Cloud mining can be fun and very profitable sometimes. If you don’t have expensive mining hardware, the only way to own cryptocurrency is to either buy or cloud mine. Not everyone has the luxury of buying cryptocurrency from an exchange, as some countries are restricted from buying. And, even if you find an exchange that supports your country, chances are you will have to submit your government ID and other personal details. Don’t forget the numerous fees you have to pay.
Giving away your personal details to buy a privacy coin like Dash, does not make sense. Cloud mining is one way to obtain cryptocurrency, giving away only little personal information. In this article, we will show you how to cloud mine Dash. Let’s start with the basics.
What is Dash?
Dash is a decentralized cryptocurrency founded in January 2014 by a developer named Evan Duffield. Dash is different from Bitcoin in a few ways. It is private and faster than Bitcoin. Dash only takes 4 seconds to confirm a payment while Bitcoin takes 10 minutes. The transaction fees are significantly lower than Bitcoin. Dash has a voting system to implement important changes, whereas, in Bitcoin, it is difficult to implement change, as it doesn’t have a governance structure.
What is Cloud Mining?
Now you know the basic information on Dash, let’s move on to cloud mining. In simple terms, cloud mining is when you pay someone to rent their mining rigs and their services. Cloud mining involves two parties, the buyer and the host.
Hosts are usually big cooperations with their own mining farms. A mining farm is a facility that is filled with ASICs and mining rigs. These big cooperations provide cloud mining services to people around the world. When you buy a cloud mining contract from them, you are simply renting out one of their mining rigs. Cloud mining services usually charge maintenance fees and various other fees. The mining reward is sent directly to your wallet after deducting all these fees.
Cloud mining is risky, as it requires initial investment from you. The less risky way to cloud mine is to buy hash power directly from rig owners. You can buy hash power from rig owners using various hash power exchanges. If you aren’t familiar with hash power exchanges, this method can be quite difficult for you.
In this article, we will show you how to cloud mine Dash or any other cryptocurrency using both methods. Let’s get started.
How to Cloud Mine Dash
Genesis-Mining is arguably the most well-known cloud mining service. It is based in Hong-Kong and they have mining farms all around the world. With Genesis-Mining, you can choose any of their cloud mining plans or customize your own plan. Dash is one of their supported coins.
Dash uses X11 algorithm, so, to cloud mine Dash, you must choose one of their X11 plans. Genesis-Mining makes it incredibly easy for anyone to start cloud mining. There are no software or hardware configurations needed when you cloud mine Dash with Genesis-Mining. Everything is done for you. All you have to do is set up your wallet address and minimum payout threshold.
The only negative aspect of Genesis-Mining, compared to other cloud mining services is its cost. They have quite high maintenance fees. This fee is deducted from your daily mining reward.
Eobot is one of the cheapest ways to cloud mine. It is the oldest cloud mining service on the market. What is interesting about Eobot is that it operates a bit different from other cloud mining services. As of now, with Eobot, you can only buy SHA-256 contracts. But, you can accumulate any of the supported cryptocurrencies on the site.
You are essentially mining Bitcoin, and the earnings are automatically converted to the coin of your choosing. They have 10-year contracts as well as 24-hour contracts. To mine Dash, all you have to do is buy one of their contracts and select Dash as the coin to mine. Just like Genesis-Mining, there are no software or hardware configurations needed to start cloud mining. This makes it incredibly easy for beginners to start cloud mining.
Cloud mining Dash with MiningRigRentals is not as straightforward as Genesis-Mining. This is mainly because MiningRigRentals is a hash power exchange. This is where you can buy hash power directly from rig owners. Buying hash power from rig owners has significant advantages over just striking a deal with a cloud mining company. The main advantage being, you get to mine any coin that uses a certain algorithm.
So, if you want to cloud mine Dash, you must buy hash power in X11 algorithm. Then, you must find a Dash pool to mine in. Poolin is one of the best Dash pools right now. What you are essentially doing is, renting hash power from MiningRigRentals and allocating that hash power to a Dash pool. The payout is sent to your Dash wallet by the pool.
Renting hash power and allocating that power to a pool can be quite confusing if you aren’t familiar with the process. Check out this video tutorial to learn everything you need to know about renting hash power from MiningRigRentals:
What is great about MiningRigRentals is, there is no minimum order. You can even rent a rig for 36 seconds. The minimum withdrawal amount is very low as well. Payouts are sent every 15 minutes. So, if you want to cloud mine Dash or any other cryptocurrency with a little amount of money, MiningRigRentals is the best place.
Nicehash is another hash power exchange similar to MiningRigRentals. It was founded in April 2014 and has been providing services for investors, miners, and buyers. As of now, this hash power exchange supports over 40+ algorithms. With its large customer base, Nicehash has gained the trust of thousands of users.
At Nicehash, you can choose between the US or EU marketplaces. To cloud mine Dash, all you have to do is, select X11 as your algorithm, enter the amount of hash power you want to buy, verify pool details with pool verifier and place orders.
Check out this video tutorial to help you get started:
What is interesting about Nicehash is, they have two types of orders. Fixed orders and standard orders. Fixed orders to get constant hash rate during the orders lifetime and standard orders to bid as low as possible.
In terms of fees, Nicehash is noticeably costly. You can check out there complete fee structure here.
To cloud mine Dash, you can either strike a deal with a cloud mining company or rent hash power directly from rig owners. Above mentioned services are some of the best places to cloud mine Dash or other cryptocurrencies. An interesting question is, is it more profitable to mine or buy cryptocurrency. Check out our article here.