Is Ethereum Classic Mining Profitable
Mining Ethereum Classic currently is unprofitable because of the fact that the mining hardware costs are very high compared to the reward rate, which means that the profits you make mining Ethereum Classic right now will take a lot of time to even break even on the costs of your setup. However, the Ethereum Classic blockchain is constantly growing. The Ethereum Classic difficulty changes over time-based on the network hash rate, so it’s good to check your mining profitability periodically.
How to Mine Ethereum Classic: Our Top 5 Recommendations
Step 1: Install the hardware
Step 2: Get your wallet
Step 3: Purchase mining software
Step 4: Set up your mining program
Step 5: Cloud mining for Ethereum Classic
Install the hardware
The first step towards mining Ethereum Classic (ETC) is to acquire the required hardware. We propose you begin using AMD VEGA 64, Bitman Antminer E3, or AMD VEGA 56 mining hardware for this phase. Regardless of your mining pool, these devices are acceptable for Ethereum Classic mining.
Get your wallet
You may store your ETC coins safely and securely using either the Exodus wallet or the Cobo wallet. You might also use an exchange like Binance or Huobi.
Purchase mining software
Now that you’ve installed Ethereum gear and a wallet for mining, you’ll need to install mining software. Clayminer, GMiner, and NBminer are all options. However, for this mining pool, we will concentrate on GMiner and NBminer in this part.
Set up your mining program
After downloading GMiner or NBminer, unzip it and locate the start.bat or start.cmd file, right-click on it, and choose Edit. Then substitute the following instructions for the current ones. Take note that these instructions are unique to each of them.
Cloud mining for Ethereum Classic
Another way to mine ETC is by using cloud mining with Ethereum Classic. This is a significantly less costly method of mining Ethereum Classic. Cloud mining eliminates the need for energy and the need for pricey gear. In this manner, a supplier operates and maintains the essential hardware before renting it to you when you sign a contract. You should use hashflare.io or genesis-mining.com.
Also read: Check Ethereum Classic Prices Live
Popular video guides on Mining Ethereum Classic (ETC)
How Does Ethereum Classic Mining Work
ETC currently employs a Proof-of-Work consensus method. The miners must authorize all transactions on the Ethereum network. Miners on the Ethereum Blockchain Network employ a Hashing Scrypt (Ethash) to solve computationally difficult problems and effectively mine transaction blocks. This method helps to protect the network from assaults such as hacking or identity manipulation.
Also read: Where to buy Ethereum Classic
How Long Does It Take to Mine One Ethereum Classic
Currently, it takes anywhere from 13 to 16 days to mine one Ethereum Classic. Because of te significant difference between hardware costs and power consumption, the profit margins are almost negligible.
How Difficult Is It to Mine Ethereum Classic
Right now, mining Ethereum Classic isn’t as difficult as it is time-consuming. On average, the process takes 14 to 16 days to mine one block, and the profits are almost negligible.
The energy cost heavily influences the profitability of any crypto-mining operation in that region. By studying information such as Ethereum’s hash rate, block reward, number of blocks per day, and currency price, you may mine Ether and convert it into a valuable source of money.
What All Do You Need to Mine Ethereum Classic
A GPU or ASIC miner may be used to mine Ethereum Classic. GPU mining rigs are also an option. Plus you also need a good computer that can make this job more efficient for you.
Another critical component of cryptocurrency mining is software. Varied crypto-mining programs have different advantages and disadvantages, and not all programs are appropriate for all coins.
GMiner is a popular crypto mining application with over 600,000 daily users, built for various currencies, including Ethereum Classic. Ethash, ProgPoW, and Equihash are the mining algorithms supported by this program. With over 700,000 daily users, NBMiner is another popular Ethereum Classic miner. This application only supports GPU mining using Nvidia and AMD cards, which corresponds to the Ethereum Classic mining community’s preference for GPUs.
Before you begin mining any cryptocurrency, you’ll need a wallet to which you can transfer your earnings. Of course, your wallet must be compatible with Ethereum Classic in this situation, so check to see if your potential wallet supports ETC before downloading.
Top Wallets to Store Your Ethereum Classic
The top wallets to store your ZEN coins are ZenGo, Ledger Nano X, and Trezor Model T.
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Most frequently asked questions on Ethereum Classic Mining
How much time does it take to mine 1 ETC?
Mining 1 ETC takes anywhere from 14 to 16 days right now as per Coinwarz. There is also lower profitability than other coins.
Is mining ETC legal?
Yes, mining ETC is legal in most countries.
Is there a cap on Ethereum Classic?
Yes, there is a limit on ETC mining. The issuance maximum is 210 million, and mining incentives are reduced by 20% for every 5 million blocks.