Although mining may no longer generate significant profits for the majority of individuals, investing in mining still holds promising long-term prospects. As the network continues to expand and undergo advancements, miners may discover fresh avenues to earn rewards.
Moreover, investing in mining not only provides an opportunity to contribute to the development of the cryptocurrency network but also offers a means of supporting its growth.
What happened to Ethereum mining?
Cryptocurrency mining has indeed been a lucrative and widely pursued venture, with Ethereum (ETH) being among the most favored cryptocurrencies to mine.
Nonetheless, the recent shift to a proof-of-stake consensus mechanism from a proof-of-work (PoW) has raised concerns regarding the viability of mining Ethereum 2.0.
With the implementation of proof of stake (PoS), Ethereum is transitioning from the traditional mining process to a more energy-efficient and secure model. With this, the miners have been replaced by the validators.
After the transition to proof of stake, the role of Ethereum miners in the Ethereum network has changed significantly. Instead of earning rewards by adding blocks to the blockchain through mining, individuals now need to become validators and hold a certain amount of Ethereum (ETH) to participate in the network consensus. Keeping ETH out of the equation, let us find out what else users can mine other than Ethereum.
Ethereum Classic
For the process of mining Ethereum Classic, you need the necessary hardware, just like for other forms of cryptocurrency mining. You will require the appropriate hardware, such as a GPU, and the required ETC mining software, such as Gminer. To track the mining revenue, a cryptocurrency wallet is also required.
Prior to making any kind of financial commitment to the equipment, you should conduct an extensive study. It is likely to generate a lot of heat and lead to overheating problems because it is an energy-centric process.
You can set up the system to mine ETC after installing all the required hardware and software.
Monero
You must first have the required hardware in order to mine XMR, just like you would for any other cryptocurrency. You will need the appropriate equipment, including a CPU or GPU and the necessary XMR mining software. A specified cryptocurrency wallet is also required to track mining profits.
There are several methods available for mining Monero. For XRM mining, you have three options: solo mining, pool mining, and cloud mining.
You can immediately begin mining XMR using your device’s CPU or GPU. Your hardware needs to be capable of handling a high hash rate in order to be lucrative.