Bitcoin Cash brings sound money to the cryptocurrency world, fulfilling the actual promise of Bitcoin. Here’s a cool fact before we get started the mining. did you know that Bitcoin Cash miners can confirm 10 times as many transactions as Bitcoin?
Anyway, Bitcoin Cash was introduced to overcome the problems occurring with Bitcoin like slow and costly transaction system. And Now it has a significant impact on the overall cryptocurrency market. Future of Bitcoin Cash seems bright enough with unlimited expansion, permissionless innovation, global adoption, and decentralized development.
Nowadays, lots of people want to know about it and also how to mine easily more Bitcoin Cash? Here, In this Bitcoin Cash mining guide, we’re going to start by what is Bitcoin Cash mining and it is profitable or not?
What is Bitcoin Cash Mining?
Bitcoin Cash mining yields fast and secure resources to earn more Bitcoin Cash, thus satisfying the original commitment that the Bitcoin blockchain network initially made- that of promoting what is called a peer-to-peer digital currency.
Like most other cryptocurrencies bitcoin cash also operate on the blockchain, miners are required to verify and confirm transactions. Miners are granted low transactional fees and positive confirmations.
Just like Bitcoin mining, a block of transactions is confirmed by miners every 10 minutes. All bitcoin cash miners must attempt to solve a cryptographic query on the decentralized network. These queries are so difficult to solve by a human instead, it requires a lot of computational power to solve quickly.
Every Bitcoin cash miner tries to solve it first to get the mining reward that is currently 12.5 BCH for a block and the successful miner will also earn the transaction fees.
So, now that you know the concept of Bitcoin Cash mining, we’re going to explain whether Bitcoin Cash is profitable.
Is Bitcoin Cash Mining Profitable?
Today, cryptocurrency mining is not what it once was. When Bitcoin Cash first appeared, mining was fast and easy to get new Bitcoin Cash. these days mining requires a lot of resources, expensive equipment, and more often than not- joining the mining pool.
However, your success will depend on your Bitcoin Cash mining equipment. So, you should invest wisely to get the most powerful devices you can. Another thing that you can need to consider is the amount of electricity.
To make your mining more profitable, you’ll need to consider the actual market value of Bitcoin Cash. Because the higher the price, the more profitable Bitcoin Cash mining is! You can find out roughly the total profit by using Bitcoin Cash profitability calculator. let’s see what is mining calculator.
In order to check mining profitability using mining calculator, you’ll need to find out your hash rate, which is the speed of your mining equipment. if your hash rate is bigger, the more chances you will have of successfully mining a block.
This calculator also calculates the hash rate of your mining devices and your local electricity costs.
Anyone in the world can be a Bitcoin cash miner by setting up the correct piece of equipment- Hardware and Software.
How to Start Mining Bitcoin Cash
first, you’ll need to set up a Bitcoin wallet to receive your future mining rewards in order to mine Bitcoin Cash. Then you’ll need to consider whether you want to be mining on your own or join a mining pool. A set of Bitcoin Cash mining hardware and software will require to join a pool. Here, we’re going to explain these mining hardware and software in detail.
Bitcoin Cash Mining Hardware
In order to set up hardware for Bitcoin Cash mining, you’ll need to purchase specialized hardware devices. As we know that with the most powerful devices have the best chance of being successful. So you’ll need a device which has the ability to generate a large amount of hashing power.
Here, we’re going to introduce some of the best Bitcoin Cash mining hardware devices. let’s take a look-
DragonMint 16t is the most powerful ASIC device for Bitcoin Mining from a new company called Halong Mining. It can reach a maximum hashing power of a 16 TH/second and 2 TH/Second faster than its nearest rival- the Antminer S9.
DragonMint 16T Specifications:
- ASIC Type: SHA256
- Hash power: 16 THS
- Network: Ethernet port
- Miner power consumption: 1205 W ±6%
- Chip efficiency: 0.075 J/GHS ±6%
- Fans: dual fan variable 6000rpm (100W)
- Power Supply: Not included (1600W recommended)
Antminer S9 is manufactured by a China-based company called Bitmain. Most of the people believe that Bitmain has too much control in the cryptocurrency industry. Bitmain not only sell the most mining hardware, but they are also one of the largest mining pools in the Bitcoin Cash industry.
The Antminer S9 can reach a maximum hashing rate of 14TH/second which more than hashing rate of S7. A comparative table of some of the best ASIC miners is given below.
|Name||Power consumption||Hash rate||Approximate price|
|DragonMint 16T||1205 W ±6%||16 TH/s||$2,729|
|Antminer S9||1375W +- 7%||12.93 TH/s||$2000|
|Antminer R4||845W +-9%||8.6 TH/s||$1000|
|Avalon 7||850-1000W||6 TH/s||$880|
|Antminer S7||1293W||4.73 TH/s||$599|
|Antminer S5||590W||1.155 TH/s||$199|
|Avalon 6||1100W||3.5 TH/s||$700|
|Antrouter R1||Negligible||5.5 GH/s||$39|
Bitcoin Cash Mining Software
Once you have purchased Bitcoin Cash mining hardware, you’ll need to download some software to accompany it. There is a lot of third-party mining software available to download, but the most popular ones are CGminer and BFGminer.
However, these are command line programs. If a command line interface is more complicated for you, then you can use EasyMiner. Remember that your choice of software will be influenced by your hardware, so choose your software wisely.
Bitcoin Cash Wallet:
In order to set up your mining software, you’ll need to enter your Bitcoin Cash wallet address. There is a number of cryptocurrency wallets available, you can choose the best Bitcoin Cash wallet from them.
Bitcoin Cash Mining Pool
As Bitcoin Cash mining pool is the best way to mine more Bitcoin Cash because all miners to pool their resources together to stand a better chance of winning the reward. Mining pools hold a lot of control by which they can change the membership fee or reduce the number of rewards that are shared.
Currently, the largest and the most successful Bitcoin Cash mining pools are:
In case you want to avoid the hassle of managing your own hardware. Fortunately, there is a Cloud mining which allows you to use a shared computing power. In cloud mining, you don’t need to buy noisy and energy-consuming mining hardware.
However, there are some risks associated with cloud mining that you need to be wary. also, cloud mining is less profitable as the operators charge you commission to cover their costs.
**Note: Information contained in this guide is not an offer or solicitation to buy, hold, or sell any security. We’re not financial advisors and are simply providing information for educational purposes. Investing in ICO involves a high degree of risk and should be considered only by persons who can afford to sustain a loss of their entire investment.
Investors should consult their financial advisor before investing in ICOs. Furthermore, the SEC has warned investors residing in the United States and other jurisdictions that ICOs may constitute securities.
We hope you have enjoyed our Bitcoin Cash mining guide. Also, we’ve discussed what is Bitcoin Cash mining.
If you run into any query, feel free to ask us in the comment section and we’ll try to help.