Since the introduction of BTC, the mining industry has proven to be lucrative as it offers a means of generating passive income. Furthermore, mining serves as the bedrock for both Proof of Work (PoW) and Proof of Stake (PoW) crypto coins.
It is important to note that those who embraced Bitcoin in its early stages derived significant benefits from mining, thanks to the manageable difficulty levels and favorable rates.
However, successfully mining cryptos has become more challenging in today’s saturated crypto market.
While some cryptocurrencies still permit solo mining, participating in mining pools provides a superior option for reliable profitability. This guide will enlighten you on Ethereum Classic mining pool options and the ETC mining pool basics.
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What are Ethereum Classic (ETC) and ETC Mining?
Ethereum Classic, a coin based on the original ETH chain, similar to Bitcoin and Litecoin, operates as a cryptocurrency that relies on mining.
Being a decentralized and open-source platform, the ETC coin mining ledger remains under the control of no central authority. Consequently, individuals are welcome to participate in creating new coins through a network of computers, where a consensus is reached regarding the validity of transactions and the subsequent generation of new coins.
Here’s a quick tip on how to mine Ethereum Classic. To successfully mine a fresh block, miners must first discover a specific value known as a ‘nonce’ within a hash code. Miners perform numerous calculations within a 15-second block generation time to deduce the nonce that will facilitate block creation.
Once the miner finds this value, they communicate the new block’s presence to other miners. The verification process culminates in adding the new block to the primary chain within the blockchain. The miner who successfully solves the intricate computational problem is rewarded with a block reward from newly minted ETC coins. Furthermore, they earn revenue through the transaction fees associated with the newly mined block.
The Technology Behind ETC Mining Pools
Technical aspects surrounding the mining of cryptocurrency can sometimes seem perplexing. However, it is important to acknowledge that you can still engage in coin mining without fully immersing yourselves in the intricate details of an ETC mining pool.
With that said, this section aims to simplify three crucial factors related to mining: hash rate, processing power, and the mining algorithm. Continue reading to discover more, including the processing power required for mining Ethereum Classic.
The notion of hash rate holds significant importance in ensuring robust blockchain security. A hash rate is an evaluation tool for gauging the computational prowess employed by a collective body of miners within a network. Furthermore, this metric provides valuable insights into the sheer computing power commanded by individual mining devices and the efficiency with which miners can perform intricate calculations while promptly broadcasting validated blocks.
Hashrate is a measurement that calculates the number of hashes per second using a given computational power.
This measurement is often expressed with prefixes like K (kilo), M (mega), G (giga), or T (tera).
For example, 1Kh/s represents 1,000h/s, while 1 Mh/s represents 1,000 Kh/s. Similarly, 1 Gh/s represents 1,000 Mh/s, and 1 Th/s represents 1,000 Gh/s or one trillion hashes per second. On a larger scale, Gigahashes per second (Gh/s) equates to one billion hashes, and terahashes per second (Th/s) correspond to one trillion hashes. Additionally, petahashes per second (Ph/s) signify one quadrillion hashes.
GPUs & CPUs
Processing power refers to the speed at which a computer’s processor performs tasks to acquire new digital coins. Initially, miners relied on consumer-grade CPUs for cryptocurrency mining. However, miners turned to GPUs for their higher processing speeds as the industry grew. Certain cryptocurrencies demanded even greater hash rates, leading to the adoption of FPGAs.
With Bitcoin’s network hash rate surge, more advanced mining devices called ASICs were developed, now offering over 100 Th/s. Cooling is crucial for both GPU and ASIC mining to avoid equipment damage from overheating.
Algorithm of ETC Mining
The mining algorithm employed by both the Ethereum Classic and Ethereum blockchains was initially the same due to their utilization of PoW.
They both employed an Ethash method for mining their respective digital assets. However, particular distinctions exist between them, such as variances in hash rate, net profit mining threshold capacity, and block payouts. Another noteworthy factor is that ETC blocks are comparatively more readily acquired. ETC now uses Etchash, a modified version of Ethash which has a smaller and slower growing DAG size, so mining equipment with less than 4gb of memory can continue participating.
Understanding ETC Mining Profitability
We have discussed this coin’s potential profitability and security, but how does one become a successful miner? You can choose between ASIC mining rigs and GPU miners because both might be effective. The fact that ETC utilizes the memory-intensive Ethash algorithm makes graphics devices slightly more productive than most ASIC miners.
What about ETC mining profitability? To mine Ethereum Classic profitably, choosing efficient hardware and optimal settings for said hardware is a must. After the Ethereum merge, many miners joined ETC pools to continue mining, greatly increasing the network hashrate, which is near an all time high aside from the initial spike following the merge.
Once you engage in mining, you should estimate the ETC mining profits you can acquire. The ETC mining calculator employs various factors, including your mining hardware’s hash rate, the network’s difficulty, and the coin’s price, to compute your earnings after each day’s mining session.
The Ethereum Classic calculator consistently refreshes its data with the latest details on block mining. Nevertheless, this data serves as the pre-set inputs for both the ETC mining calculator and the default hash rate.
Case Study: Hiveon.net ETC Mining Pool
Crypto mining doesn’t have a universal solution, but our findings indicate that following specific tips can lead you to success. Two key steps are vital to optimize your Ethereum Classic mining efforts and achieve consistent profitability. Firstly, invest in a high-quality mining rig, which will boost your hash rate and enable you to make significant contributions to the mining pool.
Secondly, join the best ETC mining pool that regularly secures new block rewards. Doing so can earn payouts based on your proportionate computing power within the pool.
Once you have selected your hardware and established a wallet, you are nearing the point of initiating your ETC mining journey. However, there is one crucial step remaining – choosing a mining pool. In general, pool mining tends to be more lucrative for most users than solo mining. Instead of independently searching for blocks, you will receive a portion of the overall pool rewards, providing a steadier income stream.
Let’s now examine the Hiveon ETC pool as an example.
- Pool fees: 0% commission
- Transaction fees: Covered by the pool
- Pool hash rate: 3.27 Th/s (as of 18th July 2023)
- Payment schedule: Daily at 07:33 GMT for balances equal to or exceeding the threshold of 1.0 ETC
- Server locations: Russia, Europe, North America, and Asia
- Compensation for stale shares
Furthermore, the Hiveon pool seamlessly integrates with the Hiveon OS monitoring system, enabling you to:
- Efficiently manage all your devices simultaneously
- Monitor hash rate, online status, and any device errors
- Track energy consumption
- Do bulk updates
- Utilize tags for quick and convenient search functionality
- Receive notifications regarding temperature fluctuations, changes in hash rate, and more
Additionally, they provide round-the-clock support services, ensuring you can contact them anytime with your inquiries about ETC mining, Hiveon OS, and related topics. Their dedicated team is always ready to assist you.
Challenges and Solutions in Ethereum Classic Mining Pool Technology
Have you encountered incidents of hash rate theft?
Perhaps you’ve experienced a situation where one of your ASICs fell victim to a virus that spread throughout your entire mining operation.
These and various other Ethereum classic mining pool challenges can be frustrating and, at times, financially burdensome. However, we are here to lend a helping hand. Explore our compilation of miners’ most commonly encountered problems and their respective solutions.
Someone Steals the Hash Rate Regularly
Imagine owning a vast farm with a crew of admins, techs, etc. You trust them, yet your money drops because someone takes the hash rate. Fortunately, Hiveon OS works.
Hiveon OS offers practical measures to prevent hash rate theft. You can set different access levels for your team members, limiting the potential suspects. Activity logs enable you to monitor their actions and promptly identify unauthorized activity.
Cryptojacking. Virus. All It Takes is One Infected ASIC to Infect the Whole Farm
The rapid spread of crypto-jacking and viral infections within a farm becomes a significant concern when an ASIC gets infected. The ramifications include potential profit losses alongside the chance of permanent damage. To counterbalance these risks effectively, it is imperative to prioritize prevention measures and adopt proactive strategies for safeguarding your farm against infections.
Hiveon ASIC firmware provides reliable virus protection through signature updates and vulnerability checks. It can even block viruses on infected ASICs. Hiveon OS monitors device health and notifies you of risks, protecting your farm from infections.
The Future of ETC Mining Pool Technology
Ethereum Classic presents an excellent choice for newcomers entering the industry. Over the past few years, the network has encountered various challenges, prompting the dedicated team to tirelessly address and enhance its vulnerabilities.
With an average block time of 16 seconds and a PoW consensus mechanism, the ETC mining pool facilitates seamless movement within mining pools and wallets. It enjoys extensive support from major exchanges, enabling straightforward conversion to FIAT currency if desired.
Ethereum Classic mining pools embrace VARDIFF (Variable Difficulty), dynamically adjusting the difficulty of your shares based on your hash rate. It’s important to note that your hash rate displayed on the platform may experience significant fluctuations.
When considering ETC mining, deciding between solo mining or joining an Ethereum Classic mining pool is important.
If you opt for a mining pool, remember that the pool will retain a portion of your earnings.
Nevertheless, pooling your hash power with other miners will boost your profitability.For Ethereum Classic mining, the Hiveon ETC pool is a noteworthy choice.