What is digital currency extraction or mining?
Mining is the process of creating a block of transactions that must be added to the blockchain. Miners use their time and computing power to process transactions and generate blocks, and receive rewards for approved blocks.
Zcash Mining (zec)
Zcash like Bitcoin, has its own blockchain and works as proof (mining). The fine transactions are approved by all members of the network and then placed in blocks by the miners, and by joining the blocks, a fold block is formed. Zcash block time is about 2.5 minutes and its block reward is 12.5 zec units. Therefore, at present, 12.5 units of Zcash are extracted or produced every 2.5 minutes. In Zcash, after every 840,000 blocks, the block reward will be halved.
Zcash is an anonymity-based cryptocurrency that uses the zk-snarks protocol to ensure that all user transaction information is securely encrypted while being mined and verified by miners. This is done by using zero knowlegde proof to ensure that double spending has not occurred.
Zcash uses Equihash as a hashing algorithm, which is itself an asymmetric proof of asymmetric work. This algorithm, like Ethereum, requires a lot of RAM to create bottlenecks in the production path and make development through ASICs impossible.
Factors affecting the revenue of cryptocurrencies
Several important factors in mining profitability are:
- Appropriate hardware: Miners must have the latest hardware to compete and succeed in mining. Equipment can become obsolete within a few years.
- Electricity costs: It is essential that a miner can use electricity at the lowest possible cost.
- Digital currency price: The price of the desired currency is very important in extraction. Because miners receive a certain amount of digital currency when solving math problems correctly. If the value of the currency is low, it may not be cost-effective to extract.
- Network Hardness: Network difficulty is a measure of how to extract a block of cryptocurrencies, or more technically, to find a target. The high difficulty of the network means that extracting the same number of blocks requires more computing power and makes the network more secure against attacks.
- Hash rate: The hash rate is a unit of measurement of the processing power of the blockchain network. The network must perform intensive mathematical operations for security purposes. When the network reaches a hash rate of 10 Th / s, it means that it can perform 10 trillion calculations per second. In other words, a hash rate is the total computational power used to extract and process transactions in the proof-of-work blockchain. The hash rate is often used as a measure of network health in proof-of-work cryptocurrencies. The higher the hash rate, the 51% more difficult it is to successfully attack. But increasing hash rate over time can also indicate an increase in mining interest. Conversely, reducing the hash rate causes miners to leave the network. Because network security is no longer profitable for them.
Digital Currency Mining Calculator
To make the most of your mining equipment, as well as have a better estimate of mining revenue, you need to explore the potential of your mining machine and not go into the process blindly. Hence the use of digital currency mining calculators is essential.
To work with the bombe's Bitcoin mining calculator, consider the following:
- Hashing Power: Enter the hash rate of the extractor in the TH / S unit.
- Power Consumption: Enter the amount of energy and electricity that your mining hardware consumes per watt unit.
- Cost per kilowatt-hour: Enter your electricity tariff (household, industrial, etc.) in kilowatt-hours.
- Pool fee: Enter the amount of fee the pool receives from you in percentage points.
What is digital currency extraction or mining?
Mining is the process of creating a block of transactions that must be added to the blockchain. Miners use their time and computing power to process transactions and generate blocks, and receive rewards for approved blocks.
Zcash Mining (zec)
Zcash like Bitcoin, has its own blockchain and works as proof (mining). The fine transactions are approved by all members of the network and then placed in blocks by the miners, and by joining the blocks, a fold block is formed. Zcash block time is about 2.5 minutes and its block reward is 12.5 zec units. Therefore, at present, 12.5 units of Zcash are extracted or produced every 2.5 minutes. In Zcash, after every 840,000 blocks, the block reward will be halved.
Zcash is an anonymity-based cryptocurrency that uses the zk-snarks protocol to ensure that all user transaction information is securely encrypted while being mined and verified by miners. This is done by using zero knowlegde proof to ensure that double spending has not occurred.
Zcash uses Equihash as a hashing algorithm, which is itself an asymmetric proof of asymmetric work. This algorithm, like Ethereum, requires a lot of RAM to create bottlenecks in the production path and make development through ASICs impossible.
Factors affecting the revenue of cryptocurrencies
Several important factors in mining profitability are:
- Appropriate hardware: Miners must have the latest hardware to compete and succeed in mining. Equipment can become obsolete within a few years.
- Electricity costs: It is essential that a miner can use electricity at the lowest possible cost.
- Digital currency price: The price of the desired currency is very important in extraction. Because miners receive a certain amount of digital currency when solving math problems correctly. If the value of the currency is low, it may not be cost-effective to extract.
- Network Hardness: Network difficulty is a measure of how to extract a block of cryptocurrencies, or more technically, to find a target. The high difficulty of the network means that extracting the same number of blocks requires more computing power and makes the network more secure against attacks.
- Hash rate: The hash rate is a unit of measurement of the processing power of the blockchain network. The network must perform intensive mathematical operations for security purposes. When the network reaches a hash rate of 10 Th / s, it means that it can perform 10 trillion calculations per second. In other words, a hash rate is the total computational power used to extract and process transactions in the proof-of-work blockchain. The hash rate is often used as a measure of network health in proof-of-work cryptocurrencies. The higher the hash rate, the 51% more difficult it is to successfully attack. But increasing hash rate over time can also indicate an increase in mining interest. Conversely, reducing the hash rate causes miners to leave the network. Because network security is no longer profitable for them.
Digital Currency Mining Calculator
To make the most of your mining equipment, as well as have a better estimate of mining revenue, you need to explore the potential of your mining machine and not go into the process blindly. Hence the use of digital currency mining calculators is essential.
To work with the bombe's Zcash mining calculator, consider the following:
- Hashing Power: Enter the hash rate of the extractor in the TH / S unit.
- Power Consumption: Enter the amount of energy and electricity that your mining hardware consumes per watt unit.
- Cost per kilowatt-hour: Enter your electricity tariff (household, industrial, etc.) in kilowatt-hours.
- Pool fee: Enter the amount of fee the pool receives from you in percentage points.
Zcash mining calculator