Dash mining is one of those things.
Check out this guide and find out what Dash is all about. If you like it, then you can confidently try Dash Mining yourself.
We'll tell you everything you need to know in this guide. What is Dash mining, what equipment to use, which Dash wallet to choose, and finally, how to mine Dash yourself, etc.
Some crypto terms you need to familiarize yourself with to be aware of what will be said in today’s article:
Before learning what Dash mining is and how to do it, we need to discuss the Dash token itself.
Who knows, maybe you don't like the main concept of the project, which means you'd be better off looking for something else.
Dash is an altcoin. Its creators named their project by combining the two words "digital" (digital) and "cash" (money).
It is an altcoin that aims to create a cryptocurrency that will be used in everyday payments. At the heart of this process is Dash mining.
Everyone is talking about cryptocurrencies as a new step in the development of the financial industry.
Although currently, it’s far from being true. The user interface (UI) is too complicated.
Payments are taking too long. There are still a huge number of obstacles to overcome in order to be used practically, in the real world.
This cryptocurrency redirects incentives for miners to speed up the entire system.
The system in which the miner who solved the hash function receives the entire reward is the industry standard at the moment.
However, the Dash system allocates the reward to three different sources.
45% goes to the miner, 45% goes to the Masternode and 10% goes to a special “savings” pool.
These are users who hold at least 1,000 Dash tokens and agree to keep their system online 24/7.
Masternodes support Dash features called InstantSend and PrivateSend and also have the ability to vote on any important decisions.
Thus, it is naturally assumed that Masternodes are supposed to choose only the best solutions.
After all, owning 1,000+ should give them an incentive to develop this cryptocurrency.
Developed by Evan Duffield in 2014 for the DarkCoin/Xcoin project (now renamed DASH) to reduce the centralization of cryptocurrency mining.
The mechanism, as planned, resisted calculations on ASIC miners and provided profitability to owners of ordinary PCs on CPUs (processors) and GPUs (video cards).
Countries by Number of DASH Project Masternodes. US & Netherlands seem to be sharing the biggest pieces of cake
After 2016, Bitmain designed a suitable device for mining DASH on ASIC.
However, GPUs are still efficient for mining.
X11 got its name because it uses 11 rounds of hashing data, through a series of algorithms:
All of these functions have been awarded by the National Institute of Standards and Technology (NIST, USA).
And some of them were selected by applicants for use as SHA-3 - the hashing principle approved by the state.
Algorithms were analyzed for 5 years, and Keccak became the winner.
The principle of the algorithm is chain-like, sequential.
It’s due to the fact that we get the hash using the Blake algorithm, and then we hash it using BMW, Groestl, and so on in turn.
Before trying your hand with the DASH Mining, you first might wanna consider gettin’ the best DASH Token Wallet of your choice
As conceived by Evan Duffield, this should protect the coin from a single point of failure (Single Point Of Failure, SPOF).
ASIC is becoming more and more available and there are video card models that can mine on X11.
The DASH official manual recommends CCMiner, but the latest releases on GitHub are 2016-2018.
When you find a pool, there will be a fresh version of the client and detailed instructions for mining on an NVidia video card.
The official DASH manual recommends SGminer, but the latest release on GitHub was published in 2017.
When you find a pool, there will be a fresh version of the client and detailed instructions for mining on an AMD video card.
The popular manufacturer Bitmain produces Antminer ASICs and DASH can be mined on D5 and later generations.
DASH also recommends Spondoolies and StrongU.
The farming setup is similar. You need to find the pool and follow the instructions by downloading their software and firmware
When choosing, pay attention to the commission and conditions of participation.
So, everything is pretty standard, as it is.
Masternodes contribute just as much to the network as miners. They receive 45% of the total block reward.
Their work does not require complex calculations, but only server setup and a deposit of 1000 DASH tokens at disposal.
It is not necessary to reserve several hundred thousand dollars.
For this, there are pools that are ready to accept small deposits in exchange for an annual interest rate in the form of DASH. The network pays about 5% per annum.
The wallet allows you to stake coins automatically, without choosing the terms of the contract and settings.
That means that if you have DASH on your balance, its amount will gradually grow right before your eyes.
How cool is that?!
The man’s got the whole farm for a successful DASH Mining
Respect.
Yes, it's profitable.
As soon as DASH tokens mining becomes less profitable, some miners and Masternodes will turn off their equipment.
This will create space for those who want to earn more. The complexity of mining when power is turned off will decrease.
As you can see, the network balances itself that way.
When mining, first of all, your long-term intentions regarding the asset price are taken into account.
If the market develops, then the payback on the subsequent resale of the mined tokens will be higher.