There are hundreds of cryptocurrencies available, with new ones appearing every day. Zcash is one such currency, which debuted in 2016 and immediately gained traction in the market. Trading soared over $4,000 US per coin on the first day of its introduction, a record high. So, what’s all the hype about it? Here’s everything you need to know about Zcash mining.
Zcash began as a Bitcoin fork, dubbed the Zerocash Protocol at the time. The name was eventually abbreviated to Zerocash and subsequently to Zcash. Like Bitcoin, Zcash has a finite number of 21 million coins, but the similarities between the two coins end there. When it comes to transparency, the two coins are vastly different.
What You Need to Know About Zcash Mining
To add transactions to the blockchain, Zcash, like most cryptocurrencies, relies on miners. While all nodes in the Zcash network help to check transaction validity, it is the miners who do the heavy labor to keep the network secure.
How it works
Zcash employs a proof-of-work mining technique to protect the network. Proof-of-work refers to the fact that miners compete for computing power in order to create a new block on the chain.
The network standard block reward and any fees for any transactions added to that block are granted to the first miner who completes the required computation for each block.
Zcash Mining with High Processing Mining Machines
Zcash mining can be profitable as solo mining. Unlike pool mining, it does not require the miner to rely on others to complete the task. Solo mining and pooled mining, according to some reports, produce similar results.
You will be paid for successfully mining a block regardless of whether you mine in a pool or solo. It’s called the Block Reward.
ASIC miners has the advantage of being faster and more efficient than GPU mining. However, it is a more costly investment. Check the unit’s hashing power (which is directly related to how much you’ll make) when looking to buy this type of equipment.
Some miners opt to buy a used setup, which is great, but antminers can get hot, and if the cooling isn’t up to par, your investment might rapidly be ruined. Ensure that all fans are working properly when you receive the equipment, just like you do with the GPU units.
When mining Zcash, you don’t need to invest in a costly “rig” that costs hundreds or even thousands of dollars. If you want to get started quickly, stick with your current GPU and upgrade to an ASIC later.
Antminer Z15—Perfect for Mining ZEC
If you have more mining experience and want to increase your Zcash mining profits faster, you should consider getting Antminer Z15. The setup has the potential to earn you more money, but it isn’t required if you just want to get your feet wet and start mining.
Many consumers cherish privacy and will seek out choices that are really private in the future. This bodes well for Zcash miners, who can stockpile coins while the mining incentive is still high and then hold and sell them when the value rises.
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