Everything to know about Zilliqa Mining

Everything to know about Zilliqa Mining

Introduction

Zilliqa, a blockchain-based company with its native coin ZIL, began its journey in the year 2017. Zilliqa was formed with a vision to be the first public blockchain platform that would support 1000+ crypto transactions every second. Amrit Kumar, Prateek Saxena, Jia Yaoqi, and Max Kantelia are the founding members of this unique blockchain platform who integrated Sharding to help achieve the vision. Sharding is a process that helps in breaking the long trail of the chain into smaller portions where each portion is known as a shard. This system allows the easy transfer of data ensuring higher scalability. Currently, Zilliqa has surpassed its original goal and now processes 2,828 transactions per second. 

Zilliqa is priced at $0.1303 as of today, with a market capitalization of 1,249,069,610. According to crypto analysts, Zilliqa Price Prediction looks like it will touch the $0.756 mark by 2025. However, crypto enthusiasts stand divided on their opinion on the price projections. Another business insider suggests that it has the potential to touch $4.5 value by 2026 and find a place in the top 35 cryptocurrencies globally.

Zilliqa Coin Mining Basics

Zilliqa offers incredible profit avenues, and hence many are turning to mine ZIL coins. An application-specific integrated circuit (ASIC) is a machine specifically designed to carry out the complex function of mining digital currencies. Most miners choose to work in a mining pool, which means that a team of miners share the mining resources to increase the chances of mining more coins. And Zilliqa offers its own ZIL Farm pool, ensuring privacy, precise computation of hashes, and robust servers. This pool depends upon a common consensus that supports 30 ZIL per share.

The eco-friendly model of mining the ZIL coins discourages the usual Proof of Work (PoW) function from being applied to each step of the way; instead, it follows a consensus system to verify network nodes. So what makes Zilliqa highly scalable is that Zilliqa introduces new blocks to its ecosystem from time to time. Apart from its unique PoW process, it also follows dual mining, which means that two different digital currencies, including ZIL, can be mined simultaneously. Miners have an opportunity to mine Zilliqa coins for one minute out of every 60-120 minutes of total time dedicated to the mining process. Since Zilliqa mining supports dual mining, it ensures effectiveness in mining both digital currencies.

Zilliqa incentivizes the mining process by offering 25% of the incentives for the node authentication process and other 75% incentives for validation of signatures. Miners also have to consider the DAG Epoch, a measure of the difficulty level of mining Ethereum. The process of mining gets complicated with time because as more cryptocurrencies are mined, more miners participate.

Wallet, Hardware, and Software for Zilliqa Mining

Wallet

ZIL coin transactions are carried out through cryptocurrency wallets that store public and private keys that allow users to buy and sell digital assets. The users can choose from several types of wallets like hardware, desktop, mobile, online, and paper wallets. Mobile and desktop versions are commonly used wallets, the former enables payments on the go, and the latter has to be installed on the desktop, ensuring security. Hardware acts similar to cold wallets and can be used via USB to carry out transactions and hence the most secure wallet of all. In contrast, online wallets are stored on a third-party server. Public and private keys are printed on paper wallets and can be physically carried.

Hardware

The mining process of Zilliqa is supported with robust hardware components and other supporting aspects containing 64-bit OS, Intel process 5+, 4GB Ram, video card with 2GB memory, and uninterrupted internet connectivity. Innosilicon A10 hardware is recommended for an efficient mining process that looks similar to the CPU and has two cooling fans, necessary connectors, buttons, and motherboards. Pairing it with a Zilliqa mining calculator is equally important. So it is advisable to consider the cost of electricity, calculator, and hardware during the budgeting process. 

Software

Two aspects to remember while shortlisting software is that one software will be directed towards the mining process while the other one will be dedicated to pooling. Many software applications are available for mining ZIL like Zilliqa Client, ZILMiner. And these Zilliqa software applications are compatible with Linux, Ubuntu, and Windows operating systems. Users who choose to pool over individual mining can opt from a wide range of pooling software like Rustpool, Shardpool, etc.

Conclusion

Zilliqa’s sharding process is the driving force behind the ZIL coin mining because it delivers scalability supporting the rising number of miners in its ecosystem. Dual mining and consensus mechanism eliminates the heavy power consumption and hence offers cost-effective and eco-friendly infrastructure. Unlike blockchain that supports bitcoin, this one does not consume a high level of power and is popular among the crypto miner community. Secondly, Zilliqa Price Prediction looks positive as analysts suggest it will rise by 60% in a short time.

Leave a Reply

Your email address will not be published. Required fields are marked *

About CryptoInvoke

CryptoInvoke strives to report the latest news on the ever-evolving crypto and blockchain industry by adhering to its high journalistic standards and editorial policies. It has an expert team of reporters, news editors, photographers, and videographers who work dedicatedly to keep growing and improving its standards.

Email: contact@cryptoinvoke.com

Recent Tweet