Ethereum Mining & Staking Guide 2024: How to Mine ETH or ETC

Ethereum has now transitioned to Proof‑of‑Stake (PoS) and can no longer be obtained through traditional mining. You can either stake ETH or perform GPU/ASIC mining on Ethereum Classic (ETC).

In 2022, Ethereum completed its upgrade to a PoS consensus mechanism, ending the era of Proof‑of‑Work (PoW) mining. If you still want to “mine,” the only option is to switch to Ethereum Classic (Ethereum Classic, abbreviated ETC), while acquiring the original ETH requires participation in staking or other network‑security activities.

We have organized the key transition from PoW to PoS for Ethereum, provided a detailed walkthrough of the steps needed to earn ETH through staking, and offered a practical comparison with Ethereum Classic, which still supports mining. This helps readers quickly determine the most suitable method for them. Later sections include step‑by‑step guides and risk warnings, so a careful read is worthwhile.

1. Ethereum 2.0 vs. Ethereum Classic: Core Differences

• Ethereum 2.0: Uses a PoS consensus. Validators lock up ETH to earn block rewards, resulting in a dramatic reduction in energy consumption and rendering traditional mining hardware obsolete.
• Ethereum Classic (ETC): Retains the PoW mechanism, continues to support GPU and ASIC mining, and represents the original Ethereum codebase that split after the DAO incident. It is well‑suited for users who prefer hardware‑based mining.

Definition: PoS (Proof‑of‑Stake) assigns the right to propose and attest blocks based on the amount of cryptocurrency locked and the duration of the lock‑up, whereas PoW (Proof‑of‑Work) relies on computational power competition to create blocks.

2. Can you still mine ETH today?

The answer is no. ETH can only be earned on the PoS network by staking; traditional hash‑rate mining is no longer applicable. If you insist on using mining hardware, you must pivot to ETC, which still follows PoW rules and accepts both GPU and ASIC devices.

3. How to mine Ethereum Classic (ETC)

1. Prepare hardware

• Graphics cards: Nvidia RTX 30 series or AMD RX 6000 series are both capable of handling the Ethash algorithm efficiently.
• ASIC miners: Devices such as the Bitmain Antminer E9 are purpose‑built for ETC and deliver higher hash rates than consumer GPUs.

2. Install mining software

3. Join a mining pool

Solo mining on ETC is highly challenging due to network difficulty. Joining a pool improves the probability of finding blocks and receiving regular payouts. Popular pools include Ethermine, 2Miners, and others; rewards are distributed proportionally to contributed hash power.

4. Configure a wallet

Select a wallet that supports ETC (e.g., MetaMask, MyEtherWallet). Insert your receiving address into the mining software’s `--wallet` parameter so that earnings are sent directly to your wallet.

Tip: With a GPU delivering roughly 100 MH/s, daily earnings might range from 0.003 – 0.005 ETH (subject to network difficulty). Real‑world returns are also affected by electricity costs, pool fees, and hardware depreciation. In USD terms, that translates to a few cents to a few USD per day, depending on your local electricity price (often quoted in USD/kWh) and the prevailing ETH price.

5. Mobile mining (not recommended)

Technically, an ETC client can run on a smartphone, but the hash rate is negligible and the device may overheat quickly. The resulting earnings are effectively zero and not worth the wear on the hardware.

4. How to stake Ethereum (ETH)

Staking basic workflow

1. Gather 32 ETH – this is the minimum amount required to run a solo validator node.
2. Choose a staking avenue:

• Solo staking – Run your own validator node. This demands technical expertise, regular maintenance, and reliable internet connectivity.
• Pooled services – Platforms such as Lido Finance or Rocket Pool let you stake as little as 0.1 ETH, aggregating many small deposits into full validator units.
• Centralised exchanges – Most major CEXs (e.g., Binance, Coinbase) offer ETH staking with no minimum, handling the validator operation on your behalf. US users must use Binance.US or another US‑regulated exchange instead of the global Binance platform.

Yield sources

Staking rewards are paid out as an annualised percentage, varying with the overall network staking rate and any fees charged by the chosen service. Rewards are typically distributed in ETH and may be compounded automatically by the platform.

Tax note: In many jurisdictions, staking rewards are treated as taxable income at the fair market value of the ETH received. Subsequent capital gains or losses on the sold or transferred tokens may also be subject to tax. Always consult a local tax professional for guidance.

5. Ways to obtain ETH for free

These avenues require no upfront capital but do demand time, effort, and a willingness to learn the underlying platforms—ideal for newcomers seeking to familiarize themselves with the ecosystem.

Conclusion

Ethereum’s shift to PoS has fundamentally altered the traditional mining landscape. Participants can now generate income through three primary routes:

1. GPU/ASIC mining on ETC – continue using existing hardware on the PoW‑based fork.
2. Staking on the ETH 2.0 network – either run an independent validator, join a pooling service, or stake via a regulated exchange.
3. Free‑earn programs – reward schemes, airdrops, and play‑to‑earn games that dispense modest amounts of ETH.

Select the path that aligns with your risk tolerance, hardware resources, and capital availability. By planning responsibly, you can achieve meaningful returns as the blockchain ecosystem continues to evolve.

This article is provided for technical reference only; any investment decisions should be made after independent risk assessment.

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For a more in‑depth Ethereum mining tutorial, search for past articles from Bitaigen or continue exploring the related links below. Thank you for your support!

Related Reading

• Proof‑of‑Stake vs Proof‑of‑Work: Complete Guide & Comparison
• Ethereum PoS vs PoW: Why the Shift Matters
• Proof of Stake (PoS) Explained: How It Works, Benefits, Risks & ETH 2.0 Transiti

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