Ethereum Classic Mining
Why it is Profitable to Mine Ethereum Classic
Since mining rewards vary, some miners switch from one coin to another in hopes of finding the most profitable crypto mining network. One of the altcoins that miners see as one that rewards big is Ethereum Classic (ETC).
Ethereum Classic, a hard fork of Ethereum, does not cost as much as Bitcoin or Ethereum, but mining this altcoin can be a good source of income. This is because Ethereum Classic continues to develop its system with new updates and ways to bring greater convenience to users. Along with these enhancements is the improvement of the process of Ethereum Classic mining. To know more about the mining of this crypto coin, read more.
Difference of Ethereum Classic Mining from Bitcoin Mining
Since Ethereum Classic’s blockchain has similarities with the Bitcoin blockchain, there are still features differentiating the two. First is that Ethereum Classic uses proof-of-stake algorithm through which miners creates a new block from different combinations and age or wealth. On the other hand, Bitcoin uses proof-of-work requiring miners to solve algorithms to validate transactions for a new block.
Another difference is that the blocks of Ethereum Classic have the transaction list and block state, unlike Bitcoin blocks. More so, instead of buying expensive hardware just to mine, Ethereum Classic miners can just use their CPU.
While miners might choose Bitcoin mining because of the current price of Bitcoin, they can still switch to Ethereum Classic because its proof-of-stake algorithm is far more cost-effective.
Top 3 Mining Pools Miners Can Join
As a growing altcoin, Ethereum Classic now has many mining pools you can join. To narrow down the list of pools that accept ETC, here are the top three ETC mining networks based on the number of mining pool members:
This is one of the biggest mining pools that support Ethereum Classic. By the start of 2018, it had nearly 12 workers and 5,000 miners. One of the reasons miners prefer this mining pool is it has over 1.25 TH/s hash rate.
This mining pool has a total hash rate of 33.4 Gh/s. It might be lower compared with Nanopool’s, but with its current hash rate, this mining pool gives everyone who wishes to mine Ethereum Classic a chance to earn profit.
The mining pool offers a lower hash rate compared with the two mining pools, but Ethteam is popular among miners because it is active in social media. Plus, it has servers in the US and Germany.
You should take note that choosing a mining pool can be as crucial as selecting a cryptocurrency to use. While you may join any of the top three mining pools above, you may still check out other pools. It will not hurt to research about other mining pool choices first before joining.
Why Should You Mine ETC?
As previously mentioned, Ethereum Classic uses proof-of-stake which gives miners bigger earnings compared with the crypto coins that use the proof-of-work algorithm. The advantage of using proof-of-stake is that miners no longer have to wait for a reward because if they mine ETC, they automatically get the transaction fees as their payment.
Another reason to mine ETC is that its price is still low. This makes it easier for miners to trade with and sell to other merchants. In addition, investing in ETC now is advisable as its price is still yet to get bigger.
Seeing the continuous improvements on Ethereum Classic, more miners start considering switching to this altcoin. This is why before the mining difficulty gets higher as the number of miners increases, you should consider being an Ethereum Classic miner now.