Ethereum classic or ethereum mining

Earlier on Thursday, the Ethereum network switched from a proof-of-work PoW consensus algorithm to proof-of-stake PoS. This move, known as the Merge , was planned years in advance but faced many delays. Ergo also more than doubled, from UTC, according to mining pool 2Miners. The Merge put an end to the need of miners to keep up the network using thousands of computers. Miners who had invested in hardware to mine ether are now likely looking for other uses for their hardware, and PoW tokens like Ethereum Classic's ETC and Ravencoin's RVN are among the available options.

Ethereum Classic, which trades as ETC, grew out of an ideological rift within the Ethereum community. The other version of the fork, which became Ethereum Classic, kept the hack in order to preserve the immutability proposed by blockchain technology. But the classic blockchain is far less popular than Ethereum today. Nonetheless, miners are piling into ETC, which might undermine some of the environmental benefits of The Merge.

Rigs are invested and facilities are set up with nowhere to go. The only viable option at the moment is Ethereum classic. Mining was a hugely lucrative business for those who got in early. The gold rush has unintended consequences, too, as its reliance on computational power exacerbated the global chip shortage over the past few years.

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It is by far the most popular. However, not everything is so smooth. There are quite ambiguous comments from users on the Internet. In defense, it can be noted that it is one of the most reliable groups. This is the reason why it has a wide popularity. Nanopool Nanopool is a new project that has quite big ambitions. Despite the fact that the service is new, yet within a short period of its existence, it has broken all records of popularity and surpassed the above-mentioned competitor.

It offers quite low commissions and favorable terms of cooperation. However, there is another side to the coin — in the case of any problems, do not rely on the technical support site. You will have to solve all the issues yourself. P2pool One of the most reliable pools that can compete only with such groups as Eligius and BitPenny.

The group supports the possibility of both group mining and mining Ethereum classic in solo mode. In addition, it is worth noting the benefits of this service. ETC 2miners A professional pool for experienced miners. Supports mining a wide list of cryptocurrencies. The group is quite new opened in , but already has a fairly wide popularity. SuprNova This group is known in the circles of Bitcoin fans, in particular its fork Lightcoin. However, the pool has recently included support for Ethereum and all of its forks.

In order to work with the site you will need to register. But, in return you get a user-friendly interface, high level of security and quality service. MinerGate A pretty good pool that has a wide list of languages to translate the interface. This means that it is geared towards users from different countries. MinerGate is a handy pool that has been around for a long time and has managed to gain the trust of users. This is a list of the main pools for group mining.

It is worth noting that some of them allow solo mining Ethereum classic. Using your computer or farm you create new blocks. For this, the network pays remuneration in the form of Ether Classic tokens. But first you need to set up your mining hardware and software. Choosing and setting up video cards We will talk about mining Ethereum classic on video cards, because it is the most profitable option.

And today there are two competing manufacturers: Nvidia and AMD. In this regard, there are divided and miners. There were two camps — green and red. To make the right choice and mining Ethereum classic was profitable, you should consider such parameters: Power consumption. Output power hashes. The better the ratio less consumption and more power output , the more profitable the video card. Well, the lower the price, the faster you pay back the costs.

Before proceeding to the software setup, you will need to download and install drivers for mining ETC on AMD video cards or any current ones for nVidia video cards. In addition to drivers, there are other ways to optimize mining ETC and increase the performance of video adapters. The most popular are programs like MSI Afterburner. This is a program for overclocking your graphics card and controlling the turnover of the coolers according to its temperature. Note that after closing this program, all settings for overclocking and fan speeds are reset.

Tuning the Miner Once you have configured the system and installed the necessary drivers, you should download the miner. If you are going to mine on Windows, PhoenixMiner is the best solution. Its features and graphical interface are similar to the formerly popular Claymore, but it has certain advantages: The developer is charged 0. Secure SSL connection is supported.

Greens can mine Ethereum Classic with T-Rex 0. But the only universal program remains Phoenix. 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. Get yourself a wallet to safely store your mined Ethereum Classic coins. There are several secure wallet options to choose from.

Also you can use browser based wallets such as Brave wallet and Metamask. All you have to do is connect your Metamask extension to Ethereum Classic network. You can send your mining payouts to exchanges such as Binance or Huobi. Note: Always do your own diligence when choosing an exchange or a wallet provider. Choose the one that best suits your needs. All the Ethereum miners supports ETC mining. Before you download the miner ensure that it supports your GPU and works on your chosen operating system.

Note: While downloading your browser might block the miner file. Also after downloading your antivirus program might remove the miner from your PC.