Since the inception of Bitcoin, mining has become very profitable as a passive earning method. Mining is the foundation of Proof of Work (PoW) crypto coins. Another crypto that allows mining is Ergo. That Ergo coin is worth $3.15 at the time of writing and has gained about 2.32% in the past 24 hours. The coin’s market cap is $184,487,075, and its circulating supply is 97,739,924.00 ERG.
Ergo is a project launched in 2019, and it boasts a programmable blockchain with an energy-efficient and stable mining protocol. The project uses Proof-of-Work (PoW) consensus protocol to secure the network and implements smart contracts like Ethereum for its DeFi features. Ergo uses a mining protocol known as “Autolykos,” a modified version of Bitcoin’s mining protocol. The Autolykos protocol is highly resistant to large mining pools and ASIC miners, making it more energy efficient.
What makes Ergo special is the storage fee for obsolete cryptocurrencies. If a digital asset remains in the state for four years without being moved, a miner may charge a small fee for every byte kept. However, this gives Ergo different advantages. Firstly, it will allow ERG mining to be stable. Miners can return lost coins to circulation by collecting the storage fee from outdated cryptocurrencies. It also helps to prevent a significant decrease in circulating supply due to lost keys.
To mine Ergo, the first thing you need to do is to create a wallet to send and receive cryptocurrencies. Next, you need your PC to a mining pool for your mining operation. Again, you need to monitor the GPU temperature for the safety of your machine. A crypto wallet is like a traditional wallet where you can keep your money. Digital wallets help you send crypto coins and check your balance.
There are two options for mining Ergo: a mining pool or a mining rig. Mining rigs are expensive, and if you can’t afford a mining rig, we suggest you use mining pools. A mining pool is a collaborative group of crypto miners who combine their computational resources over a network. Each miner earns less when participating in a mining pool as crypto miners share rewards.
The more users join the network to mine Ergo coins, the harder it is to find a block. Again, the hash rate constancy also affects how many Ergo coins you earn. Use ergo.nanopool.org to calculate your expected returns if you use Nanopool. Using the 2Miners pool, use this mining calculator to calculate your Ergo earnings based on your hashrate.