If you wish to make significant profits on Bitcoin Cash mining, then you will require to invest some money into a specialized mining equipment first.
Before you choose to do so, you can find out roughly how much your returns will add up to using a profitability calculator. For using the calculator, you will require to find out your hash rate. The bigger the hash rate is, the more chances you will get to mine a block successfully.
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Mining Bitcoin Cash (BCH)
By now, you must have come to know about how much you will need to invest in your mining rig, and that how big your profits should.
In case you are still considering giving Bitcoin Cash mining a go, then this is how you can do it.
Bitcoin Cash Wallet
In the first place, you will require a Bitcoin Cash wallet to receive all your future mining rewards. It is recommended, for safety reasons, that you choose a wallet that stores your private key on a device that it is installed in.
Make sure that you backup a wallet.dat file to a different device, or take a copy and keep it in a secure location.This will help you when your computer crashes or gets stolen from you, and you are unable to retrieve your funds without the files. Else, they will be gone forever.
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Solo Mining or Pooled Mining
At this point, you will need to consider whether you wish to mine Bitcoin Cash on your own or join a mining pool.
If you successfully mine a block of transaction by yourself, then you will get the full reward of 12.5 BCH to yourself.
But, the problem with solo mining is that you don’t stand the slightest chance of sealing of a block, unless you have a highly powerful mining rig, which needs enormous amount of electricity to operate.
That is the reason, why an absolute majority of casual miners choose to mine in a pool.
On the other hand, a mining pool is a group of BCH miners combining their computing power for increasing their chances of solving a puzzle.
In pool mining, your mining rig will get smaller and easier algorithms to solve. All the combined work will increase the pool’s chances of solving the bigger algorithms to win big rewards, which is shared among the participants depending on the computing power they each of them contributed.
When choosing a mining pool for Bitcoin Cash, make sure about the size of the pool, their payout structure, charging fees and the stats they provide.
To join one mining pool, you will need to sign up to their website and set up an account.
You will also need to use your Worker ID to make your contributions count.
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What Else Do You Require?
Until this point, you are most probably be ready to connect your mining hardware to a power outlet. You just need to plug it into your computer and run, as simple as that.
In order to be able to control as well as monitor your mining rig, you will require a mining software client for running on your computer.
The right software will be based on your OS and the actual mining rig you have.
In case you have decided to join a mining pool, then, in most of the cases, it will have its own software. Some of them are getting shipped with everything pre-loaded, including a wallet address.
Well, in that case, plugging it into an outlet is all you require to do.
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Mining Reward – That’s All Needed
Being a part of a pool, you will require to enter your username, password and the pool’s address into the software. Once configured, you can start mining Bitcoin Cash.
In case you are mining solo, then once you have stalled off a block, then the reward will appear in the connected wallet.
As a part of pool, your reward will be automatically calculated and added to your account. Simply make sure that you enter your wallet’s address in the required fields at the time of signing up to the pool.
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