Before we start: let’s take a closer look at this gem.
- What is DAO?
- Ethereum Classic: After the Fork
- How to Buy Ethereum Classic
- Ethereum Classic Wallet
- Ethereum Classic Mining Hardware
- Ethereum Classic (ETC) Mining Profitability
- Ethereum Classic Mining Difficulty
- Ethereum Classic Mining
- Q&A Section
What is DAO?
DAO is a global smart contract founded in the Spring of 2016 that acted as venture capital fund to finance distributed applications. As a result, the users started to exchange their Ethers for the DAO tokens and vote for applications that were going to get part of the invested money for development.
The DAO had a “split function” that gave its users an opportunity to quit the organization. Token owners could unite into subsystems and get their invested cryptocurrency back. The hackers took advantage of this function creating their own affiliated system and siphoning off Ether worth $50M+ to their accounts.
Ethereum developers decided to solve the problem by rolling back the blockchain to its initial state before the attack. Some members were in favor of this decision, while the others were against it because they believed in the system autonomy and didn’t want any interference in the blockchain operation, including human intervention.
These members rejected the hard fork and continued using the original blockchain. That is how Ethereum Classic came into existence.
Ethereum Classic: After the Fork
After the fork ETC was doing great, over the first ten months, it was trading at $1.00–3.00. The growth started at the end of April 2017. Ethereum Classic has reached its peak price on January 14, 2018, and was trading at $45.
As of now, ETC is worth $6.5. The market capitalization is over $0.7 billion. Its 24-hour trading volume is equivalent to $0.7 billion as well – may be more or less depending on luck.
How to Buy Ethereum Classic
ETC is a popular cryptocurrency, because of this, you can buy it practically anywhere. According to the CoinMarketCap chart, Ethereum Classic is traded on 205 exchanges. At the top of the list are OKEx, Bitfinex, Binance, Bithumb, Bittrex, and other major platforms. The top three exchanges account for over $100M in ETC.
Ethereum Classic Wallet
You may as well keep a small amount of ETC exchange. If you want more protection for yourself, then use local wallets with a full copy of the blockchain. The list is available on the official website. There you’ll find Emerald and Classic Ether Wallet. Mobile wallets like Guarda, JAXX, Coinomi are available as well.
Ethereum Classic Mining Hardware
On November 28 Ethereum Classic developers have performed the Thanos hard fork which has reduced the DAG file. Now you can use 3GB+ AMD and Nvidia graphics cards to mine Ethereum Classic. Ethereum mining requires 4GB GPU’s now, but starting from 2021 even 4GB would not be enough. Ethereum Classic lets the cheaper and older GPU versions to mine.
Ethereum Classic (ETC) Mining Profitability
To calculate ETC mining profitability use 2CryptoCalc.com. Go to Ethereum Classic page and enter the hash rate. Let’s say it’s 1000 Mh/s. By clicking on Calculate button you’ll get the desired numbers.
As of September 7, 2019 this hashrate (1000 Mh/s) brings in around $13 per day or almost $400 per month. The estimated numbers may change depending on network difficulty and cryptocurrency exchange rates.
Ethereum Classic Mining Difficulty
Network difficulty is the most critical cryptocurrency network parameter. In simple words, it’s just the complexity of the task that miners need to solve to create the block. It always changes as network regulates itself, so it finds the block after the same amount of time on average. Ethereum Classic Difficulty is now 170 Th. Read more about network difficulty here.
Ethereum Classic Mining
At the moment the block reward amounts to 3.2 ETC, plus fees, so it’s nearly $20.
With a 1000 Mh/s hashrate you can expect to find one block every two days, which is not too long. If you’d like to you could try ETC Solo mining. However we do recommend you mine Solo if your hashrate is higher than 2 Gh/s (like this you find 1 block each day on average). If you want to estimate the reward for mining a specific coin based on your hash rate, you can use 2CryptoCalc.com.
All you need to do is to change your wallet address in the bat file. Use etc-pool.bat to mine on the PPLNS pool. For solo mining, edit the etc-solo.bat file. If you do not know what is the difference between PPLNS and SOLO always go PPLNS.
Why do you Need a bat File?
The miner works in the console, and it doesn’t have a visual interface. When you launch miner, you should “forward” settings to it so that it can operate properly. Instead of using the command line to do it, you can create a bat file with only one intended use — sending the pool address, wallet address, rig name, and other settings to your miner. You can edit the bat file using any text editor you like.
Now you can launch the bat file. You will see a bunch of numbers in the console. Among them, you can easily spot the names of all GPUs and their hashrate values.
Ethereum Classic Mining Software Settings
At block 11 700 000 Ethereum Classic algorithm has slightly changed from the standard Ethash. The DAG file was decreased to let the 3GB and 4GB video card owners mine again. This requires different mining software settings to mine ETC.
Bat file for PhoenixMiner.
PhoenixMiner.exe -pool etc.2miners.com:1010 -wal 0x00192Fb10dF37c9FB26829eb2CC623cd1BF599E8.RIG_ID -coin etc
Bat file for T-Rex.
t-rex.exe -a etchash -o stratum+tcp://etc.2miners.com:1010 -u 0x00192Fb10dF37c9FB26829eb2CC623cd1BF599E8.RIG_ID -p x pause
Bat file for Gminer.
miner.exe --algo etchash --server etc.2miners.com:1010 --user 0x00192Fb10dF37c9FB26829eb2CC623cd1BF599E8.RIG_ID
Bat file for lolMiner.
lolMiner.exe --algo ETCHASH --pool etc.2miners.com:1010 --user 0x00192Fb10dF37c9FB26829eb2CC623cd1BF599E8.RIG_ID pause
What is the Difference Between ETH and ETC?
After June 2016 Ethereum Classic and Ethereum are two separated networks. They have different miners and different developers. Both Ethereum and Ethereum Classic has a great team of developers and a vast community that takes an active part in the life of the project.
Which is better to mine, ETC or ETH? Which is better overall?
Let’s go to WhatToMine to find the answers. As of the beginning of September 2019, Ethereum Classic is a little more profitable than Ethereum. With 1000 Mh/s hashrate Ethereum Classic brings $13.25 a day, Ethereum – $12.65.
Can you Mine Ethereum and Bitcoin Using the Same Hardware?
No. For Bitcoin, you need special ASIC-miners, while Ethereum and Ethereum Classic are mined on GPUs.
Is it Profitable to Mine on a Gaming Computer?
It may bring you some extra coin. With one GeForce 1080Ti card, you can earn a little less than $1 per day, or $22 per month. It is not a lot, but still something.
How Profitable is Ethereum Classic Mining?
The rig with a 1000 Mh/s hashrate will bring in around $300 per month. If the exchange rate goes up, the income will become higher, and there is an excellent chance of ETC becoming much stronger in future.
Don’t forget to read our other articles about cryptocurrency mining.