How To Mine For Dash DASH
Mining The foundation of Dash is its blockchain, which is a decentralized ledger of all transactions that have ever taken place. This blockchain is secured through a consensus mechanism called “Proof of Work” (PoW).
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Through a process called “mining,” people use specialized computers to solve extremely difficult math problems. If their solution is correct, they receive the right to add a new block to the blockchain.
Once the network verifies that the problem was correctly solved, a new block is added to the blockchain and the miner is rewarded with Dash currency. Dash, like Bitcoin and most other cryptocurrencies, is based on a decentralized ledger of all transactions, known as a blockchain. This blockchain is secured through a consensus mechanism; in the case of both Dash and Bitcoin, the consensus mechanism is Proof of Work (PoW). Miners attempt to solve difficult problems with specialized computers, and when they solve the problem, they receive the right to add a new block to the blockchain.
If all the other people running the software agree that the problem was solved correctly, the block is added to the blockchain and the miner is rewarded.
This thread is meant to be a call to those of us that are mining and face the same problem of it becoming unprofitable. First, we can choose to complain and blame others for the situation we are in (and there might be some merit to the responsibility being on Bitmain and other ASIC companies releasing machines in irresponsible quantity sizes.
It is what it is), or we can look at solutions. I believe there are. There is a way that we the mining community can get involved and be part of the solution. If we mine Dash exclusively (not other Altcoins) and when we receive our portion of the block rewards, we hold them (don't sell for Bitcoin or cash them in). This will cause the value of the coin to increase and as the price of Dash increases, so will the profitability.
When we are doing our part in ensuring the health and long term strength of the network, then we can look to asking other components of the network to consider their part in the solution. If Miners stop mining what will happen to the network? I believe that Dash has the potential to go well over $1000, but let's get involved in making this happen. Yes in theory. You take half the hashrate away block should in theory take longer which would cause the diff to decrease until it found its new happy spot. But then you know how to get everyone to agree on that.
Look at bitcoin and the fight they had on block sizes. May want to see the f you can get every d3 owner just to disconnect 1of the 3 cards in their miner. Which most wont because they want to push forth with roi. Bytecoin BCN Minign on this page. What in the end will make the d3 profitable to usd is a spike in price of dash or miners just shutting off thier d3’s and making them paperweights.
Reducing or getting rid of MNO payout would get us to a result much quicker. Liquidity in DASH would increase and so would people buying up the DASH. Right now its only inflated because of 4,000,000 DASH being held up on MN while miners use their own expenses to generate DASH for them. Would 4,000,000 DASH crash the current price?
Sure, but at least people would buy the dip in DASH afterwards and miners would be incentivized to join the network to be able to mine more DASH. More network hashrate means more dedicated DASH participants, which means more people buying DASH. MN payout IS the increase in DASH (a dollar increase is literally a $1000 difference on their 1000 DASH lock). This would also get rid of the MNO who have ill intentions at keeping it at the high artificial price its currently at and replace them with honest ones that want to invest into the network rather than sit on a shit ton of cash and get a monthly payout that isn't even remotely equivalent to the effect more DASH miners would have. But don't count on MNO's to vote on this - they would literally rather have DASH increase transaction costs and slow up speeds of tx confirmations before giving up their own fat profits. Reducing or getting rid of MNO payout would get us to a result much quicker.
Liquidity in DASH would increase and so would people buying up the DASH. Right now its only inflated because of 4,000,000 DASH being held up on MN while miners use their own expenses to generate DASH for them. Would 4,000,000 DASH crash the current price?
Sure, but at least people would buy the dip in DASH afterwards and miners would be incentivized to join the network to be able to mine more DASH. More network hashrate means more dedicated DASH participants, which means more people buying DASH.
MN payout IS the increase in DASH (a dollar increase is literally a $1000 difference on their 1000 DASH lock). This would also get rid of the MNO who have ill intentions at keeping it at the high artificial price its currently at and replace them with honest ones that want to invest into the network rather than sit on a shit ton of cash and get a monthly payout that isn't even remotely equivalent to the effect more DASH miners would have. But don't count on MNO's to vote on this - they would literally rather have DASH increase transaction costs and slow up speeds of tx confirmations before giving up their own fat profits. Click to expand.I understand what you are saying totally.
The Masternodes definitely have a major role to play in Dash's future. I have faith that they will come together to bring the best possible outcome long term. This massive increase in mining power can be a huge advantage if we can just get the miners to stay profitable. It is a great problem to have too much power in the network and have that capacity to expand.
It is the opposite problem Bitcoin is having actually (right?). The point I'm trying to get to is that every part of this network has a role it can play in the overall success. Long term for every player. You lose one you lose everything. I trust that Masternodes will do what needs to be done and that the miners will show some loyalty to the currency and network they are mining in.
We all need to know our roles in this network and coordinate together. What are the leaders saying? Where is the strategy? Is there one? We need one if there isn't one. There needs to be some leadership. This thread is meant to be a call to those of us that are mining and face the same problem of it becoming unprofitable.
First, we can choose to complain and blame others for the situation we are in (and there might be some merit to the responsibility being on Bitmain and other ASIC companies releasing machines in irresponsible quantity sizes. It is what it is), or we can look at solutions. I believe there are.
There is a way that we the mining community can get involved and be part of the solution. If we mine Dash exclusively (not other Altcoins) and when we receive our portion of the block rewards, we hold them (don't sell for Bitcoin or cash them in). This will cause the value of the coin to increase and as the price of Dash increases, so will the profitability. When we are doing our part in ensuring the health and long term strength of the network, then we can look to asking other components of the network to consider their part in the solution. If Miners stop mining what will happen to the network? I believe that Dash has the potential to go well over $1000, but let's get involved in making this happen. I understand what you are saying totally.
The Masternodes definitely have a major role to play in Dash's future. I have faith that they will come together to bring the best possible outcome long term. This massive increase in mining power can be a huge advantage if we can just get the miners to stay profitable.
It is a great problem to have too much power in the network and have that capacity to expand. It is the opposite problem Bitcoin is having actually (right?). The point I'm trying to get to is that every part of this network has a role it can play in the overall success. Long term for every player.
You lose one you lose everything. I trust that Masternodes will do what needs to be done and that the miners will show some loyalty to the currency and network they are mining in. We all need to know our roles in this network and coordinate together.
What are the leaders saying? Where is the strategy?
Is there one? We need one if there isn't one.
Genesis Mining Litecoin LTC Contract. There needs to be some leadership.