Before i tell you how to start mining Zcash in Nigeria, it’s good you have an in depth knowledge of what Zcash means.
What is Zcash all about?
Zcash has its origin in the previous Zerocash Protocol, sharing a lot of similarities with Bitcoin. Zcash, popularly called ZEC, is a digital currency which was developed from the Bitcoin currency , but with added advantage of anonymity.
If you are a Bitcoin or other cryptocurrency user, then you probably know about “Blockchain”. In the crypto-market, blockchain is the public that keeps track or a ledger of every transaction conducted with cryptocurrencies. This makes it easy for your transactions to be easily tracked.
The purpose is to reduce possible malicious practices and corruption, but it does compromise a users privacy. Then came Zcash. What this means is that while anyone can see each transaction and balance between all the registered( or customized) Bitcoin addresses, Zcash do not reveal such. Each person’s wallet and the balance in it is encrypted, and nothing is revealed.
Zcash only shows that a transaction took place, but the details of the transaction is encrypted and kept hidden.
– Zcash is a cryptocurrency that uses cryptography to provide improved and enhanced privacy to its users.
– It is led by Zerocoin Electric Coin Company popularly called Zcash Company.
– The CEO and founder of Zcash Company is Zooko Wilcox-O’Hearn .
– Founding team members include Matthew D. Green, a cryptographer from Johns Hopkins University.
– The company’s first investors was Roger Ver.
– 1 Zcash is about 3000 Bitcoins.
Even though Zcash transactions are published publicly on blockchain, users can use optional privacy features to hide the recipient, sender, and transacted amount. Zcash like Bitcoin has 21 million units of fixed total supply and was not designed to facilitate illegal transactions.
There are many ways to mine Zcash, but the two main methods are Pool Mining and Solo Mining. Things to know before mining:
– Before you start mining, you need to buy a Zcash mining hardware as well as the required software to upgrade your computer system.
– Mining Zcash needs a lot of energy, electric and human energy.
Different types of hardware and Software mining you should note before you start mining:
1) CPU Mining: This type uses the CPU power of your computer to mine.
2) GPU Mining: Uses your computer graphics cards for mining.
3) ASIC Mining: Here, a microchip which is specifically designed to aid your mining. The microchip computes algorithms at the fastest possible speed, and can compute 100,000 times faster than a typical CPU.
As the name appears, pool mining simply means combining with other miners to increase or raise your chances of being awarded the ability to mine a block. The reward gotten from the collective effort for successfully mining the block is divided evenly based on each miners computing power contributed in the Zcash mining pool.
The meaning is in the name. Here, you mine on your own, at your own pace. However, you should note that new techniques, huge electricity consumption power, heavy mining equipments and advancement in technology has rendered this means almost obsolete despite the fact that it yields similar results with pool mining.
Also, unlike in pool mining where you may be required to pay access fee, solo mining requires no such thing.
Whether you do pool mining or you solo mining, there is a reward for successfully mining a block. This is called the Block Reward. Fifty (50) Block Rewards issued for each successful block of mining done. If it’s a pooled mining, it will be evenly shared according to each person’s computational power contribution.
N:B- A strong video card is required for better profitable mining. Using a laptop, cell phone or an old video card (1 year+) will end up wasting your time and resources.