Until very recently, Ethereum mining with GPUs was a highly profitable venture. However, the merger of Ethereum has made GPU mining almost impossible, preventing a longtime Ethereum miner from using his GPU to profit from this coin. However, if you are looking for alternative ways to utilize GPUs or GPU rigs, Ethereum Classic (ETC) mining may be the way to go. But how do you get started with Ethereum Classic Mining?
What is Ethereum Classic (ETC)?
Ethereum (ETH) is widely known throughout the crypto industry, but few people know Ethereum Classic (ETC). Ethereum Classic is a decentralized blockchain platform with smart contract functionality. As you might have guessed, the native coin of Ethereum Classic is ETC. Like many other cryptocurrencies, Ethereum Classic can be mined, but there are some things to consider beforehand.
Ethereum Classic Mining Considerations
Before embarking on a mining venture, you should be aware of the associated risks and downsides. The first risk is the initial and long-term cost of hardware. Mining hardware can range from relatively cheap to very expensive. If you’re using a GPU, the initial cost shouldn’t be too high, but if you’re using an ASIC, be prepared to spend a lot of cash.
The long-term costs associated with cryptocurrency mining are primarily related to the power required for mining. Mining hardware typically runs 24 hours a day and can be very energy intensive, so once you start mining, your monthly or annual electricity bill will increase significantly.
Also, keep in mind that cryptocurrency mining is not a guaranteed win for everyone. As the coin mining community grows in size, opportunities to mine blocks and put new coins into circulation decrease. This is a problem unique to Bitcoin mining, which can be successfully mined using only powerful ASICs. It is important to keep all these factors in mind before starting any mining venture.
You also need to decide whether to mine Ethereum Classic individually or as part of a mining pool. In mining pools, many miners pool their hashing power to increase their chances of mining a block. This greatly increases the credibility of mining ventures, but keep in mind that mining pools typically divide rewards among their members in proportion to their delegated hashing power. Mining pools also charge a fee to become a member, but these vary from pool to pool.
Solo mining offers all of the rewards, but can be much less reliable.
Now let’s get down to the Ethereum Classic mining hardware.
You can mine Ethereum Classic using either GPU or ASIC miners. GPUs mining equipment can also be used. If he were looking to set up a GPU mining rig, he would end up spending over $1,000 depending on the model of GPU used. ASIC prices also vary greatly depending on the model and its condition. ASICs can be available for under $1,000, while other models can cost $10,000 or more.
However, GPUs are generally a better option for mining Ethereum Classic, as the Thanos hard fork in 2020 made it easier for GPU mining blocks with less RAM. On the other hand, however, ASIC struggled to continue mining and making a profit using the Ethash algorithm after the fork.but this does not mean ASIC mining Not possible with Ethereum Classic.
There are many types of GPUs and ASICs today. So let’s take a look at today’s top four models and get an idea of what to look for.
NVIDIA GeForce RTX 3060 Ti (GPU)
of NVIDIA GeForce RTX 3060 Ti is a very popular GPU commonly used by cryptocurrency miners. This graphics card can reach a hash rate of 60MH/s he with a power consumption of 200W. It’s not the fastest GPU on the market right now, but its power efficiency is better than many other models. If you’re willing to spend a lot of money on hardware, you can use multiple RTX 3060 Ti cards to create a super-powerful mining rig.
AMD Radeon RX 6700 XT (GPU)
of AMD Radeon RX 6700 XT Another solid alternative for GPU crypto mining. Nvidia GPUs are often used for cryptocurrency mining, but it’s worth keeping an eye on other brands that sell at lower prices on the market. This model can reach a hash rate of 47MH/s with a power output of 230W. These numbers aren’t top-of-the-line, but combining a few of these GPUs into your rig will allow you to do profitable operations without forking thousands.
Bitmain Antminer S19 Pro (ASIC)
of Bitmain Antminer S19 Pro Undeniably popular among the ASIC mining community. This ASIC is bitcoin mining It could take the industry by storm and prove very valuable in an Ethereum Classic Mining venture. With a maximum hash rate of 110Th/s, there is no doubt that this hardware is powerful. However, remember that ASICs consume very large amounts of energy. In fact, the power consumption of the S19 Pro is 3250W, which will definitely increase your electricity bill.
WhatsMiner M30S++ (ASIC)
of WhatsMiner M30S++ Another great option for Ethereum Classic mining. This ASIC he can reach a hashrate of 122Th/s, but the power consumption is still very high, 3472W. Note that a single ASIC like this costs more than a single GPU, but a GPU rig can cost as much as a single ASIC.
Software is another key component of crypto mining. Each cryptocurrency mining program has its pros and cons, and not all programs are suitable for all coins. Now let’s take a look at the two mining programs that are best suited for Ethereum Classic.
GMiner is a famous crypto mining program with over 600,000 daily users. GMiner is designed for various coins including Ethereum Classic. The software also supports various mining algorithms such as Ethash, ProgPoW and Equihash. GMiner allows you to mine using both AMD and Nvidia GPUs, but ASICs are not supported by this program.
GMiner provides users with various overclocking stats and temperature control to prevent hardware from overheating. However, mining Ethereum Classic will incur a 1% fee, which will be deducted from your profits. However, the software itself is completely free to download and suitable for both Linux and Windows operating systems.
NBMiner is another popular tool among Ethereum Classic miners with over 700,000 daily users. This program only supports GPU mining with Nvidia and AMD cards. This is in line with the preference for GPUs among the Ethereum Classic mining community.
NBMiner supports various cryptocurrencies and various mining algorithms. The program also provides the user with a secure SSL connection to the mining pool. Similar to GMiner, NBMiner charges his 1% fee for Ethereum Classic mining, which is deducted from profits. It’s also a command line program and can be difficult to navigate if you’re a little tech-savvy.
When it comes to mining Ethereum Classic using ASICs, there are many programs you can consider, such as MinerGate.
Before you can start mining cryptocurrencies, you need a wallet where you can transfer your profits. Of course, in this case, the wallet needs to be compatible with Ethereum Classic, so make sure your future wallet offers his ETC support before downloading.
Various ETC compatible wallets exist today, both virtual and physical (or hot and cold).
If you prefer software wallets, consider one of the most reputable providers today. Trust Wallet, Exodus, Atomic Wallet, etc.Software wallets can be hacked remotely, so you should make sure your chosen provider offers a range of security features to keep your funds safe.
When it comes to hardware wallets, both Ledger and Trezor wallets Overall a more secure option as it allows you to store Ethereum Classic, protects your funds in cold storage and prevents remote attacks.
Get started with Ethereum Classic Mining using the steps above
With the recommendations above, you can start your ETC mining journey with top-rated hardware and software. Cryptomining has its downsides as well, but you can be sure of a steady side income without having to do much yourself.