Dash (DASH token), a portmanteau of two individual words digital cash, is an open-source, decentralized crypto asset governed by a DAO (decentralized autonomous organization). Launched in January 2014, Dash is run by a cluster of users known as Masternodes. So, its network comprises miners and Masternodes. Masternodes facilitate InstantSend and PrivateSend transactions.
Dash is autonomously operated and hence untraceable. In CoinMarketCap’s list of crypto coin ranking, Dash occupies the 49th position. It is seen to be having immense popularity in Venezuela. Thus, let us acquire more knowledge about Dash mining and understand its requirements below.
What is Dash Mining?
Dash mining is difficult with a current mining difficulty level of 201.79 M. DASH can be issued only in the form of block rewards; hence Dash mining has a significant role.
The blockchain ledger is created with C++ coding language. Dash mining utilizes the Proof-of-Work consensus mechanism and hash algorithms. Miners have to solve complex X11 hash algorithmic problems to verify previous transactions. Thereby, they get to create a new block and draw rewards for it. Miners are rewarded 1.55 DASH approximately every 2.6 minutes. The reward is distributed into three parts: the first 45% is for the miner, the next 45% for the Masternode, and the remaining 10% goes to the treasury. Block rewards decrease at the rate of 7.14% per annum.
Current Dash Coin Price
According to CoinMarketCap, the DASH token’s price at the time of publishing this article is $306. It has a 24-hour trading volume of $769 million and a market cap of $3 billion. Besides this, the circulating supply of DASH is currently 10 million.
Dash Mining Requisites
Below are the essential ways which miners can utilize who want to mine DASH coins:
- CPU-based Dash mining – This is the most inexpensive method of all. Intel i7 8700k CPU can achieve a hashrate of 500 h/s.
- GPU-based Dash mining – Although expensive but quicker than the CPU-based method, it can help achieve a hashrate of 32 MH/s. An efficient GPU that miners can rely on is $00 NVIDIA GTX 1080Ti.
- ASIC specialized computers – Application Specific Integrated Circuit machine can achieve a hashrate of 17 GH/s. Miners can utilize the $133 Bitmain Antminer D3 machine. Whereas, Dragonmint 16T has a hashing power of 1 TH/s and is available at the cost of $2,729. These machines are extremely expensive plus consume up to 930 W of electricity.
Other than this, miners may also utilize the SgMiner software, an ideal Dash mining software enabled with accurate graphics driver optimization capability.
Dash mining can be expensive; therefore, mining activities can be performed through mining pools also. Besides, miners can also take the help of cloud mining these days.
Is it Profitable to Mine Dash Coin?
Dash mining is expensive through CPU, GPU, and ASIC machine options. Therefore, miners can utilize mining pools, cloud mining techniques, and free dash mining sites to maximize their profits. Dash mining sites also offer extensive tutorials to help new miners understand everything appropriately. Genesis Mining, EOBOT, and many such free sites are available for mining Dash free of cost. For those miners who want to utilize their smartphones for mining, they can make use of Android apps like MinerGate.
Future of Dash Coin
Expert’s Dash price prediction suggests that the DASH token’s price may rise to $700 in five years. Whereas, according to Long Forecast, the DASH coin might remain in the same price range till 2023. Further, as per CoinSwitch’s price speculations, the DASH coin may reach the price mark of $950 by the end of 2021, and by 2025 it may soar up to $2822.
Final Verdict
So, the above post provides a fair idea of Dash mining, its requirements, and its price speculation by experts and pricing analysts. Crypto enthusiasts can choose to mine and earn DASH coins, take up DASH trading, buy and store it in wallets, or use it to pay for products and services as feasible for them.