How to mine Ethereum Classic in 2023: Mining is one of the ways to earn cryptocurrency, and it is definitely the most technologically advanced and requires understanding a lot of nuances. Sometimes it is classified as passive income, as opposed to trading, but this is not entirely true – equipment requires constant monitoring and maintenance.
Today the editors of Profinvestment.com propose to consider how to mine Ethereum Classic – one of the most promising PoW cryptocurrencies today
Vitalik Buterin, in his recent speech related to the upcoming transition of Ethereum to PoS, offered miners an alternative in the form of ETC, praising the project’s commitment to traditional values and a good community. And the mining pool AntPool at the end of July 2022 an investment of $10 million in the Ethereum Classic ecosystem.
What is Ethereum Classic
The Ethereum Classic cryptocurrency is a fork (branch) of the main Ethereum blockchain , which appeared in 2016.
The DAO of the original blockchain was hacked and millions of dollars were stolen. Users were faced with a choice: roll back the blockchain to get their money back, or not do it, because such a decision contradicts the principles of blockchain immutability. The network eventually split into Ethereum, which suffered a rollback, and Ethereum Classic, an untouched blockchain that complies with the fundamental rules of cryptocurrency.
Ethereum Classic has the ticker ETC and is mined using the Etchash mining algorithm, unlike Ethereum’s Ethash.
Mining equipment
Ethereum Classic is mined using GPUs (video cards). You can select equipment using mining calculators WhatToMine or Minerstat.
Currently, the following video cards provide a decent level of profit:
- Nvidia CMP 170HX
- Nvidia RTX 3090Ti
- AMD Radeon VII
- Nvidia RTX 3070Ti
- AMD RX 5700
- AMD RX Vega 56
- Nvidia RTX A2000, etc.
One graphics card will not be enough; as a rule, farms are assembled from several devices working together.
Details on how to assemble a mining farm
In addition, you can mine ETC using powerful 1U Jasminer X4 Servers with a capacity from 450 MH/s to 2500 MH/s (the MH/s parameter, megahash per second , means how many attempts to solve a problem the device can make in one minute; what is the indicator, the higher the efficiency of the equipment).
Mining pools with ETC
Cryptocurrency mining is highly competitive, so it will be difficult for solo miners in the industry to make any money. The pool combines the computing power of individual miners, ensures joint production of cryptocurrency with the distribution of profits between miners in accordance with their contribution to the common cause.
MinerStat and MiningPoolStats resources are good for choosing a suitable mining pool, collecting information about the largest services, their fees, supported algorithms, hashrate history, etc.
For July 2022, among the best pools for ETC:
- Binance Pool
- Ethermine
- 2miners
- HiveOn
- F2Pool
- Poolin
- Nanopool
- Kelepool
Read more: Ethereum Classic mining pools
Pools differ from each other, among other things, in the way they distribute rewards. There are three main options. PPS (Pay-per-share) provides an instant reward for each share of participation in solving a network problem. This only distributes the block reward amount (2.56 ETC at the time of writing), and not the transaction fees included in it. FPPS (Full Pay Per Share) is actually the same, but commissions are also taken into account here. PPLNS (Pay Per Last N Shares) – differs from the previous ones in that earnings will not be stable. Profit depends on the number of shares deposited and the overall activity of the pool. But under favorable circumstances, income can be high.
Software
You will definitely need to install the Ethereum Classic mining software. Typically, programs are not focused on any one currency, but rather on specific mining algorithms and types of equipment.
The most popular programs for ETC mining are:
- GMiner
- NBMiner
You can use any GPU with them, be it NVIDIA or AMD.
Also worthy of attention are the programs MinerGate (maximally simple, intuitive setup, but lower profitability) and Ethminer .
Details: Mining programs, complete list
Programs are needed to manage the cryptocurrency mining process, control the sent shares, hashrate and other data. When choosing a program, you should pay attention to the supported hardware, the presence of a graphical interface (some software only works from the command line), additional and informational functions. Almost all programs are mistakenly considered virus threats, so you need to add them to your antivirus exceptions.
General instructions for starting mining
Key steps to start mining Ethereum Classic:
- Calculation of potential profit (more details in the next section).
- Purchasing equipment that can provide the desired level of income.
- Assembling and connecting equipment, obtaining the IP address of the farm.
- Creating a wallet for storing Ethereum Classic.
- Download software and connect to the pool. It is better to choose programs that are recommended by the selected pool.
- Software setup. You will need to indicate: the IP address of the farm, the address of the wallet where the earned coins will be credited, pool data – indicated directly on the website of your pool, in the instructions for getting started.
- Start the process.
Don’t forget to monitor your equipment. If it is installed in a remote location, for example, in a garage, set up remote access, which will help you determine at any time if any piece of equipment is not working or the hashrate has decreased for an unknown reason.
How to calculate Gains and profitability: Ethereum Classic in 2023
It is imperative to ensure that the process will be profitable before investing in equipment. There are special mining calculators for this .
It should be understood that all calculators display information based on the current network parameters: complexity, number of miners, cryptocurrency exchange rate. But if, for example, the rate falls or the complexity increases, then your income may not be at all what you would like. These are investment risks that you need to be prepared for.
The most popular mining calculators with a wide range of useful information and analytical functions:
- WhatToMine
- MinerStat
- NiceHash
- CoinWarz
- CryptoCompare
As a rule, calculators allow you to either select equipment from a list (and the hashrate will be entered automatically), or enter the power manually, and also indicate the cost of paying for electricity in your region. Based on this, the calculator determines the approximate profitability, the most suitable coins for mining, and sometimes the profitability of equipment if its price is known.
Where to sell what you have mined
Ways to withdraw Ethereum Classic into fiat money or exchange it for another cryptocurrency/stablecoin:
- Cryptocurrency exchanges . Platforms that support the spot market make it possible to exchange coins for other coins or for fiat money, depending on the functionality. Then the received assets can be withdrawn in one of the available ways, for example, to an external wallet, to a payment system, to a card. We recommend: Binance , OKX , Currency.com , Huobi , EXMO , MEXC .
- Crypto exchangers . Easy-to-use services that support a variety of payment directions. They allow you to easily cash out ETC by withdrawing them to a card, Qiwi, YuMoney, etc. We recommend: Matbea , Baksman , Platov , RamonCash , Kassa , Bitality , Cosmochanger .
- Crypto wallets . If the wallet is equipped with a built-in exchanger, then with its help you can also withdraw ETC into real money. An example of such a wallet: Trustee Wallet (not to be confused with Trust Wallet ).
You can also use Telegram bots – this is an alternative version of some well-known exchangers. As an example, @Baksman_wallet_bot .
FAQ
What is Ethereum Classic mining?
Carrying out computational work to decrypt and create blocks in the Ether Classic blockchain network. For adding each block, the miner receives a reward in ETC coins.
What algorithm is used to mine Ethereum Classic?
An algorithm called Etchash.
How to start mining Ethereum Classic?
First, you need to open a mining calculator and calculate the potential profitability, while determining which equipment will be optimal. After installing the equipment, install the software, join the pool, specify the wallet address for withdrawal and start the process.
Which mining pool supports this cryptocurrency?
Binance Pool, Hiveon, Ethermine, F2Pool, etc.
What programs are suitable for ETC mining?
GMiner and NBMiner are recommended. Other options are MinerGate, Ethminer.
How to mine Ether Classic and on what equipment?
Mainly on AMD and NVidia video cards. Online mining calculators will help you find out more specifically what the hardware requirements for Ethereum Classic mining are.
How to mine Ethereum Classic on Binance?
All you need to do is connect to the Binance mining pool by entering the appropriate settings provided by the exchange in your mining software.
How to mine Ether Classic on NiceHash?
To mine Ethereum Classic using rented NiceHash power, you need to go to the “Account” -> “Manage Pools” section and enter the details of your preferred pool – address and port. After this, you can place an order for mining.
How to mine Ether Classic on Hive OS?
Go to the Hive OS control panel and configure the flight sheet for ETC mining. Before this, you need to create a new wallet in the system. When setting up a flight sheet, select a coin, the nearest server, and enter a name. Go to the section with a list of connected farms and run the created flight sheet. If everything is done correctly, you will see the mining process, its hashrate and other parameters that need to be monitored.
Is it possible to mine Ethereum Classic solo?
Select a server for mining, for example, solo-etc.2miners.com:5050. Create a wallet, download the software (recommended T-Rex for NVidia video cards and lolMiner for AMD). Edit the bat file by entering the wallet address and run it. If mining takes place on an ASIC, go to its page on the local network and also enter the parameters – server URL, worker name, password. Solo mining may not bring the expected profit.
How to calculate mining profitability?
Using special calculators, for example, WhatToMine.
Where can I find an ETC mining calculator?
MinerStat, CryptoCalc, Whattomine and other calculators are designed for calculations for all popular PoW cryptocurrencies.
How to choose a suitable pool for ETC mining?
When choosing a mining pool, you should pay attention to the reward distribution scheme it uses, commissions, total hashrate, number of users and reviews. Special monitoring will help in choosing (for example, Miningpoolstats).
How to sell earned ETC?
The most convenient way is through a cryptocurrency exchange or exchanger.
What is the reward for mining Ethereum Classic?
For July 2023 – 2.5 ETC block reward (distributed among all miners in the pool). A block is mined approximately every 13 seconds. Gradually the reward decreases in accordance with the deflationary policy of the project.
Where to store mined Ether Classic?
We recommend hardware wallets, such as Ledger, or time-tested software wallets, for example, Guarda, Exodus, Trust Wallet.
What to mine after ether, except ETC?
For example, the EthereumPoW fork, as well as other altcoins.
Conclusion
Ethereum Classic is considered an undervalued coin, which is in no way inferior to ETH in its reliability. It is convenient for mining and may well “shoot” over time, so interest in its mining is gradually growing. We’ve covered how to mine Ether Classic, but the hardest part isn’t the setup or installation process, it’s the ROI. Make sure you understand all the possible risks and are prepared for losses that may occur due to a falling market. Also take care to securely store the currencies you receive in a non-custodial cryptocurrency wallet.
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