Therefore, if you want to mine Ethereum, the best method, for now, is staking at least 32 ETH to become a validator. Looking for ETH mining pools comparison and reviews? Read this article about the best mining pools for Ethereum and calculate your future profits. Of the many cloud mining providers, HashFlare stands out, especially by being on pause. The company was second-best (after Genesis Mining) in. 6 ROTTKAMP PLACE OLD BETHPAGE NY 11804

Many of the first miners were developers or crypto enthusiasts who believed in the project and wanted to support its cause. Nowadays, with ether prices being in the four digits, mining ether is a profitable business, even though fiercely competitive. But as Ethereum is switching to PoS in , new investments in mining equipment are unlikely to still prove profitable. Nevertheless, mining is certainly an interesting option for individuals with access to unused GPU processing power that want to make some extra money.

But with PoS just around the corner and ether staking already available, staking is certainly the simpler, less hardware-intensive, more future-oriented way to earn ether. For miners, this fundamental shift makes them obsolete, as mining in the form of solving cryptographic puzzles is no longer required for PoS.

Read More: Learn About Ethereum 2. Investors can either stake ether by running their own Ethereum validator as described here , which requires a minimum of 32 ether. Or they can stake any amount of ether with a staking service.

Many crypto exchanges like Coinbase or Binance already offer ether staking. Also, staking is offered by decentralized services such as Lido or Rocket Pool. Miners wanting to keep using their hardware after the switch can direct their computing power to other blockchains that are still working on a PoW consensus mechanism. The easiest option is Ethereum Classic ETC , which runs on almost the same hashing algorithm as Ethereum, so it supports the same hardware. How to mine Ethereum Step 1: Choose your mining approach When mining ether, there are three different approaches miners can follow.

Pool Mining Mining Ethereum in a pool is the simplest and quickest way to get started. In pool mining, you join forces with other individuals. All the miners joining a pool agree that if one of them solves the cryptographic puzzles, rewards will be split among them according to the hashpower provided. The size of the pool, measured in hashpower, determines how many blocks the group finds on average.

However, not all pools are created equal. When choosing a pool, three key characteristics should be considered: pool size, minimum payout, and pool fee. The pool fee specifies the share the pool administrator gets for running the pool.

Minimum payout defines the smallest amount one can withdraw from the pool. For instance, if the minimum payout is 1 ether, it can take weeks or months until you reach the required amount in reward payments and can cash out. To have a realistic chance to solve one of the cryptographic puzzles in a reasonable amount of time though, a miner needs dozens of GPUs.

Therefore, solo mining is mostly for professional miners, who run their own mining farms. Cloud Mining In cloud mining, you pay someone else to mine for you. In return, you get the mining rewards. But be aware: cloud mining requires trust in the counterparty, especially when done over an online service.

There is no guarantee that the money paid upfront is used to run mining equipment or that there even exists such equipment. Therefore, it is recommended to do cloud mining through long-established, trustworthy cloud-mining platforms such as HashFlare. There are many wallets available on the market. Two popular wallets are MetaMask and Trust Wallet. Step 3: Prepare your hardware and software Mining requires lots of computing power.

Nonetheless, this makes Ethereum Classic mining a good return on investment option for miners. Again, the tools used in Ethereum Classic mining are not as costly as in other cryptocurrencies, and you can set them up quickly. Is it possible to mine Ethereum Classic? ETC often features as one of the best digital assets to mine on the platform.

Mining Ethereum Classic through a pool is profitable today. But again, it is worth comparing the numbers at the time you read this article. Ethereum Classic mining is still profitable if you believe in its potentials. Nonetheless, it is wise to mine this digital asset and send to your ETC wallet and sell it in the future at higher prices. What algorithm does Ethereum Classic use? Both Ethereum Classic blockchain and Ethereum blockchain use the same mining algorithm because they use PoW.

Both digital assets are mined using Ethash algorithm, but the only difference is the hash rate, the capacity of the threshold for breakeven mining, and rewards per block. It is also essential to note that you can find Ethereum Classic block much faster. The information may be different when reading this, so it is better to compare the current knowledge on WhatToMine.

Why are Ethereum Classic miners important? Miners secure blockchain networks, and they also help them become more decentralized. How do miners secure blockchain networks? An attacker needs to spend the same digital asset more than once for a double-spend attack to occur. The act also occurs when an attacker steals funds or spends what has already been spent on the blockchain network. Double-spending usually occurs in smaller blockchain networks with little computing power or hash rate.

To prevent double-spending on blockchain networks there is the need for a distributed network of miners. Ethereum Classic miners work together to detect valid transactions and disregard unverified ones. The incentives issued to miners help compensate and motivate them to continue mining to secure the blockchain network.

What do you need to mine Ethereum Classic? Source: NotebookCheck 1. Keep an ETC wallet handy to store your tokens. Mining Ethereum Classic involves the same process as you mine other PoW coins.

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