(https://miro.medium.com/max/1000/1*CfGrnLgptophxCVH3H88Zw.png)
Ethereum Classic is one of the most popular cryptocurrencies among Hive OS users. At the moment, it takes the fourth place in our coin ranking (https://hiveos.farm/statistics/?utm_source=Medium&utm_medium=stat&utm_campaign=article&utm_term=click&utm_content=HiveOS):
(https://miro.medium.com/max/400/0*0Bs_MYOMUaCyXS8P)
In addition, ETC has a rather “attractive” value in comparison to other cryptocurrencies: on October 9, 2020, according to CoinTelegraph (https://cointelegraph.com/etc-price-index), the price of ETC was $5.68:
(https://miro.medium.com/max/700/0*eHgD1jGrxhWVB8F4)
What else should you know about ETC?
First of all, the network has a relatively low difficulty (which means that the process of finding a new block won’t take too much time). However, there are also disadvantages. ETC is extremely vulnerable to 51% attacks, there were 3 consecutive attacks in less than a month, which significantly reduced the speed of money transfers. The block confirmation increases were set in place in order to mitigate the attacks, but the network still cannot be called secure and stable.
But let’s suppose that you still decide to start mining ETC. How to do it?
Choosing equipment for mining ETC
You may think that due to the constantly increasing size of the DAG file it will soon be impossible to mine ETC on lower VRAM cards (3 GB or 4 GB). However, this is not exactly the case of ETC. The EPOCH duration will be recalibrated, so that such cards will be able to continue mining ETC.
As for models of video cards, we recommend paying attention to AMD Radeon RX 470/480/570/580/590. In case of NVIDIA, check 1660/Ti/Super/Ampere. Although, AMD cards are still more efficient than NVIDIA when it comes to mining ETC.
As for miners, we recommend TeamRedMiner for AMD, and Ethminer for NVIDIA and those GPUs that have both AMD and NVIDIA cards. Avoid using Phoenix and Claymore, as they tend to inflate hashrates. This means that you will not be able to trust the displayed hashrates — the numbers will be incorrect.
Creating a wallet
The next step after choosing (or setting up) the equipment is to create a wallet in order to keep the money earned from mining. There are many platforms that allow you to do this, and here are some of them:
- Ethereum Classic Wallet (https://etcwallet.net/) (your wallet will be initially configured for the ETC network);
- MyEtherWallet (https://www.myetherwallet.com/) (you will need to change the network settings to work with ETC);
- Coinomi (https://www.coinomi.com/en/) (a multi-currency wallet);
- Binance (https://www.binance.com/en) (a cryptocurrency exchange, you will need to register and get a deposit address);
- Poloniex (https://poloniex.com/) (also an exchange).
However, keep in mind that exchanges often become targets of attacks, have regular maintenance times, and do not share the private keys. Consider this when making a choice.
Choosing a pool and software
You have chosen hardware and created a wallet. Now you are almost ready to start mining ETC. But first, you need to choose a pool — generally speaking, pool mining tends to be more profitable than solo mining for the vast majority of users. Instead of looking for blocks yourself, you will receive a small part of the rewards of the entire pool, which means that your income will be much more stable. Let’s see on Hiveon pool (https://hiveon.net/?utm_source=Med_pool&utm_medium=pool&utm_campaign=article&utm_term=click&utm_content=HiveOS):
- The pool fee is 0%
- Transaction fees are paid by the pool
- The pool hashrate is 553.46 Gh/s (as of 13 Oct 2020)
- Payments are made daily at 07:33 GMT for balances at or over threshold (1.0 ETC)
- Servers are located in Russia, Europe, North America, and Asia
- Stale shares are compensated.
In addition, the Hiveon pool easily integrates with the Hive OS management and monitoring system (https://hiveos.farm/?utm_source=Med&utm_medium=stat&utm_campaign=article&utm_term=click&utm_content=HiveOS). Using it, you can do the following:
- Manage all your devices at the same time
- Monitor hashrate, online statuses, and device errors
- Monitor energy consumption
- Perform updates in bulk
- Use tags for quick search
- Receive notifications about temperature, hashrate changes, and so on.
Apart from this, we provide 24/7 support service (https://t.me/hiveoschat_en), you can contact us anytime, and we will always be happy to answer your questions about Hive OS, ETC mining, and so on. Mine easily and profitably!
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