Any cryptocurrency mining is a process where transactions are added to digital ledger after verification. This whole process consists of two functions; one is adding transactions after verification and other is releasing. People who want to mine should have a block with proof-of-work. Miners need to create valid blocks by adjusting random numbers. Those random numbers are called Nonces. The requirement of hash for each number is known as difficulty.
Ethereum is on the second position of mining list. Here is how you can start mining Ethereum Classic:
- The most user-friendly and fastest way of mining is through MinerGate GUI. Where only users must register, and fill required information. A complete guide is already available on public portals.
- Furthermore, if you like to use a software that Ethminer is the best choice. Few easy commands can be found on the official website to pool and mine your assets.
Ethereum is hard to mine on windows that's why people who are looking to mine ETC they should prefer to use other supporting operating systems with a large number of solutions and technical support. There are also mining calculators available on different websites which can give an estimation of profit and loss.
Proof-of-Work (PoW)
The proof-of-work system/protocol which is used by Ethereum Classic, was first used in the mid-1990's for fighting spam emails. The idea never found a truly useful cause until 2009 when bitcoin was created. Bitcoin itself utilizes this protocol in its transaction blockchain and thanks to this we can witness the growth in bitcoin mining.
The base idea of this lies in a challenge and proof (or response). The challenge is a transaction, which is a specific cryptographic puzzle. The proof is that a miners computer cracks the puzzle, so the transaction goes through. And that is proof of the miners' work and him providing his hardware for the validation of transactions. The more hash power a miner can provide for validating transactions, the bigger his Ethereum Classic reward for the service is.
The problem with PoW is that mining has become so large that miners are investing into giant A.S.I.C. hardware which is highly energy consuming. Many mining farms are built around the globe as bitcoin has risen in value.
FAQ
The Ethereum Classic block is mined every ASIC. But this block is then divided between all miners. How long does it take to mine 1 block of Ethereum Classic for yourself depends on your hash rate, which is basically how powerful your mining setup is. For mining Ethereum Classic you will get the best results with using gpu.
It is difficult to say how much does it cost to mine 1 block of Ethereum Classic because it depends on the price of your electricity. But in general, if you want to be profitable, you have to invest in specialized mining setups called ASIC. They are created for mining cryptocurrencies, and because of that, they have perfect parameters for this job together with high efficiency.
Although it is entirely possible to mine Ethereum Classic on your computer, you should consider investing in the ASIC mining setup if you are serious about cryptocurrency mining. Actually, the best way how to mine Ethereum Classic is the gpu. Anyway, if you really want to go with the computer way, try to join some miner pool.
In the beginning, you can try mining Ethereum Classic at home with your computer. Once you get more experienced in mining, you can invest in gpu. That is the best way how to mine Ethereum Classic. But make sure to check mining profitability charts, so you are not just burning money.
Mining Ethereum Classic on Android is straightforward. All you need to do is install an application called MinerGate. After you have installed it from Google Play Store, create an account, and you are ready to mine Ethereum Classic on your Android.
Unfortunately, it's not possible to mine Ethereum Classic on iPhone. Apple restricts it because mining caused damage to hardware. All the applications that were mining Ethereum Classic drained battery generated excessive heat, or put unnecessary strain on device resources, what is the reason it's now forbidden.
If you want to be a serious Ethereum Classic miner, the first step you should do is join a miner pool. They will help you with your setup and guide you in the beginnings. Then it would be best if you bought, of course, some gpu to get as much value as possible.
It's complicated to say how profitable is Ethereum Classic mining because it varies person from person. It depends on many variables like the cost of electricity, cost of a mining setup, taxes, etc. The best way you can do is to check the Ethereum Classic profitability charts. They will tell you how profitable is Ethereum Classic mining in your location.
A Ethereum Classic miner is just a computer. The main criterium you should look for is efficiency compared to electricity cost. Anyway, it's usually better to buy specialized, professional miners called ASIC. Or you can use gpu, which is the best way how to mine Ethereum Classic.
The best way to start with Ethereum Classic is to start from the beginning - that means mining. This way, you get your hands dirty and get some super relevant experience with this cryptocurrency. For mining Ethereum Classic, we recommend gpu as the best way how to mine.
