Bitcoin Cash was born in 2017 as a hard fork of the blockchain of the first crypto in history, bitcoin.
The growing popularity of bitcoin, and the steady increase in the number of people using it around the world, has highlighted one of its biggest limitations given that, the more people transact on its network, the longer it takes to process a transaction, also making the cost of each transaction more expensive for users.
So, Bitcoin Cash comes from an attempt to improve scalability problems and high transaction costs and its growing adoption, which has made it the 6th most popular cryptocurrency in the world at the time of writing, seems to indicate it is reaching its goal.
As with most cryptocurrencies, Bitcoin Cash is also decentralized. Ciò significa che nessun ente o autorità ha il controllo sulla rete.
To operate in a decentralized way, the system needs master nodes (computer) that verify transactions and validate them through a consensus mechanism.
These nodes are precisely the miners who use the computing power of their equipment to solve mathematical equations on the blockchain. When a node solves the math equation, it checks a transaction block and receives a reward for its work. In the case of Bitcoin Cash, miners are rewarded with BCH tokens.
Being a fork of bitcoin, the Bitcoin Cash protocol uses the same Proof of Work (PoW) consensus for its mining.
As is the case with Bitcoin, Bitcoin Cash has a finite number of tokens amounting to At the time of writing this article, have been extracted and are in circulation 18,600,863 BCH and its price is of498.79 $ .
Initially mining of BCH, as happened with BTC, was unprofitable, given the difficulty of mining.
However, being Bitcoin Cash less popular than BTC, has diminished the difficulty of mining of 20%, which allows to solve less than 6 blocks in 12 hours.
Mining BCH with ASICS equipment is economically unprofitable and it is much cheaper to mine via CPU or GPU.
In this way it is much more profitable even for those who do not have equipment dedicated to extraction, being able to earn BCH tokens easily.
Currently, the average commission for transaction is of approximately 6,5 BCH for block.
Nowadays, it is becoming increasingly difficult to earn money from mining unless you have expensive equipment with great computing power, without calculating the high electricity costs that these entail.
If you want to know the profitability of BCH mining, I suggest you consider some crucial factors such ashash rate, the energy consumption, thei hardware and software requirements, and the BCH token value.
You can then use a Bitcoin Cash mining calculator to calculate the profit and to evaluate the convenience of the activity of extraction of its tokens.
Bitcoin Cash mining can prove to be profitable provided you have the right BCH mining rig ready and are willing to invest. By mining BCH you can earn a good profit as this crypto has today a greater potential than bitcoin and is worth mining.
Based on Coinwarz’s mining calculator, every day can be extracted 0.04847464 Bitcoin Cash tokens, with a Bitcoin Cash mining hashrate of 110.00 TH/s, a block reward of 6.25 BCH, and a mining difficulty of 285.306.719.748,73.
If you have come this far, it means that you are really interested in undertaking the mining activity of Bitcoin Cash and now I will show you step by step how to start extracting this interesting cryptocurrency.
First you will need to choose the best hardware and software to mine Bitcoin Cash.
If you have already read our article on what is Bitcoin Cash, you already know that BCH uses the SHA-256 algorithm and, as mentioned above, you can extract BCH with GPU and CPU. However the difficulty of the network does not make them able to compete with powerful ASIC machines. That’s why I advise you to use ASIC (Application-Specific Integrated Circuits) which are specialized equipment for mining the SHA-256 algorithm, as they enable maximum profitability to be achieved.
There are severalASIC hardware indicated to mine BCH. However, the most common are Antminer S9 or S7, that are able to provide a hash rate of 10 TH/S, with 1300 watts of power per hour.
Below I leave you a list of Most Powerful and Recommended Asics for Bitcoin Cash Mining:
✅ Bitmain – Antminer S9
14 TH/s; 1373 W
350mm(L) x 135mm(W) x 158mm(H)
✅ Bitmain – Antminer S7
4,73 TH/s; 1293W W
301mm(L) x 123mm(W) x 301mm(H)
✅ Bitmain – Antminer S9i
14.5 TH/s, 1320W
350mm(L) x 135mm(W) x 158mm(H)
✅ Bitmain – Antminer T9
10.5 TH/s; 1400W
350mm(L) x 135mm(W) x 158mm(H)
Regarding the choice of the program (software) to use to extract BCH, I suggest you choose programs that are compatible with the hardware that you will use for mining or, if you chose to mine with a mining pool, you will probably have to use their software.
Among the most popular software you will find CGminer and BFGminer. This is command-line software. However, if using software of this type is very complicated for you, you can use other alternatives such as EasyMiner.
Cgminer is the most famous and most used among Bitcoin and BCH miners as it boasts features such as: overclocking, fan temperature monitoring and remote interface functionality. Among its most significant features are: automatic detection of new blocks with a mini-database, binary loading of kernels, multi-GPU support and support for CPU mining.
Bfgminer is a modular ASIC/FPGA miner written in C language, designed specifically for Asics that offers dynamic clock, monitoring and remote interface functionality.
Among the most relevant features are: mining with Opencl table/LLVM free, reordering of the ADL device via PCI bus ID, integrated overclock and fan control.
GUI based, EasyMiner combines the best features of CGMiner and BFGMiner. This software supports getwork mining protocol and stratum mining protocol. It can be used for both solo mining and mining pools. Its main functions include a log window for maximum transparency regarding the mining process, a powerful statistics bar, a market capitalization banner, a wallet, a chat window..
As previously mentioned, today mining BCH as a solo miner is quite difficult and not very convenient. So if you don’t want to take too many risks and want to try to get safer earnings from Bitcoin Cash mining, then I suggest you join a mining pool.
Mining with a mining pool means joining a network of other miners with whom you combine your computing power to try to solve mathematical equations to earn the reward in Bitcoin Cash.
If your mining pool successfully verifies a Bitcoin Cash transaction, the reward is divided equally among the members of your mining pool.
The mining pools are therefore a way to combine efforts and resources to have more chances to win the reward in BCH.
Among the most used mining pools to mine BCH we find:
You can find a complete list of Mining Pools on the web page of Miningpoolstats.
Third and last (but not least) step, if you don’t have one yet you’ll need to get a wallet to store the BCH tokens that you’ll earn from the extraction activity.
There are many types of wallets that support this token. However, if you don’t want to complicate your life, I suggest you use one of the sponsored wallets on Bitcoin Cash official page.
If you have evaluated all the requirements necessary to start your BCH mining business and have come to the conclusion that this activity is not convenient enough in economic terms, you can always opt for a quick and easy way to get Bitcoin Cash tokens… You want a clue?
Just a word… BITNOVO.COM.
Cas you know, Bitnovo is the leading platform in the sale of Bitcoin Cash and more than 20 types of cryptocurrencies. On bitnovo you can buy BCH in cash, by debit or credit card or by bank transfer at the best market price.
And if you want to skip the boring identity verification and registration processes, then all you have to do is find one of the nearest points of sale and request a voucher of Bitnovo redeemable for cryptocurrencies.
AND REMEMBER… WITH BITNOVO BUYING OR SELLING BITCOIN CASH HAS NEVER BEEN SO EASY!