“Ethereum Classic is a continuation of the original Ethereum blockchain – the classic version that preserves the unfettered history; free from outside interference and subjective manipulation of transactions.”
These words can be found on the official Ethereum Classic website and briefly and concisely explain what ETC is.
Ethereum Classic (ETC) is a permissionless, decentralized, secure and censorship-resistant blockchain, born from a fork (fork) of the Ethereum blockchain in 2016. Its main goal is to function as a smart contract network, with the ability to host and support decentralized applications (DApps).
Ethereum Classic is also the name of its native token, whose acronym is ETC. Today we are going to find out how to mine Ethereum Classic and how much it is profitable to mine this interesting crypto asset.
Currently Ethereum Classic (ETC) is considered one of the most attractive cryptocurrencies available for mining and one of the reasons is because the ETC network is not overloaded with transactions like the original Ethereum.
In relation to its supply, ETC differs from ETH as it has a limited availability (in Ethereum its token has no limits). So the maximum supply is 210,700,000 ETC, approximately ten times the amount of Bitcoin (BTC) and at the time of writing this article, the amount of token in circulation is 116,313,299.
As for the type of mining, so far it has been similar to Ethereum as both use the Proof of Work (PoW) algorithm.
However, in December 2020, Ethereum released its update that provides for the move to Proof of Stake (PoS) or Proof of Stake, while ETC seems to have no plans to move to another consensus protocol.
In Ethereum Classic mining the block reward decreases every 15,000 blocks mined. In March 2020 the ETC block reward went from 4 Ethers Classic to 3.2 and will be reduced in 2022 to 2.56 ETC per block.
Well, the Proof of Work algorithm and the difficulty of the network for mining ETC, which is much lower than for Ethereum, make it more feasible to mine this crypto with equipment that is not particularly powerful (GPU or CPU rather than ASIC equipment).
As with any mineable cryptocurrency, if you want to mine ETC from your PC, you will also need specific hardware and software to make your investment profitable.
Currently ETC, like ETH, uses the Ethash algorithm which was originally designed to be ASIC-resistant, enabling higher performance on GPUs.
Luckily things have changed and now this token can be mined with ASIC equipment, which has proven to perform even better than any GPU on the market.
Below I will point you to the best hardware and software to mine Ethereum Classic from your PC.
If you want to mine ETC you will need specific hardware. If you have a powerful gaming PC, with an NVIDIA or AMD graphics card, you should be able to mine right away.
If you want to ensure some profit, the best options are Nvidia 1080 and 1080i series graphics cards, which have a minimum of 4 GB of RAM.
And of course, if you have the opportunity, the best option is to have multiple GPUs (you can add up to 6 GPUs) and set up your mining rig.
Regarding mining software for Ethereum Classic, there are several options although, one of the most popular is Claymore Dual Ethereum, which can be used with Nvidia and AMD GPUs and on computers with Windows X64 and Linux X64 operating systems. One of its main features is that it allows mining two cryptos at the same time.
Ethminer is another very interesting option. You can download it from Github and, like Claymore Dual Ethereum, it is compatible with AMD and Nvidia and is available for Windows and Linux.
If you want a novice solution that does not require high technical knowledge, then the best solution is MinerGate. This software allows you to mine with CPU or GPU and has no complex configuration requirements. You only need the address of your wallet, where you store your FTEs.
Once you have decided what kind of hardware and software to use, you will have to choose whether to mine alone or to join a mining pool. I remind you that, when mining alone, all the profits generated from the mining activity will be yours (while in a pool you will have to share them), but the profits could be lower since, mining alone, does not allow you to reach the computational power that you would have by joining a team.
If you decide to join a mining pool, then you can choose from many options. Among the most popular are Nanopool or Ethermine. These are platforms for novices, as they do not require technical knowledge. You just have to choose which crypto to mine and then download the recommended software from the Github page.
Once the software has been installed, you will have to configure it by specifying the server location, the algorithm to be used, the operating system and the information related to the graphics card.
If you want to research other mining pools, I advise you to see the complete list of the most popular pools for mining Ethereum Classic offered by Poolwatch.
Once you have started your mining activity, you will need a wallet to store your earned ETC tokens.
Here are some options for you to choose the best wallet for your rewards.
One of the best platforms where you can get an idea of how profitable Ethereum Classic mining activity can be is, without a doubt,Whattomine.
According to the Coinwarz platform, with an ETC mining difficulty of 119,115,656,154,322.00, a hashrate of 400.00 MH/s consuming 750 watts of power at $0.10 per kWh, and a block reward of 3.20 ETC at $15.09 (ETC to USD), mining Ethereum Classic is very profitable.
According to mining hardware inputs provided by the Coinwarz platform, 0.92844218 Ethereum Classic can be mined per day with a mining hashrate of 400.00 MH/s, a block reward of 3.2 FTE and a difficulty of 119,115,656,154,322.00.
If we deduct energy costs and mining fees, the final daily profit is $12.21 Ethereum Classic in USD.
As of today’s date, it takes 1.1 days to mine 1 Ethereum Classic at the current difficulty level, a mining hashrate of 400.00 MH/s and the block reward of 3.2 FTE. That’s not too bad, is it?
As you can see, the process of mining Ethereum Classic is not difficult and it is quite simple to earn daily rewards in ETC. Although mining it won’t make you rich, as the price of ETC is currently not very high (at the time of writing this article it is $14.94 per unit), it can always be a good option to buy ETC tokens, being a crypto with a very promising future.
I remind you that in Bitnovo you can get ETC and more than 25 different cryptos at the most competitive and cheapest price.