Bitcoin Forum

Hey guys what do you think about mining ETC ?

Im not reallly sure some people say its dead, other say it is mineable without problems.
Are anybody here mining ETC ? do you have problems mining it ?

Best Greetings
Bery

ETC for the last few months has been having bad 51% attacks. So bad that most exchanges have disabled deposits... some have disabled withdraws and others have like a 2 WEEK confirmation period (Coinbase).

So there is a reason why its more profitable to mine than ETH its because its risky. The last 51% attack ended up reorging 2 days worth of blocks. So if you mined during that time you would get absolutely nothing in return for your work. It would be a waste of electricity pretty hence.

Hence why miners rather than ETH which is more stable and less profitable.

Alllright thanks for the detailed explanation :)

Do your own research and don't listen to what others are saying, go to coinmarketcap and you will see that ETC is even available on binance, you can sell every 24hrs of mining if you are too scared of its 51% attack, you don't have to hold.

You can trade instantly on
1. Okex
2. Huobi
3. Binance  and many more exchanges

The 24HRS trading volume of ETC is over 500 Million dollars, don't listen to those that said it's profitable to mine because it's risky, it total nonsense

very few coins can go through what ETC had gone through and still appear on top marketcap after 1 month but the volume trade is reducing and could be as a result of dump. 3 attack 51% in a month is scary many holder, its such a large communities behind a project with no used cases. The team is just planning new partnership, developments and adoption before the attacks. The team is proposing defensive mining as a result of the attack to protect the chain

I mine ETC is no problem now, the yield for 1.5GH/S was $ 3300 at one point now I'm at $ 1300/month.

for 5 days, the global hashrate has gone from 550GH/s to 980GH/s on https://etc.ethermine.org/

See topic: https://bitcointalk.org/index.php?topic=5275423.0

Mining ETC without problems, i only make sure to deposit every 2-3 days and not holding it as there is still risk of a 51% attack due to the inconsistent hashrate

I agree. There are absolutely no problems mining ETC right now. Just consider whether you want to keep that altcoin for a longer period or you want to sell it right away.
Given what's been going on lately, I don't have too much confidence in the ETC coin.

The problem is depositing to an exchange to sell, last time I looked it took 2 days of conformations from the pool then 2 days of conformations from an exchange and that is if the exchange is allowing deposits and you can not deposit to Binance.

Yes currently its 20% more profitable. So if you got a few GPUs it doesn't make a difference but if you got a large farm of 100 GPUs its much more profitable to mine. However if you run into bad luck and end up mining blocks which get re-orged then you wasted all that time.

Currently you should just mine directly to your own wallet. You can make one in cold storage and just send all your mined ETC there and maybe in the future when the devs release some fix for these attacks and the confirmations are lowered on exchanges and deposits are re-enabled then send it to an exchange to sell.

ETC blocks getting re-orged as become quite normal these days lol. I would rather earn fewer $ with ethereum then risk it getting lost with ETC.
ETC is not having a good year so far 3-5 51% attack in a year is a lot IMO.

If you live in the US...Seems to be a lot more limited on what exchange(s) you can use..I've had difficulty lately finding an exchange in the US that accepts deposits right now.

There is an eip that will reduce a 4gb dag to 2.5gb making all 4gb and 3gb cards to work again, might help with the 51% attack as it will cost more to do a 51% attack but as the attack costs more the reward of doing it is also greater. So not sure if it really will help it.

Yeah this is actually a pretty smart move however I wonder if it will actually increase the hashrate big enough to make a 51% attack too expensive. In a month or two many of the ETH ASCIS (bitmains first ETH asic) and 4GB GPUs in general won't be able to mine pretty much anything at all. So they will obviously switch to ETC.

Also I still got some old R9 280X GPUs which are 3GB and you can put those to work again. Most likely won't make much because if I recall they consumed 200 Watts PER GPU but for someone with cheap power it might be one solution.

Wonder when the EIP will go live and when they will do the hard-fork upgrade however.

Agree, but it might also increase hashrate high enough so that doing a 51% would be difficult. By the way, do you have the proposal number for the said EIP? I would like to read more about it.

https://github.com/ethereumclassic/ECIPs/issues/368

The good thing about it, is this " it's a good temporary 51% attack solution as it modifies ethash enough to invalidate hashrate available on nicehash et al.".

I'm mining Ethereum Classic on nicehash and it works, I'm using 6x rx570 to mine and since Nicehash change to BTC for payment you don't have to worry about the 51% attack anymore and again you can mine ETC direct and still be able to sell on binance, there is enough liquidity and volume.

On Nicehash you don't get paid in altcoins. Basically someone is renting hash to mine ETC and they pay Nicehash in BTC and then later Nicehash take a percentage and gives you the rest in Bitcoin. So obviously this is perfectly safe but its not safe for the one renting the hashrate which they can get stuck with reorged blocks and mine at a huge loss.

This is actually how most of the 51% attacks happened, someone rented a large amount of hashrate and then used that hashrate to make the attacks. I am pretty sure Nicehash had something in their power to prevent this from happening but did nothing.

The point of this change is to block people selling ethash on nicehash or any other place. 51% is possible thanks to nicehash and other hash sellers.

Yeah.

Thanks for the EIP link. Let's see what happens next for ETC but for now, I am out of ETC both trading-wise and mining can't risk another attack because it will definitely hammer the price.

I see that etc are not dead yet. It is likely that it will still grow and will go to the moon soon

I would not touch etc at all at moment, not worth, too many uncertainties. Yeah after the etc team devs do something about the 51% then I can think about it. However I have not seeing or see any future for it at all, time will tell.

Recently on Twitter, I came across a discussion about the possibility of combining Ethereum and Ethereum Classic and that after the update of Ethereum 2.0, there will be no problems with this. Of course, if the owners are not against such a merger. But after the transition to ETH2.0, mining as such will no longer exist, since every ETH owner can join staking and receive passive income for storing a certain amount of Ethereum. Guys, what do you think about this?

I don't think it will be better for miners. As soon as 4GB video cards cannot mine ETH, they will increase the hashrate for ETC and kill the profit.
And statistics says that 48% of AMD video cards on the Hive pool have 4 GB of memory.
https://hiveos.farm/statistics_ru

Yeah, too much hash on ethash, any mineable coin will have a significant drop on revenue after 4gb is done mining eth.

It won't be better for miners for sure. Because their miner reward is just way too low. However many people who got free or very cheap power are going to mine it anyways. It will most likely be more profitable than EXPANSE is right now.

Look at how many people were still mining ETH when it was $80, there was still tons of hashrate on the network and most likely this will happen also to ETC after they lower the Epoch DAG.

This is actually pretty smart because the only other solution would of been to switch the algo but it would of been too difficult and ETC would definitely not be Ethereum Classic then.

Depositing on coinbase is requiring 91000 confirmations (15 days....) I probably should change exchange, but I must admit, this is really annoying.

with so many confirmation, took so long to got reward, many farmer wont take risk even 20% more profit
in this very moment even eth took many hours to send eth from cli-lite wallet
so many defi deploy in eth, sometimes miner got big reward.

I haven't tried this but another solution is just to margin short ETC on Binance, right now the rate is 7.30% anum, according to,

https://www.binance.com/en/margin-fee

And when your coins finally confirm on Coinbase you can close the short. You lose a little in fees and the funding rate but that way if ETC manages to lose > 20% it won't be a loss to you. However its still risky since the Coinbase deposit transaction can get re-orged and you would lose those coins anyways and your short would be open.

That and in the past the fees to borrow ETC on Binance have been higher as a result of this. So far it doesn't seem worth the headache and might as well stick to ETH mining.