Bitcoin Cash Mining
Why Miners Switch to Bitcoin Cash
Bitcoin Cash (BCH), a cryptocurrency launched on August 2017, is not only earning the trust of investors and users but also of miners like you. Over the past months, there are miners of different cryptocurrencies that moved to Bitcoin Cash mining. This is surprising because the altcoin is new on the market.
One of the main reasons miners, most of which are the same individuals who are in favor of splitting Bitcoin, switch is because they expect that Bitcoin Cash will rise in the future. They also believe that they can earn more from mining Bitcoin Cash because of its increased hash power. Find out how BCH mining works and why you should mine BCH.
Bitcoin Cash Mining is Easy
Mining for Bitcoin Cash is convenient because you can use your own CPU to mine, unlike other cryptocurrencies that require the use of specialized software. But if you plan to join mining pools, here are simple steps you can follow:
- Choose your mining pool. There are only a few mining pools available using BCH which makes it easier to pick your preferred mining pool. The recommended mining pool that new BCH miners should go to is ViaBTC, the world’s top mining pool for cryptocurrencies.
- Register with the mining pool. Registration does not take much time because you just have to give your email and password.
- Check payment options. The methods will depend on the mining pool. You can choose to receive your reward daily, weekly, or monthly.
- Start mining. Mining pools require you to split the block reward with your group. But the advantage is that mining takes lesser time and helps save electricity.
Other than being part of a mining pool, you have the option to join cloud mining. To join this type of mining, find a company that provides you with hash rates. You just need to pay the company for you to continue mining. Bitcoin.com Pool and Genesis mining are the reliable firms that offers cloud mining.
Bitcoin vs Bitcoin Cash: Which Should You Prefer?
Most miners who are now mining Bitcoin Cash used to mine Bitcoin. This is because the new altcoin eliminates long transaction hours, which Bitcoin users do experience. Another interesting feature of Bitcoin Cash mining is that it follows emergency difficulty adjustment rule. This means that the level of difficulty adjusts for you to solve a block faster.
There are, however, miners who prefer Bitcoin mining despite its longer transactions. This is because miners are sure that they will profit because of Bitcoin’s price. If you are not a risk taker, it is better that you continue mining Bitcoin.
The number of miners for both cryptocurrencies varies because there are miners who switch back and forth depending on the status of Bitcoin Cash and Bitcoin. These miners prioritize short-term profit and will only focus on their earnings now rather than what they can receive later.
The debate on the better digital currency in terms of mining will go on and on as long as Bitcoin Cash and Bitcoin are improving. For now, miners should make up their mind because with Bitcoin Cash’s increasing popularity, there is a possibility for it to succeed like Bitcoin. Get started by checking out the crypto mining pools that offer BCH.