How to Start Mining Ethereum Classic
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.
The Technical Side of ETC Mining
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:
- Claymore Dual Ethereum miner;
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.
The Organizational Side of Ethereum Classic Mining
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.
Working Through a Pool
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.
Ethereum Classic Mining Profitability
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.