Do you still think that it is difficult to mine Bitcoin Cash and it is not for everyone? You can switch to an easier way of getting coins. Just buy them. Read more about this method in the article “Bitcoin Cash to Dollar Chart”.
We will try to show you that it is not difficult to mine BCH. Learn the key idea of the process, why we need pools, and which of them are the most reliable and popular.
It is possible to mine the cryptocurrency by yourself or together with other users. In the second case, the capacities of all devices are combined to achieve a common goal, which is the mining of new blocks based on the SHA-256 protocol.
A community of miners is called a pool.
To be more precise, this concept is most often used in relation to special websites and servers. Miners connect to them from different parts of the world and share the power of their devices.
Logically, when all the pool members take part in the process, the profit is divided into the whole team. Thus, a reward for each block mined in the Bitcoin Cache network is 6.25 coins.
According to the current exchange rate, it is about $2,400.
Notably, the contribution of each miner is also taken into account. For this purpose, there are balls, which are variants of block solutions. The more powerful the miner's equipment is, the more such solutions are offered. Accordingly, the likelihood of a successful solution to the problem becomes higher. What kind of equipment do miners use? Just after the launch of cryptocurrencies, when the complexity of this process was not so great, it was possible to extract blocks using processors. Then graphics cards gained popularity, and later, miners switched to ASIC devices. Now, miners rarely use processors (CPU) due to low performance. The most profitable are integrated circuits ASIC and graphics cards (GPU). You can calculate the approximate profit using special calculator services. For example, Asic Trade, Minerstart, and CryptoCalc.
If you decide to mine Bitcoin Cash in a team, you should primarily choose the right team. There are many pools for BTC mining on the Net, so you need to take this issue seriously.
Little-known and new servers could be developed by scammers. Choosing such servers, you may lose all your savings kept in the crypto wallet.
However, reliability is not the only feature of a pool. It is necessary to pay attention to the following ones.:
It is also very important to decide what equipment you will use for mining: graphics cards or ASIC. There are pools that accept both variants, whereas others support only one of them.
Let us take a look at the most popular and reliable services:
However, miners should keep in mind that the list of team mining exchanges is constantly changing. Some of them are closing, whereas others are just entering the market.
What is more, some websites do not allow miners from this or that country to register.
The Coin Dance service provides information about a pool's contribution to the formation of new Bitcoin Cash blocks.
As for returns, the fundamental factor in this regard is the power of the user's equipment. The higher it is, the more income you can generate.
For instance, at the time of preparing this article, the highest paid miner in the F2pool had almost $47 in net profit per day after deducting the electricity bill.
At the same time, the mining hash rate was at a record level of 255 T.
Another miner from the same pool had an equipment capacity of only 9 T. As a result, this miner earned about $1.9 per day, while $1.8 of this amount went to pay for electricity.
Once the choice of a suitable mining platform is made, you need to join a pool. We will tell you how it happens.
To start mining, you first need to install a special program on your device. Some pools provide it, some do not.
ASIC provides this program along with the equipment. In the case of video cards, you need to install such a program yourself.
Please note that they are not universal. For example, Nvidia cards support only Cudaminer. Let's start with video cards. True, many experts believe that due to low profitability, GPU mining is suitable exclusively for enthusiasts. Your graphics card must be powerful if you do not want to suffer losses. For example, you can consider last-gen Nvidia & AMD graphics cards. When all these nuances are taken into account, you need to register with the platform. To do this, specify the data that the system requests.
After that, return to the mining program. Open its folder and enter the necessary information into the .bat file.
Namely, you need to specify a mining algorithm (in our case, it is about SHA-256), the address of the platform you have chosen, a worker name, as well as your wallet’s address.
Now you can run the mining process.
Now let's focus on ASIC. Bitmain is a top manufacturer of mining hardware. It is well-known for its Antminer line.
The main feature of such devices is high performance. For instance, the hashing rate of Bitmain Antminer S9 can reach 14 Th/s.
To get started, register with the mining pool on its website. Some platforms may also require you to create a miner account.
After that, you need to launch ASIC on your PC. In the interface that opens, specify your router’s IP address, as well as a username and password.
Then you need to enter your pool’s details as soon as possible. Otherwise, the device will mine coins in favor of its manufacturer. Now you need to create a worker name, that is, your nickname as a miner. After a reboot, ASIC will start mining. All you have to do is to monitor statistics.
Once the mining process is underway, new blocks are calculated. If the task is solved, the earned coins are transferred to the pool members.
There are different ways of distributing funds between participants in the mining pool. Most often, rewards are split according to the proportion of each miner's processing power
As we have already said, if you buy coins on the exchange, you can store them there. However, experts believe that this method is suitable for those who constantly make trades or own a small number of coins.
Let's consider the process of connecting a wallet to Antpool in more detail.
First, go to your pool account, select Settings, and click Add User ID. After that, enter the address of your wallet. In the end, save the changes. It is done. Now the earned coins will be transferred to your wallet. The frequency of payments is indicated on the service's website. For example, Antpool pays rewards on a daily basis. Notably, the rate of Bitcoin Cash, like other cryptocurrencies, is constantly changing. For example, BCH has fallen by 28% over the past year. At the time of preparing this material, it is trading at around $377.6 . Volatility is something to consider when you are planning your Bitcoin Cash mining profits.
Mining pools are now more popular than ever as solo mining greatly curtails the chances of success. No one will provide you with refunds for the equipment and electricity costs, so solo mining may well result in losses.
Of course, unless you have a high-performance mining farm. In that case, you will have to spend tens of thousands of dollars on equipment.
Pooled and solo mining can be compared to a tug-of-war. It is logical to assume that teamwork is more likely to bear fruit.
True, a solo miner gets all the block reward, while participation in a mining pool involves the distribution of rewards among all pool members. Nevertheless, it is better to get some of the gains than to risk and get nothing in the end. Nowadays, pool servers are located in various countries. Pools are constantly joined by miners from around the globe, primarily those who are geographically closer. The power of each user is combined with the power of other miners, which serves for BCH mining.
Obviously, users who want to gain both experience and some profit when mining Bitcoin Cash need to join a pool.
An experienced miner who has the necessary equipment can dare mining on their own, whereas a beginner should avoid such a risk. Disappointment and losses are the things that they may incur in such a case.
At the same time, getting coins is not the only goal that crypto miners pursue. Cryptocurrencies are most valued for their ability to protect funds against inflation and bring profit.
To make money on digital assets, users need to sell or exchange them at a good price. IFXBIT is just the right crypto exchange for it.
Read also: “Bitcoin Cash: how to buy BCH profitably and safely” “Bitcoin Cash: how to earn and get BCH” “Bitcoin Cash faucets: most profitable ones ensuring fast withdrawals”