Zcash (ZEC) = Total Payment Anonymity: Mining Starts Tomorrow

in #cryptography5 years ago (edited)

Hash Rates Available on Genesis - Discount Code - Jaxx Wallet Support Coming

A new cryptocurrency, Zcash (ZEC) will go live tomorrow. Unlike the myriad ICOs launching every time you turn around, though, this one is different. You can't buy Zcash yet (though futures are available), the only way to start acquiring them tomorrow is to start mining.

Many have been attempting to perfect their mining rigs over the past couple of months as Zcash worked out some bugs. Now, with the launch looming, several companies are offering mining opportunities and what is probably a huge number of private miners will fire up as soon as the whistle blows.

One of the companies offering their mining services is Genesis. Well-known for offering mining of several other cryptos, including BTC and ETH, Genesis has a track record of being able to deliver. What isn't clear is how much competition they'll get and how that'll pan out for customers. It's really a speculative venture for everyone involved.

Zcash is a decentralized and open-source cryptocurrency that offers privacy and selective transparency of transactions. Zcash payments are published on a public blockchain, but the sender, recipient, and amount of a transaction remain private.

Here's a great intro to Zcash at devcon two.

A couple of disclaimers:

  • If you click on one of the banners and sign up, I may get a kickback of some sort. Of course, the link might not work right and I might not too. :P
  • Regarding Genesis - I can't recommend them from a profitability perspective. From all I've seen, they will deliver what they promise. But they don't promise profits. I dipped my toe in their Ethereum mining, which hasn't really been very productive. It started out fairly promising, but has dropped off substantially (maybe 75%) since starting. If I get 50% ROI I'll be surprised.

Having said that, I did decide to go with Genesis for Zcash mining. I don't have the ability to set up my own miner and I know they can be trusted to perform, so it's a speculative move on my part.

You can learn more about Genesis mining of Zcash in the video below.


Zcash Mining Pre-Orders Available! from Genesis Mining

Zcash is currently in testnet (testnet coins have no value and will never hold monetary value); our engineering roadmap is publicly available here. If anyone says that they will pay you Zcash before October 28, 2016, then there must be some mistake, because Zcash will not exist until then.
Please note, Zcash is still an experimental technology, and this is only the beginning of its (hopefully) long life. It is based on peer-reviewed cryptographic research, and built by a world-class, security-focused engineering team, but there is risk involved. We are consistently focused on building and maintaining an open, permissionless system that is viable, robust, and justifiably reliable and secure for users.

Zcash seems very organized and has plenty of information for those who want to investigate further:

Since the contents of Zcash transactions are encrypted and private, the system uses a novel cryptographic method to verify payments.
Zcash uses a zero-knowledge proof construction called a zk-SNARK, developed by our team of experienced cryptographers. These constructions allow the network to maintain a secure ledger of balances without disclosing the parties or amounts involved. Instead of publicly demonstrating spend-authority and transaction values, the transaction metadata is encrypted and zk-SNARKs are used to prove that nobody is cheating or stealing.

Steemsters' opinions

Older

Mining Articles

Not everyone is happy about it though!

Note: There are a lot of articles about Zcash on Steemit, but some are old with information that might be out of date.

It's interesting to note that there will be the same number of ZEC mined as BTC, 21 million. In this case, 10% will go to the founders during the first four years. Apparently they had to get some VC investors on board, so they need to take care of them. Some folks squawk, but that's business. If I can get in and make a few bucks, I certainly have no problem with those who helped make it possible getting rich off it.

Jaxx Wallet Support

One of the challenges for new cryptos can be the ability to store and transfer conveniently and efficiently. Jaxx has stated that it's on the ball with preparing their wallet to support Zcash. It likely won't make it to the iOS platform anytime soon because of Apple's asinine rules, but looks like it'll be ready for other platforms shortly.

As an aside, I exchanged a couple of notes with CEO of Jaxx, Anthony Di Iorio, not too long ago. He said Steem was on the table for them, but when pressed he wouldn't offer a direct quote since there was no commitment yet. Here's to hoping. :)

He did offer these insights regarding Jaxx's commitment to Zcash on Finance Magnates though.

Zcash has garnered a lot of attention from all around the world and we at Jaxx have received a lot of interest from our users to have it available as soon as it launches. We will be able to offer Zcash on a number of different platforms, and are working well with the developers to enable a seamless integration. VCs have invested in Zcash, there’s cutting edge security technology behind it and that’s resulted in quite a lot chatter in the crypto community. Zcash holds an extraordinary amount of promise.

Genesis Mining Discount Code

If you're interested in checking out Genesis mining, you can click on one of the banners in this article or go here. You can see what they have to offer and make your decision as to whether you want to get into Zcash mining before it starts tomorrow. If you do it now, you get a bonus month (the first month will ramp up slowly, so they give it as a bonus).

These aren't the only plans available. They have a sliding scale so you can pick a contract that fits your risk tolerance and goals.

Whether you sign up for the Zcash miner or one of Genesis' other miners, you can use the following discount code to get 3% off. And, yep, I get a small kickback too. Just plug laSQiV into the discount field on checkout and we're all set.

Discount Code
laSQiV

Disclaimer - Cryptos are risky and I consider this speculative. Of course, if you're into Steemit then you probably get it. But, in order to make sure I cover my bases, this isn't advice. I'm just sharing some of what I've been able to dig up in my own effort to decide if I wanted to jump on this one. I decided to, but it might not fit your risk tolerance. As always, it's best not to invest anything you can't afford to lose.

Thanks to my friend @kevinwong for introducing this one to me. Woot!

Thanks to YOU for reading!!

Steemin' on,
Another Joe



Logo courtesy of @oecp85


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I can vouch for Genesis cloud mining. I have used them over the past two years, albeit I had a minute amount if hash power for bitcoin mining but still, the payments rolled in daily and it soon adds up!
Another site you can mine various coins at and now zcash is eobot. I have been mining away on there too for the past 6 months and can only say the support has been fantastic and my withdrawal this week was effortless and swift. Happy mining folks!

Thanks! So you're happy with the profits of mining BTC on both services?

My ETH miner on Genesis is a bust. During the first month, I thought I might break even. But as the numbers stacked up, it became apparent that I would take a loss of at least 25%. With ETH's drop in price recently, that's been broadened. I'm glad I only dipped a toe. I was a bit more aggressive on ZEC. The little pieces of ZEC are heading to my wallet. :)

Good collection of resources, nice to have all these links in one place. I'll admit I dropped the ball on this one. I got all the promotional e-mails from Genesis Mining but my reaction to the idea of getting entangled in cloud mining contracts again was pretty much "meh". The first buyers probably got a good deal, as Genesis subsequently was able to improve the expected hash power quite a bit. So now I'm a bit annoyed I didn't get at least a couple contracts. But oh well. Will be watching from the sidelines this time to see how it goes.

Thanks!!
Don't give up so quickly. They actually talked about that in their blog. Up to now, there's no difference. Yes, they improved the hashpower, but they didn't raise the prices as they did so. SO, you have at least a day to get the same deal early adopters received. You can see the increases in H/s for the same plan as they progressed. Woot!

Here's the article. Make sure to use my discount code if you change your mind. :)

Oh. My. Gawd! does giggly schoolgirl impersonation You just made my day, I overlooked the fact that the price stayed the same as they raised the hashing power! I've taken the plunge and signed up for a 10 H/s contract. And yes, I used your discount code, thanks! In fact I'm so happy I'm going to vote on every comment you've written for this post. Thanks a bunch! :-)

lol, THANKS!
Hopefully we'll get a SAWWWEEEEET return. ;)

So how much Zcoins do you think you can get for the lowest tier plan? Is there a chance you can get none?
And the price is per month or per year?

Howdy Joe! Another Joe wants freedom too. :)
I really don't know what it'll get for the lower tier. Since it's a pool, if anyone gets coins then everyone should get coins. It's a matter of allocation.
The price is per year, plus a month if you sign up before tomorrow. I don't know if they'll honor it after that.

I just took a punt an hour ago with 3 hashes on Genesis. This is the first time I have ever mined any crypto. I am super excited. But I plan to buy more STEEM very soon.

Hey, how's the freedom engineering coming? I saw your post on the shark gig. Awesome idea.
Yeah, Steem is at an interesting place. I have an order in for a little lower than here too.
I'm excited about this one too. Hopefully we'll be enjoying the results nicely. I don't expect it to do as well as Bitcoin, in spite of it being very similar in quantity. BTC enjoys first mover status. But even if it does a fraction as well, as long as these miners give us a decent number of coins, we should be happy with the results.

Has Zcash mining started yet? On Genesis Mining I am not able to keep the mining allocation to Zcash. Every time i refresh it reverts back to the bitcoin default.

Yes Steem Sharks is happening. My next step is to recruit Steem Sharks. Thanks. I already have two pitches sent in.

Did you get the confirmation email? As of 9am (not sure what time zone) the miners were cranking away.
Today's price volatility was crazy. Someone posted a pic that claimed that the first block went fast to just one miner - cha-ching! Someone had a good day.

I posted a link to my Haiti idea in the comments. Wasn't sure if it was seen.

I'm not sure on the mining, as to what time it'll start. I did see that buying is closed now. A friend tried to get in this morning and the option was gone.

Since they're ramping up very slowly, I wouldn't expect to see much over the next few days. Of course, we could be pleasantly surprised. :)

As for the allocation, are you in the right miner? Along the top you see some blue boxes. You must have the Zcash one selected in order to assign Zcash allocation. I don't know their formulas, so I just leave it at 100% Zcash. Right now there are no other options for Zcash mining anyway, though I'd expect that to change in the not-too-distant future.

Nice post. Thanks for bringing this to our attention. Investing in the cryptospace might come with a high risk but honestly I don't believe the risk is that high for the people who are daring to HOLD their coins for long. Besides coinmarketcap.com there is: https://www.coincheckup.com I'm really enthusiastic about this site, they let you analyze every single coin out there. For example: https://www.coincheckup.com/coins/Zcash#analysis For the Zcash Detailed report

Solid post. I was about to start a similair discussion. Where there's money to be made, people will start to invest. The issue is that the real investors already got their investments in before this happens. They are the ones that make the real money because they act based on years of real experience, proper infield educations, etc. Do you know this interesting site? https://www.coincheckup.com Since I use this site I make so much less basic investment mistakes. Check: https://www.coincheckup.com/coins/Zcash#analysis To watch Zcash Research report