How to mine Bitcoin Cash in 2023: current guide
Bitcoin Cash is one of the top 30 virtual coins by market capitalization ($2.12 billion, data as of 12/08/222) according to 1bitcoin.wiki. Other sources also keep this cryptocurrency in the top 30 virtual assets. According to Ultramining.com experts, BCH mining could be effective and profitable in 2023. Let's tell you what Bitcoin Cash is, how to mine it and what features it has.
Despite the fact that BCH is far from the top 10 cryptocurrencies, this coin is considered one of the most popular among its peers. Users praise it for its practicality, stable ecosystem, and ease of use when paying for goods and services.
Bitcoin Cash: general information
BCH appeared in 2017 as a result of the hardfork of the bitcoin protocol (BTC). By the way, bitcoin had many forks. But it was BCH that became popular and widely used by the public.
For reference: a hardfork is an attempt to change the network's source code. This method changes the blockchain, and as a result, a new crypto-project appears. Often, this process goes nowhere: a newly created virtual coin can fall into oblivion. And sometimes, as in the case of BCH, a «newcomer» has a chance to become a working virtual crypto-unit.
Apart from the size of the block in the network and the price per coin, there is almost no difference between BTC and BCH. Both assets use p2p, are mined using the «Proof-of-work» consensus algorithm, which means you need asics to mine them.
Bitcoin Cash significantly outperforms its «big brother» in terms of transactions per second. BCH processes payments quickly and cheaply. That's why this crypto is among the top 30 best virtual coins.
Henrik Gebbing, co-founder and co-founder of Finoa, told Forbes that the «fork» (the Russian-language adaptation of the word hardfork) was like a split in religion. The coexistence of BTC and BCH has forced people who are engaged in mining to make a difficult choice: on which blockchain to throw all their efforts. Exchanges were choosing whether to support the «newcomer» or stay with bitcoin. And market participants puzzled over what the objective price of Bitcoin Cash should be.
Bitcoin Cash has a larger block size than BTC. This is what allows BCH transactions to be less costly – Bitcoin Cash transactions cost less than a U.S. cent, regardless of the commodity's price tag.
The most important disadvantage is considered to be potentially low security. All due to the fact that fewer miners are needed to process the data, which ensures the safety of the network's blocks. This, theoretically, can be taken advantage of by attackers and damage the blockchain.
Mining BCH in 2023
In order to mine this virtual coin effectively, you need a sequence of actions. Starting from consciously choosing this crypto as a desired virtual asset, to maintaining the asics in working condition.
Step 1: Preparing for mining
Be sure to read as much material as possible about Bitcoin Cash, analyze all the advantages and disadvantages of this asset.
The level of earnings will depend on your preparation. Choose your equipment. Be sure to use a hash rate calculator.
- the manufacturer of the ashik;
- algorithm on which the device will run;
- power consumption.
Also on Ultramining.com you can find detailed information about the equipment. As well as recommendations on what pool to use for the ashik.
Step 2: Buying equipment
When all the necessary calculations are made, it's time to buy the required equipment.
The service allows you to connect your equipment to other miners. There you get a chance to earn the coveted block faster with a limited number of asics. Rewards are shared between all participants in the process.
In order to register in the pool, you need to:
- create an account;
- specify the url address of the resource for the mining algorithm.
Then you need to set up the ashik. This can be done through the web interface of the device - the «General Settings» tab.
Step 3: Taking care of your equipment
If you have a lot of ashiks, think about buying bitmain's «ANTSPACE HK3(with DWT-T)» container. A review about it will appear on our website soon. It also makes sense to consider an immersion cooling system.
Home mining does not require complex designs such as immersion cooling systems or huge containers. In order to mine on a non-industrial scale, it is enough to use a non-residential room with good ventilation, for example, with windows.
Forecasts of BCH value
Experts TradingBeast - a company that specializes in trading virtual coins – believe that by the end of 2022 the value of Bitcoin Cash will decrease. The resource PricePrediction.net agrees about the fall in the price of BCH.
However, WalletInvestor analysts have concluded that Bitcoin Cash will rise and reach a value of $128.7498 per coin.
If we talk about the longer term – until 2030 – the opinions of experts are divided. There are no guarantees that BCH will grow by this period. As well as it is impossible to unequivocally assert that the value of this virtual coin will finally collapse.
Advantages of Bitcoin Cash
1. The BCH blockchain processes about a hundred transactions per second. Which, as we found out, allows Bitcoin Cash to reach the top 30 virtual coins. By comparison, the Visa network manages two thousand transactions in a similar period. So this virtual coin still has a lot to strive for.
2. Decentralization. Almost all virtual coins are very difficult to track and control. But compared to the same BTC, which has been «taken over» by large mining companies, BCH is a more accessible virtual coin for many people. Both in the context of mining and implementation.
3. High scalability. This makes bitcoin cache fast and cheap. By the way, scalability refers to the «throughput» of the blockchain. That is, how many transactions per second the network can process.
4. Easy to acquire. You can do it safely and quickly on any major cryptocurrency exchange. For example, Binance.
To mine BCH or not to mine
For all its merits, this crypto also has disadvantages. Among the most tangible: poor network security and, according to Russell Star, head of capital markets at DeFi Technologies, questionable growth prospects as an investment.
Nevertheless, BCH is worth considering. At least as a decentralized and profitable means of payment. At most, as a facility for efficient virtual mining.