What is Dash Mining?
Dash is a privacy coin that was launched in 2014 resulting from a fork of Bitcoin’s code. Dash has most of its parent coin’s functionalities but it does have additional features such as faster transactions and privacy.
How Does Mining DASH Work?
Like Bitcoin, DASH also implements the Proof of Work consensus protocol to approve the miners’ mathematical computations. After receiving the approval, the block is then added to the blockchain and miners then receive their reward in DASH coins. This reward is then split between the miner, masternodes, and the network.
Types of DASH mining
Application Specific Integrated Circuits (ASICs) specialized computers which have a powerful computational capacity. ASIC chips are able to decrypt and process the hashes faster than regular computers.
Below are a few examples of Dash dedicated ASICs:
- ASIC Pinidea X11 Miner DR-1,
- ASIC X11 Baikal Mini Miner,
- ASIC Baikal A900 X11 and
- ASIC iBelink DM384M X11.
Mining rewards using ASICs are more profitable than the other options on our list. But there are certain difficulties that can arise when buying an ASIC mining rig.
The first issue is that you can get scammed and receive an old version of an AISC miner which does not have the same performance. Even if you are a final legitimate seller, there is a long waiting period before you receive your miner. Also, the stock for the fastest ASIC hardware depletes almost in no time.
Another disadvantage that you have to consider is that ASIC mining machines can become obsolete in a short amount of time after you bought it. Antminer S7 was one of the most powerful ASIC miners of 2017 and it had a hash rate capacity of 4.73 TH per second. Today’s top ASIC miners are six times more powerful.
DASH Cloud Mining
Dash cloud mining involves using a provider which enables you to have access to a higher hash rate than your current computer. The provider has a data center comprised of mining rigs that handle the mining process. After you have found a reliable cloud mining service, all you have to do is register and then purchase a mining contract.
Below are a few options of well-known cloud mining platforms:
- Genesis Mining
Cloud mining services are more advantageous in the sense that you can get to mining right away. After you have signed up for the service, you can rent the hash power produced by an ASIC miner and begin mining DASH within five minutes. You will have to constantly check if your contracts continue earning.
However, be careful, as there are also many cloud mining services that can turn out to be scams.
Early miners of DASH were able to produce block rewards without requiring any specialized computers. This meant that people were able to mine using their regular home computers to produce DASH coins.
GPUs could also be used, as it has more cores than a CPU, making it faster and more proficient. But, since ASICs appeared on the scene, DASH mining using GPUs or CPUs makes no sense as is does not bring any profit.
How to mine DASH Coin?
Unlike Bitcoin which uses an SHA- 256 algorithm, DASH makes use of another algorithm called X11. X11 features eleven hash functions that enhance its security.
The most efficient ASICs for DASH coins are Bitmain Antiminer D3 and iBeLink DMG22. Below are the steps that you need to go through to start DASH mining.
- Purchase your hardware
- Set up the miner
- Download the Advanced IP Scanner tool.
- Note the IP address and use the word “root” for password and username
DASH mining pools
If you are not able to afford the expenses that come with the purchase and the maintenance of specialized miners, you can join a mining pool. Mining pools are web platforms that mine DASH and other cryptos in your place for a fee.
These pools cut down the power consumption and, therefore, your electricity expenses are reduced. You also do not have to bother with the setup and maintenance of the rigs.
AntPool is regarded by many users to be the best pool for DASH mining. AntPool has nodes spread across the globe: Hong Kong, Europe, Shenzhen (China), the United States, etc. The pool automatically places the miner to the closest region by using an algorithm.
The mining pool is owned by the biggest ASIC manufacturer on the market, Bitmain. Despite modest profits, users have reported this service to be reputable.
Mining Pool Hub
MiningPoolHub is a popular multi-coin mining pool that is a common choice for those who are looking to enter a DASH mining pool. Its servers are located in Europe, the US, and Asia. The company is headquartered in South Korea and its reputation is of average level. The only issue that users have reported is that the website is not very user-friendly.
P2Pool was established in 2014. The platform enables people to mine a number of cryptocurrencies, DASH included. The mining pool is a popular option for those looking to mine DASH, and so far it has had good ratings.
Nowadays, DASH mining doesn’t bring as much profit as it did, because the hardware investment is more expensive and it takes more time to mine one block on your own. But, if you want to pursue DASH mining, use a profitability calculator to determine whether you can make a profit with your personal specifications or not.