The Bitcoin Cash or BCH is an offshoot of the Bitcoin but with a bigger block size. Bitcoin Cash mining can help you earn profits provided you have the proper mining rig to mine. To mine Bitcoin Cash, you will need to solve cryptographic puzzles; but being complex these demand specialized skills and high-end computers. When miners can solve the puzzles successfully they are given rewards.

Why should you mine the BCH in 2020?

Mining BCH in 2020 offers more advantages compared to mining the Bitcoin. A reason for this is that there is no quadratic hashing problem and this crypto coin has experienced a notable price hike in recent times. To start mining the Bitcoin Cash you will need to select the best mining hardware and software, wallets for storing the crypto coins, and the right mining pool.

Since Bitcoin Cash mining needs more mining power than Bitcoin given that the blocks are bigger, you have to be prepared to spend a fortune on setting up a mining rig. You need a wallet to get started in order to store the rewards. It is best to choose one with private keys on the device it is installed upon. There must be a backup stored on another device kept in a safe location. This will ensure that you can retrieve your coins in case the computer crashes or is stolen.

Should you join a mining pool?

You can mine solo or opt for a mining pool. In a pool, there are multiple miners contributing their respective hash powers to solve a mathematical problem. So, the chances of earning rewards are higher, although payouts may be smaller. Mining solo will give you higher rewards but unless you have an extremely powerful rig you do not stand a chance. To choose a mining pool, you must consider factors like the size of the mining pool, the frequency with which they find blocks, payout structures, pool fees etc.

Things you will need for mining BCH:

  • Besides a digital wallet for storing your crypto coins, you are going to need specialized hardware to mine the Bitcoin Cash. So, you need to invest in exorbitant ASIC miners that are capable of doing the job. These are specialized computers designed for mining. You must consider factors like the miner’s price, hash rate, and power consumption before buying one.
  • You will also need mining software; the more popular ones are the BFGminer and CGMiner. You can find many bitcoin mining software in the market and also bitcoin trading software applications. If you are curious about how bitcoin is traded autonomously, read this latest bitcoin era review for quick reference. When a command line interface is hard for you to follow you may choose Easy Miner. The software choice will depend on the hardware you use for mining; so, you must look for compatible software. When you mine through a pool, they will have dedicated software.

In case you are keen to opt for cloud mining you can save a lot of costs because you do not have to pay for the costly miners. Cloud mining will use shared computing power from various data centers. Cloud mining is a great choice for individuals keen to mine Bitcoin Cash since there is no hassle of maintaining energy-consuming noisy hardware.