Bitcoin Cash (BCH) is one of the youngest and most dynamic digital currencies. The BCH rate has increased many times faster than the rate of Bitcoin since it was launched. That’s why a lot of people wonder how they can get BCH. Today, you’ll find out how to mine Bitcoin Cash. However, let’s learn a bit about the crypto itself first!
Bitcoin Cash is a huge success story. The stock exchange price of Bitcoin Cash increased by more than 300 percent in the first six months after its launch. This means that BCH increased in value much faster than the best-known and most successful cryptocurrency Bitcoin. While its big brother Bitcoin has existed since 2009, Bitcoin Cash was launched only on August 1, 2017.
The coin has emerged from a so-called hard fork of Bitcoin, i.e. BCH is a spin-off or altcoin. From a technical point of view, Bitcoin Cash is therefore much more developed than many other digital currencies. BCH became one of the most important cryptocurrencies in a very short period of time.
Once we’ve learned some basic information about Bitcoin Cash, it’s time to find out how to mine for Bitcoin Cash. Let’s get started!
How to Mine Bitcoin Cash on PC: Key Tips to Know
Bitcoin Cash mining is quite similar to Bitcoin mining. However, it has a few key differences. A larger block size means that you will need more computing power to solve a computational puzzle. Anyway, the key advantage is that you receive more tokens in the form of rewards. How to mine Bitcoin Cash on PC? Well, in order to mine BCH, you need a special computer.
Although the reward for Bitcoin Cash is higher, the large price difference between BTC and BCH means that mining remains more profitable for the original variant. This is one of the reasons why Bitcoin Cash has reduced mining difficulties for its blockchain — in order to attract more miners. You should also keep in mind that it’s necessary to pay transaction fees of $2.5 for Bitcoin and not even a full penny for Bitcoin Cash. Before mining BCH, you must have a reliable wallet to keep it safe.
How to Mine Bitcoin Cash with GPU: BCH Mining Difficulty
How to mine Bitcoin Cash with GPU? To mine Bitcoin Cash, you need to use graphics cards that work on the ASRock basis. At the moment, this is rather a disadvantage, but developers give hope that such problems will be solved in the near future.
To get a sufficient number of new coins, you need to purchase special equipment. Mining experts recommend mining Bitcoin Cash using the ASRock H110 Pro BTC graphics card. Such a card was created to be able to use 2 or more devices. The profit is a reward for completed blocks.
It’s worth taking into account equipment depreciation, as well as the cost of electricity.
BCH Mining Difficulty
Once, we’ve found out how to mine Bitcoin Cash GPU, let’s go further. What should we know about BCH mining difficulty? The difficulty of Bitcoin Cash mining changes every 2016 block. With the completion of 2016 blocks over 2 weeks, the difficulty is reduced. Anyway, if this number of blocks appears faster than in 2 weeks, then it becomes much more difficult to mine. However, it’s necessary to note that the difficulty of BCH mining should be less than the difficulty of BTC mining. This will lead to an interest in the formation of a Bitcoin cash blockchain.
If less than 6 blocks are completed within 12 hours, the difficulty of mining the next 6 blocks will be 20% lower. Miners are able to reduce the difficulty by 75% in 1 day if they work together.
How to Mine Bitcoin Cash on ASIC: Mining Pools
How to mine Bitcoin Cash on ASIC? Well, it’s recommended that you use an ASIC miner specifically designed for mining. Is it possible to mine without ASIC?
You won’t be able to mine BCH without ASIC, but you can rent it. There are a large number of ASIC rental options. Initially, you need to register in a pool and make all the necessary settings.
Usually, you need to go through a small registration process on the selected website. You also need to go through SMS confirmation as well as enter a CAPTCHA.
After logging in, the cryptocurrency is selected. For this purpose, on the website, there should be a ‘Pool’ button, by clicking on which you need to select the BCH Pool.
How to mine Bitcoin Cash pool? The BCH mining pool was launched on August 20, 2017. For mining Bitcoin Cash, 144 blocks are currently used, which received approximately 2% of the hash rate. A large number of miners have started to mine Bitcoin Cash. This is due to the fact that the pools that were created added all interfaces to the main dashboards.
At a more reduced cost, the hash rate will remain unchanged or slightly higher. That is, the process of BCH mining will become more profitable. Such a prospect will lead to the fact that cryptocurrency miners will run from one block to another in order to make higher profits.