Verge coin at the moment is certainly one of the easiest cryptocurrency coins to mine. It can be donewith just any GPU. This fact makes Verge a beginner friendly coin, so anyone has a chance to try & learn more about this new phenomenon of cryptos without a need to spend thousands of dollars on new mining equipment.
The easiest way (not the most profitable) is to just turn on your computer, download a crypto wallet to store your coins and a miner software.
There are several different options of Verge wallets you can pick from. You can simply get one by going to Verge’s official website and download it straight from there. Speaking of software miners, CCMiner is most likely the best choice for any inexperienced miner. CCMiner is quite easy to set up and runs on Windows, even Linux, therefore it’s definitely worth giving a shot.
The next, and last, step is to connect your software miner with a mining pool,so you can employ some computing power of your device for mining purposes. In exchange for that you will receive a payment in Verge coin, paid directly to the wallet you have set. The payments are dealt according to the share of computing power you have supplied into the mining-pool.
Verge (XVG) is offering five different algorithms for mining.
They are:
- blake2s
- myr-groestl
- Lyra2rev2
- Scrypt
- X17
Five different algorithms encourage inclusion and a wider range of users have an opportunity to mine & influence the network. Once an algorithm requires greater mining resources, users can just easily switch to a different algorithm.
Proof-of-Work (PoW)
The proof-of-work system/protocol which is used by Verge, was first used in the mid-1990's for fighting spam emails. The idea never found a truly useful cause until 2009 when bitcoin was created. Bitcoin itself utilizes this protocol in its transaction blockchain and thanks to this we can witness the growth in bitcoin mining.
The base idea of this lies in a challenge and proof (or response). The challenge is a transaction, which is a specific cryptographic puzzle. The proof is that a miners computer cracks the puzzle, so the transaction goes through. And that is proof of the miners' work and him providing his hardware for the validation of transactions. The more hash power a miner can provide for validating transactions, the bigger his Verge reward for the service is.
The problem with PoW is that mining has become so large that miners are investing into giant A.S.I.C. hardware which is highly energy consuming. Many mining farms are built around the globe as bitcoin has risen in value.
FAQ
The Verge block is mined every ASIC. But this block is then divided between all miners. How long does it take to mine 1 block of Verge for yourself depends on your hash rate, which is basically how powerful your mining setup is. For mining Verge you will get the best results with using asic.
It is difficult to say how much does it cost to mine 1 block of Verge because it depends on the price of your electricity. But in general, if you want to be profitable, you have to invest in specialized mining setups called ASIC. They are created for mining cryptocurrencies, and because of that, they have perfect parameters for this job together with high efficiency.
Although it is entirely possible to mine Verge on your computer, you should consider investing in the ASIC mining setup if you are serious about cryptocurrency mining. Actually, the best way how to mine Verge is the asic. Anyway, if you really want to go with the computer way, try to join some miner pool.
In the beginning, you can try mining Verge at home with your computer. Once you get more experienced in mining, you can invest in asic. That is the best way how to mine Verge. But make sure to check mining profitability charts, so you are not just burning money.
Mining Verge on Android is straightforward. All you need to do is install an application called MinerGate. After you have installed it from Google Play Store, create an account, and you are ready to mine Verge on your Android.
Unfortunately, it's not possible to mine Verge on iPhone. Apple restricts it because mining caused damage to hardware. All the applications that were mining Verge drained battery generated excessive heat, or put unnecessary strain on device resources, what is the reason it's now forbidden.
If you want to be a serious Verge miner, the first step you should do is join a miner pool. They will help you with your setup and guide you in the beginnings. Then it would be best if you bought, of course, some asic to get as much value as possible.
It's complicated to say how profitable is Verge mining because it varies person from person. It depends on many variables like the cost of electricity, cost of a mining setup, taxes, etc. The best way you can do is to check the Verge profitability charts. They will tell you how profitable is Verge mining in your location.
A Verge miner is just a computer. The main criterium you should look for is efficiency compared to electricity cost. Anyway, it's usually better to buy specialized, professional miners called ASIC. Or you can use asic, which is the best way how to mine Verge.
The best way to start with Verge is to start from the beginning - that means mining. This way, you get your hands dirty and get some super relevant experience with this cryptocurrency. For mining Verge, we recommend asic as the best way how to mine.
