As a crypto enthusiast, one of the ways to make passive income is to mine Bitcoin Cash. Mining cryptocurrencies is highly profitable if you have the required hardware and software. In the unlikely event that you don’t know what mining entails, mining is essentially a process put in place by miners to solve complex mathematical puzzles. Miners are an integral part of the cryptoecosystem, as they make crypto transaction legit.
After every successful mining, miners are rewarded with about 12.5 BCH per block. Plus, all the transaction fees within the block also go to the miners. In light of the above, we will take a look at the process of mining BCH, hardware and software used, as well as whether or not mining BCH is profit. So, sit back and relax while we walk you through this all-important subject matter.
HOW TO START MINING BITCOIN CASH
If you are passionate about setting up a mining rig to mine BCH, this article has got you covered. Before you proceed with your mining career, you will need a BCH wallet where your rewards will go into. There are so many wallets on the market, so choose a wallet whose safety is guaranteed. In addition, you need to back up your wallet so that when stolen or crashed, you won’t lose your hard earned money.
After setting up a wallet, the next step is to decide whether you want to mine BCH on your own or you want to go into joint mining with other miners. If you opt for the latter, your mining power would increase and you would be able to solve the puzzles with ease. The profits realized in a mining pool would be shared among all the participating miners depending on the computing power each miner contributed. Before you settle for a mining pool, ensure you check their payout structure, fees they charge, and the stats they rely on. It is easy to join a mining pool, all you have to do is to create an account on their website and then add a “worker”. You would be issued with an ID, which would be used to track your computing power for profit sharing.
There are several mining pools on the cryptoecosystem, some of which are:
On the other hand, if you decide to go solo, all the profit would belong to you alone. However, you must have a powerful mining rig to be successful as a solo miner. Solo mining has its challenges, some of which are energy cost, power consumption problem, and other overhead costs.
HARDWARE AND SOFTWARE FOR MINING BCH
Mining BCH is only profitable when you have the required hardware and software in place. The hardware required to mine BCH are expensive and they consume so much electrical power. Apart from the price and energy consumption, you need to also consider the hash rate of the hardware. The following is a list of the hardware required to successfully mine BCH:
● Antminer S9
● Antminer R4
● Avalon 7
● Antminer S7
● Antminer S5
● Avalon 6
● Antrouter R1
As for software used to mine BCH, there are tons and tons of them on the market. However, only two of these software seems to be very outstanding – CGminer and BFGminer. This software is basically command line programs. If this software is too complicated for you to understand, you can use EasyMiner. EasyMiner is easy to understand and can be used both for pooled and solo mining.
One thing we would like to mention here is that the choice of software largely depends on the hardware you have. So, it is important to check the specifications of your hardware before making a software buying decision.
Is Mining Bitcoin Cash profitable?
Truth be told; for you to make money as a miner, you need to invest a lot of money buying the required hardware and software to set up a mining rig. Before you invest your hard earned money, it is important to find out your potential profits using the profitability calculator. But you need to find out your hash rate before you can use the profitability calculator. The hash rate is the speed which your hardware can compute the output of a hash functions. In fact, an increase in the hash rate means more money for you.
Mining BCH is indeed profitable if you’re really passionate about becoming a miner. However, you need to invest some money purchasing the required hardware and software to be successful. These hardware and software are very expensive and they consume a lot of energy.
After purchasing the required hardware and software, you need to decide whether you want to mine BCH as a solo miner or you want to join a mining pool to mine BCH with other miners. Whether mining solo or joining a mining pool, each has its benefits and drawbacks. So choose wisely!
Do you think mining BCH would be more profitable than BTC? Share your thoughts with us using the comment box below.