The developers of DigiByte promise a combination of the advantages of Bitcoin and other cryptocurrencies with blockchain technology without their disadvantages. The platform was launched in 2013. It was the peak year for the development of cryptocurrency assets. The idea was also standard – an independent environment with a guarantee of payment privacy. The network is characterized by high speed (more than 1,000 operations per second), and a new block is added in 15 seconds. This makes DigiByte mining a potentially attractive venture.
Like the Bitcoin network, DigiByte uses the PoW consensus to validate the block. The difference is that DigiByte uses multiple hashing algorithms:
This opens up a wide range of mining opportunities. There is also no ban on the use of specialized equipment, so mining with traditional CPUs and even powerful GPUs is completely irrelevant. However, this is true when it comes to mining an asset alone but if you attach a GPU-based machine to a mining pool, the chances of success are other than zero and in a positive direction.
Of course, if you’re serious about profitable DGB mining, you should consider mining machines based on dedicated hardware, FPGAs, and ASICs. Many users have high hopes for the introduction of the ProgPoW protocol, which will potentially make mining with GPU great again.
DigiByte Miner Starter Pack
The minimum required kit to start a successful DigiByte miner’s career includes:
- mining software;
- mining hardware;
- wallet, where the reward for adding a block will go.
Stable and sufficiently fast Internet access is also an important prerequisite.
Here are a few options for ready-to-use mining solutions, indicating the basic equipment and protocol used:
- Bitmain — Antminer S9i (SHA-256, ASIC);
- GTX 1080 Ti (Skein, GPU);
- BlackMiner F1Mini (Skein, FPGA);
- Bitmain Antminer L3++ (Scrypt, ASIC).
DGB Mining in the Cloud
The main obstacle to starting mining cryptocurrency and DigiByte, in particular, is the high cost of hardware, which is needed to validate the block. The price of a hard drive, with which you can count on success, is tens of thousands of dollars. If such an investment is not in your plans, a good option is cloud mining. The entire task is performed by remote equipment owned by the provider. You just buy the time of hardware operation.
This payment is a disadvantage – you have to pay, regardless of the success of the mining. In addition, the owner of the equipment can “rotate” your funds, with or without your knowledge.
Mining Alone or in a Pool
If neither mining on your own nor cloud mining suits you for one reason or another, mining DigiByte as part of a mining pool can be a good option. Of course, the reward will have to be shared (the reward is distributed in proportion to the power of the equipment), and the withdrawal of funds may be subject to a fee. However, the pool is the right option if you expect a more modest but regular profit.
When choosing a pool, you should consider the protocol, however, taking into account that DigiByte supports many algorithms, this should not be a problem. You can, of course, try to mine alone but it will be extremely difficult to compete with mining pools.
How much can I get from DigiByte?
Considering that the DGB exchange rate is relatively low, the reward for an added block is 629.32 coins. If you mine alone, you can take all the rewards for yourself but in the pool, you will have to share with other participants according to their contribution to the total computing power of the pool. It all depends on the amount of money that you are willing to invest initially to make a profit in the future. You can calculate your prospects by using a mining calculator.
How many DGB can I mine?
The maximum number of DigiByte coins cannot exceed 21 billion units. At the moment there are 15 billion coins in circulation, according to estimates, the maximum will be reached by 2035.
Can I mine DigiByte on my home computer?
In theory, there are no obstacles to this. However, when it comes to practice, it is not even possible to recoup the spent electricity without the use of specialized equipment.
What is the volume of production per day?
The answer to this question depends on a number of factors, the key one is the equipment involved. For example, the Antminer mining machine based on an application-specific integrated circuit can be expected to mine one unit of DGB in 2.5 days.