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Is Zcash worth mining? The answer is a resounding ‘Yes!’, and in this post we’re going to explain why.
MinerGate suggests you an easy technique which you can use to know whether you should or should not mine ZEC. By using a small checklist at the end of this piece you’ll be able to determine how to get ~5,7 of ROI.
Before we plow forward, you need to know some basic information about this cryptocurrency. The emission capacity of Zcash is 21 million coins, new blocks with the size of 2 Mb are being created every 2.5 minutes. The block reward initially was set to 12.5 ZEC which has been reduced to 10.00326619 ZEC due to so-called “rewarding of founders” project. Check the latest ZCash block and you’ll see it yourself.
Thus with a block time of 2.5 minutes and 1440 minutes per day (24hrs/day x 60min/hr), 576 blocks are solved per day. First of all, we need to check the world ZEC hashrate which is currently 2,300 mSol/s.
Use the first formula to determine the amount of hashing power needed to mine 1 block per day:
2,300 mSol/s : 576 block/day = 3.993055556 mSol/s
1 block reward is 10.00326619 ZEC which converted to Bitcoin will be 0,1583418 BTC.
In case you don’t own any personal mining hardware, you can buy hashing power from NiceHash. We’ve posted a tutorial on how to put an order on NiceHash recently and that can be very helpful.
So we’re moving to NiceHash Market Place and examining the price. In our case, it is 0,0375 BTC for 1 mSol.
3,993055556 mSol/s * 0,0375 BTC = 0,1497395833 BTC
So the investment amount is 0,1497395833 BTC. And here we need to talk about covering the expenses, which will be the final step of the calculation:
0,1583418 BTC – 0,1497395833 BTC = 0,008602216667 BTC
– the amount of profit you’ll get per day. Which means that ROI will be 5,744784696 %.
Briefly speaking, using this technique you can cover your mining expenses as ZCash mining can still bring you a decent reward for performing calculations.
Since Zcash can be easily traded for BTC, it may also help you build up a well-established position in Bitcoin. Further on, you can quickly change BTC to fiat currencies.
Blocks are solved per day (Х) 576
1 ZEC price (Z) ____ BTC
World Hashrate (Y) ____ mSol/s
1 mSol on NiceHash (O) ____ BTC
The amount of hashing power needed to mine 1 block per day Y:X
The reward for 1 block Z*10.00326619
Investment amount (Y:X)*O
Profit (Z*10.00326619) – ((Y:X)*O)