Ethereum is one of the largest cryptocurrencies in the market. With the growing uptake of Ether (ETH), new digital currencies and crypto protocols are being derived from Ethereum. Among these, Ethereum Classic is gaining steadfast popularity. Built on open-source programs, Ethereum Classic is a blockchain-based platform developed for smart contracts and decentralized applications (dApps). The platform has its native token ETC, which has been growing in value considerably. Every ETC forecast is reflecting a positive future for this relatively new digital currency.
In 2021, people are becoming more interested in mining Ethereum Classic. However, several experts are figuring out how profitable ETC mining is.
What Is Ethereum Classic Mining?
Similar to Ether, Ethereum Classic tokens can be mined online. However, there are a few differences between ETH mining, ETC mining. To begin with, new Ethereum Classic coins are created on a proof-of-work algorithm. On the other hand, Ether coins are created as mining rewards.
Ethereum Classic mining is the process of earning ETC coins without buying them. In this process, miners get rewarded with ETC coins after completing the blocks on the Ethereum Classic Network based on the algorithms.
The mining algorithm of ETC is Etchash. Additionally, the ETC network has decreased the size of its DAG file, compelling the use of GPUs above 4GB to continue mining ETC. Currently, miners are updating the system configurations of their mining machines to earn ETC.
Steps For Ethereum Classic Mining
There are four steps involved in the ETC mining process:
- For GMiner, exe -algo etchash -server etc.f2pool.com:8118 -user wallet_address.worker_name
- For NBMiner, nbminer -a etchash -o stratum+tcp://etc.f2pool.com:8118 -u wallet_address.worker_name
Growth of ETC Price So Far
Several factors influence the growth of ETC pieces. Investors are relying on the Ethereum Classic price forecast that measures the impact of these influencing factors accurately. In 2017, the ETC price started at roughly $2. Like Bitcoin, the price of ETC grew significantly due to cumulative buying. Millions of online participants were buying ETC in 2018 and 2019. The price action of ETC in the past three years has been upwards of 13.46%.
As of today, the Ethereum Classic price is $38.66. It holds a trading volume of $2.1 billion, registering an average daily price growth of 12.28%.
Scope of Ethereum Classic Price
Ethereum Classic price forecast by cryptonewsz.com predicts the ETC coin to be a good investment for blockchain enthusiasts. If the investors believe that blockchains will stay secure, they can invest in ETC and diversify their portfolios. At the Ethereum Classic Labs, digital signatures are collected and tracked to detect fraud at an international scale. Hence, the transactional environment for ETC is improved at the local and international scales. This is increasing their scarcity, pushing the ETC prices up.
Conclusion
By considering all these factors, ETC mining can be quite profitable. There is no major Ethereum Classic price forecast predicting any danger for investments. In 2020, ETC had already crossed the predicted $12.18 in mid-September. It was estimated that the ETC price might go up to $25.41 by 2025. However, the ETC price has already touched $38.66 in early-2021.
This is a sign that the ETC coins are growing faster than most predictions. Therefore, Mining Ethereum Classic (ETC) could be worth more profits than Bitcoin mining. In simple words, Ethereum Classic is worth mining as long as there are developments in Ethereum-based smart contracts.
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