One of Dash’s main claims to fame is the meteoric rise to $120+ USD prices. Now might be a good time to grab a piece of the pie. Gain high rewards in a network that has yet to be saturated to the point of the Bitcoin Blockchain.
Before jumping into any major purchases, make sure to estimate whether your circumstances can lead to dash mining profits. Use this Dash mining profitability calculator to predict projected profits based on your power consumption, hashing power and electricity costs. It can help to compare different profitability estimators to have higher confidence as to what you might be spending on running your rig.
Here are some suggestions:
You can also find plenty of profitability calculators, like CoinWarz’s calculator, that let you calculate the profitability of several other altcoins on the market.
Dash indeed has ASICs that have been made for mining. These have been designed specifically to work most optimally for the X11 mining algorithm. Here are some examples:
You can also find non-ASIC mining hardware with some of the highest hash rates for X11 mining below:
You’ll find that you can receive more consistent rewards by joining a Dash mining pool than by working on your own.
The official Dash website recommends the following pool mining providers (note that some of the links on that page are broken). We have selected some active pools for you here:
It’s important to stay on top of mining pool updates if you decide to go down this route to ensure that you don’t get stuck with a pool that suddenly bumps up its fees. You also don’t want to be mining for a pool that’s no longer running. Make sure to do the required research to ensure that you receive the rewards that your hashing power deserves.
Dash employs the X11 mining algorithm, which comes with a series of positive and negative consequences.
The X11 mining algorithm encourages decentralization by discouraging the use of ASIC hardware. At least for the time being, X11 is quite complicated to implement with custom circuits. This means that miners have good reasons to use affordable mining hardware that an average Joe like you and I can set up easily as well. By keeping affordable hardware relevant in the X11 mining game, we find that centralized operations with massive ASIC racks aren’t justifiable for casual Dash mining. However, keep in mind that this will change in the foreseeable future.
X11 mines with relatively low power consumption compared to Bitcoin’s SHA256 PoW (Proof of Work) algorithm. This means that casual users are more likely to find their power cheap enough for a personal mining project.
X11 boasts to be efficient to the point of reducing the strain on your hardware. As a result, you’ll find that your cards will run cooler than if they worked on Bitcoin’s SHA256 algorithm, which makes your cards last longer and less prone to abrupt overheating.
Although X11 itself is quite widespread, the mining saturation of each individual coin is low compared to the Bitcoin network itself. This means that even though you might find more rewards than when mining, say, Ethereum or Bitcoin, the reward will not be worth as much.
While X11 was designed with the intention to stave off ASIC miners, we’re already seeing ASIC miners flooding the Dash mining scene. In a sense, this removes one of the main selling points that X11 had at the time of its release.
X11 is also used by several other cryptocurrencies. These are: Darkcoin, GiveCoin, Global Denomination, Hirocoin, Logicoin, StartCoin, SmartCoin, Europecoin, LimeXCoin, Muniti, Quebecoin, XCurrency and some less serious cryptos like ConspiracyCoin, Cannabiscoin, HashCoin and Nyancoin.
As you can imagine, all hardware that proves to be effective for Dash mining should also be productive for other X11 based coins. Just keep in mind that your ROI will likely be much higher by mining Dash because of its vastly higher price than its competitors. However, it’s worth noting that one of the other coins might overtake Dash in the future. It might seem unlikely now, but you never know.