Verge is a very privacy-focused cryptocurrency platform, which is mainly based on providing its users with top-tier anonymity. This is achieved by a blockchain specifically built on top of the Tor network and various other I2P services meant to ensure that IP addresses, geolocation, and other such personal data are hidden.
Understanding Verge mining
Despite what many might believe, cryptocurrency mining can still be a very profitable venture, especially in the case of Verge. The first and most important thing you should know about Verge mining is the fact that it’s different from all other cryptocurrencies.
To be more precise, Verge allows its miners to select between five different consensus algorithms, all of which are proof-of-work algorithms. Even better, these consensus algorithms are all ASIC-resistant, meaning that users can mine Verge on basically any decent computer using the GPU.
The mining process implies miners having to validate blocks and transactions. The process uses the processing power of a computer to solve a difficult cryptographic problem. Just like in the case of most other cryptos, when the problem is solved, a new block is discovered, and all transactions data within that block is validated.
Verge Consensus Algorithms
As mentioned before, most typical cryptocurrencies use a single consensus protocol. This is not Verge’s case which uses five different ones as follows: Scrypt, X17, Lyra2rev2, myr-groestl, and black2s.
The only one that is not really suited for home mining is Scrypto, which is dominated by ASIC devices. The others will work with the large majority of high-end Nvidia graphics cards, except the last one (myr-groestl) that performs best with AMD cards.
Should you mine Verge (XVG)?
Is Verge mining a profitable venture? Should you mine Verge? In order to answer these questions, we will look at some of the reasons for Verge mining and a couple of reasons against in order to help you make up your mind.
One good reason to start Verge mining is due to the wide variety of algorithms the cryptocurrency boasts, meaning that there’s a good chance you’ll find an algorithm that suits your needs and your hardware.
It’s also important to keep in mind that Verge is a fairly well-known name within the cryptosphere. Currently, Verge is ranked 43rd and has a total market cap of $113,791,058, making it one of the most valuable cryptocurrencies out there. Verge is also fairly popular crypto on most exchanges, which means it has decent liquidity in the market. As volatile as the crypto market might be, you never know when Verge will retake its position among the top 25 cryptocurrencies (it was ranked 23rd on January 7th).
However, Verge is not perfect, as the project suffered various hacks during its lifetime. Many criticize Verge for not patching known security vulnerabilities, while others don’t consider it a real privacy coin.
Best Verge Mining Pools
When it comes to mining any cryptocurrency it’s very important to first do a thorough analysis regarding profitability. With that in mind, you can either solo-mine Verge or join one of the multiple mining pools dedicated to this unique cryptocurrency. In short, there are various dedicated mining pools for each type of algorithm.
If you’re aiming for the later, then it’s important to note that you’ll first need a wallet where you can send your Verge to. A nice selection of wallets can also be found on the website at the Wallets section.
If you’re going with the Scrypt algorithm, you can choose from a wide range of mining pools such as CoinFoundry, Block Masters, Aikapool, MiningPoolHub.com, BSOD.PW and ZPool. Block Masters is one of the most popular pools for Scrypt, and fees are set at only 0,25%. CoinFoundry is not the biggest pool of this sort, but it has servers all over the world, making it very accessible. For CoinFoundry, fees are set at 0,75%.
Some of the best mining pools for X17 are the previously mentioned CoinFoundry and Block Masters, as well as HashFaster, Poolovich, and Yiimp. The most popular choice is Suprnova.cc, which has a very good reputation among the Verge community. The fees are slightly higher on Suprnova.cc (at 1%), but the pool has global servers with 100% uptime.
If you have a computer with an AMD card, then Myr-Groestl will most likely be your choice. The top mining pools for this particular algorithm are Poolovich, and Profit Pool, but the most popular is IDCray. The latter is a Chinese mining pool with servers all around the world. IDCray charges its users a 1% fee.
For Lyra2rev2 there are a few known pools such as BSOD.PW, Block Masters, and Poolovich. The most efficient one is by far Block Masters since it boasts the lowest fees out of the three of them (just 0,25%).
The Blake2s is definitely one of the most popular algorithms of Verge. You can choose between Blake2s CryptoCartel, UniMining, AntMinePool, and LuckyPool. The first is probably the most efficient one here as it has very low fees (0,5%). It’s also a very privacy-oriented pool since it doesn’t require you to register an account.
Even though cryptocurrencies have always been associated with the concept of privacy, privacy-centric coins are starting to become more prevalent than ever. This is reason enough to at least consider mining Verge. What’s more, Verge is one of the few privacy coins that can also run smart contracts, making it one of the most interesting projects currently in the cryptosphere.
In terms of mining, Verge has a clear advantage over other cryptos because it allows its miners to choose from various algorithms.