If you go to a website that offers real-time cryptocurrency market data, such as CoinCap, you will notice a digital currency called Ethereum Classic (ETC) just a few spots below Ethereum (ETH). These two digital currencies have a lot in common; they are both platforms that run smart contracts. Difference between Ethereum and Ethereum Classic is that only Ethereum Classic is a continuation of the original blockchain (see this post for more information on history and differences between the two).
Since profitability of Ethereum Cloud Mining contracts has skyrocketed these days because of Ethereum price explosion, we decided to do a research on cloud mining companies offering a Classic version. Here is what we found out.
Top 3 Ethereum Classic Cloud Mining providers
- Genesis Mining is the largest and most trusted Bitcoin and Ethereum cloud mining provider in the world. For Ethereum Classic mining you need to buy 2-year Ether Hashpower mining plan. By default, this will mine Ethereum, so be sure to switch to Ethereum Classic in Mining Allocation Settings. Update: currently out of stock [2017-12-05].
- NiceHash – this is a live marketplace for hashing power. It is more difficult to use and is recommended for advanced users only.
- McCoinCloud – they offer ethereum classic lifetime* contracts with weekly payouts. They own two data centers build up especially for the purpose of cryptocurrency mining. And since year 2015 they are offering mining contracts with a guaranteed return on investment. Update: Now they offer you the chance to pre-order hashing power for ETH and ETC with the latest and most profitable hardware on the market [may 30, 2018].
Is Ethereum Classic cloud mining profitable?
Mining profitability depends on many different factors. In order to find out cloud mining profitability calculators were invented. They take into account different parameters such as the cost of hardware, electricity cost and other network related variables. Your profit depends on network difficulty, block reward, transactions amount, and fee. As many people do not know how to use these calculators, we regularly post more human-readable update below.
Our mining plan at Genesis Mining has 20 MH/s mining power and gives us 0.16 ETC daily (currently 4.5 US$ as ETC price stands at 28$, there are no maintenance or electricity fees). This contract costs about 600$ without discounts. If ETC price and mining difficulty stay the same, you will get your investment back in less than 6 months. As the contract lasts 2 years, there is a one year and the half profit!
To compare the profitability of Ethereum vs. Ethereum Classic cloud mining, also see our ETH cloud mining profitability page.
Why we recommend Genesis Mining
Genesis Mining runs the world’s largest Ether mining farm in Iceland, internally called Enigma, which is specifically built to support the Ethereum Project. We are confident that this is a great company – they provide all the information about their services, their founders, they are actively involved in the community, and they even have a live stream of their mining rigs.
For Ethereum Classic cloud mining you need to buy Ether Hashpower mining plan (ETHASH algorithm, previously also known as dagger-hashimoto). It lasts 2 years and there are no maintenance or electricity fees.
At Genesis mining, you can also mine other crypto-coins. For example, X11 mining algorithm will mine the most profitable coins at the time and convert them to bitcoin automatically, which gives you an accelerated return on investment.
It is also worth signing up with them even if you plan to invest later as existing members get first access to new products and services, plus they also regularly send exclusive discount codes.
- *Lifetime Contract means that the duration of the contracts are not fixed, contract will be active until it is profitable to mine, and will be canceled when it cannot pay it’s own electricity costs in continuation of some period, usually 14 days.
- Want to mine ETC with your own hardware? Guide to Ethereum Classic mining.
- Want to mine on your own, but not with your hardware? Guide to Generating ETC with Amazon AWS.
- Bitcoin cloud mining overview.
- CryptoCompare offers profitability comparison of various mining plans.
- For the latest news and information from Ethereum Classic head to official Twitter account and Reddit community channel.
Earn money on your ETC!
The world’s leading cryptocurrency exchange Binance launched a lending business for customer deposits that initially supports tether (USDT), Binance Coin (BNB), and Ethereum Classic (ETC). Earn up to 15% interest!
Partly or Fully Updated on