU) with at least 4 GB of RAM to mine Ethereum Classic (ETC). A CPU is not strong enough.
Recommended GPUs are from Nvidia or AMD.
You need special software, such as NBMiner or GMiner. Be aware that this software and mining pools can charge fees.
In addition to purchasing and configuring the necessary hardware, mining ETC requires taking care of other aspects before the process can be launched. This includes deciding whether to mine solo or join other participants by combining their capabilities with others. It is also necessary to create a convenient but well-protected wallet where earned coins will be deposited.
Being independent makes sense in the case of Ethereum Classic. While the network difficulty is low, solo mining can be a realistic and profitable scenario. It may take more time than working through a pool, but you won't have to share your profits with anyone. However, as network difficulty grows, the costs of equipment and maintaining a farm will increase, reducing profitability and increasing payback periods.
Mining pools are designed to bring users who want to mine a certain cryptocurrency together. Their equipment capacity is combined to work in cooperation. However, such services charge a certain percentage from the participants. The reward is distributed among all participants in proportion to the amount of their contribution to the total power. We recommend using only verified services.
For consistent payouts and reduced risks, consider joining a mining pool. Examples of reliable pools:
f2pool – Known for transparent payouts and robust infrastructure.
Ethermine – Offers real-time statistics and low fees.
Joining a pool can be more effective than solo mining, particularly as network difficulty increases.
You can choose to mine alone (solo) or join a group (a mining pool).
Solo mining can be profitable when the network is easy to mine on, but a mining pool gives you more consistent earnings.
You need a secure cryptocurrency wallet to store the ETC you earn.
Most miners have to purchase the necessary equipment from scratch or upgrade what they already have to meet the requirements. Therefore, it's recommended to calculate the necessary costs and payback periods in advance. Even those who already have equipment can calculate the necessary costs and payback periods, as mining operations are still associated with expenses like electricity bills.
To facilitate and automate this math, special calculators have been developed. They help determine the profitability of any cryptocurrency with the existing or planned equipment. The calculation includes many parameters, which allow for fairly accurate forecasts, but not final ones. Over time, the difficulty increases, as do the associated costs, which can somewhat extend the payback.
Profitability in ETC mining depends on upfront investments, operational costs, and market conditions. Use profitability calculators like CoinWarz to estimate:
Daily earnings
Equipment payback periods
Overall return on investment (ROI)
Additionally, track the Ethereum Classic block reward and hashrate fluctuations to refine your strategies.
The profitability of mining Ethereum Classic (ETC) depends on your initial costs (equipment), ongoing costs (like electricity), and the current market price of ETC.
You can use online profitability calculators to help estimate your potential earnings and how long it will take to make your money back.
The total profit can change over time as the network difficulty and costs increase.
As of 2024, Ethereum Classic continues to enhance its network stability and community-driven development. The upcoming updates include:
Improvements in mining algorithm efficiency.
Expansion of ecosystem support for decentralized applications (dApps).
Increased focus on reducing energy consumption in mining.
For official updates, visit the Ethereum Classic website.
Starting your Ethereum Classic mining journey is straightforward with the right tools and strategies. Explore related guides on BiXBiT's blog to deepen your knowledge.
Ready to get started? Choose a mining pool, configure your hardware, and begin mining Ethereum Classic today!
To start mining Ethereum Classic (ETC), you need to:
Get the Right Hardware: Purchase a strong video card (GPU) with at least 4 GB of RAM.
Install Mining Software: Download and set up a mining program like NBMiner or GMiner.
Choose a Strategy: Decide if you will mine alone or join a mining pool.
Set Up a Wallet: Create a secure digital wallet to receive and store your ETC.
Calculate Profitability: Use an online calculator to check if mining is profitable based on your costs and the market price.
The profitability depends on several factors: your initial investment in equipment, ongoing costs like electricity, and the ETC market price. Use online calculators to estimate potential earnings.
The main Ethereum network can no longer be mined, as it moved to a different system (Proof-of-Stake). Ethereum Classic (ETC) still uses mining. You can choose to stop mining ETC at any time.
ETC mining is generally safe, but the risks of network attacks and malware that can compromise your computer still exist.
The amount of electricity used depends on your specific mining equipment. More powerful and efficient GPUs will consume more electricity but can also lead to higher earnings.
You need a video card (GPU) with at least 4 GB of RAM, preferably from Nvidia and AMD. You cannot use a CPU.
You need specific software like NBMiner, Claymore Dual Ethereum miner, Ethminer, or GMiner. Keep in mind that software producers and mining pools may charge fees.
You can do either. Solo mining can be profitable if the network difficulty is low, but mining pools offer more consistent payouts by combining the power of many miners.
