beginner
Amy March 12, 2022 6 m Share
Cryptocurrency mining pools are servers that distribute calculations among many participants. As soon as one of the participants in the process achieves the goal, a new block is formed in the blockchain network, and all participants in the pool receive a reward.
A pool has a better chance of finding a block of transactions and receiving a reward than a single miner. However, if you participate in a pool, you will have to share the profits with all the participants. However, for most users this is usually still the most profitable mining option. Let's look at the BCH coin mining pools and find the best way to mine Bitcoin Cash.
What is Bitcoin cash
Bitcoin cash is related to Bitcoin and has the same blockchain. Bitcoin cash appeared on August 1, 2022 as a result of a fork in the familiar Bitcoin. Such changes occurred in the Bitcoin world due to the fact that the community could not reach a unanimous opinion on the further development of the cryptocurrency. The creation of two Bitcoin branches received support from Chinese miners, who make up 5% of the total number of cryptocurrency miners.
Initially, the cryptocurrency rate was approximately $300, but over time this figure increased to about $700, after which it decreased.
Cryptocurrency storage
The Bitcoin Cash cryptocurrency mined or purchased is stored in software wallets, various versions of which are available for download from the official website, as well as in hardware wallets such as Ledger and Trezor.
Read step-by-step instructions on choosing and creating a wallet for Bitcoin Cash here.
We also remind you that Bitcoin Cash can also be stored on cryptocurrency exchanges (although this option is not recommended).
When choosing an exchange, it is better to choose one with large BCH trading volumes. For example: BitForex, Bitfinex, Huobi, Binance, HitBTC, CoinEx, OKEx and others.
How to get Bitcoin cash
All people who had Bitcoin received the same amount of Bitcoin cash. The news of such a distribution of cryptocurrency led to panic among the population. A large number of people withdrew funds from online wallets in order to receive free Bitcoin cash. Such actions caused a large jump in the Bitcoin rate.
To receive Bitcoin Cash coins, it is enough to have a wallet with Bitcoin serial keys, and also have a small amount on your balance. If there are no keys to such a wallet and a zero balance, it is impossible to receive new coins.
It is possible to buy Bitcoin cash at exchangers and exchanges. But it is worth noting that at the moment a minimum number of people have been able to deposit Bitcoin cash into their online wallet.
The creator of the new Bitcoin branch is Amaury Sechet. He is a programmer for San Francisco and Facebook.
General requirements when registering on a pool
To use a specific pool, as a rule, they go through a standard registration procedure (email address, login, password, confirmation by entering a code).
You may need to create a PIN for withdrawing funds, create workers for mining. In each specific case, the procedure for how to mine Bitcoin Cash differs slightly and is described in detail in the help section of a specific pool.
Register on Coingeek
On Coingeek, the largest BCH mining pool (address pool.btc.com), to register you need to click Sign Up Now, enter your phone number or mailbox, and the captcha:
After this, a verification code will be sent to your email and you will be asked to choose a password. Then the user will be redirected to the main page of the pool, where they indicate the name of the sub-account, select the coin for mining (BCH), region (nearest server) and address for withdrawing coins:
In the settings to launch the miner, you will need to specify the miner ID (worker), which must correspond to the following form: sub-account+number.
For example, for a vasily sub-account, the ID is vasily.001 for each ASIC device. After this, you can start mining coins.
Setting up an ASIC miner
Setting up any ASIC miner requires knowing its address on the local network. To do this, use the router menu or third-party programs, for example IP Reporter from Bitmain.
Searching for a local address in the IP Reporter program is done by clicking the start button in the program window on a computer connected to the local network to which the ASIC miner is connected:
The program will search and show the local address of ASIC:
In the Internet browser, enter the address of the ASIC on the network, and in the built-in program window that opens, enter the data for mining:
Pool address and port (for Coingeek: us-bch.ss.btc.com:1800, or ports 443 or 25), worker (for Coingeek - ID) and password. After this, the ASIC is ready for use.
The window of the program built into Antminer S9, opened on the mining settings tab, looks like this:
How to mine Bitcoin cash
To mine Bitcoin cash you need to use video cards that are powered by ASRock. At the moment this is considered a disadvantage, but the developers give hope that such problems will be resolved 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 video card. This map was created to allow the use of 2 or more graphic objects. Profit is the reward for calculated blocks.
It is worth taking into account the wear and tear of equipment, as well as energy costs.
Mining pools
A secondary pool for purchasing cryptocurrency was launched on August 20, 2022. Bitcoin cash mining currently uses 144 blocks, which have received approximately 2% of the hashrate. Bitcoin cash miners expect that the BTC top will provide a couple of hashrates for mining innovative coins.
A large number of miners have started mining Bitcoin cash. This is because the created pools have added all interfaces to the main information panels.
The BCH hashrate is much larger, which is the difficulty, therefore the target. Updates will occur once every 2 days.
At a lower cost, the hashrate will remain unchanged or become slightly higher, that is, the Bitcoin mining process will become more profitable.
This prospect will lead to cryptocurrency miners running from one block to another to ensure higher profits. Based on the fact that the hashrate moves somewhat towards the BCH chain, the Bitcoin chain will decline. So, on November 16, 2017, the total capacity was 9 exahash. But on November 21, 2017, there was already a decrease to 5.9 exahash.
How to mine without ASIC
You won’t be able to mine without an ASIC, but you can rent one. There are a large number of options for renting an ASIC. Initially, you need to register in the pool and make all the necessary settings.
Usually you need to go through a short registration on the selected site. Usually you need to go through confirmation via SMS and enter a captcha.
After logging in, a cryptocurrency is selected. For this purpose, the site should have a “Pool” button, by clicking which you need to select BCC Pool.
You can rent an ASIC at the Mining Rig Rentals site. To do this you need to register on the site. To mine Bitcoin cash you need the SHA-256 algorithm. It must be selected from the proposed list.
How profitable is it to mine bch
It's never too late to start mining cryptocurrency. The question is about the conditions for equipment maintenance and energy costs - these are two main cost items. You don’t need to agree to any conditions, you need to look for the best options that existed before the price rally. It’s worth starting to mine cryptocurrency now, and, for sure, it will be profitable tomorrow.
2021 has every chance of becoming the last year when old-generation equipment with chips larger than 10nm will become completely ineffective. In all likelihood, the current Bitcoin price rally will be the last exhalation of the use of equipment of the Antminer S9 class.
After the market is saturated with new-generation equipment, closer to the middle of the year, old-class devices will become ineffective. Beginning miners need to keep this in mind, because 2022 will be marked by a complete transition of the entire global hashrate to equipment of a new technological level.
Connecting a pool to Mining Rig Rentals
Having completed all the above conditions on the website, it becomes possible to add and connect an account in VIABTC to the Mining rig rentals site. To do this you need to do the following:
- Hover over your login in the top menu, then select “Pool Profiles”.
- Create a new profile by clicking on the “Create New Profile” button and selecting the SHA-256 algorithm.
- Click the “Add New Pool” button and fill in the appropriate fields in the open window (1 – name (come up); 2 – port and host of the pool on which Bitcoin Cash will be mined).
- Add a new entry to your profile by selecting the created name from the list and clicking “Add To Profile”.
To pay for equipment rental, you need to enter money on the server, after which you need to start mining Bitcoin Cash on the VIABTC pool. To pay the rent, you need to click on the drop-down menu again and select “Account Balance”, which is located on the Deposit Address page. Then you need to enter the desired deposit amount.
Next, you need to select the rental duration (hours), then click “Rent Now” and then “Instant pay now”. In the open window, select the created profile. After which all the columns will be filled in automatically to start mining, you need to click “Save”.
The Worker status becomes active in the pool in just a few minutes, and it will be possible to receive new coins.
Mining pools
A pool is a site where bitcoin cash mining takes place. You need to choose it depending on what equipment you are going to use to mine these coins. It is on this site that your power will be added to the power of other people who want to use the service to mine coins. But to connect to this service, you need to install a special program. It is she who is the conductor for your computing power into the common pool.
But everyone who deals with bch mining pools should understand that you won’t be able to make money here just like that. The system clearly determines who can earn money, because the calculation is carried out in proportion to the contribution made by the person. This nuance is calculated by the so-called shares. They are the ones who have the best chance of becoming candidates for obtaining a block signature.
When the ball hits the target, the pool system will distribute the reward among the users who participated in the Bitcoin Cash mining. But you need to understand that today there are not many pools that can provide safe and profitable mining and that pay. The latter is generally a very controversial issue, since even once good services at some point simply stop paying money. And new services do not inspire much confidence at all.
To avoid becoming a victim of scammers, we have compiled a selection of pools where you can mine Bitcoin Cash relatively safely:
- suprnova. This mining pool is considered one of the most popular. Its peculiarity is the opportunity to receive not only popular cryptocurrencies, but also a wide variety of altcoins. In total, miners can work with 35 coins. The site has servers all over the world as it offers international mining. In particular, there are servers in the USA, Europe, China, Australia and Asia. So you can make money anywhere and anytime, the main thing is to acquire the required amount of capacity.
ZPool. This service is also very popular among miners. Not least because it allows you to mine about 170 coins. The list includes both newly appeared forks and quite popular altcoins. This resource has been on the market for several years now, so you can trust it. Bitcoin cash is a mining pool that pays automatically. But you need to withdraw money in bitcoins. This, of course, creates certain difficulties, but not so great as to give up the opportunity to earn more coins at high speed.- AntPool. If you are looking for how to mine bcc, then pay attention to this service. It is the property of Bitmain, a large Chinese manufacturer of equipment for mining crypto coins. If you are still in doubt, this is the company that produces ASIC Antminer. Based on this, this service can be considered one of the most effective for mining cryptocoins. Interestingly, the service has a Russian interface, but Chinese and English are also available. In addition to Bitcoin Cash mining, the pool works with such coins as Bitcoin, ETC, Litecoin, Ethereum, Siacoin, Zcash, Dash.
- VVPool. Despite the fact that the service is new, it is stable and open. We paid attention to him because he is a partner of F2Pool (a large pool). Specializes in mining Bitcoin forks: Bitcoin Cash, Bitcoin Gold, Bitcoin World, Bitcoin New, SegWit2X, Bitcoin Diamond, Bitcoin Pizza, Super Bitcoin, United Bitcoin, MassGrid and Safe.
But keep in mind that the quality of any pool is relative. The saying “Trust, but verify” is more relevant than ever here.
Difficulty of mining bitcoin cash
The difficulty of mining Bitcoin cash changes every 2016 block. When the performance of 2016 blocks exceeds 2 weeks, the difficulty decreases. But if such a number of blocks appear faster than in 2 weeks, then mining becomes much more difficult. But it is worth noting that the difficulty of mining Bitcoin cash should be less than the difficulty of mining Bitcoin, as this will lead to interest in the formation of the Bitcoin cash blockchain.
If less than 6 blocks are produced within 12 hours, then the difficulty of mining the next 6 blocks will be 20% lower. Miners are able to reduce difficulty by 75% in 1 day if they work together.
Start of mining
Everything is almost ready, all you have to do is install a special mining application that will monitor and manage your devices. The mining application must be installed on your desktop computer. Which application should you choose? Depends on your operating system and the type of device used for mining.
As a rule, mining pools have their own applications for miners - they can even be configured in advance and, for example, already have a wallet address for payouts. After this, all you have to do is plug the mining device into a power outlet.
If you are working through a pool, then you will need to log in to the mining application using the login and password from the pool account. Having resolved this issue, you can move on to mining. If you work on your own, then first you will need to wait for the block to be completely processed, and only after that you will receive a payment for it to your wallet connected to the mining device.
Mining in a pool means that you will receive payments more often. In fact, the money will slowly but surely accumulate in your account - just remember to enter your mining address into the application to be able to withdraw your earnings.
