In the very recent past, mining Ethereum with a GPU could be a very profitable venture. However, the Ethereum merger has made GPU mining virtually impossible, and long-time Ethereum miners are now unable to profit from this coin using their GPUs. But if you are looking for another way to make use of your GPU or GPU rig, Ethereum Classic (ETC) mining may be the way for you. But how do you get started with Ethereum Classic Mining?
What is Ethereum Classic (ETC)?
While Ethereum (ETH) is widely known throughout the crypto industry, fewer people are aware of Ethereum Classic (ETC). Ethereum Classic is a decentralized blockchain platform with smart contract functionality. As you may have guessed, the native currency of Ethereum Classic is ETC. Like many other cryptocurrencies, Ethereum Classic can be mined, but there are certain things to consider beforehand.
Ethereum Classic Mining Considerations
Before embarking on any mining venture, you should be aware of the risks and drawbacks involved, the first of which is the initial and long-term costs of the hardware. Mining hardware can range from relatively cheap to incredibly expensive. If you’re using a GPU, your upfront costs 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 crypto mining are primarily related to the electricity required for mining. Mining hardware is usually kept on 24 hours a day and can consume a lot of power, so you will see a noticeable increase in your monthly or yearly electricity bill if you decide to start mining.
You should also keep in mind that crypto mining is not a guaranteed win for everyone. As the size of a coin’s mining community increases, the chance to mine a block or circulate a new coin decreases. This is a particular problem in Bitcoin mining, where only powerful ASICs can be used to successfully mine. It is important to consider all of these factors before starting your mining venture.
You will also need to decide whether you want to mine Ethereum Classic individually or as part of a mining pool. Mining pools involve many miners who pool hash power to increase the chance of mining a block. This can make your mining company much more reliable, but keep in mind that in a mining pool, rewards are divided among members, usually in proportion to the amount of hashing power that was delegated. Mining pools also charge membership fees, although these vary from pool to pool.
While solo mining gets you the full reward, it can be much less reliable, meaning you may have to wait much longer to mine a block and reap the rewards.
Now, let’s get into the Ethereum Classic mining hardware.
1. hardware store
You can mine Ethereum Classic using a GPU or ASIC miner. GPU mining rigs can also be used. If you’re looking to set up a GPU mining rig, you can certainly end up spending upwards of $1,000 or more depending on which GPU model you decide to use. ASICs can also vary greatly in price depending on the model and its condition. You may be able to get an ASIC for less than $1,000, while other models can cost upwards of $10,000.
However, GPUs are generally the preferred choice for mining Ethereum Classic, as 2020’s Thanos hard fork made block mining easier for GPUs with less RAM. But on the other hand, ASICs had trouble continuing to mine profitably with the Ethash algorithm after the fork. But this does not mean ASIC mining not possible for Ethereum Classic.
There are many types of GPUs and ASICs out there today, so let’s take a look at four of the best models available today so you know what to look for.
Nvidia GeForce RTX 3060 Ti (GPU)
the Nvidia GeForce RTX 3060 Ti it is a very popular GPU that is often used by crypto miners. This graphics card can reach a hash rate of 60MH/s, with a power consumption of 200W. Although this is not the fastest GPU on the market today, its power efficiency gives it an edge over many other models. If you are willing to spend a good amount of money on your hardware, you can build a super powerful mining rig with multiple RTX 3060 Ti cards.
AMD Radeon RX 6700 XT (GPU)
the AMD Radeon RX 6700 XT is another solid choice for GPU crypto mining. While Nvidia GPUs often take the cake in crypto mining, it is worth noting other brands on the market that retail for a lower price. This model can reach a hash rate of 47MH/s, with an output power of 230W. While these numbers aren’t top-tier, a few of these GPUs together on one platform could make for a profitable operation without shelling out thousands.
Bitmain Antminer S19 Pro (ASIC)
the Bitmain Antminer S19 Pro is an undeniable favorite among the ASIC mining communities. This ASIC has taken the bitcoin mining industry by storm and could prove invaluable in your Ethereum Classic mining venture. With a maximum hash rate of 110 Th/s, there is no doubt that this piece of hardware is powerful. But don’t forget that ASICs consume a lot of power. In fact, the S19 Pro has a power consumption of 3250W, which will certainly increase your electricity bill.
WhatsMiner M30S++ (ASIC)
the WhatsMiner M30S++ is another great option for Ethereum Classic mining. This ASIC can reach a hash rate of 122Th/s, although its power consumption is still very high, 3472W. Note that a single ASIC like this will cost more than a single GPU, although GPU kits can cost as much as individual ASICs.
Software is another vital element of crypto mining. Different crypto mining programs have different pros and cons, and not all programs are suitable for all coins. So, let’s take a look at the two best mining software for Ethereum Classic.
GMiner is a well-known crypto mining program with more than 600,000 daily users. GMiner is designed for a variety of different currencies, including Ethereum Classic. This software also supports various mining algorithms including Ethash, ProgPoW, and Equihash. You can use GMiner to mine using AMD and Nvidia GPUs, although this program does not support ASICs.
GMiner provides users with various overclocking statistics as well as temperature control to prevent hardware from overheating. But it is worth noting that there is a 1% fee for mining Ethereum Classic, which will be deducted from your earnings. However, the software itself is completely free to download and is suitable for both Linux and Windows operating systems.
NBMiner is another favorite among Ethereum Classic miners, with over 700,000 daily users. This program only supports GPU mining with Nvidia and AMD cards, which aligns with the preference for GPUs among the Ethereum Classic mining community.
NBMiner supports a range of different cryptocurrencies as well as various mining algorithms. The program also provides users with a secure SSL connection to mining pools. Like GMiner, NBMiner charges a 1% fee for mining Ethereum Classic, which is subtracted from your earnings. It’s also a command-line program, which can be trickier to navigate if you’re a tech novice.
When it comes to mining Ethereum Classic with an ASIC, there are a number of programs you could consider such as MinerGate.
Before you start mining any cryptocurrency, you will need a wallet that you can transfer your earnings to. Of course, your wallet will need to support Ethereum Classic in this case, so make sure your prospective wallet supports ETC before downloading.
Today, there are several ETC-compatible wallets, both virtual and physical (or hot and cold).
If you prefer software wallets, consider one of the most reputable providers out there today, such as Trust Wallet, Exodus or Atomic Wallet. Since software wallets can be hacked remotely, you need to make sure that the provider you choose offers various security features so that you can keep your funds safe.
In terms of hardware wallets, both Ledger and Trezor wallets they can store Ethereum Classic and are a more secure option overall as they keep your funds protected in cold storage, preventing remote attacks.
Get started with Ethereum Classic Mining using the steps above
Using the recommendations above, you can start your ETC mining journey with the highest rated hardware and software. Although crypto mining has its downsides, it can certainly provide you with a steady stream of side income without having to do too much yourself.