Mining Dash; Privacy Coins and Dash Cryptocurrency

in #cryptocurrency • 6 years ago

Mining Dash is something that has seen a wave of interest lately. But where has that all stemmed from? Dash has had an interesting ride since its creation. It was released in January of 2014 under the name XCoin (XCO). Then, on February of the same year, the cryptocurrency rebranded to “Darkcoin”.

By March 2015, the cryptocurrency saw yet another change, and this is the time that it was rebranded as “Dash”.

The developer of “Dash”, Evan Duffield, got the idea from Bitcoin after he realized that Bitcoin had slow transactions and its transactions weren’t private. That is when he decided to develop Dash, referred to as the XCoin (XCO) at that time.

In essence, the XCoin (XCO) was supposed to provide crypto investors with a platform that was faster and more private compared to that of Bitcoin.

DASH Circulating Supply

Dash is designed to have a maximum amount of 18,900,000 DASH circulating. But at the moment, the circulating DASH coins are 7,823,124, which is close to half the total amount of the maximum value.

Its market cap as of 25th Februaury 2017 was $4,677,876,078. As of 25th February 2018, the Dash was ranked 11th in terms of market capitalization, meaning it is among one of the best performing cryptocurrencies globally.

DASH Performance in the Cryptocurrency Markets

From the time the Dash was released into the market to the end of February last year, 2017, the value of a single DASH was going for less than $50.

However, starting from March 2017, the coin saw a dramatic rise in its price to hit an all-time high of $1,642.22, which was higher than the price of Ethereum, the second-rated cryptocurrency globally.

Mining-Dash-Privacy-Coins-www.techmagy.com_.jpg

Shortly after hitting the all-time high, the coin, unfortunately, started to sharply decline to the current $739.33 USD as at 17th January 2018, but then dipped further to $591.27 USD on the 25th of February 2018.

The decline, or correction, has been substantial, but there is still hope for investors since almost every cryptocurrency registered a drop in prices this month. This is a great buying opportunity for those seeking to ride the wave of growth that is anticipated in the coming months.

The only worry would be if the value of the currency continues with this decline for a long time since it would erode the currently made gains. With the markets beginning to recover, Dash has also lifted as the tide has caused all boats to rise.

Mining DASH

Contrary to most cryptocurrencies, Dash uses the X11 algorithm for its mining. This makes its mining process a bit different to that of other cryptocurrencies like Bitcoin.

There are three ways of mining DASH. These include CPU/GPU Mining, ASIC mining, and cloud mining.

CPU/GPU Mining

CPU/GPU mining is quite obsolete when compared to other strategies, and it is not normally very profitable since it can only mine small amounts of DASH at a time.

This is because of the processing power of the user’s computer. It is not a very cost-effective way of mining Dash. However, it is fairly simple and it only requires a mid-range to upper range power computer, and the user can mine it directly even from home.

Below are simple CPU mining steps: First download darkcoin-cpuminer-1.3-avx-aes mining software.

Then, look for a good mining pool. A pool is simply a group of people from whom you can find and solve Dash blocks with. Examples of pools to choose from are: xpool.ca, dash.suprnova.cc, nicehash.com, p2poolmining.us, and Suchpool.

Ensure that all the results of the mining are kept in a separate folder.

Now start the mining process while checking the temperatures of your computer.

ASIC Mining

ASIC, or Application Specific Integrated Circuit mining is a type of mining that uses specialized computers. The ASICs are designed in such a way that POW problems can be solved much quicker than GPU or CPU miners for Dash.

There are a number of ASIC computers available on the market. These include the ASIC X11 Baikal Mini Miner, the ASIC Pinidea X11 Miner DR-1, and the ASIC Baikal A900 X11 miner to name a few.

When mining Dash, it has a variable reward per every mined block of 7.1% per year, and the average duration it takes to mine is 2.5 minutes to mine a block.

Cloud Mining

Cloud mining involves using the mining hardware hosted by a remote miner. The User or Investor doesn’t have to do the mining by themselves. When it comes to cloud mining, and this does bear repeating, you need to know what you are doing. There are many services that you can pay for, which if not correctly configured, can see hundreds of your dollars go down the drain very quickly.

One such platform is Mining Rig Rentals. They do offer access to some very good hardware, and one thing that I do like about their service is that you are hiring the rig and its full hashing power for a period of 3 to 96 hours, dependant upon the terms of the rentals.

There's a lot of this 2-year or 5-year cloud mining stuff going on that could collapse at any time. With Mining Rig Rentals you're in and out in that time with the gains you've secured while mining on those rigs. But, you do need to know what you are doing when it comes to configuring pools and using the right rigs and algorithms.

Advantage of Mining Dash with Cloud Services

Investors who have done Dash mining by themselves know how hard it can be. You will be required to invest much of your time, and resources since you will need a good supply of energy which of course will cost you.

Again, it will require a lot of research since it requires a high level of technical know-how. But with cloud mining, there is no real technical knowledge required, meaning that even novices can mine Dash. To realize the full dash mining profitability, cloud mining is the go.

Choosing the Best Dash Cloud Mining Services

It is so easy to become overwhelmed when looking at cloud mining online. The internet is full of scams and malicious websites that you well and truly avoid.

Cloud mining scams have been around since cryptocurrency became a thing. There will always be some opportunistic individuals who are motivated to try and get an advantage, and although there may be a problem presented by these people, they quite often are the cause of the advancements that we see in technology today. I guess you could almost argue that they are a necessary evil of sorts.

One thing to keep in mind is that “Some things can be too good to be true.” If the cloud mining contracts seem like they could bt too good to be true, then it is quite possible that they are some type of scam.

Legitimate contracts don't have the feel of a “get rich quick scheme” to them. There is often more to it than simply purchasing the hashing power and then automatically earning cryptocurrencies, with nothing more to do, just like that, you've got a machine to print money; sadly, no.These actually require a degree of work.

This means that you'll need to research the project that you are putting money in to, and keep an eye on your contracts, and as neded, upgrade them to keep them at pace with the current mining difficulty for Dash.

Cloud Services Available for Dash Mining

Some of the trustworthy cloud mining services provider for mining Dash are Genesis-mining.com, Eobot.com, Nicehash.com, Hashflare.io and Bitminer.eu.

This was originally posted on my blog at TechMagy and shared here to add value to the Steemit Community.

Fore more articles in the cryptocurrency space, check out the following:

#dash #mining #privacycoin #blockchain
6 years ago in #cryptocurrency by
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