How To Mine Ethereum (ETH) In 2024 – Hint, You Can’t

Ethereum, once one of the most popular mineable cryptocurrencies, can no longer be mined. The transition from Proof of Work (PoW) to Proof of Stake (PoS) as part of The Merge marked a fundamental change to the Ethereum network in 2022. As a result, the traditional method of mining Ethereum through computational power has become obsolete. This article explores why Ethereum mining is no longer possible, how users can still earn Ethereum in other ways, and alternative options like mining Ethereum Classic.

Key takeaways

• Ethereum transitioned from Proof of Work (PoW) to Proof of Stake (PoS) in September 2022.
• Mining Ethereum is no longer possible due to this consensus shift.
• Ethereum Classic remains mineable and follows the original PoW model.
• Earning ETH is still possible through methods such as staking, providing liquidity, and yield farming.

The merge explained – Why we can’t mine ETH anymore

In September 2022, Ethereum underwent a significant transformation with the long-awaited Merge. Prior to this upgrade, Ethereum operated under the Proof of Work model, similar to Bitcoin, where miners competed using computational power to validate blocks and secure the network. This method required vast amounts of energy, leading to environmental concerns and scalability limitations.

The Merge brought Ethereum 2.0, which transitioned the network to Proof of Stake (PoS), a consensus mechanism that relies on validators instead of miners. In PoS, validators are selected to propose and validate blocks based on the amount of ETH they have staked as collateral. This method drastically reduces energy consumption (by 99.95%) and improves scalability but renders traditional mining methods obsolete.

As of 2024, Ethereum can no longer be mined. The PoS model has permanently replaced the computational mining process, and those who wish to earn ETH need to explore alternative means.

You can still earn ETH – Here’s how

Although you can’t mine Ethereum anymore, there are still several ways to earn it. Here are some key methods:

• Becoming an Ethereum validator: You can participate in Ethereum’s consensus by becoming a validator. This involves staking 32 ETH and running a node to validate blocks and secure the network.
• Staking ETH: You can stake your ETH through centralized exchanges or staking pools, allowing you to earn rewards without the need for 32 ETH.
• Providing liquidity: Liquidity providers earn rewards by locking their ETH in decentralized exchanges (DEXs) to facilitate trading.
• Yield farming: You can lend or stake ETH in DeFi protocols to earn interest or governance tokens in return.
• Airdrops: Participating in various DeFi and blockchain projects may grant you airdrops in ETH or other tokens.
• Lending: You can lend your ETH on DeFi platforms and earn interest on your holdings.

Alternative – mine Ethereum Classic

For those who prefer mining and still want to participate in the Ethereum ecosystem, Ethereum Classic (ETC) remains a viable option. Ethereum Classic is the original Ethereum blockchain, which continued using the Proof of Work (PoW) model after Ethereum transitioned to PoS. The steps to mine Ethereum Classic are similar to those used for mining Ethereum before the Merge.

How to mine Ethereum Classic – step by step

Mining Ethereum Classic involves setting up hardware, installing software, joining a mining pool, and configuring your wallet. Follow these steps to get started:

Step 1: Set up your hardware

Mining Ethereum Classic requires powerful hardware, specifically GPUs (Graphics Processing Units). Efficient mining hardware directly affects your hash rate (the speed at which your machine can solve cryptographic puzzles), and higher hash rates increase your chances of successfully mining a block. Here’s what you need to consider:

1. GPUs: Ethereum Classic can be mined effectively using high-end mining GPUs. Popular options in 2024 include NVIDIA’s RTX 3090, 3080, and 3070 series or AMD’s Radeon RX 6800 XT and RX 6900 XT. These GPUs offer a good balance of price, performance, and energy consumption, crucial for maintaining mining profitability.
2. Motherboard and PSU: A reliable motherboard with multiple PCIe slots is necessary for setting up multiple GPUs. Additionally, your Power Supply Unit (PSU) needs to provide enough power to support all GPUs. Look for PSUs with high wattage (1,000W or more) and certifications like 80+ Gold for efficiency.
3. Cooling system: Mining generates significant heat. Install proper cooling mechanisms such as additional fans or even liquid cooling if necessary to maintain stable temperatures and extend hardware life.
4. Mining rig frame: If you’re running multiple GPUs, you’ll need a dedicated mining rig frame to keep your setup organized and well-ventilated.

Step 2: Install a mining software

Once your hardware is ready, the next step is to install the best mining software. Mining software connects your hardware to the Ethereum Classic blockchain, solving cryptographic puzzles and submitting work.

1. Popular mining software: As of 2024, the following mining software options are widely used for Ethereum Classic:
   • NBMiner: Known for its high compatibility with NVIDIA and AMD GPUs, NBMiner is a top choice for ETC miners. It offers advanced features like dual-mining and adjustable power limits.
   • T-Rex Miner: Optimized for NVIDIA GPUs, T-Rex Miner provides a user-friendly interface and excellent performance.
   • GMiner: Suitable for both AMD and NVIDIA GPUs, GMiner is a powerful option with a reputation for stability.
   • TeamRedMiner: This miner is optimized for AMD GPUs and provides fine-tuning capabilities for maximum efficiency.
2. Each software has different levels of user-friendliness and mining performance. Choose one that suits your hardware setup and technical comfort level.
3. Configuration: After installing the software, you’ll need to configure it by entering parameters such as the mining pool address, wallet address, and any specific settings for optimizing your GPU performance (e.g., power limits, fan speeds).

Step 3: Join a mining pool

Mining Ethereum Classic solo can be difficult and less profitable unless you have a massive hash rate. To increase your chances of earning rewards, it’s recommended to join a mining pool. Mining pools combine the computational power of multiple miners, distributing rewards proportionally based on contributed hash power.

1. Benefits of pool mining: Pool mining increases the frequency of reward payouts, making mining more consistent and less dependent on luck. The pool takes a small percentage (usually 1-3%) as a fee for combining your hash rate with others, but it’s worth it for most miners.
2. Best mining pools for Ethereum Classic:
   • Ethermine: One of the most popular and reliable mining pools, Ethermine supports Ethereum Classic and offers detailed analytics and low fees.
   • F2Pool: Another widely used pool with servers worldwide. F2Pool provides excellent stability and user support.
   • 2Miners: Known for its user-friendly interface, 2Miners offers detailed stats and supports solo and pool mining for ETC.
   • Nanopool: A good option for smaller miners, Nanopool supports multiple coins and provides an easy-to-use interface for tracking performance.
3. When choosing a pool, look for factors like fees, payout thresholds, server locations, and hash rate distribution to optimize your mining experience.

Step 4: Connect your wallet

To receive and store your mined ETC, you’ll need a compatible cryptocurrency wallet. Wallets come in various forms, including hardware, software, and mobile wallets. It’s crucial to pick one that supports Ethereum Classic and provides strong security features.

1. Best wallets for Ethereum Classic:
   • Hardware wallets: Ledger Nano X and Trezor Model T are highly recommended for maximum security. These wallets store your private keys offline, keeping your ETC safe from online threats.
   • Software wallets: For ease of access, Exodus and Atomic Wallet are good software wallet options with built-in support for Ethereum Classic.
   • Mobile wallets: Trust Wallet is one of the most secure mobile wallets with Ethereum Classic support.
2. Connecting your wallet: Once you’ve selected a wallet, generate your ETC address from the wallet’s interface. Enter this wallet address into your mining software or mining pool configuration, ensuring that your rewards are sent directly to your wallet.

Step 5: Start mining

After completing the hardware setup, installing software, joining a pool, and configuring your wallet, you’re ready to start mining. Follow these steps to begin:

1. Launch the mining software: Open your mining software and ensure it is correctly configured with your pool address and wallet address. Start the mining process, and your GPUs will begin solving cryptographic puzzles to validate transactions on the Ethereum Classic blockchain.
2. Monitor your progress: Mining software and pool dashboards allow you to monitor key metrics such as your hash rate, power consumption, and payout frequency. It’s essential to check these regularly to ensure your mining rig is running optimally. Adjust GPU settings if necessary to balance performance and power consumption.
3. Optimize performance: You can tweak power limits, fan speeds, and memory overclocking settings in your mining software to maximize the performance of your GPUs while managing heat and energy consumption.
4. Payouts: Depending on the pool’s payout schedule, your earnings will be transferred to your wallet once you reach the minimum payout threshold. Make sure to keep your mining rig running 24/7 for maximum profitability.

Other coins you can mine

With Ethereum no longer mineable, you might also want to explore mining other cryptocurrencies. Here are some options:

Mining Ethereum in 2024 is no longer possible due to the network’s transition to Proof of Stake during The Merge. Ethereum’s PoW model is obsolete, and traditional mining methods no longer apply. However, you can still earn ETH through staking, providing liquidity, and other means within the broader Ethereum ecosystem.

For those who prefer mining, Ethereum Classic remains a great alternative, as it continues to operate under the PoW model. Other mineable cryptocurrencies like Bitcoin, Monero, and Dogecoin are also worth exploring.

While Ethereum’s transition to PoS may have put an end to mining, it opens new opportunities for validators, stakers, and DeFi participants. These changes make Ethereum more sustainable and scalable, cementing its place as a leading blockchain platform.

Frequently Asked Questions

1. 01.

   Is it possible to mine Ethereum?

   

   No, Ethereum cannot be mined since September 2022 due to the network’s transition to Proof of Stake (PoS) during The Merge. The PoW model has been replaced, and mining is no longer part of the Ethereum ecosystem.

2. 02.

   Why did the switch happen?

   

   Ethereum switched to PoS to address scalability and environmental concerns associated with PoW. PoS reduces energy consumption by 99.95%, improves network scalability, and prepares Ethereum for future upgrades like sharding.

3. 03.

   How do I get Ethereum then?

   

   You can earn Ethereum by staking it, providing liquidity in DeFi platforms, or participating in yield farming and lending protocols. Validators can also earn ETH rewards by securing the network.

4. 04.

   Will Ethereum be mineable again in the future?

   

   No, Ethereum will not return to a PoW model. The network has fully committed to PoS, and future upgrades will continue to build on this consensus mechanism.