For those who don’t know, Ethereum classic is actually the original Ethereum blockchain . The current Ethereum blockchain is actually a fork of the Ethereum classic. We ‘ve covered this extensively in our article on Ethereum versus the Ethereum classic , but only the split fell into a dispute in the Ethereum community. In June 2015, a famous incident called the DAO hack took place. This was when a hacker was able to leverage a project’s code to attract millions of ETH.
There were some developers (current Ethereum developers) who supported hard forking of code, but there were others who saw this as a violation of the ” code is law ” principle. Therefore, Ethereum developers forked the code to recover users whose ETH was stolen during the hack. Ethereum Classic developers disapproved and continued to run the existing Ethereum blockchain. This is the Ethereum classic we have told.
What Do You Need For Ethereum Classic Mining?
Ethereum Classic Mining is similar to other Proof-of-Work coins and you need almost the same hardware and software. To start with, you will need a wallet that can store Ethereum Classic. While there are many wallets available to hold Ethereum, there are fewer wallets that can hold Ethereum Classic, so make sure yours is an ETC wallet , not an ETH wallet . For the purposes of this tutorial I will be using the Exodus wallet, but you can use Coinomi or one of the hardware wallets, among other options.
Of course you will need the hardware for mining and better options are higher end Nvidia graphics cards such as 1080 and 1080i . You can also mine using AMD GPUs, but they have been found to be less powerful for Ethereum Classic mining. Another requirement is a minimum of 4 GB RAM , either dedicated video RAM or system RAM. If you’re technically inclined, the best setup is a setup with multiple GPUs, up to 6 can be combined into one mining rig.
You will also need mining software and there are several options. The most popular one and what I will use for this tutorial is the Claymore Dual Ethereum miner available on the Bitcointalk forums. This miner can be used with both Nvidia and AMD GPUs, and there are.
Let’s talk about mining of ethereum classic.
Choosing equipment for mining ETC
You may think that due to the ever-increasing size of the DAG file, it will soon be impossible to mine ETC on cards with little memory (3GB or 4GB). However, in the case of ETC, this is not entirely the case. The epoch duration will be recalibrated so that such cards can continue to mine ETC.
For graphics card models, we recommend the AMD Radeon RX 470/480/570/580/590. In NVIDIA’s case, take a look at the 1660 / Ti / Super / Ampere. However, AMD cards mine ETC more efficiently than NVIDIA cards.Checkout our complete guide on best ethereum mining Rig HERE.
For miners, we recommend TeamRedMiner for AMD, and Ethminer for NVIDIA and those GPU rigs that combine AMD and NVIDIA cards. We do not recommend using Phoenix and Claymore, as they often overestimate the hash rate. This means that you cannot trust the displayed hash rate – the numbers will be incorrect.
Creating a wallet
The next step after choosing (or setting up) equipment is to create a wallet to store the money earned from mining. There are many platforms that allow you to do this, and here are some of them:
- Ethereum classic wallet (your wallet will be initially configured for the ETC network);
- MyEtherWallet (you will need to change your network settings to work with ETC);
- Coinomi (multicurrency wallet);
- Binance (cryptocurrency exchange, you will need to register and get a deposit address);
- Polonaise (also an exchange).
However, keep in mind that exchanges are often subject to attacks as well as maintenance. In addition, they do not transfer private keys. Consider this when making a choice.
Pool and software selection
You have selected hardware and created a wallet – now you are almost ready to start mining ETC. But first you need to choose a pool, because for the vast majority of users, mining on a pool is more profitable than mining alone. Instead of looking for blocks on your own, you will receive a small part of the rewards of the entire pool, which means that your income will be much more stable. Consider the Hive on pool (ETC, mining pool):
- Pool commission is 0%
- Transaction fees are paid by the pool
- Pool hashrate of 553.46 Gh / s (as of this writing, October 13, 2020)
- Daily Payouts at 07:33 GMT (Pays out balances at or above the 1.0 ETC threshold)
- Servers are located in Russia, Europe, North America and Asia
- Payment for “late” balls is provide
How Ethereum Classic Works?
The most important thing to know about Ethereum Classic is smart contracts. Nick Szabo invented smart contracts in 1994. However, back then, there was no decentralized platform that could securely store smart contracts. The blockchain provided an excellent platform. Smart contracts are built on top of the Ethereum Classic blockchain and automatically enforce the rules of a contract. Smart contracts one day banking, file storage, insurance, identity and reputation services, etc. It can eliminate numerous brokerage services in are
Why Is Ethereum Classic So Special?
In the beginning there was only Ethereum. A group called Decentralized Autonomous Organization (DAO) essentially used Ethereum to create a venture capital fund. He attracted great attention, raising more than $ 100 million through the token sale.
However, there was a vulnerability in the code that was soon exploited. Millions withdrew from the DAO fund and investors panicked. There was a 28-day window to find a solution before the “hackers” broke the tokens. One of the solutions was to create a hard fork to reverse the hacking and give people their money back. This has led to an objection from loyal people who believe in the blockchain principle that you won’t mess with the ledger.
The majority of the community, including big players like Vitalik Buterin, chose the hard fork. This evolved into the Ethereum that exists today . On the other hand, people who believed in keeping everything the same remained on the current platform and changed its name to Ethereum Classic.