ETC Mining After The Merge — All You Need to Know
The Ethereum Merge upgrade is currently a hot topic in the crypto community, with everyone seeking to learn as much as possible. In this blog post, we are going to discuss ETC Mining after The Merge. Continue reading if you want to know more about it.
What is the Merge?
The Merge is an upgrade to transform Ethereum from the Proof-of-Work (PoW) model to the Proof-of-Stake (PoS) model in a planned transition. The goal is to reduce energy consumption and make the blockchain more productive.
It is one of a series of significant upgrades to the Ethereum ecosystem, which also include The Verge, Purge, Surge, and Splurge. As a result of these upgrades, Ethereum will be able to scale more efficiently and save energy in the long run. The Merge is expected to occur this month, combining the Ethereum mainnet with the PoS Beacon Chain.
There will be a 99.9% reduction in energy consumption as Ethereum shifts from Proof-of-Work (PoW) to Proof-of-Stake (PoS), resulting in faster transactions once the upgrade is completed. If this does happen, there is a possibility of a hard fork since some miners may continue to operate on the PoW Blockchain. In that case, a split is likely to occur.
ETC Mining After the Merge
The Ethereum Classic blockchain is attracting increasing interest from crypto miners due to the fact that Ethereum is transitioning from an energy-consuming PoW system to a PoS system that eliminates the incentive to mine on Ethereum’s blockchain. The process is called The Merge.
The Ethereum Classic chain, which carries the token ETC, is a fork or an offshoot of the Ethereum chain. As opposed to Ethereum, however, Ethereum Classic does not change any system, making Ethereum Classic so attractive to miners.
The Merge will enable users to verify transactions by staking Ethereum (ETH) instead of using energy-intensive computer computations to validate transactions. ETH-based mining tools may become almost obsolete after the Merge.
Currently, ETC mining generates about $700,000 daily revenue and accounts for 2 percent of GPU mining revenue. Miners will either need to sell equipment or use ETC mining. A meaningful part of the mining community will migrate to ETC, which is expected to increase mining difficulty, rendering many miners insolvent.
Wondering How to Mine ETC?
Well, different kinds of ASIC and GPU mining machines are available for mining Ethereum Classic (ETC). Ethereum Classic mining requires a wallet address. So, you will first need to obtain a wallet address to start mining ETC. You can do this by signing up for an account with a cryptocurrency exchange or wallet service. Once you have obtained a wallet address, you will need to configure your mining software, and you’re done.
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