Let’s assume you buying Bitmain Antminer D7. So, how does Bitmain Antminer D7 work?
The miners work the same way a Bitcoin transaction would be verified, individuals compete to complete a set of calculations to legitimize and store the transaction in the blockchain and are rewarded when successful. Masternodes operate a little differently and are built on one of Dash’s primary focuses, instant transactions.
Please read on for more detailed information.
What Coins Can You Mine With the D7?
The D7 uses the X11 mining algorithm, which is most famous for the DASH coin, but miners can also take other cryptocurrencies like Hatch, Smartcoin, Onix, or Pura. Although DASH has had a volatile trajectory over the last few years, it has seen a 7% increase in the market today and is currently trading at a fair $206 (USD) per coin. Dash is by far the most profitable cryptocurrency to mine with the D7. Dash reached its peak price of over $1500 (USD) two years ago, and a return to that level would be extremely profitable for the D7. The most potent and effective X11 ASIC miner available today is the Antminer D7 due to its hashrate and power needs.
What is X11 Algorithm?
The X11 algorithm—a Proof of Work hash function—was developed by Evan Duffield. He is the primary developer of Dash (previously Darkcoin), the first cryptocurrency to employ the X11 hashing algorithm. The development of this algorithm has as its main objective to avoid ASIC miners.
The ecosystem of cryptocurrency mining is always seen as being threatened by ASIC miners, so why stop them? They are the main cause of the concentration of hashing power.
ASICs (Application Specific Integrated Circuits), which are powerful and resource-intensive, are designed solely to mine a specific algorithm effectively. Regular GPU and CPU users have a competitive disadvantage in receiving block rewards because they are faster. As a result, cryptocurrency mining will be less common.
Following the adoption of SHA-256 (for Bitcoin) and Scrypt (for Litecoin) ASICs, X11 was introduced in the beginning of 2014 to offer a more sustainable mining ecosystem for CPU & GPU miners.
X11 was developed as a defense against ASICs. Because it combines 11 different hashing algorithms to work, it is called X11 rather than Bitcoin’s more straightforward SHA-256.
Will I Still Be Able to Make a Profit With the D7?
If you purchase the cheapest BT-miner for $10,900, it will take you two years to break even at the current Dash price. The value of Dash could double or even triple in the upcoming months, though cryptocurrency has a way of acting like cryptocurrency. It’s very difficult to predict whether it will drop by 50% or remain constant.
Conclusion
You might feel as though you missed the window for the Dash miner D7. I mean, I’m sure envious of anyone who pre-ordered this device before the price increased, but I’m also envious of all the people who bought Bitcoin or Ethereum at a low price years ago and are now luxuriating in wealth. However, we don’t need to feel envious because, if things keep going as they are, it’s still possible to join in on the fun. There is still time to purchase an ASIC miner like the D7 and enter the cryptocurrency mining market.
