This post discusses everything you need to know about mining Ethereum Classic, but before we move on, let’s review a brief history on the Ethereum Classic blockchain.
In June 2015, a DAO hacker made away with millions of ETH off the Ethereum block and this caused a lot of stir among developers on the then Ethereum blockchain.
Some developers were in favor of hard forking the code, while some saw it as a maximum breach in the “code is law”. The developers in favor of the hard fork went on to build the Ethereum blockchain as we know it today, while also retrieving all the funds stolen during the hack. The other set of developers kept on running the existing Ethereum blockchain, which is Ethereum Classic as we know it today.
A Word about Crypto Mining in General
What does mining digital currencies entail?
In laymen’s terms, crypto mining refers to the use of CPU, GPU, or ASIC processing power for hashing blocks and verifying transactions on a blockchain. This action is usually done for a reward in the particular blockchain’s token.
It is also worthy of note that mining is done solely on computing power, the type that comes from different kinds of hardware. Using CPU to mine is only effective when dealing with small-cap coins or new Proof of Work (PoW) coins. GPUs and ASICs are the most relevant types of hardware available for people who want to mine on large-cap coins.
What You Should Know about Mining ETC
Mining Ethereum Classic (ETC) is fairly easy when compared to mining other digital currencies, but there are still several things you need to know and put in place before you start mining. This includes the types of hardware to buy, mining software to install, and more.
The network difficulty for mining Ethereum Classic is quite low, so miners popularly make use of GPU mining hardware, rather than ASIC rigs. Ethereum Classic remains one of the most profitable coins to mine currently.
Here’s an overview of the steps to mine Ethereum…