What can the Ethereum algorithm mine? (Ethereum Classic Mining Tutorial)

What can the Ethereum algorithm mine? What can the Ethereum algorithm mine? Many forked coins of Ethereum, such as BCH, BSV, etc. have adopted this mechanism. However, since Ether is completely community-driven, many projects use this mechanism for various cryptocurrency-related activities and products.

Currently, there is a lot of information about Bitcoin and other mainstream digital assets on the market about Ethereum. Bitcoin is a good choice because it has a lot of development teams researching it. However, there is no specific technology on the Ethereum network for this purpose, so many immature things have been formed. Therefore, for ordinary users, if they don’t know how to mine Ethereum using these things, they may easily miss some opportunities or encounter issues. With the development and popularity of blockchain, we need to apply it more flexibly to various applications. What else can the Ethereum algorithm mine? Let’s take Litecoin as an example:

1. Litecoin is designed based on its own situation. Litecoin is based on Proof of Work (PoW) consensus, and its workload is much larger than that of POW. Blocks with the longest and fastest block generation time are generated by calculating the results. By calculating, mining 1 billion LTC in one minute can obtain approximately 1 million ETH. Then, these LTCs can be exchanged into USD and issued to each participant, thereby generating more profits. Litecoin has faster transaction speed, lower fees, and lower transaction costs.

2. Ethereum Classic can also be a mining system similar to Litecoin. It is a new type of Proof of Work protocol. When running smart contracts, you want to execute specific tasks and pay gas fees, which is consistent with your code. This mechanism automatically verifies whether each transfer meets the requirements and does not consume Gas costs.

3. Litecoin also has a unique feature called “constant product”. This attribute is used to determine the price of creating a certain type of token. It can do anything off-chain without a predetermined upper limit. For example, to minimize price fluctuations or inability to maintain stability, you can set a fixed value and add a new random array within this value for a period of 5 days.

Ethereum Classic Mining Tutorial

Ethereum Classic (ETC) Mining Tutorial

According to the Ethereum Classic official website, the initial total issuance of ETH is 438 million. This means that in the next few months, due to network congestion and long block generation time, ETC will face major difficulty adjustments and hard forks. Therefore, ETC is currently undergoing a “halving”. If calculated according to the current computing power, it can reach more than 60,000 TH/s, which means that BTC is expected to oscillate between $58,000 and $75,000 by the end of this year.

In order to encourage more people to participate in DeFi activities, we have prepared a series of guides for everyone to refer to:

1. Why mine with ETC?

Because the current block height of ETC has exceeded 22,000, and this number is still growing. According to statistics, more than 20% of nodes use ETC to mine ETH. However, the specific situation still needs to be seen from the official released information. After all, ETC is the only fully decentralized PoW consensus mechanism. Therefore, even if you hold a large amount of ETH and do not have enough storage space to support its proof-of-work system, it is still a problem.

2. What is ASIC mining?

First, we need to know that Ethereum Classic (ETC) is a blockchain-based smart contract language that provides a new encryption algorithm that can be used to create, verify, and maintain the ability of network computer programs with the same script. Its main feature is that the software can perform multiple different programming functions and run these virtual machines.

Mainstream coins like Bitcoin or Ether are mined using this method, but Ethereum Classic is different because it generates a lot of transaction fee income and rewards through POW mining, while Ethereum Classic uses the total amount of tokens mined through POS to ensure system stability and prevent illegal activities such as theft of other non-standard assets like gold and diamonds.

3. Why mine with ETC?

Because ETC has its own community, ecosystem, technical team, and developer community resources. Therefore, for investors who want to participate in DeFi activities, ETC is very important because it is the first truly decentralized Ethereum blockchain platform.

Now, let’s introduce how to enter an ETC mining pool.