ZCash is a ‘P2P’ (peer to peer) cryptocurrency which is also open source. It is currently the 17th most popular cryptocurrency with a market cap of around $500m. Each coin is valued at over $300. ZCash is based on a special cryptographic protocol called a “zk-Snark”. This protocol shields the information of a sender, the information of a receiver, and the amount transacted between the two parties. The focus on privacy has attracted illicit use on the part of hackers and lawbreakers, however. ZCash is fungible – this essentially means that every unit of the currency can be substituted by another unit. Coins are created through ZCash mining, while the currency already out in circulation is kept track of by means of a public ledger. Privacy and anonymity are not implemented by default in Zcash and so there is a functional provision for transparency as well.
The fact that the number of ZCash coins in circulation is much lower than that of bitcoin or ethereum makes ZCash mining a profitable venture. To generate large sums of profit and achieve massive cooling as well (which is essential), it is better to build or purchase dedicated mining machines. These machines are concerned with the sole task of ZCash mining. Users are advised to store their cryptocurrency in cryptocurrency wallets after mining as this ensures safety and prevention against hacking.
A cryptocurrency wallet is a software that allows you to easily store and manage your public keys (a public digital code associated to a certain amount of currency) and private keys (a secure digital code known only to you and your wallet). So, in essence, a cryptocurrency wallet is a secure digital wallet used to send, receive and store digitized currency. A good wallet will be easy to use, provide security and/or backups, is constantly updated and allows you control over your private keys.
How To Mine ZCash
Choose A Miner Which Supports ZCash
ZCash mining makes use of Equicash as a hashing algorithm. This is an asymmetric memory-hard PoW algorithm, which has high RAM requirements to bottleneck the generation of proofs and to ensure privacy. ZCash mining is easy and CPUs can be used to mine. This makes the use of laptops for mining purposes possible. It is a profitable venture as it makes use of cryptographic algorithms, which are resistant to ASIC’s mining. This essentially means that CPUs and GPUs can be used to mine on an individual basis, or in tandem. Choosing a miner is an essential step in this process.
There are several miners to choose from and users are advised to choose from multiple miners to prevent traffic in a specific miner. Miners like Slushpool and Nicehash are popular but MinerGate is by far the most used. Miners like MinerGate.com offer added benefits:
- It can run on multiple platforms.
- It can be used in a Windows or Mac operating environment.
- The entire process of downloading a miner, configuration, and getting started only takes around 15-20 minutes.
- The periodic hikes in profit make the ordeal worth the effort.
- AMD cards and nVidia cards can be used for mining purposes as well.
- These add profit to the ZCash mining process as they can be used simultaneously with the mining software (provided the PC or Laptop of the user has a processing system of i5 or above).
Create an Account On MinerGate
Creating an account on Minergate is simple. For a user to begin mining on MinerGate, he/she must register by authenticating his/her email address and creating a secure password. The next step is to download the miner. A significant advantage for cryptocurrency enthusiasts is the fact that it is the first pool which provides service for merged mining, meaning that different cryptocurrencies can be mined simultaneously without a decrease in hash rate for the major coin. A few of the other popular supported cryptocurrencies are Monero, Bitcoin, Ethereum, and Litecoin. MinerGate allows users to easily mine by using CPUs, GPUs, a combination of both or a laptop. Mining rigs (a dedicated system used only for mining purposes) are the best in terms of profit obtained while mining ZCash. There is no problem in using a PC or laptop as well.
Download The Minergate Software
The next step is to download the MinerGate software. Depending on the operating system of a user, the right version of the software is recommended for downloading purposes by the computer in use (for either Windows, Mac or Linux platforms). The next step is to install the software and run it. Re-Enter the email address and password initially used to create the account and the user is ready to start mining! It is recommended to activate the 2FA (2-factor authentication) process to ensure the safety of funds. Activating 2FA ensures this even if someone else knows the password linked to the account and tries to access it. ZCash can be sent directly to exchanges and bitcoin can be traded for it. The “Start Smart Mining” option chooses the best cryptocurrency to mine in terms of profit. (ZCash miners will definitely choose the option to mine ZCash!)
Advanced Mining Tips
Maximizing the mining process and increasing performance is necessary for sustained profit. Computer systems with i5, i7, or even higher microprocessing systems can make use of Nvidia cards for ZCash mining in a dual combination. The performance is greatly enhanced through this process. An EWBF miner can be considered when choosing a miner to run on the Nvidia card. As mentioned before, ZCash mining provides service for merged mining so different cryptocurrencies can be mined simultaneously without a decrease in hashrate for the major coin.
For a more detailed video on setting up MinerGate click here.
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