Bitcoin Satoshi Vision was formed as a result of a hard fork from Bitcoin Cash, which took place in November 2018. If you believe in the future of this new altcoin, learn how to mine this digital currency in this brief guide.
What Is Bitcoin Satoshi Vision?
Bitcoin Satoshi Vision (BSV) is a digital currency, which was created toward the end of 2018 following a dispute within the Bitcoin Cash (BCH) community. A subset of the BCH community decided to split as a result of disagreements over the future of the protocol.
Named Bitcoin SV, the digital currency aimed to restore the specifications initially detailed by Bitcoin’s pseudonymous creator(s) Satoshi Nakamoto. The SV in the cryptocurrency’s name stands for Satoshi Vision, in an allusion to their intended end goal.
How to Mine BSV
Bitcoin Satoshi Vision utilizes the SHA-256 algorithm, which is the same algorithm that is employed in the Bitcoin network. As a result of the high number of people participating in these networks, it is no longer possible to gainfully participate in them as a miner with only a CPU or a GPU.
Hence, to begin mining, you must first purchase an ASIC (application-specific integrated circuit). ASICs are specialized machines designed to optimize the mining experience with the end result being to increase mining revenues. Given the electricity and mining pool costs, it does not make sense to mine SHA-256 coins, such as BSV, without an ASIC as this will definitely lead to overall losses. You can find a list of best ASIC mining rigs here.
Once you have decided on the ASIC that best suits your needs and specific circumstances (such as electricity costs in your area and the temperature in your region) and have purchased it, you are ready to begin mining BSV.
Plug the device in and follow the setup instructions as provided by the manufacturer. For most ASIC devices, this is a fairly straightforward procedure, carefully detailed by the manufacturer in easy-to-understand terms.
Joining a Mining Pool
Once you have set up your ASIC, it is imperative to join a mining pool. Mining pools help miners to better their chances of winning a block reward as it combines the computing power of all the devices connected to the pool. The best mining pool for Bitcoin SV is the SVPool.
Once you have registered and created an account on SV pool. You must now configure your account and set up your ASIC miners to be connected to the pool. Log in to your account and navigate to the dashboard. Click the ‘Create Worker Group’ button to configure your ASIC devices. Insert the name of your device. Set your server settings to those below.
To finish the process, you must then insert your wallet address in the space provided in the worker group section. Once you have done this and saved your details, you are now mining BSV.
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