Verge is one of the largest cryptocurrencies in the market and it is one of those digital assets that can be mined. But how to mine Verge coin? Verge mining could be a profitable activity if done and conducted properly. But how to mine Verge (XVG)?
The next sections will be dedicated to how Verge Mining software works, the best Verge mining pools available and how to start mining Verge coin. There are different ways in which you can do Verge mining. We will get into the details, mining pools and more throughout this article.
What is Verge (XVG) Coin?
Verge (XVG) is one of the most recognized virtual currencies in the crypto space. The main goal is to offer users anonymous transactions making it possible to protect users’ identities when sending and receiving digital currencies.
Nowadays, when we send a Bitcoin (BTC) transaction, we know the information about the sender and the receiver are publicly visible on the blockchain. That means that it is possible to easily share private data with third parties. It is also possible to find information about the IP addresses of users transacting using blockchain networks.
This is why Verge was created, to protect users’ information and data when sending and receiving digital currencies. Although in the past Verge was known as DogeCoinDark, it was rebranded to Verge in 2016.
Basically, Verge works by obfuscating the IP addresses of the participants. Thus, this makes it possible for individuals to avoid being linked to specific transactions, wallets or funds moved on the blockchain. Thanks to the expansion of Verge, other virtual currencies tried offering similar solutions to protect users’ privacy.
In order for Verge to work, they use TOR and I2P networks to reduce the information shared with third parties that control information on the blockchain. This is a different approach compared to other blockchain networks that prefer to use cryptography to reduce the information shared.
Currently, XVG is among the largest virtual currencies in the world with a price per coin of $0.0259 and a market valuation of $426 million. Although it was in the past one of the top 100 virtual currencies, it is now the 178th largest in the world, according to CoinGecko.
Finally, Verge mining is also a very important topic to discuss as this is one of the digital assets that can be mined. Thus, there are some things we should take into consideration about this virtual currency.
What is Cryptocurrency Mining?
Cryptocurrency mining is one of the most common economic activities in the cryptocurrency market. Thanks to crypto mining a wide range of blockchain networks is now protected by real work. For example, Bitcoin (BTC), the most valuable cryptocurrency in the world, is now the largest digital asset being mined by miners located around the world.
Digital currencies that can be mined follow a consensus algorithm called Proof-of-Work (PoW) that allows the network to be protected and to run in a decentralized way. By solving complicated cryptographic equations using specialized hardware, it is possible for networks to be secured.
Those individuals and companies involved in cryptocurrency mining would be rewarded for the work they do. That means that they would receive coins in exchange for the processing power they share with the whole network. The larger the processing power and the hashes processed, the larger the reward would be.
Thus, Verge mining became a very popular crypto activity that is rewarding users for protecting the network. This is the same for digital assets, however, each of them requires different mining hardware and equipment. It would not be the same to mine Bitcoin, Litecoin or Verge. This is because each of these digital currencies has a different hashing algorithm in place.
Cryptocurrency mining has been heavily criticized by mainstream media due to the large energy consumption that it requires. It is expensive and it is not easy to do for people that are not prepared to afford the costs or the volatility. Thus, it is certainly necessary to do a very clear analysis before starting any crypto mining plan.
Verge Mining Explained
Now that we know what Verge is and how cryptocurrency mining works, let’s focus on Verge mining. Verge mining is one of the ways in which users can engage with the Verge network. It is possible to protect the network and earn rewards thanks to using different mining equipment, pools and strategies.
At the moment, Verge is using multi-algorithm mining support, making it possible for individuals using different types of mining equipment to start mining XVG. This is a different approach compared to other large digital assets such as Bitcoin or Litecoin that have specialized hardware just to mine these virtual currencies.
Verge mining is then more decentralized and more secure thanks to its decentralization and the possibilities offered to users from all over the world. Moreover, considering that more people are able to mine Verge than Bitcoin, it is also possible to get a fairer distribution of coins among Verge mining investors.
At the moment, Verge supports different hashing algorithms, including Scrypt, X17, Lyra2rev2 and others. As explained above, this makes it possible for users to use different hardware devices to start engaging with the Verge community and network.
Rather than focusing on ASIC miners as Bitcoin or Litecoin did, Verge seems to focus on decentralization. They want to offer the possibility to as many users as possible to join the network and process transactions. This is different from what Bitcoin does, which tries to focus on security but also in decentralization thanks to the wide availability of nodes.
One of the positive things about Verge is that users can start Verge mining using their CPU. This is possible thanks to the way in which the team behind XVG designed this blockchain network. However, this might not be the most profitable way to mine Verge and to make large amounts of money in the cryptocurrency market.
Nowadays, there are other types of mining solutions that are more efficient and that would let users have larger rewards for their activities.
How to Mine Verge Coin?
So the question about Verge mining is: how to mine Verge coin? And this brings us to different possibilities depending on a wide range of factors. The first thing you should do is searching for suitable hardware to start mining your XVG tokens.
Users have a wide range of options in the market such as Antminer L7, Goldshell LT5 Pro, Innosilicon A6+ or Goldshell LT5, among others. These devices work in different ways and would have different profitability, but we will talk about it in the next section.
Now that you have purchased and selected the device you want to use to mine Verge, you should have access to a Verge wallet address. This would be necessary to receive the XVG you will be rewarded and also to monitor the way in which your mining activities are being performed.
It is worth taking into consideration that you will also have to use a mining pool. Mining pools make it possible for you to add your hashing power with other miners and together get the reward of the network. Nowadays, it is very difficult to do solo mining, as it would be very expensive and difficult for newcomers to the ecosystem.
You should also prepare mining software that would let you control your mining information. Without it, it would become much more difficult for you to check your stats and how the network operates. Depending on the mining algorithm and the software used you will have different ways to configure your mining software.
If your machines are already set up and all the things that you need to mine have already been set up, then you can get connected to the mining pool and start protecting the Verge network thanks to your mining activities.
Verge Mining Profitability
Profitability is a very important topic when it comes to cryptocurrency mining. Why? Because this would decide whether you are making money or not with your Verge mining rigs. There are many things that you should take into consideration when you start a Verge mining investment.
Some of these things include the Verge mining hardware you have purchased, the energy prices that you are currently paying, the cooling systems that you have in place and many other things. You should also follow Verge’s price as this would also play an important role in defining your mining profitability. If you are using a mining pool, you will also have to pay close attention to the pool fee, which is usually close to 2% or 3%.
As a Verge mining expert, you should also search for the most efficient mining rig possible. That means that you should find mining rigs that would let you mine more XVG (produce a larger hash rate) at a lower electricity cost. If you live in a country where energy prices are very high, then you should consider investing in renewable energies and start powering your Verge mining. Nonetheless, mining investors tend to search for larger coins to mine.
When analysing your Verge mining profitability you should also take into account whether the same mining equipment used to mine other virtual currency would give you larger returns in the short and long term. This is why you should carefully analyse the mining possibilities you have in the market.
The cryptocurrency space has several digital currencies available. Thus, there are different possibilities that the market is offering, and this is something that you should definitely analyse before making a decision on whether to start Verge mining.
If you want to calculate whether you will be profitable with your Verge mining rig, there are some platforms that would let you analyse the profitability of your installation. This would also be very important if you are making investment plans that involve Verge mining.
These pages would request information about your Verge mining hash rate in MH/s (usually this is the standard). You would also have to provide data about your power consumption in Watts and the electricity costs. Finally, you should also add the pool fee or additional maintenance fees that could apply to your mining equipment.
How to Store Verge?
As we previously mentioned in the post, you would also need a blockchain wallet to store your funds. Usually, you can store your Verge coins in a software wallet that would be linked to your mining equipment and would let you handle your funds in a fast and easy way.
There is a large number of cryptocurrency wallets available in the market that would let you store Verge and protect your funds. Usually, long-term holders use a hardware wallet. If you do not find any hardware wallet in your region, there are other options you can also find to store your XVG digital currency.
Hardware wallets are usually the best ways to store your Verge coins as they are the safest in terms of how they store your private keys. Software wallets keep the information about your wallet on your smartphone or computer. If these devices get hacked, then the funds you got from Verge mining could be in danger.
The best thing you can do is to invest in a hardware wallet that would let you store your XVG digital currencies for long periods of time.
Final Words on Verge Mining
Verge is one of the many cryptocurrencies available around the world that can be used to mine. Users can start earning rewards if they decide to engage in XVG mining activities. Depending on your profitability you will be earning more or fewer XVG coins.
The set-up for your mining rigs is very important because it would eventually have an impact on your profits. The better you set it up and you analyse the costs you have, the larger are the possibilities of being profitable while Verge mining.
Finally, this would let you participate in a blockchain network that is constantly growing and that could have an impact on the future of the cryptocurrency market.