Another thing you need to consider when you want to mine ETC is if you wish to solo mine or mine in a mining pool. If you want to join a mining pool, remember that mining pools charge a certain percentage out of your profits. But if you combine your hash power with other miners, you will get more profits. You can use Nanomine, Ethermine, or F2pool because they are popular mining pools you need to consider when it comes to Ethereum Classic mining.
- Note that the secondary wallet field is mandatory, so you will need to choose either SiaCoin or PascalCoin and generate a wallet address.
- Mining difficulty refers to the level of complexity of the mathematical problems that miners need to solve in order to add new transactions to the blockchain.
- Now all you need to is to run the Finminer.exe file and it will launch in the command line and start mining just like with the claymore example above.
Another requirement for the hardware is RAM, with a minimum of 3GB RAM as noted above. A power supply unit is another financial requirement you need to factor into the overall cost. For example, a simple 850 watt supply unit like the Corsair HX will set you back $198, which could increase if you need more than one. Other than that, you need a cooling system and a motherboard. Once the rig is set up, electricity costs will apply, with the advice being to ensure you mine in a region that offers cheap electricity to increase profitability.
Now, let’s get into the step by step instructions for mining Ethereum Classic. The Ethereum classic developers dissapproved and kept on running the existing Etheruem blockchain. There were some developers who were in favour of hard forking the code (current Ethereum devs) but there were others that viewed this as a breach of the “code is law” maxim.
Configuring your ASIC Miner (Antminer E
Mining is one of the most important elements of any Proof of Work blockchain, as it provides security allows nodes to reach consensus about the state of the network. To prevent double-spending on blockchain networks there is the need for a distributed network of miners. Ethereum Classic miners work together to detect valid transactions and disregard unverified ones. The incentives issued to miners help compensate and motivate them to continue mining to secure the blockchain network. Currently, Ethereum Classic’s total network hashrate stands at 30 Th/s. A few weeks ago it was less than 7 Th/s and the hashrate only keeps increasing.
- The best hardware for mining Ethereum Classic currently is GPU.
- Much like with Claymore, you must download the .zip file from the Github repository for the FinMiner.
- ETC being an decentralized open source platform no one single entity can have control over its ledger.
- Ethereum Classic relies on mining just like BTC, DOGE and LTC that also utilizes PoW.
- This means that anyone can participate in the creation of ETC tokens.
Calculate Ethereum Classic mining profit using one of these Ethereum Classic miners. Select or click a miner to have the inputs preloaded https://coinbreakingnews.info/blog/what-is-elrond-what-is-elrond-network-how-to-buy/ automatically. Other altcoins that use proof-of-work algorithms are Zcash, Monero, Bitcoin Gold, Litecoin, and Ravencoin.
Marathon Digital Holdings (MARA)
And to make things even sweeter, you can even dual mine SiaCoin or PascalCoin while you’re mining Ethereum Classic, getting more bang for your buck so to speak. While you won’t get rich from these coins since you’ll be mining with your CPU, it’s still a nice bit of icing on the cake. Once you have downloaded the Claymore files and unzipped them, you need to generate a configuration file to run it. There are a number of online tools that will help you to do this although conveniently, Nanopool has one as well. You can manage your account settings and monitor your hashrate, revenue, and payouts in your dashboard or in our f2pool app.
Can We Mine Ethereum Classic?
Looks like as the main Ethereum blockchain abandons PoW miners more number of miners are joining the ETC network. Get yourself a wallet to safely store your mined Ethereum https://currency-trading.org/cryptocurrencies/best-white-label-forex-brokers-and-providers-2023-2/ Classic coins. You an use software wallets such as Exodus, Coinomi, Jaxx, Cobo wallet and Trust wallet. You can use web wallets such as MyCrypto and MyEtherWallet.
Step 2: Obtain Ethereum Classic Mining Software
Hence, the Ethereum developers forked the code to rescue the users who had their ETH stolen in the hack. WorkerName is optional, but we recommend connecting each mining device with a separate workerName for efficient monitoring. You are free to create multiple subaccounts to monitor your mining machines.
Find the most profitable ASIC miners based on profitability and hashrates. A good thing about mining Ethereum Classic is it requires low hash power and electricity consumption. Nonetheless, a robust gaming laptop would be suitable to mine Ethereum Classic. The Ethereum Classic calculator information https://bitcoin-mining.biz/bitcoin-cash-outs-arrive-at-16-000-atms-in-the-uk/ is updated constantly with the current block mining information. However, this information is used as the default inputs for the ETC mining calculator and the default hash rate. Once you are done with that, then click on “Generate.” Once you click on that, another .zip file will be created.
For this reason, understanding factors like hashrate and mining difficulty is critical before you start. In this tutorial we give you a comprehensive overview of these, letting you know how to mine Ethereum Classic. Yes, mining Ethereum Classic is still profitable – based on the mining hardware hashrate of 5,800.00 MH/s, electricity costs, and pool / maintenance fees provided. Accurate Ethereum Classic mining calculator trusted by millions of crypto miners. Best Ethereum Classic mining profitability calculator with difficulty, hashrate, power consumption (watts), and kWh preloaded for 2023.