The Dash blockchain is essentially a decentralized ledger and uses the proof-of-work protocol like Bitcoin and its other contemporaries. Through a method known as ‘mining’, individuals use powerful computers to decipher and decode difficult computational equations. If the solution that is provided is correct, then they will be allowed to add a new block to the already existing blockchain. After the network authenticates the accuracy and precision of the solution, a new block will be added and the miner will be remunerated with DASH currency as a mining reward. Dash uses the X11 algorithm. Dash was initially launched as 'XCoin 'in January 2014, but the name was soon changed to 'Darkcoin'. Later, Darkcoin was renamed as Dash in March 2015. Around 1.9 million DASH were mined within the first 48 hours of its launch. This is almost 10% of the overall supply of Dash that will ever be issued.
Today Dash Price
1 Dash = $ 237.39
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When compared to the Bitcoin network, Dash operates slightly differently owing to its double-tier network. Tier-1 is run by the miners and ensure the receiving and sending of funds as well as prevent the possibility of overspending. Tier-2 is powerfully backed by Masternodes or Full Nodes that ensure a decentralized structure, financial privacy through its PrivateSend feature, and instant transactions through its InstantSend feature. This second tier is extremely important is the smooth and quick processing of all transactions. This is the very reason why Masternodes also get rewards as and when miners locate new blocks. The miner and the Masternode each receive 45% of the block reward while the remaining 10% is kept aside for the budget system which is created by the superblocks each month. Since the Masternodes offer important services and supervise the entire network, the second tier system is also known as proof-of-service. Masternodes have it in their power to reject any block that has been formed in an improper way.
It is important to note that in today’s world, CPU or GPU mining is no more pocket-friendly. The most general and simple hardware device available for Dash mining is the versatile CPU. However, it offers less efficiency than a GPU, which has been designed to quickly evaluate millions of vectors in correspondence. While precise CPU guidance enhancements associated with AES or AVX cryptography may render a proper boost, the more advanced GPU offers a better performance due to its manifold pipelines which are for foreseeable calculations of the sort associated with the mining process.
ASIC mining devices (also known as Application Specific Integrated Circuits) are powerful computers that have been specifically designed to crack the proof-of-work equations on the Dash network with the highest possible efficacy. The modern ASIC devices that support Dash mining are ASIC Pinidea X11 USB DU-1, ASIC Pinidea X11 Miner DR-1, Baikal Mini Miner, ASIC Baikal A900 X11, ASIC iBeLink DM384M X11 so on and so forth. ASIC devices can only perform a single operation. A huge number of X11-based ASIC devices are now openly available in the market, resulting in a gradual redundancy of CPUs and GPUs.
Three Super Easy Steps to Mine Dash
Do the registration
Select your power plan and make the payment
Collect your newly mined coins
Given the current scenario, it may be said that the value of Dash will steadily increase in the near future. In addition to that, the X11 Dash protocol is miner-friendly, thus ensuring a good return of investments. The MHash/s/$ is quite high, and this is one of the main reasons which you should consider when looking at the bigger picture. Dash mining profitability is comparatively higher than other cryptocurrencies as it can be effectively mined without consuming too much of electricity. If you are using ASIC devices, the ROI is even better since these powerful hardware devices are specifically meant for mining. These generate the highest hash rates. Dash is anonymous, instantaneous and has very low fees. Taking into consideration all these factors, Dash mining seems to be a great option.
One of the best ways to mine Dash coins is through cloud mining services. It not only saves you the initial cost of setting up the mining process but also saves your electricity bills. You do not have to buy a mining device- you can simply rent a hashing rate and start mining Dash. When looking out for cloud mining services, HashGains is a great choice to go with. The eco-friendly and reliable Green Mega Data Centres (that run on renewable energy) provide excellent cloud mining services across the globe. Now start earning your profits in association with HashGains!
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ASIC or application-specific integrated circuit is a customized integrated circuit. ASICs are specifically meant for mining cryptocurrencies and serve no other purpose. Dash makes use of specific ASIC devices for the mining process. These are designed to work for Dash's X11 mining protocol. Some of the best Dash mining ASIC devices are Baikal Mini Miner and Antminer D3. Antminer D3 is the best in the market at the moment.
GPUs, also known as graphics cards or graphics processing units are far more effective mining devices than ordinary CPUs and may be used in mining Dash currency. Miners can also set up a mining rig with some affordable GPUs. Some popular GPU devices are XFX 7990, Sapphire R9 Nano, Gigabyte R9 390, Gigabyte HD7950, so on and so forth.
Mining rigs refer to the computer system that is set up for mining cryptocurrencies. The rig may be a devoted miner where it was acquired, constructed and operated precisely for the mining process or it may simply be a workstation that fulfils other requirements, like acting as a gaming structure, and is partially used to mine Dash. The best Dash mining rigs may be created using powerful ASIC or GPU devices that support Dash mining.
Pay Out is the minimum sum that the miner needs to earn as reward points for successfully setting up blocks during the mining process. For Dash, this minimum amount is $250 or 0.5 XMR.
‘Pool mining’ refers to a mining procedure wherein a multitude of generating clients together contribute to the formation of a block, and then divide the mining reward among themselves as per the contributed computational power. Some of the popular Dash Mining Pools are AikaPool, Antpool, Avalon-Life, CoinMine.pl, Coinotron, Cryptopool, so on and so forth.