First Is mining Bitcoin Cash profitable?
In 2018, in order to make significant profits on Bitcoin Cash mining, you will need to invest some money into specialized mining equipment first.
But before you do so, you can find out roughly how much your profits will add up to using this profitability calculator.
In order to use this calculator, you will need to find out your hash rate, which is the speed at which your computer and the equipment you’re planning to invest in can compute the output of a hash function. The bigger it is, the more chances you will have of successfully mining a block.
Is it more profitable to mine Bitcoin Cash than Bitcoin?
The process of mining Bitcoin Cash is very similar to mining Bitcoin, but there are a couple of key differences First and foremost, the block size limit of Bitcoin Cash is eight MB, while that of Bitcoin is just one MB. Of course, the bigger blocks will require more computing power and, by extension, more investment in order to be mined. On the other hand, bigger blocks do contain more transaction fees for the miner to collect.
As the two cryptocurrencies shared the same Blockchain, the reward per every block mined is currently the same 12.5 tokens. However, Currently, according to BitInfoCharts, mining Bitcoin Cash for one THash/s (a trillion hashes per second) will, on average, bring a profit of $1.3526 a day. For Bitcoin, this number is $1.2275 a day. However, those figures don’t take the transaction fees into consideration. On average, Bitcoin users are currently paying around $28 in transaction fees, while Bitcoin Cash’s fees are low.
How to start mining Bitcoin Cash
So, by now you should know how much you will need to invest in your mining rig as well as how big your returns should be. Bitcoin Cash mining here’s how you do it.
First off, you will need a Bitcoin Cash wallet to receive your future mining rewards. For safety reasons, it is recommended you choose a wallet that stores your private key on a device it’s installed on.
Also, make sure to backup a wallet In case your computer crashes or gets stolen from you, you won’t be able to retrieve your funds
At this point, you’ll need to consider whether you want to be mining on your own or join a mining pool. A mining pool is a group of Bitcoin Cash miners that combine their computing power in order to increase their chances of solving a puzzle. In a pool, your mining rig will receive smaller and easier algorithms to solve, and all of your combined work will increase the pool’s chances of solving the bigger algorithm and receiving the reward.
Hardware for Bitcoin Cash mining
These days, mining can be profitable only if you invest in ASIC miner - special computers built strictly for the purpose of mining. Besides the price, you will need to consider the miner’s hash rate as well as its electricity consumption. Below is a comparative table of some of the best ASIC miners currently available.
Software Mining
There are many different programs out there that can be used for mining Bitcoin Cash, but perhaps the two most popular ones are CGminer and BFGminer which are, however, command line programs.
If a command line interface is too complicated for you, then you can use EasyMiner, which acts as a wrapper for CGminer or BFGminer software and can be used for both solo and pooled mining.
As it was mentioned before, your choice of software will be influenced by your hardware, so it is recommended that you search for programmes compatible with the miner that you own. Moreover, if you’re mining in a pool, chances are they will have their own dedicated software.
Bitcoin Cash Mining pools
Currently, the largest and therefore the most successful Bitcoin Cash mining pools are:
BTC.com
F2Pool
ViaBTC
Bitcoin.com
AntPool
BitClub
BTC.top
Cloud mining
In case you want to invest in Bitcoin Cash mining and avoid the hassle of managing your own hardware, cloud mining is an alternative for you. In simple terms, cloud mining entails using shared computing power run from remote data centers. It greatly simplifies the process, as you don’t need to buy noisy and energy-consuming mining hardware. However, there are certain risks associated with cloud mining that investors need to be wary of before paying for contracts. There have been a tremendous amount of Bitcoin cloud mining scams. Moreover, you won’t be able to control the actual physical hardware. Finally, you will be getting a lot less profit as the operators will charge you commission to cover their costs.
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