Can I Still Mine Ethereum or Should I Mine Ethereum Classic?
TL;DR:
- You can’t mine ETH anymore because Ethereum moved from Proof-of-Work (PoW) to Proof-of-Stake (PoS) in September 2022. Staking replaced mining on Ethereum. (ethereum.org)
- If you still have Ethash-compatible GPUs/ASICs, the closest alternative is Ethereum Classic (ETC), which kept PoW using ETChash (a modified Ethash) via ECIP-1099. (Ethereum Classic Improvement Proposals)
- ETC’s block reward follows the 5M20 schedule (-20% every 5M blocks). It dropped from 2.56 ETC to 2.048 ETC per block at block 20,000,001 in May/June 2024 (“the Fifthening”). (DL News)
- ETC has suffered 51% attacks in the past (2019, 2020). Network security has improved with more hashpower post-Merge, but risk awareness is essential. (CoinDesk)
Introduction: Mining After the Merge
For years, “mining Ethereum” meant pointing your GPUs at the Ethash algorithm and collecting ETH block rewards. That era ended on September 15, 2022, when Ethereum completed The Merge and replaced mining with staking. Since then, there is no such thing as mining ETH on the main Ethereum network; rewards go to validators who stake ETH and propose/attest to blocks. Energy use dropped dramatically and issuance changed, but miners were effectively out of a job on ETH. (ethereum.org)
So where did all that hardware go? Much of it migrated to Ethereum Classic (ETC) and other PoW coins that support similar hardware. If you still have GPUs or Ethash-family ASICs, the practical question today is: Should you mine Ethereum Classic? Let’s break this down.
Can You Still Mine Ethereum (ETH) Today?
No. Ethereum’s switch to PoS means mining is no longer a valid way to produce blocks or earn ETH. If your goal is to earn ETH with existing capital, your options are staking (solo or via pools) or providing liquidity/MEV strategies—but not mining. (ethereum.org)
Key facts:
- The Merge joined the PoS Beacon Chain with Mainnet; validators (staking 32 ETH, or via pools) now secure the network. (Investopedia)
- Mining hardware that once targeted Ethash must find a different PoW chain—or be sold/repurposed. (Investopedia)
Why Ethereum Classic Became the “Next Best” Target for Former ETH Miners
1) Familiar Algorithm Family (ETChash)
ETC uses ETChash, a modified variant of Ethash introduced by ECIP-1099 (“Thanos”) in 2020. It recalibrated the DAG so that 3 GB+ GPUs could continue mining and so Ethash-oriented hardware wouldn’t be orphaned as DAG sizes grew. For many miners, the switch from ETH → ETC required minimal changes to rigs and software. (Ethereum Classic Improvement Proposals)
2) Monetary Policy You Can Model (5M20)
ETC’s 5M20 policy reduces the block reward by 20% every 5,000,000 blocks (“the Fifthening”), creating a predictable issuance path toward a terminal supply near ~210.7M ETC. After reductions in 2017, 2020, 2022, the fourth reduction occurred around May/June 2024 to 2.048 ETC per block. (Wikipedia)
3) Post-Merge Hashrate Migration
When ETH mining ended, hashrate flowed into ETC and a few other PoW coins, causing visible spikes in ETC’s network hashrate. As more miners secure the chain, attack costs typically rise. (Profitability varies with price, fees, and competition.) (Ethereum Classic)
But What About Security? (A Look at 51% Attack History)
ETC’s history includes multiple 51% attacks—notably in 2019 and August 2020—when attackers briefly gained majority hashpower and reorganized the chain. This is a documented risk for smaller PoW networks with rentable hashpower. Since then, hashrate grew and protocol changes were implemented, but miners should understand this background and follow best practices (e.g., cautious exchange confirmations). (CoinDesk)
Profitability: Mining ETC vs. Your Alternatives
Mining profitability is dynamic, driven by ETC price, network difficulty/hashrate, your energy rate, and hardware efficiency. Even after post-Merge hashrate increases, per-miner rewards tend to compress as more rigs compete for fewer coins—especially after each Fifthening reduction. (Block3 Finance)
Checklist to run your own numbers:
- Hardware profile: GPUs (e.g., 6× RTX 3070) or Ethash-family ASICs (e.g., Jasminer/Antminer E9). Input hashrate (MH/s) and power draw (W) from your actual rig.
- Electricity cost: Your all-in $/kWh (peak vs. off-peak).
- Pool fees: Typically 0.5–1% (varies by pool).
- Network stats: Current ETC price, difficulty, block reward (now 2.048 ETC), and average block time (~13–15s). (DL News)
- Heat management: Cooling costs can be as significant as electricity in warm climates.
Tip: Re-run your model whenever difficulty or price shifts materially—profitability can flip from green to red (and back) within days in volatile markets.
ETH Staking vs. ETC Mining: Which Suits You?
| Factor | ETH (Post-Merge) | ETC (PoW) |
|---|---|---|
| Consensus / Earning | Stake ETH as a validator or via a pool | Mine blocks with GPUs/ASICs |
| CapEx | Buy ETH (32 ETH solo, or smaller amounts via pools) | Keep/buy mining hardware |
| OpEx | Low (mostly opportunity cost, minor VPS costs) | High (electricity, cooling, maintenance) |
| Complexity | Validator ops / use a reliable pool | Rig tuning, downtime, hardware failures |
| Environmental | Far lower energy than PoW | Energy-intensive |
| Risk profile | Smart-contract/custodial risk (if pooling), ETH price risk | Hardware failure, energy price spikes, difficulty shocks, ETC price risk, historic 51% attack context |
| Liquidity | ETH is highly liquid | ETC is liquid but smaller market |
Sources on Ethereum’s PoS and staking replacing mining: (ethereum.org)
When Mining ETC Makes Sense (And When It Doesn’t)
It can make sense if:
- You already own efficient GPUs/ASICs and enjoy ultra-cheap power or stranded energy.
- You want to accumulate ETC long-term and you’re comfortable with PoW operations (tuning, thermals, downtime).
- You can optimize OpEx (e.g., free ambient cooling, off-peak rates).
It may not make sense if:
- Your power rate is average-to-high and your rigs are older/inefficient.
- You prefer hands-off yield and lower operational burden—then staking ETH or other PoS assets may be a better fit. (Investopedia)
Practical Guide: How to Start Mining Ethereum Classic
Disclaimer: Laws and regulations vary. Check local rules on crypto mining and electricity usage.
- Pick Your Hardware
- GPUs: Favor hash-per-watt leaders (e.g., recent NVIDIA models).
- Ethash-family ASICs: Many can point to ETChash with firmware/pool settings—verify compatibility. (ETC uses ETChash per ECIP-1099.) (Ethereum Classic Improvement Proposals)
- Choose Mining Software
- Popular miners (e.g., lolMiner, TeamRedMiner, GMiner). Look for ETChash mode.
- Select a Reliable Pool
- Compare payout schemes (PPS, PPLNS), fees, server latency, and reputation.
- Configure Wallet & Payouts
- Create an ETC address (hardware wallet or reputable CEX deposit address). Double-check chain (ETC, not ETH).
- Tune and Monitor
- Optimize core/memory clocks, power limits, and fan curves. Track stales, invalids, temps, uptime, and efficiency.
- Security & Hygiene
- Use unique pool passwords and 2FA where applicable, patch OS/firmware, and isolate rigs on your network.
Risk Management for ETC Miners
- Exchange confirmation risk: Given ETC’s history, some exchanges require more confirmations to mitigate reorg risk. Budget time for this. (CoinDesk)
- Difficulty shocks: If price spikes, more miners join, reducing your share; if price falls, participation may drop but revenue in fiat terms can still sink.
- Policy awareness: Track Fifthenings (next expected cut after the 2024 reduction will lower block rewards again per 5M20). (Wikipedia)
- Operational overhead: Replacement parts, downtime, firmware issues, and cooling.
Alternatives If You Don’t Want to Mine
- Stake ETH instead of mining: Join a staking pool (liquid or native pools) if you prefer capital yield over operational grind. Mining on ETH is gone; staking is the official path to earn ETH issuance now. (ethereum.org)
- Mine other PoW assets: Depending on your GPUs/ASICs, assets like Ravencoin, Kaspa, etc., might fit—run the same profitability math first. (Profitability and risk profiles differ widely.) (Investopedia)
FAQs
Q1) Can I mine Ethereum (ETH) with GPUs or ASICs in 2025?
No. Ethereum ended mining with The Merge in September 2022. PoS validators now propose/attest to blocks, and staking replaced mining as the way to earn ETH. (ethereum.org)
Q2) What’s the difference between Ethash and ETChash?
ETChash is Ethereum Classic’s modified Ethash introduced via ECIP-1099 to recalibrate DAG growth and maintain compatibility with a wider set of GPUs. Practically, many Ethash-oriented miners can point rigs to ETC with minimal changes. (Ethereum Classic Improvement Proposals)
Q3) What’s the current ETC block reward?
After the 2024 Fifthening at block 20,000,001, ETC’s block reward is 2.048 ETC per block until the next 5M block threshold reduces it by another 20%. (DL News)
Q4) Is ETC safe from 51% attacks now?
ETC suffered 51% attacks in 2019 and 2020. Post-Merge hashrate growth and ecosystem responses improved conditions, but miners and exchanges still manage confirmation/settlement risk prudently. (CoinDesk)
Q5) Is mining ETC profitable right now?
It depends on ETC price, difficulty/hashrate, your rig efficiency, and electricity cost. Use mining calculators and re-run assumptions often; profitability can change quickly. (CoinWarz)
Conclusion: You Can’t Mine ETH—But ETC Is the Closest Successor for Your Rigs
If your goal is specifically to mine ETH, the answer is straightforward: you can’t. Ethereum is a Proof-of-Stake network now, and staking—not mining—is the path to earning ETH issuance. If you already own Ethash-family hardware and want to stay in PoW, Ethereum Classic is the natural destination: ETChash compatibility, a transparent 5M20 issuance schedule, and a meaningful share of the post-Merge hashrate. That said, profitability is not guaranteed. It’s a moving target influenced by your power costs, network difficulty, and the cadence of ETC’s Fifthenings.
For many operators at typical retail electricity rates, staking ETH (or selling hardware and reallocating capital) may offer cleaner, lower-maintenance yield. For miners with cheap power, good thermals, and an appetite for operational tinkering, ETC mining can still be an engaging, modeled bet on the ETC ecosystem.
References
- Ethereum.org – The Merge overview (mining ended; PoS validators secure Ethereum). (ethereum.org)
- Investopedia – Date/details of Ethereum Merge (Sept 15, 2022; PoW → PoS). (Investopedia)
- ECIP-1099 – ETChash (DAG epoch calibration; Thanos upgrade on ETC). (Ethereum Classic Improvement Proposals)
- Ethereum Classic blog & Wikipedia – 5M20 emission schedule; 2024 Fifthening to 2.048 ETC per block. (DL News)
- News & community posts on 51% attacks (2019/2020) and post-Merge hashrate dynamics. (CoinDesk)