Zcash is a decentralized digital currency that uses zk-snarks in order to make sure that each transaction detail is recorded securely. The network also ensures zero double spending by using algorithm proofs. Equihash is the hashing algorithm used by Zcash. This is Proof-of-Work algorithm that is based on generalized birthday problem. The algorithm depends on RAM requirements for proof generation similar to Ethereum.
When a network of computers all across the world are used by miners in order to add a block in the blockchain is called mining. To mine Zcash (ZEC), a miner or group of miners solve the complex cryptographic problems on specialized computers to place a new block and when they successfully place a block, in turn they get rewarded with a fixed amount of Zcash.
To mine Zcash, there are basically two things needed. The first one is wallet, as it is required to store funds. Multiple GUI wallets are available online, you can compare and then choose accordingly. In addition, exchange can also be used as wallet. The second thing you require is mining pool. It is needed to direct the hashing power. There are plenty of cloud mining websites that provide the hash power to mine Zcash and other cryptocurrencies.
Zcash can also be mined through GPU. In this method, Claymore miner can be used as they improves the hash rate. However, the genoil miner is used for pool mining and charges around 2.5% developer fee. The performance is worth the fees. In addition, miners can also use Catalyst (Crimson) 15.12 for compatibility. People can make an account on an exchange, buy and mine with their PC. For most of the people, solving code and building a computer is fun.If you like it, then make mining easier through the following things –
If you are new to Zcash mining, then you need to know various mining terms.
Soon Zcash is going to be as famous as Bitcoin. The total market cap of Zcash is 21 Million coins. Owing to this limit and changing technology, it is not possible to know that how much time it will take to mine 21 Million coins.
Zcash Proof of Work algorithm is Equihash. Based on generalized birthday problem, it is a memory hard algorithm. This algorithm is resistant to mining hardware like ASIC graphic cards. Depending on the network, the Zcash POW algorithm keeps on changing.
Each miner is provided with a reward for Zcash mining successfully. In every 10 minutes, the block rewards issued are 50 Zcash (ZEC). The space between the blocks is of 2.5 minutes and each block produces around 12.5 ZEC. From earned coins, 10% coins will be given to Founders Reward.
For developers of Zcash, the Founders Reward is implemented. This is done in order to support development of Zcash and also start non-profit organization. In the initial four years, the block rewards will be 80% to miners and 20% to the team of Zcash. Post that, 100% awards will be given to miners, considering the fact that miners pay 100% transaction fees.