How To Mine ETH

Mining cryptocurrencies, especially popular ones, generates a lot of income. ETH was one of them, and its transition to Proof of Stake (PoS) in 2022 changed the mining world completely. The classic method of mining ETH is not available now, but there is an alternative in the form of staking. If you want to mine, there is a hard fork in the form of ETH Classic. Today we are going to tell you about all these features with which you can make good profits. Stay till the end!

Ethereum 2.0 And Ethereum Classic: What Is The Difference?

Ethereum is a platform that developers created in 2015 for decentralized applications. As mentioned earlier, 2022 was a watershed year for the ETH ecosystem. Traditional mining methods with GPUs and ASIC devices became a thing of the past after the transition to PoS. Staking has now come to the forefront, where validators support the network as they lock up their tokens and earn rewards in return. This approach has significantly reduced the power consumption of the ecosystem but has completely eliminated mining.

However, for those who prefer mining, the original version of the coin remains in the form of Ethereum Classic. It continues to use the Proof of Work (PoW) consensus mechanism. ETH Classic has become a lifeline for miners accustomed to getting cryptocurrency with their hardware.

Can You Mine Ethereum?

Mining is one of the ways to earn cryptocurrency and stands out as the most technologically advanced method that requires understanding various details. Sometimes people classify it as passive income and contrast it with trading, but this is not entirely accurate—equipment demands constant monitoring and maintenance.

So, can you mine ETH nowadays? The answer is no. It’s connected to the fact that this process is only possible with a PoW consensus mechanism, while Ethereum has moved to a PoS one. However, you can still mine Ethereum Classic in a usual way. This network operates under the old PoW rules, which makes it attractive to miners. ETH Classic can be mined with GPUs and ASIC devices, and this method remains profitable with the right setup.

How To Mine Ethereum Classic?

If you want to mine Ethereum Classic on PC, prepare the right hardware and software. Here is a simple guide that will help you at the beginning:

• Step 1: Choose video cards that are suitable for this task. For example, Nvidia or AMD. ASIC miners that support the Ethash algorithm also do well.

• Step 2: Install mining software. Popular options include PhoenixMiner, NBMiner, and GMiner. These programs connect you to the network and enable you to mine coins.

• Step 3: Join a mining pool. Solo mining is nearly impractical nowadays due to network congestion. Pools like Ethermine or 2Miners distribute rewards among participants based on their contributions. Your earnings depend on your setup. For instance, you can make approximately 0.01–0.015 ETH in a day with hardware offering 100 MH/s yields. Mining one Ethereum Classic can take several weeks to months. It ranges from your equipment’s hashrate, network difficulty, and whether you mine solo or through a pool.

Also, mining on your phone is becoming a popular topic lately. Mining Ethereum Classic on a phone is technically possible but highly inefficient. We do not recommend it due to the limited processing power, excessive heat generation, and rapid battery degradation of smartphones.

Lastly, set up a wallet to receive your earnings. A simple and convenient option is the custodial wallet. Enter its address in your mining software settings, and you’re ready to go. In addition to mining, you can also earn from Ethereum through staking. Let’s explore that next!

How To Stake Ethereum?

For those who prefer not to mine, there’s an alternative—staking. On the Ethereum 2.0 network, you can "freeze" your savings, thereby helping to maintain the blockchain and get rewards in return. The advantage of staking is that it works like a bank account and makes it a reliable method of passive income. The percentage earned from staking depends on the platform you choose.

To stake independently, you need 32 ETH. If you don’t have this amount, you can use services like Lido Finance or Rocket Pool. These platforms pool funds from multiple users and allow them to participate in staking collectively with smaller investments.

A profitable option could be staking ETH on centralized exchanges. Many centralized platforms offer staking services for any amount of ETH. The trade-off is that centralized providers pool vast amounts of ETH to operate numerous validators. This approach helps generate profits and grow your investments. Additionally, you can stake Ethereum on Cryptomus with a 3% yield!

The great news is that aside from these methods requiring upfront investments, there’s also a way to earn ETH for free. Sounds nice, doesn’t it?

How To Earn ETH For Free?

If you do not have the resources for investing, free ETH methods are an excellent alternative. These approaches require time and effort but serve as a great starting point for newcomers in the world of cryptocurrencies.

• Bounty Programs. Crypto projects often reward users for simple tasks: testing apps, translating texts, or promoting the project. Also, many blockchain networks and cryptocurrency exchanges offer free Ethereum for watching videos. Blockchain startups and companies looking to promote their products and services typically offer these programs.You can earn from a few cents to a few dollars for completing these tasks.

• Airdrops. These involve free token distributions in exchange for registration or fulfilling specific requirements. Usually you need to have a certain cryptocurrency.

• Play-To-Earn Games. These games allow you to earn small amounts of ETH when you complete in-game tasks. While it may be insignificant, it is an interesting way to earn free Ethereum coins.

Each of these methods demands different levels of involvement and time, but they all share one thing in common: the ability to earn Ethereum without initial investment. You can not only get ETH but also deepen your understanding of the ecosystem with these programs.

Thus, the transition of Ethereum to PoS has changed the landscape of the cryptocurrency world, but it has also opened up new opportunities for earning. You can mine Ethereum Classic, use ETH 2.0 staking, or make money through bounties and freelance. The key is to choose the method that suits you and not be afraid to try something new. This crypto coin remains one of the most promising technologies of our time. It offers numerous avenues for investment. Stay with Cryptomus to learn more.

Are you planning to mine ETH Classic? Write about it in the comments.