DashCoin (Dash) Cloud Mining Services
The Dash Cryptocurrency: Advantages, Ways Of Mining, Cloud Services
Dash cryptocurrency was released on January 2014 under the name XCoin (XCO). Then, on February the same year, the cryptocurrency rebranded to “Darkcoin”. On March, 2015 the cryptocurrency saw another change and that is the time it was rebranded to “Dash”.
The developer of the “Dash”, Evan Duffield, got the idea from Bitcoin after he realised that Bitcoin had slow transactions and its transactions weren’t private. That is when he decided to develop the Dash referred to as the XCoin (XCO) at that time. In essence, the XCoin (XCO) was supposed to provide crypto investors with a platform that was faster and more private compared to that of Bitcoin.
Dashcoin Market Cap
The Dash is designed to have a maximum amount of 18,900,000 DASH circulating. But at the moment, the circulating Dash coins are 7,823,124 close to half the total amount of the maximum value.
Its market cap in January 2018 was almost $6,000,000,000 USD or an equivalent of 550,000 BTC with a 24 hour volume of $217,000,000 USD.
In January 2018 the Dash was ranked 12th in terms of market capitalization meaning it is among one of the best performing cryptocurrencies globally.
Dash Performance In The Cryptocurrency Markets
From the time the Dash was released into the market for the end of February last year, 2017, the value of a single Dash currency was going for less than $50. However, starting from March 2017, the coin saw a dramatic rise in its price to hit an all-time high of $1,569.28 which was higher than the price of Ethereum, the second rated cryptocurrency globally.
Shortly after hitting the all-time high, the coin unfortunately started to sharply decline to the current $739.33 USD as of 17th January 2018. The decline is too huge, but there is still hope for investors since almost every cryptocurrency registered a drop in prices this month. The only worry would be if the value of the currency continues with this decline for a long time since it would erode the current made gains.
Contrary to most cryptocurrencies, the Dash uses the X11 algorithm for its mining. This makes its mining process a bit different to that of other cryptocurrencies like Bitcoin.
There are three ways of doing Dashcoin mining. These include the CPU / GPU Mining, ASIC mining and cloud mining.
CPU/GPU mining is quite obsolete and it is not very profitable since it can only mine little Dash at a time because of the processing power of the user’s computer. It is not a very cost effective way of mining Dash. However, it is fairly simple and it only requires a powerful computer and the user can mine it directly even from home.
Below are simple CPU mining steps:
- First download darkcoin-cpuminer-1.3-avx-aes mining software
- Then, look for a good mining pool. A pool is simply a group of people from whom you can find and solve Dash blocks. Examples of pools to choose from are: xpool.ca, dash.suprnova.cc, nicehash.com, p2poolmining.us and Suchpool.
- Ensure that all the results of the mining are kept in a separate folder, but in the download folder.
- Now start the mining process while checking the temperatures of your computer.
ASIC mining uses specialized computers known as Application Specific Integrated Circuits (ASICs). The (ASICs) are designed is such a way that they can solve Proof of Work problems for the Dash. There are a number of ASIC computers available on the market. These include: ASIC Pinidea X11 Miner DR-1, ASIC Pinidea X11 USB DU-1, ASIC iBeLink DM384M X11, ASIC X11 Baikal Mini Miner and ASIC Baikal A900 X11 miner.
When mining Dash, it has a variable reward per every mined block of 7.1% per year and the average duration it takes to mine is 2.5 minutes to mine a block.
Dash Cloud Mining
Cloud mining involves using the mining hardware hosted by a remote miner. The user/investor doesn’t have to own the mining hardware or software himself or herself.
Advantages Of Mining The Dash With Cloud Services
Investors who have done Dash mining for themselves know how hard it can be. You will be required to invest much of your time and resources since you will need a good supply of energy which of course will cost you. Again, it will require a lot of research since it requires a high level of technical knowhow.
But with cloud mining, there is no technical knowledge required meaning that even novices can mine Dash. To realise the full Dash mining profitability, cloud mining is the place to go to.
Choosing The Best Dash Cloud Mining Services
The information about the cloud mining service providers is readily available on the special websites. There are also reviews on the internet and mainly the Dashcoin review 2018 which will provide a most updated information about the cloud mining providers.
One of the important step to start mining is a choosing Dashcoin mining website. Some of the trustworthy cloud mining services provider are Genesis-mining.com, Eobot.com, Nicehash.com and Hashflare.io.
Below are the main advantages and disadvantages of using each of these could mining service provider:
Genesis mining advantages:
- It offers its users 100% uptime guarantee in case a miner crashes.
- It also offers customizable mining options.
- Users also have an option to use their Autotrader plan.
- X11 contracts have their access validity set to 2 years rather than a lifetime validity.
- Also, those users who choose to use a credit card for purchases pay an extra fee.
- It offers payouts 24 hours after the first block is mined.
- The user can choose to use bitcoin, credit card or wire transfer for withdrawal.
- Also, all contracts even those of X11 like Dash have a lifetime validity.
- For users who use the bank wire transfer method, they have to pay commission fees.
- It offers its clients with immediate payouts. Actually, they are available every minute.
- It also allows its clients to directly mine from their own pool using an application known as Mypool.
- Its maintenance fees of $0.00021 GH/s are quite high.
- It allows its users to mine multiple altcoins at a go.
- It discriminates customers by setting different prices for European and US customers.
It’s important to be careful choosing a cloud mining service. Currently there are a lot of scammers in cryptocurrency world because of inexperience and credulity of users. A cryptocurrency user who wishes to use cloud mining should do a thorough research about the cloud mining they want to use before committing his/her funds with them. The investors should to make sure that the service is trusted, has a positive feedbacks of real users and gives guarantees for the safety of the money.