Ethereum developers have long been making plans to completely abandon mining their cryptocurrency and switch to staking. In simple words, they want to get rid of farms with video cards and reward those users who simply store their cryptocurrency on special wallets connected to the general network 24/7. It seems that now the developers are more serious than ever, and in 2022 ETH may switch from POW to POS. Let's take a look at what to do for miners and how to use their hardware when this happens.
Why is everyone mining Ethereum?
The vast majority of miners currently mine Ethereum cryptocurrency, as it occupies a leading position in terms of profitability on most video cards. You can easily verify this by opening the 2CryptoCalc mining profitability calculator.
The most profitable cryptocurrencies for mining
Despite the fact that this cryptocurrency is very demanding on the volume of its own memory of video cards and every 3-4 days it requires 8 MB more, many beginners with one card try to mine it, and then suffer from too high commissions when receiving their payment. Pool 2Miners has created a unique payout system that allows you to get mined daily and without commissions. Read more in this article.
Ethereum mining and Bitcoin reward
What algorithms for mining on video cards are there?
Let's divide the most popular mining algorithms into two conditional groups - cold 🧊 and hot 🔥. We talked about this in detail in the article “What is mining? The Bible of a beginner miner and the basics of overclocking video cards using different algorithms. "
In cold algorithms, video memory is mainly involved, which is why we increase the frequency of the video memory (Memory Clock or MC), and the frequency of the video core (Core Clock or CC) either do not change or we lower it. In operation, such algorithms are characterized by relatively low power consumption (Power), low core temperatures (Core temp), but increased memory temperatures (Memory temp).
Cold mining algorithms
Cold algorithms:Ethash (Ethereum), Etchash (Ethereum Classic), Autolykos2 (Ergo).
Sometimes a separate category of neutral algorithms is distinguished, those in which only the frequency of the video core is increased. These include all algorithms of the Cuckoo family: CuckooCortex (Cortex), CuckooCycle (Aeternity), Cuckatoo32 (Grin).
Hot algorithms use both the video core and video memory, which is why we increase the frequency of the video core (Core Clock or CC) and the frequency of the video memory (Memory Clock or MC). In operation, such algorithms are characterized by increased power consumption (Power), high core temperatures (Core temp) and high memory temperatures (Memory temp).
Hot mining algorithms
Hot algorithms: KAWPOW (Ravencoin), FiroPow (FIRO), BeamHashV3 (BEAM), Equihash 144.5 (Bitcoin Gold).
Comparison of mining algorithms
You can compare the algorithms in the table below. For example, we took the overclocking parameters of the Nvidia 3080Ti video card. The table shows the hash rate of the video card, the values of the core and memory temperatures of the video card, as well as its power consumption. If you want to understand the principles of overclocking and learn how to overclock any video card, read How to Overclock Nvidia and AMD Video Cards for Mining with Different Algorithms.
Nvidia RTX 3080 Ti overclocking performance
Please note that power consumption is also different for different algorithms. This factor can be very important when choosing a coin to mine. For example, if you go into the calculator and see that the profitability of mining Ethereum Classic (ETC) and Ravencoin (RVN) is the same for your video card, you should choose ETC. You will save 25% on electricity compared to RVN.
The algorithms listed in the table above are the main competitors of Ethash's Ether algorithm. Hot algorithms are highlighted in orange, and cold algorithms in blue. Let's take a closer look at the main coins of these algorithms, the profitability of their mining and other features.
How to mine Ravencoin
In 2021, Ravencoin (RVN) took the second place in popularity among miners on video cards, which is primarily due to the growth of its rate, as well as its simplicity and low hardware requirements. Until recently, it could be mined even on video cards with 3 GB of video memory, now you need 4 GB, which is also not so much compared to many competitors.
The high stability of farms, the presence of the coin on many exchanges, the relative stability of the exchange rate - all these factors have led to the popularity of mining this currency.
Top cards of the latest generations (with 8+ GB of memory), due to the “simplicity” of the algorithm, cannot show themselves in all their glory, and especially their advantage in high-speed memory, so cold algorithms sharpened for memory use can often be beneficial for them: CuckooCortex , Etchash, Autolykos2, CuckooCycly, Cuckatoo32.
Ravencoin price chart for the year
Ravencoin mining parameters:
- Mining Algorithm: KAWPOW (Hot 🔥)
- Minimum video card memory size: 4 GB
- Block reward: 5000 RVN
- Average block time: 1 minute
- It is traded on exchanges: Binance, Huobi, Gate, Bittrex and others.
- Place in the ranking of cryptocurrencies: 89
According to rough estimates, RVN is mining over 60 thousand miners.
Nvidia RTX 3080 Ti Ravencoin Mining Profit
A ready bat-file for RVN mining can always be found on the "How to get started" page of the Ravencoin pool. An example for the miner Gminer.
miner.exe --algo kawpow --server rvn.2miners.com:6060 --user YOUR_WALLET_ADDRESS.RIG_ID --pass x
t-rex.exe -a kawpow -o stratum+tcp://rvn.2miners.com:6060 -u YOUR_WALLET_ADDRESS.RIG_ID -p x
Ethereum Classic (ETC) Mining Profitability
Ethereum Classic (ETC) is the original Ethereum network, which opposed the use of an ambiguous update by the Ethereum developers back in 2016, split from the main ETH branch as a result of a hard fork.
Miner Ethereum Classic
After a series of very powerful 51% attacks on the ETC network, the developers of this currency realized that it was unsafe to stay in the shadow of the ether and use the same mining algorithm and slightly changed the currency algorithm. Additionally, they halved the size of the DAG file located in the memory of the video card and allowed mining even for cards with 3 GB on board. The ETC DAG file is, of course, growing again, and in 2022, 3 GB cards will no longer be able to mine this currency, even on Linux systems.
Now this currency is optimal for a huge number of old video cards with 4 GB of memory on board. In addition, it is present on a large number of cryptocurrency exchanges, which provides a quick exchange for other cryptocurrencies or fiat money with minimal losses.
Ethereum Classic price chart for the year
- Mining algorithm: Etchash (Cold 🧊)
- Minimum video card memory size: 3 GB
- Block reward: 3.2 ETC
- Average block time: 13 seconds
- Traded on exchanges: Binance, Huobi, Gate, Bittrex, KuCoin, Coinbase and others
- Place in the ranking of cryptocurrencies: 33
According to rough estimates, classic ether is mined by 90 thousand miners all over the world, or about 900 thousand video cards with an average speed of 30 Mx.
Nvidia RTX 3080 Ti Ethereum Classic Mining Profit
A ready-made bat-file for mining can always be found on the “How to get started” page of the Ethereum Classic pool. An example for the lolMiner miner (AMD video cards).
lolMiner.exe --algo ETCHASH --pool etc.2miners.com:1010 --user YOUR_WALLET_ADDRESS.RIG_ID
Here is the data for Gminer, it can be used for AMD and Nvidia.
miner.exe --algo etchash --server etc.2miners.com:1010 --user YOUR_WALLET_ADDRESS.RIG_ID
And for T-Rex (Nvidia only).
t-rex.exe -a etchash -o stratum+tcp://etc.2miners.com:1010 -u YOUR_WALLET_ADDRESS -w RIG_ID -p x
How to mine ERGO
ERGO is the youngest coin on our list. The unpretentious mining algorithm allows you to mine even cards with only 3 GB of video memory.
This coin was able to pull off almost a quarter of miners from the ETC algorithm in the shortest possible time - mainly cards with 3 GB and 4 GB of video memory.
Ergo price chart for the year
- Mining algorithm: Autolykos2 (Cold 🧊)
- Minimum video card memory size: 3 GB
- Block Reward: 67.5 ERG
- Average block time: 140 seconds.
- It is traded on exchanges: Gate, KuCoin, CoinEx, HotBit and others.
- Place in the ranking of cryptocurrencies: 198
This coin is mined all over the world by 20-30 thousand miners or 200-300 thousand cards. The estimates vary greatly due to the significant difference in the types of cards on the algorithm.
Nvidia RTX 3080 Ti Ergo Mining Profit
A ready bat-file for mining can always be found on the “How to get started” page of the ERGO pool. For Nvidia, take the T-rex.
t-rex.exe -a autolykos2 -o stratum+tcp://erg.2miners.com:8888 -u YOUR_WALLET_ADDRESS -w RIG_ID -p x
For AMD - Team Red Miner.
teamredminer.exe -a autolykos2 -o stratum+tcp://erg.2miners.com:8888 -u YOUR_WALLET_ADDRESS.RIG_ID -p x
Mining Firo cryptocurrency
Until recently, the FIRO coin used a very heavy MTP algorithm, which required more than 5 GB of video memory. It also generated substantial internet traffic for the pool and miner, as each ball reached 200KB, which is hundreds of times larger than the balls of any other algorithm.
Miner Firo (Zcoin)
On October 26, the developers carried out a global algorithm update and replaced the MTP algorithm with FiroPoW. FiroPoW is a modification of the ProgPoW algorithm that was developed for the Ethereum network but was never implemented. It is the “brother” of the KAWPOW algorithm that Ravencoin uses.
FIRO's FiroPoW is almost identical to the RVN coin algorithm. The only difference is that the size of the DAG file is larger here and at the moment FiroPoW requires a little more than 4 GB of video memory. The DAG file will grow by 1 GB every 1.5 years, which should make it impossible to mine on cards with 6 GB of video memory by the end of 2024.
Firo price chart per year
- Mining Algorithm: FiroPoW (Hot 🔥)
- Minimum video card memory size: 6 GB
- Block Reward: 6.25 FIRO
- Average block time: 5 minutes.
- It is traded on exchanges: Binance, Huobi, Gate, Bittrex, HitBTC and others.
- Place in the ranking of cryptocurrencies: 440
Now FIRO is mining at least five thousand video cards all over the world.
Nvidia RTX 3080 Ti Firo Mining Profit
A ready bat-file for mining can always be found on the “How to get started” page of the FIRO Classic pool. An example of a bat file for the T-Rex miner (Nvidia).
t-rex.exe -a firopow -o stratum+tcp://firo.2miners.com:8181 -u YOUR_WALLET_ADDRESS.RIG_ID -p x
And for Team Red Miner (AMD).
teamredminer.exe -a firopow -o stratum+tcp://firo.2miners.com:8181 -u YOUR_WALLET_ADDRESS.RIG_ID -p x
How to mine Cortex
Cortex (CTXC) we use the CuckooCortex mining algorithm. Mining with this algorithm is highly dependent on the memory of the video card and gives a significant increase in speed on top-end cards from the manufacturer Nvidia of each series - for example, 1080ti, 2080 or 3090.
The exchange rate of the coin and the complexity of mining can change very much even during the day, so the miners love the coin, constantly monitoring the changes in the complexity of the network. If you are able to switch your mining power to a given coin for several hours at the time of a drawdown in difficulty or an increase in the rate, Cortex is your choice.
The uniqueness of the CuckooCortex algorithm is the wide possibility of changing the energy efficiency of mining. For example, you can “squeeze” the cards as much as possible, getting 80% of the hash rate while saving 40% of electricity, or vice versa - overclocking the cards by an additional 20%, but at the same time increasing the power consumption by almost 1.5 times, which may make sense if you have cheap "socket".
The CTXC mining algorithm is demanding on the size of the video card memory. If you are mining on Windows 7 or Linux, graphics cards with 8 GB or more are required. For mining on Windows 10, you need at least 11 GB - pay attention to this.
Cortex price chart for the year
- Mining algorithm: CuckooCortex (Cold 🧊)
- Minimum video card memory size: 8 GB
- Block Reward: 7 CTXC
- Average block time: 13.5 seconds
- It is traded on exchanges: Binance, Huobi, OKEx, CoinEx and others.
- Place in the ranking of cryptocurrencies: 679
Nvidia RTX 3080 Ti Cortex Mining Profit
A ready-to-use bat-file for mining can always be found on the “How to get started” page of the Cortex pool. Here is an example of a bat file for AMD video cards - the lolMiner miner.
lolMiner.exe --coin CTXC --pool ctxc.2miners.com:2222 --user YOUR_WALLET_ADDRESS.RIG_ID
Gminer for Nvidia video cards.
miner.exe --algo cortex --server ctxc.2miners.com --port 2222 --user YOUR_WALLET_ADDRESS.RIG_ID
What cryptocurrency to mine after Ethereum?
Most of the miners in the world mine those cryptocurrencies that bring them the maximum income. Remember, mining is the process of making money with your hardware. No need to guess what will increase in price in a month. You only need to mine the most profitable coins here and now. If you are sure that another coin will "bring xx", you can always buy it with mining income. It will be more efficient.
At the moment, the most profitable coins after Ethereum are FIRO, Ravencoin and Cortex. Do not forget that the situation can change quickly, that is, in a day or even an hour.
The system of all cryptocurrencies that are mined on video cards can rightfully be considered closed: miners often switch from one coin to another depending on the profitability of mining. How do you pick the best coin at the moment? Use the calculator 2CryptoCalc.com. Enter your video cards and their number, the calculator will give you a list of the most profitable coins at the moment.
Remember that different mining algorithms can consume different amounts of electricity, this factor, along with profitability, should be taken into account when choosing a cryptocurrency for mining.