Dash coin is getting a lot of attention lately. Many crypto maniacs think this could be the new alternative to the Bitcoin. That’s why Dash mining pools are booming in popularity. In this article we are going to take a good look at Dash coin itself and the best mining pools to mine it.
What is Dash Coin?
Evan Duffield created Dash cryptocurrency in 2014 as an alternative to Bitcoin. This project is based on the Bitcoin core code yet it has a different hashing algorithm to that of Bitcoin. It has additional features such as privacy and faster transaction speed. The developer felt that Dash would solve most challenges associated with Bitcoin. The goal of this project was to create a global method of payment that would enable fast and secure transactions. Dash provides two types of processing transactions: InstantSend and PrivateSend. InstantSend enables fast transactions within 2-3 seconds while PrivateSend allows for highly secured transactions that are not trackable.
What is Dash Mining?
Dash Mining is the process of generating new Dash cryptocurrencies using specialized mining tools known as “ASICs”. Dash mining involves solving the “X11” hash function that protects the Dash network. If you are a crypto miner, you must find a hash result that meets the network difficulty requirements and submit it to the Dash network. Your solution will be verified and then you are rewarded in Dash cryptocurrency.
What hardware should I use to mine Dash?
There are a specific Dash mining hardware and mining rig. The hardware is specifically designed to get the best result in the mining application. When Dash was first introduced, miners could use CPU and GPU mining hardware. However, these two are no longer profitable as the forum itself declares so. Using ASIC is the only way to make a healthy profit out of Dash mining, though it is slightly costlier. Some of the ASIC miners include
- Dragonmint – 16.0 TH/s hashing power and going for approximately $2,729
- Antminer S9 – 14.0 TH/s hashing power, going for about $3,000
- Antminer R4 – 8.6 TH/s hashing power, going for approximately $1,000
What Software should I use in Dash Mining?
Finding a reliable dash mining software can be complicated. It is important to trust the authentic ones rather than the commonly used ones. There is a wide range of CPU and GPU mining varieties available today. Sgminer is the best option to execute and correctly install the needed software with the most compatible spec. You can use GPUZ to find out the necessary software for your GPU.
Is Dash Mining Profitable?
Is it profitable to mine Dash? Dash cryptocurrency has a trading volume of $442,551,284 and currently takes #26 in the Coinmarketcap top list. According to these statistics, the answer to the question will be yes, it is profitable to mine Dash in 2020. However, your best option for mining it profitably is by joining a Dash mining pool. Mining through a pool increases your chances of finding a new block, and you will receive smaller but more frequent rewards. A mining pool is a group of cryptocurrency miners who unites their computational resources and collectively tries to find a block for a particular blockchain. Today, we are looking at the top 7 Dash mining pools. Continue reading to find the details about these top mining pools.
ViaBTC
Summary of the Features
- No transaction fee
- PPS and PPLNS payment schemes
- Maintenance fee: 4% of PPS and 2% of PPLNS
viaBTC is a multicurrency mining pool that allows you to mine Dash without incurring the transaction fees. This pool offers two payment methods that you can choose from, PPS and PPLNS. As a miner, you are responsible to pay a maintenance fee of 4% of PPS and 2% for PPLNS. This pool allows for cloud Dash mining therefore suitable for those who are not willing to buy Dash mining rigs. The viaBTC servers are spread globally making the pool highly accessible for miners.
Coinmine
Summary of the features
- PPLNS payment scheme
- Anonymous mining
- 0% minimum fee
Coinmine is a popular choice especially to the privacy-concerned coin miners since it allows anonymous mining. This pool uses the PPLNS payment scheme, which is popular among the miners. It has a minimum payout of 0.1 DASH, which is quite low, compared to other miners. Coinmine charges 0% minimum fee, which makes it less costly. Coinmine finds blocks every 40 minutes on average.
Poolin
Summary of the Features
- Few handy tools for improving mining efficiency.
- PPS payment method
- 2% payment fee
Poolin is a mining pool for over 10 cryptocurrencies that can be joined to profitably mine Dash digital coin. This pool is popular among the cryptocurrency miners since it offers a few handy tools to improve mining efficiency while providing high income. Poolin uses the PPS payment method. It has 0,005 DASH minimum payout. The miner charges a 2% pool fee, which is quite low in the market.
F2Pool
Summary of the Features
- PPS
- 1% to 5% fee
- Anti-DDOs attacks
F2Pool is one of the biggest mining pools in the industry. It supports over 40 cryptocurrencies including Dash. F2Pool has a low minimum payout of 0.1 DASH. This miner prides itself on its unique architecture that prevents DDOs attacks. Launched in 2014, F2Pool has stayed long in the market and has gained trust among many miners. The mining pool fee for this miner is 2%.
MiningPoolHub
Summary of the Features
- Auto-exchange
- PPLNS
- 0.9% fee
MiningPoolHub is another popular mining pool that began as a small pool for Ethereum miners. However, it has since grown to one of the largest mining pools supporting more than 50 different coins. Dash is one of the supported coins in this miner. MiningPoolHub has servers in Asia, Europe, and North America, making it accessible to many miners. Most importantly, the servers in each location are redundant, meaning there is no need for a backup.
MiningPoolHub charges a low fee of 0.9%. This miner allows for algorithm switching meaning you can mine multiple coins of the same algorithm at the same time. MiningPoolHub also offers an auto-exchange feature that exchanges your mined coins for another coin you specify. Apart from supporting direct coin mining, this miner also offers an automatic algorithm switching that will set your account to mine the algorithm with the most profitable reward at the time. Dash supports ASIC mining and the miner is profitable. The pool is finding blocks after every 150 minutes.
ProHashing
Summary of the features
- PPS, PPLNS, and Solo Mining pool
- 0.03% fee for Dynamic FPPS mining, 3.99% fee for static FPPS mining, and 1.99% fee for Solo mining
ProHashing is a pay-per-share (PPS), pay-per-last-N-shares (PPLNS), and Solo mining pool that supports X11 and many other algorithms. ProHashing charges different fees depending on the algorithm and the type of mining. For the X11 algorithm, the pool charges 0.03% for Dynamic FPPS Mining; 3.99% for static FPPS Mining; 1.99% for Solo Mining; and 1.99% for PPLNS mining. The minimum payout threshold for ProHashing is twice the network transaction fee. There is also a default threshold, which is the number of coins that must be earned before payouts are automatically issued in case there are no charges are made. ProHashing also allows the users to configure their maximum amount of threshold that the network would be willing to hold before issuing a payout. A maximum threshold setting helps in minimizing losses in case of theft.
ProHashing supports merger-mining in which each Prohashing customer can mine multiple coins at once. Additionally, unlike other pools, each user ProHashing is assigned different coins from each other.
Suprnova.cc
Summary of the Features
- PPS, PPLNS
- 1% Dash miner fee
Suprnova is, without doubt, one of the most profitable and largest mining pool for Dash. It has almost, 4 dozens of servers located at various locations across the world making it highly accessible to miners. Suprnova uses the Proportional (Prop) payment scheme (PPS), a common method of payment among most miners. The reward can also be paid through PPLNS. This mining pool charges 0% dash miner fee. Suprnova finds blogs roughly every 150 minutes.
Dash Mining Calculator
Up to now, you may be looking to earn some passive income through mining Dash. Well, before you even consider making that step, you need to see how much money you will make mining. You also need to know whether the move will be profitable or whether the entire investment is worth it.
The easiest way of getting such information is by using the Dash coin mining calculator. This calculator estimates the mining reward based on the statistical calculation using the value entered. The calculators work on average, therefore the actual outcome may slightly vary from the predicted result. Additionally, dash-mining calculators do not take into account some significant factors such as dash coin difficulty, which varies from time to time. Most calculators also do not take into consideration pool fees and electricity costs. Therefore, the result from dash mining calculators are estimations based on the current difficulty, block reward, and exchange rate for Dash cryptocurrency.
Conclusion
Mining pools have become very important tools for Dash miners. Even though there is a high reward for solo miners if they get the solution, chances of winning are so slow that the probability of making losses, in the long run, is high. Dash mining pools help miners to spread risks and increase the possibility of winning. Even though the profit merging may be small compared to solo miners, pool miners get frequent rewards that are likely to prove profitable in the long run.
Mining pools have different features and charges, it is important to choose the mining pool whose features suits you. If you are a beginner, you would want to opt for a pool with low charges and a low minimum payout.
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