Ethereum Classic Mining
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What is Ethereum Classic Mining?
When a $150 million theft of The DAO occurred on the Ethereum network, most of its founding team decided to rollback the blockchain to undo the theft in an attempt to rebuild trust in the community. However, a portion of the Ethereum community and the team refused to rollback the chain of transactions, holding to the firm belief that “code is law” and should never be undone. This resulted in a hard fork of the Ethereum network and the group continuing forward with the original blockchain untouched, calling themselves Ethereum Classic (ETC).
Ethereum Classic operates with the same intentions as Ethereum, allowing for the use of smart contracts and decentralized applications (dApps) on its platform. The Ethereum Virtual Machine (EVM) acts as a turing complete, decentralized world computer on which any code can be built and deployed. Usage of the Ethereum Classic network is powered by the ETC native token, with fees being paid to transact across the network directly correlating with the amount of computational power needed to complete a transaction. Currently, the block reward for an Ethereum Classic block is close to 4ETC, not including any transaction fees paid by the transacting parties, with block times being about 15 seconds. Due to the reduction in block reward over time, the total supply of ETC is expected to max out at 210 million coins, with there being a hard cap of 230 million coins to ever be produced.
Which miners are used to mine Ethereum Classic?
Ethereum Classic is a PoW blockchain based on EThash, and thus it resistant to the use of ASIC mining equipment, and while it is possible to mine ETC on a CPU, it is not likely to be a profitable endeavor, making GPU mining hardware important for mining the Ethereum Classic blockchain. Blockbase offers a variety of GPU hardware mining equipment to maintain profitability mining the Ethereum Classic blockchain.
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