Table of Contents
- 1 Introduction
- 2 What’s Dash Mining?
- 3 What Do I Need to Mine Dash?
- 4 Mining Pools
- 5 Cloud Mining
- 6 Okay, What Else Do I Need?
IntroductionThere are many things cryptocurrency fans can do to earn money. Dash mining’s one of them. Read this tutorial and see what Dash is all about. If you like what you read, consider Dash mining for yourself. We’ll tell you everything you need to know to get started in this tutorial. What’s dash mining, what hardware do you need, how much can you expect to mine? These are all questions we’ll answer. Are you ready to learn how to mine dash coin? Let’s go!
What’s Dash Mining?Before learning what dash mining is and what you need to get started, we first have to discuss the Dash coin itself. Who knows, you may find the idea of Dash ridiculous and have no wish to get involved with Dash coin mining.
What’s Dash?Dash is an altcoin. Its founders created the name by combining the words digital and cash. It’s an altcoin aimed at making a cryptocurrency, which is useful for payments. It’s gathered by a process known as Dash coin mining. Everyone advertises cryptocurrencies as the next evolutionary step in finance. That’s not the case. The UI (User Interface) is too complicated. The payment process takes too long. It’s hard to use in real life.Masternode, and 10% falls to the treasury. What are Masternodes? They are users who own at least 1,000 Dash and agree to keep their system online 24/7. Masternodes maintain Dash’s InstantSend and PrivateSend functions and vote on critical business decisions. It’s expected that Masternodes will wish to make the best decision for all. After all, the 1,000+ Dash they own incentivizes them to make sure that Dash is successful. Definitions:
altcoin – cryptocurrency released after the success of Bitcoin.
hash function – a difficult math problem that encrypts the blockchain.
miner – blockchain user who uses his computer to solve hash functions. Solving the function first rewards the miner with the corresponding coin.
How’s Dash Mined?Before learning how to mine Dash coin, you need to learn what’s needed to do it at all. The process for mining Dash is the same as in every other cryptocurrency. You set up your computer, connect it to the Internet, and leave it alone. People all over the world make transactions every second and record them. The problem is that people may try to dupe the system.Proof of Work and miners. Miners’ computers get a math problem to solve. This math problem gets more difficult the more miners there are at the same time. The one who solves it first gets to create the new block in the blockchain. With this Proof of Work, the miner earns Dash for his efforts. Now, the rest of the blockchain checks the miner’s version of the ledger against their own. If the two match, the blockchain reaches consensus and the process starts again. The people who perform Dash coin mining operations are essential to the blockchain’s functionality. It’s important work that can also get very well compensated with some powerful equipment to help.
What Do I Need to Mine Dash?You need two things to start mining Dash: a computer and an Internet connection. There are three distinct ways to get into Dash coin mining. You can use your computer’s CPU. You can run the process through the GPU. Or you can use specialized ASIC computers. The CPU-based Dash mining process is the cheapest. It’s also the slowest. The CPU is much slower than the other two options. One of the best consumer CPUs on the market, the Intel i7 8700k has a hashrate of around 500 h/s.
HardwareWhat is an ASIC computer?
ASIC computers are machines tailor-made for a purpose. In the case of X11 ASIC machines, that purpose is Dash mining. The makers of these processors strip out everything that is unnecessary, even Facebook. Yes, we are horrified too! As a result, the hashrate ASICs have is incomparable to what even the best GPUs can put up. The $133 Bitmain Antminer D3 has a hashrate of 17 GH/s. For comparison’s sake:
– i7 8700k = 500 hash/s
– GTX 1080 Ti = 32,000,000 hash/s
– Bitmain Antminer D3 = 17,000,000,000 hash/s GPU what? Antminer D3 isn’t even the best ASIC by any means. There are machines with even 540 GH/s and a price tag of more than $15k.
Why Is Hashrate Important?
The Cost of Dash MiningWhile it’s true that Dash mining doesn’t glue you to your seat, it does have some costs attached outside of time investment. First of all, you will need to buy an ASIC for mining. The machine doesn’t run on hopes and dreams. It requires electricity to function. It takes 930W to run the Antminer D3, and it’s one of the less power-hungry ASICs. If that wasn’t enough, the system runs at full throttle 24/7, which results in it getting worn down and turning the room it’s in into a sauna. Buying an ASIC and expecting it to last you several years isn’t realistic. So, you have to pump electricity, maintain your gear and keep the machine cool. The effort isn’t worth it if you don’t earn a single Dash because your system is too slow, is it?
What Are Mining Pools?As you might have noticed, dash mining can be an expensive and fruitless activity. People of the Internet found a solution (of course). That solution is mining pools. The idea behind mining pools is that the more people work on a problem, the more chance there is of winning. Think about it like this:
You can paint a fence alone in an hour or ask three friends to help and paint it in 15 minutes. A Dash mining pool connects computers all over the world with a single purpose: mining Dash. These computers all tackle the same math problem while sharing processing power. Let’s say that the pool wins the right to create the next block in the Dash blockchain. Now, everyone who participated gets a part of the Dash the pool won. The size of the reward depends on the amount of work you put in. And that brings us back to hashrate.
How Do I Join A Mining Pool?The first thing you want to do is hop on the dash.org forums and see what’s being said about dash mining in a pool. Reddit and skeptic-minded google searches are also a fabulous idea. We could give you a list of our favorite mining pools, but a smart man said once: give a man a fish, and you feed him for a day; teach him how to fish, and you feed him for a lifetime. You want to learn to fish, right?
Cloud MiningThere is no doubt, Dash mining with an ASIC gives you the best hashrate. Joining a good mining pool helps you to get a constant trickle of Dash instead of a flood when you get lucky. Electricity costs and maintenance work might bite a chunk out of your profits, though. For a tech-loving Dash miner, it could be part of the fun. What if you aren’t a techie and don’t want to fiddle with the hardware, though? Cloud mining takes care of that.
What’s Cloud Mining All About?Where there’s a problem, a solution always comes up. Cloud mining is the solution. It’s a godsend for the dash miner who doesn’t want to pay more for electricity and maintain the rig. Cloud mining services work by offering dash mining rigs to rent. You pick the plan you want, pay for it and start mining. The more you pay, the higher the hashrate you get. The higher the hashrate you get, the more Dash you earn. When you earn Dash, the cloud mining service takes a small cut. It’s used to pay for electricity and hardware maintenance on their end. Let’s say that you paid $500 for a 2-year plan with the hashrate of 50 GH/s. The numbers are imaginary, by the way. It took you six months to mine enough Dash to cover the $500 expense. Everything you make after that is profit after the cloud mining service’s maintenance cut.
Okay, What Else Do I Need?Let’s say that you have a machine set up and ready to mine or a cloud service you trust and want to try. You know how to mine Dash coin too and are anxious to get started.
- Hardware wallets
- Paper wallets
- Wallet apps
- Web wallets