Ethereum Classic (ETC) and Ethereum (ETH) blockchains are compatible with each other and have a lot in common. Smart contracts based on one platform can be easily executed on the other. But there are differences, and quite a few of them.
Differences between ETC and ETH
Representatives of the ETC community believe that any changes to the blockchain negatively affect the integrity of the network. Optimization is provided for Ethereum Classic, but only in the case of user agreement. As for Ethereum, it is possible to make changes after the proposal of even one user.
Ethereum Classic smart contracts are more secure because Ethereum developers have emphasized attracting more participants rather than securing applications.
One element of the Ethereum chain holds about 0.5 million transactions per day. Increasing the number of users leads to scalability problems. In the future, participants will face slower transaction speeds and higher fees.
Ethereum Classic chain blocks have more free space. At the moment, this is due to the lower popularity of the platform. Further prospects are still unknown because the demand for ETC is constantly rising.
It takes about 13.4 seconds to create a block on the Ethereum network, while it takes less than 13.1 seconds on the ETC blockchain. The developers of the Ethereum Classic have stated that this value will always be in the range of 10-14 seconds. As you can see, the difference between the platforms is insignificant, nevertheless the speed of transactions in the ETC network is slightly higher.
The issue of Ethereum coins is limited. There has been talk for a long time about the possible introduction of a limit, but so far it is nothing more than words. As for Ethereum Classic, there is a set limit, which should keep the cryptocurrency from inflation.
The Ethereum network uses the PoW algorithm, which was supposed to be replaced by PoS in 2021. However, the developers’ plans changed, and the optimization was postponed until 2022. The ETC platform uses the same algorithm, but after the release of 5,000,000 blocks the reward is reduced by 20%. Today it is 3.2 ETC, while in the Ethereum network it is 2 ETH.
The complexity of mining Ethereum is many times greater than ETC. Ethereum Classic opens up more opportunities for earning, but, like its predecessor, requires powerful equipment for coin mining.
Ethereum classic mining
Mining of Ethereum Classic is possible with the help of special software, the so-called miner. Phoenix Miner is a good option in 2022. You can read more about the process of setting it up in the article. The process of mining ETCs isn’t much different from other cryptocurrencies. To get a tangible income, it is necessary to use equipment with high performance, which can decrypt 64-digit keys. Today the complexity of ETC mining is 561.91 T. This is quite a high indicator.
The ETC mining algorithm is Ethash.
The complexity of ETC mining is controlled automatically. This indicator is influenced by the following parameters:
- The release of powerful equipment. With the advent of asic-mainers, the complexity of coin mining began to increase. GPUs or CPUs are already losing their relevance;
- Block creation time. When it drops to 14 seconds or less, there is an automatic increase in the complexity of mining;
- Rising costs. As the exchange rate rises, the demand for cryptocurrencies increases. More and more miners appear, the overall hashrate increases.
Also, the complexity of mining depends on the cost of electricity and the profitability of mining.
Ethereum Classic mining options
Let’s look at ways of mining coins in the concept of solo mining:
- ASIC mining. Devices are characterized by a large hash rate. The Bitmain Antminer E3 model is most often used for mining ETCs.
- Mining on graphics cards. GPUs are an affordable option for mining Ethereum Classic. But the performance of such devices is lower. Even if you use the NVIDIA GTX 1080 Ti with a hash rate of 35 MX/c, the income per month will be much less than the first option. To increase the efficiency, it is necessary to assemble farms. The second option of mining is reasonable only if you use several video cards (6 pieces or more).