• Пн. Май 29th, 2023

How to Mine Ethereum Classic? ETC Mining Profitability Guide

In July 2016, Ethereum experienced one of the most high-profile hacks in cryptocurrency history — over $60 million worth of ETH was stolen from the platform.

After that, Vitalik Buterin’s team decided to «rewind time» before the theft took place.

But, a significant majority of investors and miners refused to support this hard fork and stayed true to the original direction of the blockchain. That’s how Ethereum Classic (ETC) appeared. Although in its early days ETC caused some skepticism, today the currency is in high demand and has a fairly high level of capitalization.

How to Mine Ethereum Classic (ETC)

At the moment, the coin is quite popular. Apart from that, with Ethereum’s upcoming rejection of the PoW (Proof-of-work) protocol, many of those who used to earn from mining ETH will simply be forced to switch to other coins. ETC appears to be one of the most attractive options.

So, let’s move on to the question — how to mine ETC?

What Kind of Equipment is Required for Mining?

ETC works on the Dagger Hashimoto algorithm, just like ETH. In other words, to mine it you also need a powerful gaming graphics card with at least 3GB of memory.

Both AMD and NVidia cards are suitable for a classic farm.

Top 5 Best Mining Software and Pools

Software for mining Ethereum Classic is freely available. Perhaps, the best choice for 2022 is PhoenixMiner.

By early 2022, a miner has been rewarded with a 3.2 ETC per block solution plus a bonus for processing user transactions, but since April the reward has dropped to 2.56 ETC due to the next era of Ethereum Classic.

The most common way to mine Ethereum Classic is by pooling. These communities of miners have a much higher chance of mining a block than singles. The profits are divided proportionally between the pool members.

Best pools for mining ETC:

  • Ethermine
  • 2miners
  • Nanopool
  • F2pool
  • MiningPoolHub

However, you can also try solo mining. This would require a farm with a hash rate of 2 Gh/s or more. Only then is there a statistically high probability of solving a block on your own with a reward. The mining software is easy to install and manage via a small batch file (.bat) that can be edited with a standard notepad.

Where to Store Ethereum Classic after Mining? Top 4 Wallets

In order to receive the mined coins, you need an ETC wallet. In addition to the internal wallets of the mining pools, the following options are worth considering:

1. EthereumClassicWallet

A special online ETC wallet that does not require downloading and installation. The wallet can be used in a browser after a simple registration. It is very easy to use, with a high degree of security.

2. MyEtherWallet

Very popular multi-currency online wallet for coins based on Ethereum. Its functionality is very similar to the previous wallet, but if you want to use only ETC, you may find some of its features redundant.

3. Mobile Wallets

A prime example of such a wallet is Jaxx. You can store dozens of coin types on it, including ETC.

4. Hardware Wallets

For example, Ledger Nano. This is physical offline storage that does not require a constant internet connection to work. It is the electronic counterpart of a classic wallet for paper money. It has the highest level of security, superior.

The Profitability of ETC Mining: Present and Future

The beginning of 2022 marked the fall of the entire crypto market. ETC was not left out of that trend, though in March Ethereum Classic jumped up to $49 on the back of news about the mining of ETH. However, already in April, a serious correction started. At the moment of writing this article, the rate of the coin is around $15.

For many investors, the drop in the price of Ethereum Classic was a signal to buy more. ETC is considered one of the best options for long-term investing.

Going back to the profitability of mining — mining ETC is not as profitable as ETH. The difference between the profit potentials is small, but it can increase due to rate fluctuations and changes in the self-sufficiency of the equipment. In addition, once ETH is fully switched to Proof-of-stake (which should happen as soon as the summer of 2022), it will not be possible to mine it at all. In that case, many owners of farms that were mining Ethereum will be forced to switch to ETC mining. However, until Ethereum is completely switched to the PoS algorithm, all this is just a guess.

More accurate information about the profitability of mining can be obtained on the Whattomine website. That’s where you can find out the level of income based on equipment specifications, farm hash rate, etc.

But in any case, if the general decline in cryptocurrency prices drags on, ETC mining will remain profitable only in the largest pools.

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