- Ethereum Classic mining follows a proof-of-work consensus mechanism.
- Three basic requirements in the process; hardware, software, solo or mining pool decision.
- Mining through being a part of mining pools is more beneficial.
Mining is the process of the generation of more crypto coins by adding blocks of respective coins through solving complex computer-based puzzles. The problem gets tougher one after the other each day. Ethereum Classic is the oldest blockchain of Ethereum which follows a proof-of-work consensus mechanism just like Bitcoin mining.
What is Crypto Mining?
Crypto mining is defined as the process of creating and adding a block of transactions to the blockchain network of the respective crypto coin. In this process, miners get a highly complex computer-based cryptographic problem which gets harder and harder after each.
Once the problem gets solved, more blocks are added to generate the crypto coin. This is the generation technique to increase coins just like the mining of diamonds and gold. The process is required to maintain the database or ledger of transactions on which crypto coin is based.
There is a term called ‘Target Hash’ which is defined as the number miners are determining or trying to solve to mine the crypto coin (or blocks to generate the coin). There are three costs of mining a crypto coin; electricity, network infrastructure, and mining systems.
Mining is guesswork where miners are guessing to come to the target hash before other miners can reach there. There are two types of mining; GPU (Graphics Processing Units) Mining and ASIC (Application-Specific Integrated Circuit) Mining.
There can be three major issues with crypto mining; scalability, energy use, and speed. The network holds the reward that continuously motivates miners. Every computer wants to guess the hash (64-digit hexadecimal number).
Mining is important for the crypto coin’s safety as it verifies and secures the blockchain that allows cryptocurrencies to function properly. There are different types of mining strategies used for mining different cryptocurrencies.
Ethereum Classic Mining
Ethereum Classic is the original Ethereum blockchain that follows a proof-of-work consensus mechanism for the generation of Ethereum coins just like Bitcoin. The mining of 1 Ethereum might take up to six months or more according to current GPU trends and level of difficulty.
There are three basic requirements for mining setup; hardware requirements, software requirements, and solo or mining pool decision. Mining pools are generated to increase the chances of guesswork and as a result, if a particular mining pool succeeds in finding the hash, then the reward in the form of blocks of crypto coin is distributed among all the miners of that mining pool.
Miners are free to change mining pools, and usually, crypto mining applications come with a mining pool and sometimes people create online on their own.
Ethereum Mining involves five basic steps;
- Create an Ethereum-based crypto wallet
- Select mining hardware; such as GPU or ASIC
- Choose the mining strategy
- Install mining software
- Collect rewards
Mining is an important process for users of cryptocurrencies to generate more crypto coins other than by exchanging them for goods and services. Ethereum Classic is one of the cryptocurrencies that is like Bitcoin based on a consensus mechanism. There are only basic not so complex requirements for the setup.