Bitcoin Cash appeared on August 1, 2017, as a result of a fork in the Bitcoin network. The reason for the fork was the fact that the community could not come to a unanimous opinion on the further development of the first cryptocurrency.
Changelly treats with respect one of the most popular Bitcoin forks. As time goes by, Bitcoin Cash cryptocurrency does not lose its vogue. We’re here to explain how to get the Bitcoin Cash (BCH) coins through mining solo or pools. Let’s get started!
How to Start Bitcoin Cash Mining?
In July 2017, members of the Bitcoin community, including Roger Ver, did not welcome the SegWit soft fork in the Bitcoin network, which removed witnessing data from block headers. The discontent was followed by Bitcoin’s hard fork, supported by Chinese members of the BTC community. That’s how Bitcoin Cash cryptocurrency was created. It became a lighter and cheaper version of the Bitcoin protocol.
In April 2020, the Bitcoin Cash network underwent the first-ever halving. The event changed the reward per block from 12.5 BCH to 6.25 BCH. In the first couple of days, BCH miners switched to other more profitable assets because BCH mining wasn’t profitable anymore. However, now the situation gets better. There are still quite a lot of people who continue to get Bitcoin Cash cryptocurrency through mining.
So, what does any miner need to start Bitcoin Cash extracting in 2020? Here are some points that are crucial if you are interested in mining BCH coins.
You need mining hardware. In this case, SHA-256 ASIC miners are suitable (as well as software).
Your internet connection should be stable 24/7 (with a speed of more than 1 MB/s).
Since Bitcoin Cash mining is possible only on SHA-256 ASIC miners, there is no wide range of hardware. This part of mining preparations will be the most costly. ASIC miners price range from $1,000 to $4,000 for the latest models. We advise you to use a mining calculator to find out the profitability of the particular hardware.
#1. Antminer S17+
Antminer S17+ by Bitmain is an ASIC miner released in December 2019. The maximum hashrate is 73Th/s for a power consumption of 2920W. The miner has four fans, which help to cool the device. The table down below shows the income of the miner. You can calculate your electricity expenses and get profitability.
The average price for Antminer S17+ is around $1,800.
#2. Antminer S19 Pro
Antminer S19 Pro is one more ASIC miner made by Bitmain. It was released in May 2020 and seemed to be one of the most profitable in our list. This hardware has a maximum hashrate of 110Th/s for a power consumption of 3250W. It has four fans as the previous one. Check out the table below to find out the income and calculate profitability.
The average price for Antminer S19 Pro is around $3,500.
#3. MicroBT Whatsminer M305++
MicroBT Whatsminer M305++ is not yet available on the market. MicroBT announced the release in October 2020. All the income estimates are based on deep analysis. The device mining SHA-256 algorithm with a maximum hashrate of 112Th/s for a power consumption of 3472W. The income is shown down below.
The price is not yet announced.
#4. Bitfury Tardis
Bitfury Tardis is the oldest miner on our list. It was released in November 2018, but do not rush to write it off. The maximum hashrate of 80Th/s for a power consumption of 6300W. Isn’t that bad, huh? However, the problem is that this hardware is hard to buy. Anyway, here is the info about the income.
Bitcoin Cash (BCH) Mining Software
There are a lot of different miners on the market. Probably, two of the most popular miners are CGminer and BFGminer, which are command-line programs. Anyway, choose the miner which is compatible with your hardware.
CGminer works on Windows, Linux, and macOS. It’s kind of complicated to set up the miner, but once you’re done with this part, CGminer is a great soft to use. The only thing that can be a problem is the lack of a graphic interface. If you’re not afraid of using command-line programs, this miner is suitable for you.
BFGMiner program is one of the varieties of console miner programs controlled by the command-line (in C language). The program is compatible with Windows 32bit/64bit.
Wallets for storing Bitcoin Cash are divided into several types: online and offline applications, cold (or hardware), paper wallets, applications on cryptocurrency exchanges. Each type is convenient for its purposes: hardware wallets provide the maximum security level, online versions, and fast transactions.
Online wallets are convenient for working with small amounts of cryptocurrency assets, short-term investments, and trading on the exchange. However, such tools are less secure. Since you need to confirm the user’s identity, a username, password, and phone number, such wallets are easy to hack. More experienced crypto traders try to combine several types of wallets. Among these wallets are CoinBase, BTC.com, and Blockchain.info.
Offline wallets (e.g., Jaxx, Electron Cash, or Exodus) are popular among experienced users who store large amounts of funds in various types of cryptocurrencies, often conduct transactions, and convert coins.
Hardware wallets (e.g., Ledger Nano, Trezor, KeepKey) are suitable for long-term storage of significant amounts of cryptocurrency. Such a tool is used by cryptocurrency investors who keep BCH for the long-term period.
Bitcoin Cash Mining – Summary
Bitcoin Cash has a great future in the crypto market. In order to catch up with the first cryptocurrency, Bitcoin Cash must increase its own appeal among users. Now, most crypto investors take BCH as an imperfect clone of Bitcoin, although Bitcoin Cash is much better than BTC from a technical point of view.
Bitcoin Cash meets all modern cryptocurrency requirements: security, high transaction speed, and decentralization. In general, BCH is worth mining and buying. By the way, check out our cross-rates to buy Bitcoin Cash for the best price.
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