We bring you the best pools for mining Ethereum Classic according to their different characteristics. There are solutions for all tastes, highlighting those that we consider most interesting. If you have a 4 GB graphics card, this post will surely be very interesting for you.
What is Ethereum Classic
It is a blockchain that is characterized by being open source, widely decentralized and designed to execute smart contracts. It is a spin-off of the Ethereum blockchain that happened in 2016. It originates after a failure in a smart contract deployed and the subsequent decision to correct the problem generated.
Ethereum Classic is born with the principle of the code is law. Anything that happens within the blockchain is considered to have happened and is irreversible.
Currently, it has a roadmap clear and quite accurate, where Geth will be deployed. This update should add improvements to network capacity and cache processing. The difficulty bomb will be modified, new OP_CODES will be supported and synchronization will be improved.
Origen de Ethereum Classic: The DAO
We have hinted that Ethereum Classic was born in 2016 from a problem in the Ethereum blockchain. We are going to explain in a simple way what happened at that time.
One of the capabilities of Ethereum (and therefore Ethereum Classic) is that of desplegar smart contracts. These allow programs to be deployed on the Ethereum blockchain that can do different things. Among the first smart contracts was The DAO, which laid the foundations for decentralized organizations.
The DAO is the origin of Ethereum Classic and Ethereum’s biggest credibility crisis. The problem is that The DAO’s smart contract had a flaw in the code that allowed a third party to drain all proceeds. Someone spotted the security hole and drained all the funds raised.
From Ethereum was proposed a vote. Users could choose between reverse The DAO and all transactions or that the network will continue, without more. The first case won, breaking one of the tenets of blockchain technology: censorship resistance. It supposed manipulating the network, something that theoretically, is not allowed.
A part of the community was very upset with this fact, so they took action on the matter. A hard fork was thus generated, dividing the chain in two. We have, on the one hand, Ethereum, where The DAO was corrected and, on the other hand, Ethereum Classic, where The DAO was not corrected.
Ethereum and Ethereum Classic are quite similar, although they are starting to grow apart. Ethereum Classic is committed to sticking with the PoW consensus, while Ethereum is working to switch to a PoS consensus. In addition, there are other planned changes.
We explain in this article what is Ethereum Classic and what is The DAO
What is a mining pool
The process of validating transactions, generating blocks and validating them is complex. It’s based on complex math problems that can only be solved by computer equipment. The more users added to the network to perform these calculations, the more difficult it is to solve a block.
Faced with this increase in difficulty, users decided to join and thus the mining pools were born. The Users connect to servers to inject their computing power. This allows you to have a greater chance of obtaining rewards.
All members of the pool work to solve the math problem. This makes it easier to generate a block and get the reward. But of course, if we all collaborate in obtaining the reward, how is it distributed? Simple, it depends on the amount of power we add.
Let’s take the case that we connect to a mining pool with a cumulative power of 100TH / s. We provide a power of 15TH / s. This means that we contribute 15% of the total power of our mining pool. If 100 tokens are distributed for each block, we will receive 15 tokens.
Although we can connect to any public mining pool, there are several conditions. The first is a withdrawal minimum and the second is a withdrawal commission. Later we will explain the conditions of all the mining pools and we will also give you our recommendations.
How payments are distributed
Withdrawing the rewards that we have obtained for the mining process is simple. The Ravencoin mining pool they usually establish a minimum withdrawal and certain mechanisms. These withdrawal mechanisms are the following:
This value is calculated by dividing the mining power that we contribute with respect to the global power of the network. This gives the pool an estimate of the power share with respect to the overall network.
Subsequently, the daily reward that can be obtained is estimated. This is done by a fairly simple mathematical calculation. Give this a steady income.
It does not reward miners with transaction and block fees. East mechanism generates more stable income, but the pool commissions are usually much higher. A mechanism that seeks to compensate the risk of paying miners a fixed amount, whether a block is found or not.
PPLNS (Pay-Per-Last N Shares)
Miners receive a payment for actions performed during a predefined window which ends with the generation of a block.
It differs from other payment schemes in a remarkable way. Actions performed outside the window will not be rewarded at all. I know defines this window for a period of time (rare) or for the realization of a certain number (N) of actions carried out until the resolution of a block.
The PPLN mechanism is also called “pay-by-luck shares”.
For the payment to the miner, the pool is required to find a block. Miners can get higher rewards than with PPS if they performed many actions within the last window. They may also not be rewarded if they did not take an action.
Transaction fees and block rewards are distributed among the miners in the pool.
Mechanism that is a mix between PPS and PLNS mechanisms. This mechanism spreads the block reward among miners, but not transaction fees. So PPS + assigns bonuses to miners and distributes block rewards.
Best mining pools for Ergo
Currently, it is the largest mining pool for the Ethereum Classic cryptocurrency with a power greater than 10.5TH / s. It should be noted that it currently represents approximately 40% of the power of the network. It has a system of PPLNS type rewards. This pool charges a 1% commission and at least 0.1 ETC is required and there is a maximum withdrawal of 10 FTE.
If you are looking for a very good quality solution that is less crowded than Ethermine, Hiveon is the best option. In addition, they have their own HiveOS operating system optimized for mining. It has a power of over 2.7TH / s and a good block get rate. Currently, they offer a system of PPS + type rewards. The good thing about this pool is that They do not charge withdrawal commission and the minimum withdrawal is 0.1 ETC, without maximums.
This pool is one of the best currently and the one that is attracting more users. Currently, they offer a power of around 2.0TH / s, with quite good growth. It has a mechanism PPLNS type reward. This pool charges us one 1% withdrawal fee and a minimum of 0.1 ETC is required.
Perhaps it is not one of the best pools to enter mining due to the high commissions they charge. Currently, this pool has an approximate power of 1.4 TH / s, which is decreasing. It has a mechanism PPS type reward. This pool charges a 3% withdrawal fee and there is a minimum withdrawal of 0.1 ETC.
It is another very interesting option for those who want to get into Ethereum Classic mining. It has a hash rate of approximately 1.2TH / s, showing itself quite stable. It has a mechanism of rPPLNS type rewards. This pool charges a commission of withdrawal of 1% and a minimum withdrawal of 0.1 FTE is established. It should be noted that this pool establishes a maximum withdrawal of 100 ETC.
One of the oldest pools and that supports the largest amount of cryptocurrencies. It has a power of around 1TH / s and is one of the most stable. It offers quite good performance in terms of obtaining blocks. It has a mechanism PPLNS type reward. This pool charges us one 0.9% commission and has a minimum withdrawal of 0.01 FTE.
Final words on mining pools for Ethereum Classic
Within this article we have compiled the best mining pools for the Ethereum Classic cryptocurrency. If we are going to use a single miner, possibly the best option is HiveOn, since they do not charge commissions. As an alternative we have MiningPoolHub, which offers a very low commission and the withdrawal amount is very low. The least recommended currently would be F2Pool due to the high commissions.
We recommend this article where we explain what cryptocurrencies are
To choose the mining pools we must always take into account the power we provide and the power of the pool. We must also take into account the withdrawal fees of the different pools. Withdrawal amounts also vary greatly, being another factor to take into account today.
We want to say thanks to the writer of this article for this outstanding material
Best mining pools for Ethereum Classic: Which one to choose?