You can also find a summary of Ethereum Classic metrics and other resources on our Ethereum Classic page. View our Miners page to discover the most profitable devices for Ethereum Classic mining. Obtain a wallet address You will need to get a wallet address if you do not have one already. An Ethereum Classic wallet address is required for you to receive your mining rewards.
We recommend Cobo Wallet , or you could also choose an exchange, such as Binance or Coinbase. Note: You should always do your own due diligence when choosing a wallet provider or exchange. Ethereum Classic remained a proof-of-work system. In the eyes of the Ethereum Classic community, the blockchain and code will always be immutable. It preserves the pre-merge, proof-of-work system.
And that means miners are still required to validate ETC transactions. Proponents of the merge and detractors of Ethereum 2. Miners Move to Ethereum Classic after the Merge After the merge, many miners have moved to Ethereum Classic, helping throw the smaller crypto into the limelight. The main driver of this spike has been staking pools run by centralized companies. An Ethereum staking pool is a tool that allows multiple ETH holders to pool their tokens together to access validator status.
Treasury sanctioned Tornado Cash, a virtual currency mixer that helped obfuscate the origin and destination of funds on the Ethereum blockchain. The Treasury accused Tornado Cash of facilitating money laundering. This news speaks to the ideological divergence between Ethereum and Ethereum Classic. Crypto purists favor a libertarian, censorship-resistant, decentralized model, whereas crypto pragmatists point toward the more adaptable and malleable nature of Ethereum as the way to go.
Advantages of Ethereum vs. Ethereum Classic Most of the Ethereum community has backed the proof-of-stake conversion via the merge. Proponents cited a few big advantages. That means Ethereum Classic miners remain huge energy consumers. Ethereum Classic also has disadvantages when it comes to scalability. Thanks to its less malleable code, crypto analyst are not optimistic that ETC can overcome the scalability issues, which are a big stumbling block to mass crypto adoption.
While scalability is also a problem for Ethereum, the community is working to improve the situation. Ethereum Classic Price Ethereum has moved from strength to strength over the years, becoming the second largest crypto by market capitalization after Bitcoin. Yet despite being 36 times smaller than Ethereum, ETC still places in the top 25 cryptocurrencies by market cap.
Should You Invest in Ethereum Classic?
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Below is a screenshot from the ETC mining calculator. This is almost half of that for the hashpower required to breakeven on Ethereum. Given that they are both mined with the Etash mining algorithm, it is a no-brainer where you will turn your hashing power at. It also supports dual mining, so when you become more experienced you can dual mine Ethereum Classic and Siacoin or Decred among others. This is the easiest solution, but also gives the lowest returns.
Plus Nanopool is one of the most popular mining pools, with global servers and enough history that I know they are trustworthy. First head over to Nanopool. When you click the appropriate button it will take you to GitHub to download the mining software. We will take a look at mining with both the Finminer and Claymore although the latter is preferred. Using the Claymore Miner 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 now go back to the Nanopool Quick Start menu and click the button under step 3 to generate your config file. This is the file that starts the miner and specifies the various parameters such as the server to connect to, and what Ethereum Classic address to send earnings to, and what address to send secondary earnings Siacoin or PascalCoin to. Ethereum Classic Claymore Configuration Note that the secondary wallet field is mandatory, so you will need to choose either SiaCoin or PascalCoin and generate a wallet address.
That could mean you need to download and install a SiaCoin or PascalCoin wallet. Once you click the Generate button another. You need to download this. Claymore miner hashing for ETC in Command line. Image Source The miner will go through several steps verifying the parameters and will then launch the mining software.
Also in the last few weeks Ethereum Classics price has rallied significantly. ETH Merge — Ethereum 2. It is set to move away from Proof-of-Work to less energy intensive Proof-of-Stake model and is one of the most important events in the crypto space. Instead of miners with powerful computers the network after the merge will be secured and operated by so called validators stakers. This system is called Proof of Stake which has been rigorously tested and worked on for years.
Recently the Ethereum Goerli test network successfully merged to proof-of-stake. The third and final testnet merge went live on Goerli network. It is the final test run before the mainnet Merge goes live which is expected to take place mid September ETH post merge may or may not be appealing for many. Ethereum Classic has a long term commitment to PoW mining and it also inherits many of the previous Ethereum miners.
Ethereum Classic ETC also supports smart contracts and it provides a solid foundation to build decentralized applications. However it is not as successful nor it is as big as ETH smart contract ecosystem. With Ethereum setting to move away from PoW mining which means it will be no longer be mineable.
Ethereum Classic will be the only PoW smart contract platform that will remain mineable. ETC is the only Proof-of-Work with smart contracts that is unstoppable and uncensorable. Not only miners will switch but we can also expect development flowing into ETC chain. Anyways currently according to mining calculators ETC is not so profitable to mine. However if you are planning to mine ETC in the future then mining it now will be more beneficial.
What is Ethereum Classic? Ethereum Classic ETC is a decentralized computing platform that allows anyone to build and use decentralized applications. The platform allows uncensorable smart contracts to be written, deployed and executed.
Ethereum Classic is a distributed network that consist of blockchain ledger and a robust ecosystem of on chain applications. It provides a permissionless way to manage digital assets without any intermediaries. ETC is a programmable money and the native cryptocurrency of the Ethereum Classic blockchain. Ethereum Classic has been for a while. ETC is the original Ethereum and it is the original Ethereum blockchain.
To know the history and information regarding the chain split and why they split. If you were mining ETH and got evicted out because of the consensus change then you can mine Ethereum Classic. This network welcomes and loves miners.
So it supports the same hardware and mining software. Ethereum Classic has a strong community of people with proof of work values and preferences. Has a dedicated developer team and being one of the oldest PoW coins it is widely accepted and supported by major crypto exchanges, making it easy you to sell or trade for other currencies. Note: This post is not a financial advise. Its just a mining guide showing you how to start mining Ethereum Classic. Do your own research and its totally up to you on whether you wish to mine it or not.
You can mine it and sell it immediately or if you believe in its potentials then you can hold ETC in your wallet and cash out in the future at higher prices. What is Ethereum Classic Mining? Ethereum Classic is a PoW coin that relies on miners to secure its network. Mining is the most important element of Proof-of-Work cryptocurrencies.
Check out this list of proof-of-work mineable coins. Mining is a process though which the network process blocks of transactions and adds them to the blockchain. Mining is a trustless decentralized mechanism that allows nodes to reach consensus and helps keep the network secure. ETC being an decentralized open source platform no one single entity can have control over its ledger. Anybody in the world can take part in the network consensus without permission, can contribute hashpower and participate in the production of new ETC coins.
This process is achieved via network of computers called miners. In exchange for contributing their hashpower, providing the service and securing the blockchain miner whoever solves the block will be rewarded with ETC based on the block reward and transaction fees from the block. Ethereum Classic on the other hand voted to cap its max supply at ,, ETC. Meaning there will only be that amount of ETC coins in circulation ever.
They adopted this monetary policy in December ETC block time is 15 seconds that is on average newly created ETC coins come into circulation every 15 seconds. Also it has a reduction in block rewards similar to Bitcoin which cuts it reward by half every 4 years or ,00 blocks. Previously the reward was reduced from 4 ETC to 3. During the last reduction at block height 15,, the reward has been cut from 3. ETC also has mining difficulty adjustment that maintains and ensures that the block generation happens within the 15 second time limit.
Difficulty increases as miners hash power increase and it adjusts down as miners reduce. The development and rise of Ethash ASIC along with the hash power rental service like NiceHash has given advantage for some bad actors to execute double spend attacks. It also guards specialized ASIC equipment from mining the chain.
And it also resists hashpower rental service like NiceHash. Miners will not be able to rent hashpower from external source to mine ETC. But that proposal was later canceled and rejected. Get a suitable mining hardware. Get your wallet.
Install a mining software. To get started with Ethereum Classic mining you first need a suitable hardware. What kind of hardware equipment is best to use for mining ETC? To mine Ethereum Classic effectively you need an efficient mining hardware that produces higher hashrate. Currently there are two main types of hardware that can be used to mine Ethereum Classic. CPUs are obsolete. Other than high end graphic cards you can also effectively mine with 4Gb cards.
With that said this guide only covers GPU mining. ETC wallet address Once you have the right mining equipment you need to obtain a wallet address.
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