In today's evolving crypto world, ZCash is a private and anonymous currency which makes uses of the zk-snark protocol to ensure the safe encryption of all data with regards to user transactions. However, despite this high-security feature, miners get the exclusive right to verify the information using zero-knowledge proofs, so as to prevent all possibilities of double-spending.
ZCash makes use of the Equihash protocol as its hashing algorithm. It is an asymmetric, memory-driven Proof-of-Work algorithm which solely relies on the generalized birthday problem.
This algorithm evidently bridges the gap between the average miner and large mining groups by solving cryptographic problems on an even plane.
Today’s ZCash Price
1 ZEC = $ 450.49
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The ZCash network depends on RAM specifications so as to bottleneck the rapid formation of proofs and thus make the ASIC expansion improbable, quite like the Ethereum network. ZCash can be mined using basic CPU and GPU miners as well as through cloud mining.
ZCash has an overall supply of 21 million coins and all online transactions take place on the ZCash blockchain. When miners across the globe use a closely knit grid of computer systems to add a new block to the blockchain, the process is known as mining. An individual or a group of miners are required to solve complex cryptographic equations on a specialized computer in order to mine ZEC. Every time they correctly solve the equation and add a new block, the network rewards them with a certain amount of ZEC.
Not every one of us has access to a personal computer, nor all of us have the knowledge, time, or patience to individually mine ZEC, especially since no GUI or Graphic User Interface Miner is available yet. ZEC, the unique currency on the ZCash network, is mined, very much like Bitcoin. If you have decided to opt for ZCash mining, then it is better to understand which hardware to choose, as there are many options available in the market. Once you have settled on the appropriate hardware, your next step would be to choose a proper software. Different types of software are available that work with diverse hardware configurations. This includes the official ZCash miner as well.
If you are using a personal computer and wish to start mining ZCash then you may do so using your CPU or GPU on Windows. You can use 2 mining software for each of the two hardware devices: choose Nicehash mining software for your CPU device and Claymore mining software for your GPU device. The ZCash Company’s official software is a comprehensive package which will allow users to mine with a CPU device and run a Full Node. It also has an in-built Wallet which may be used to send and receive ZEC.
Mining ZCash with HashGains is done through 3 simple and easy steps. You simply have to create your user account, add a payment and then gear up for the mining process!
Owing to competitively lower processing fees, ZEC mining is a profitable venture. Its anonymous feature is yet another added advantage.
In order to mine ZEC, you do not need a high-scale equipment. Any PC which has a graphics card configured in it can mine ZCash quite easily. This increases the level of profitability as the initial cost of setting up the mining rig is quite low, and so is the overall level of power consumption as CPU or GPU devices do not consume as much electricity as ASIC devices. If you are opting for cloud mining services, then the profitability rate is even higher as you do not have to buy any mining equipment. You only have to buy a hashing rate to mine ZEC.
Every 10 minutes, the block rewards issued is 50 ZCash (ZEC). The space between the blocks is of 2.5 minutes and each block produces around 12.5 ZEC. 10% of the earned coins is kept aside as Founders’ Reward. This is specifically meant for the developers of the ZCash network. This is done in order to support the development of ZCash and also to start a 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% of rewards will be given to miners, considering the fact that miners pay 100% transaction fees.
HashGains is a leading cryptocurrency mining service provider in the the world. The company has adopted cutting-edge technology in association with its Green Mining Data Centres that completely runs on renewable sources of energy. HashGains provides excellent mining services at an affordable rate. The HashGains mining platform simplifies the ZCash Mining process and provides the newly mined coins in the easiest way. The list of services include –
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ZCash mining pools, like every other mining pool, is the shared network place, where other miners share their processing power to generate more rewards. These rewards are automatically distributed among the pool members. You can join a pool if you are thinking of earning ZCash without investing much of your time.
ZCash mining rig is the complex combination of motherboard, GPU(s), power supply and memory. This unique combination which forms the mining rig is used to generate high hash rates along with faster reward generation. Miners can build their own mining rig according to their specifications or purchase one online.
ZCash mining uses hard hashing techniques, so a computer with a good or decent GPU and a good amount of graphics card along with certain specification in mining rig is required. GPU can be a good deal for ZCash miners. GPU mining consumes less energy and we do not have to worry about the systems storage.
The minimum payout criteria for ZCash mining is 0.5 ZEC or $250, post which you may withdraw your ZCash tokens. This also takes into account your mining efficiency. The payout may vary from pool to pool, and the results may also differ when opting for solo mining.
Shares of any cryptocurrency describe how much work the computer is contributing in the process of mining. Share is basically a hash which is smaller than the target for difficulty of 1. Basically, a share has no value. Share is used to monitor the functioning of the mining process and keep a check on the rewards that are equally distributed among the users by fair means.