In the very recent past, Ethereum mining with a GPU could be a very profitable venture. However, the Ethereum merge has made GPU mining pretty much impossible, with long-standing Ethereum miners now unable to profit from this coin using their GPUs. But if you're looking for another way to make use of your GPU or GPU rig, Ethereum Classic (ETC) mining may be the path 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 coin 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
Prior to taking on any mining venture, you should be aware of the risks and downsides involved, the first of which is the upfront and long-term costs of 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, prepare to spend a large chunk of cash.
The long-term costs associated with crypto mining mostly relate to the electricity required for mining. Mining hardware is usually kept on around the clock and can be very energy intensive, so you'll see a noticeable increase in your monthly or annual electricity bill if you decide to start mining.
You should also note that crypto mining isn't a guaranteed win for everyone. As the size of a coin's mining community increases, the chance of mining a block or circulating a new coin decreases. This is a particular problem in Bitcoin mining, wherein only powerful ASICs can be used to mine successfully. It's important to keep all these factors in mind before you start out on your mining venture.
You'll also need to decide whether you want to mine Ethereum Classic individually or as part of a mining pool. Mining pools involve many miners pooling hash power to increase the chance of mining a block. This can make your mining venture far more reliable, but note that, in a mining pool, the rewards are split between members, usually proportionally to how much hash power was delegated. Mining pools also charge fees for being a member, though these vary from pool to pool.
While solo mining gives you the entirety of the reward, it can be far less reliable, meaning you may have to wait a lot longer to mine a block and reap the rewards.
Now, let's get into Ethereum Classic mining hardware.
1. Hardware
You can mine Ethereum Classic using either 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 over $1,000 or more, depending on the model of GPU you decide to use. ASICs can also vary widely in price depending on the model and its condition. You might be able to grab an ASIC for under $1,000, while other models can be upwards of $10,000.
However, GPUs are generally the preferred option for Ethereum Classic mining, as the Thanos hard fork of 2020 made mining blocks easier for GPUs with less RAM. But on the other hand, ASICs struggled to continue mining profitably with the Ethash algorithm after the fork. But this doesn't mean ASIC mining isn't possible for Ethereum Classic.
There are many kinds of GPU and ASIC out there today, so let's discuss four of the top models out there today so that you know what to look for.
Nvidia GeForce RTX 3060 Ti (GPU)
The Nvidia GeForce RTX 3060 Ti is a hugely popular GPU that is commonly used by crypto miners. This graphics card can reach a hash rate of 60MH/s, with a 200W power consumption. Though this isn't the fastest GPU on the market today, its power efficiency gives it the edge over many other models. If you're willing to spend a fair amount on your hardware, you can create a super powerful mining rig using 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 for crypto mining, it's worth noting other brands in the market that retail at a lower price. This model can reach a hash rate of 47MH/s, with a power output of 230W. Though these figures aren't top-tier, a few of these GPUs together in a rig could make for a profitable operation without forking out thousands.
Bitmain Antminer S19 Pro (ASIC)
The Bitmain Antminer S19 Pro is an undeniable favorite among 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 110Th/s, there's no doubt that this piece of hardware is powerful. But don't forget that ASICs are very energy-intensive. In fact, the S19 Pro has a power consumption of 3250W, which will certainly hike up 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, though its power consumption is still very high, at 3472W. Note that a single ASIC like this will cost more than a single GPU, though GPU rigs can cost as much as single ASICs.
2. Software
Software is another vital element of crypto mining. Different crypto mining programs have different pros and cons, and not all programs are suited to all coins. So, let's take a look at the two best mining programs for Ethereum Classic.
GMiner
GMiner is a well-known crypto mining program with over 600,000 daily users. GMiner is designed for a range of different coins, including Ethereum Classic. This software also supports various mining algorithms, including Ethash, ProgPoW, and Equihash. You can use GMiner to mine using both AMD and Nvidia GPUs, though ASICs are not supported by this program.
GMiner provides users with various overclocking statistics, as well as temperature control to prevent hardware from overheating. But it's worth noting that there is a 1% fee for Ethereum Classic mining, which will be taken out of your profits. However, the software itself is totally free to download and is suitable for both Linux and Windows operating systems.
NBMiner
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 Ethereum Classic mining, which is subtracted from your profits. It's also a command line program, which can be trickier to navigate if you're a bit of 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.
3. Wallet
Before you start mining any cryptocurrency, you'll need a wallet to which your profits can be moved. Of course, your wallet will need to be compatible with Ethereum Classic in this case, so make sure your prospective wallet provides ETC support before downloading.
There are a number of different ETC-compatible wallets out there today, both virtual and physical (or hot and cold).
If you prefer software wallets, consider one of the more reputable providers out there today, such as Trust Wallet, Exodus, or Atomic Wallet. Given that software wallets can be remotely hacked, you want 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 can store Ethereum Classic and are a safer 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 begin your ETC mining journey with the top-rated hardware and software. Though crypto mining has its downsides, it can certainly provide you with a steady stream of secondary income without having to do too much yourself.
