How to Get Bitcoin Cash: Learn what it takes to mine BCH in this how to get Bitcoin Cash guide.
How to Get Bitcoin Cash: What is Bitcoin Cash Mining?
Like any cryptocurrency or cryptocurrency project that operates on a blockchain, miners are required to verify and confirm transactions. Anyone in the world can become a Bitcoin Cash (BCH) miner by buying the right hardware and downloading the necessary software (which I'll cover in more detail later).
Just like Bitcoin, a block of transactions is confirmed by the Bitcoin Cash mining community every 10 minutes. Before a block can be confirmed, all miners in the Bitcoin Cash network must try to solve the cryptographic puzzle. This puzzle is so difficult that no human can solve it, but it can be solved by great computing power.
Every miner in the Bitcoin Cash network competes to be the first to solve the puzzle! This is because whoever finishes it first, gets a mining reward or reward. The reward or also known as the reward for successfully mining a block is 12.5 BCH, the amount of which will not change until April 2021. After that, this reward will be halved to 6.25 BCH.
In addition to block rewards, successful miners will also receive a transaction fee that each Bitcoin Cash user pays when transferring their money. It's also important to remember that the person (or company) with the most powerful mining hardware has the best chance of winning the mining prize.
In the world of BCH mining, an expensive and powerful mining device will always have a greater chance of winning prizes than an ordinary CPU. I will discuss this further later.
So, now that you know the concept of BCH mining, I will now answer whether Bitcoin Cash mining is profitable?
What Is Bitcoin Cash Mining Profitable?
As I mentioned above, anyone in the world can try to make money mining Bitcoin Cash. However, there are some important financial commitments that you need to consider.
First, you need to invest in Bitcoin Cash mining hardware. How successful you are at earning Bitcoin Cash by mining depends on your equipment. So, you should invest as much as possible to get the strongest equipment you can.
Otherwise, it may be nearly impossible to win mining prizes from other competitors. One more thing to consider is the amount of electricity required to start mining.
Just like Bitcoin, mining BCH uses a very significant amount of energy.
The reason is that the cryptographic puzzle that needs to be solved is very complicated. The only way to solve it is to use a lot of computing power, which requires a lot of electricity too! You need to remember that every miner in the blockchain is also trying to solve the same puzzle.
This means that even if you don't succeed in winning the mining reward, you will still use a lot of electricity in your experiment! You should also consider which part of the world you live in, as the cost of electricity depends on the country you live in.
For example, China is one of the countries where electricity costs are the cheapest, this is why most mining operations are based there.
On the other hand, Bitcoin Cash mining in South Korea is the least profitable, because electricity costs are very expensive! One last thing you need to consider is the actual Bitcoin Cash market price.
Since you are paid in BCH, the higher the price, the more profitable! If the price of BCH falls too low, then maybe you will experience a loss.
It all depends on the purpose of how you plan to get Bitcoin Cash and whether you also trust Bitcoin Cash as a long term investment. Essentially, if you are looking for an answer as to whether mining Bitcoin Cash is profitable, it all depends on the factors above.
To help you formulate the answer, there is a cool website that allows you to calculate whether you will make a profit.
However, before you do that, it's probably best to read this Bictoin Cash guide all the way through, so you have all the important information.
So, now that you know what to consider, I'm now going to show you how to get started by going over the necessary hardware.
Hardware for mining Bitcoin Cash
Before you think about exactly how to get Bitcoin Cash, you need to get the right hardware for the job.
In the early days of cryptocurrency mining, CPU or GPU usage was still possible to generate a hefty income.
This equipment is very cheap and gives everyone an equal chance of winning the prize. However, mining technology is now very advanced, meaning that there are now special hardware devices that are specially assembled for mining.
As I mentioned earlier, those with the most advanced and powerful tools have the best chance of succeeding.
Allow me to explain why how to earn Bitcoin Cash by mining works like this. Each device has the ability to generate a certain amount of 'Hashing Power' (or translated to 'Hash Power'). Let's assume this is like a car.
Depending on the model, a car can only produce a certain number of speeds.
Usually, the more expensive the car, the higher the speed! This is important because when miners try to solve the puzzle, they try billions of different combinations until they get the right answer.
The more hashing power the device has, the more combinations it is capable of trying every second! For now, the only tool that gives you the opportunity to practice how to earn Bitcoin Cash by mining is something called an ASIC, which stands for Application-specific integrated circuit.
There are many different variations, and some are better than others. There's no point in considering any other device than ASIC, because you won't stand a chance to win mining prizes! Alright, now that you know the importance of hashing power, let's take a look at some of the best tools for mining BCH!
● Halong Mining DragonMint 16T
The DragonMint device was launched in March 2018 and is the world's most advanced ASIC device for mining BCH! The company behind this device called Halong Mining and his team claim that they have invested more than $30 million (approximately Rp 426.6 billion) to make the product what it is today.
●Antminer S9
In second place as the most advanced tool to use in how to earn Bitcoin Cash by mining is the Antminer S9! These devices are manufactured by a company called Bitmain, which is based in China.
●Antminer S7
Antminer S7 is the best ASIC hardware tool before the S9 version was released! It is also manufactured by Bitmain and can produce a maximum hashing rate of 4.73 TH/sec.
Although the device is much slower than the S9, it does allow you to earn BCH when you join the Bitcoin Cash mining pool. At the time of this writing, you can buy the S7 for under $200 only.
These devices are highly reliable and have proven to be the most famous hardware equipment ever in the industry.
How to Get Bitcoin Cash: Conclusion
I hope you enjoyed my how to get Bitcoin Cash guide. If you've read it from start to finish, then you already have a solid answer as to whether BCH mining is the right thing for you.
The days where we were able to mine popular cryptocurrencies like Bitcoin and Bitcoin Cash using a regular CPU or GPU device are over (unfortunately).
Back then, the system was fair enough to allow anyone to get involved. However, the opportunity now is simply to choose between spending big bucks on the best ASIC hardware, or joining the mining pool.
Who knows, if the Bitcoin community agrees to make changes to the code, then one day they might be able to ban ASIC devices from connecting to the network. Before that time happened, the ability to win mining rewards was now in the hands of several mining pools.
So, what do you think about Bitcoin Cash or BCH mining? Would you prefer the DragonMint or Antpool machine, or would you prefer the cheaper option? Come share your ideas in the comments column below.
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