Most people are now treating cryptocurrencies as a convenient way to make a quick buck. The main reason behind this current trend has been the unimaginable success of the Bitcoin. But Bitcoin mining is no longer as lucrative as it once was; this is why many other altcoins have been developed. Newer digital currencies have come about for different reasons and purposes. One of these new currencies is Dash which was originally called the Dark Coin or Xcoin. No wonder then why people are researching for ways to start Dash mining today.
Dash is an altcoin which has very similar features as that of the Bitcoin, with a few glaring differences. These differences are making this altcoin more appealing to miners. One such major point of difference is the working algorithm. While the Bitcoin uses the SHA-256 algorithm, the Dash makes use of the Scrypt. Rewards obtained through mining are divided amongst miners. The miners and node operators will receive about 90% of reward amounts while the rest 10% is offered for developing this currency. So, it works like an incentive for the developers. This is missing in Bitcoin where there is no such development team and there are no volunteers who can get incentives to manage the currency. So, the Bitcoin miners may be making profits but they are at a disadvantage. There is complete transparency of transactions and so records are accessible to everyone and confirmations take a long while to come.
Why should you start Dash Mining?
- One of the greatest benefits of mining Dash is that it is obscure and transactions are fully anonymous. You cannot possibly trace sources of transactions and destinations of transactions. For Bitcoins, it is easy to trace both the source and destination of any transaction as they are in public view of everyone.
- Compared to the Bitcoin which needs about 10 minutes to confirm any transaction, the Dash transactions get confirmed instantly.
- Thirdly, the transaction fees for Dash cryptocurrency are much lower compared to the Bitcoin.
How to start Dash Mining:
To mine the Dash at home, you will need specialized equipments. Like the Bitcoin, you need ASIC miners; ASIC represents Application Specific Integrated Circuit machines which are designed to mine much faster than GPUs. They are used for Monero, Bitcoin and Ethereum mining purposes. But ASIC mined crypto coins will be limited. Moreover, as these are mined at a very fast rate, the task is accomplished faster and difficulty levels change all the time. This is why ASIC mined coins are likely to have less profitability, but Dash is different. Its value remains unchanged and it is found to be far more profitable than its competitors. When you choose to mine the Dash by signing up for cloud mining services you can enjoy bigger gains. Here, you will not have to build and maintain a rig for mining. You can get hash power from the service providers. So, cloud mining for Dash is both cost-friendly and more profitable.
Which is a better way to start Dash Mining?
When you wish to mine Dash cryptocurrency, you must decide whether to do so independently or by joining a mining pool. Joining mining pools are always safer and a better option to earn rewards faster than mining solo. When you mine solo, rewards may be enjoyed in their entirety, but they will take a long time to come. In a pool, the efforts are divided among miners and so, rewards are also divided accordingly. Before joining a pool nevertheless, you need to check for the pool’s fees, reputation, payout methods, location etc.