DASH Cryptocurrency Review – Dash is more elastic and ready to use

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What Is Dash? Introduction to DASH Cryptocurrency And DashPay

What Is Dash?

Dash is an open-source cryptocurrency and decentralized autonomous organization that forked from Litecoin. It aims to overcome Bitcoin’s shortfalls in governance, consensus, and speed. As a payment system, Dash is expanding its presence in Latin America, hoping to resolve payment and remittance issues from Mexico to Brazil.

Dash touts itself as self-governing, self-funding, and the fastest growing platform. It’s not necessarily wrong on any of these counts. Although not fully unique, Dash is a solid project that forged a lot of solid partnerships.

Introduction To Dash

Nodes must own 1000 DASH, have a static IP, and meet minimum system requirements of CPU, RAM, available disk space, and network bandwidth to become masternodes, which govern the network. It underwent several rebrandings before landing on DashPay, which launched in January 2020 in Phoenix, AZ by Evan Duffield.

Actually, we should say Xcoin was created in January 2020 by Duffield, before several rebrandings of this altcoin occurred (including Darkcoin) to make it the DashPay we know today. Dash is (and is also a portmanteau of) digital cash, and it’s also a decentralized autonomous organization (DAO), meaning it’s governed and maintained by its users with no central authority.

Dash’s DAO funded over $33 million worth of Dash to projects ranging from Arizona State University’s (where I went to college, by the way) Blockchain Research Laboratory , cannabis payment platform Alt Thirty Six , and the country of Venezuela .

It’s not just name-dropping investors and partners either – already, the Dash DAO approved a 30 Dash payment to sequence a cannabis genome and publish it on the blockchain to bypass the traditional scientific publishing market. Dash DAO is also gearing up to launch a venture fund in the next year.

And on a performance level, it’s already confirmed 591,166 transactions in a 24-hour period , over 100,000 more than Bitcoin’s December 2020 high.

Dash has aggressive expansion plans that include gaming, Mexico, and credit cards. If it can achieve even half of what it’s setting out to do, it’ll remain a dominant cryptocurrency into the foreseeable future. Before explaining why, let’s review DashPay’s DASH coin performance on the crypto market.

Breakdown of DASH Token

There’s a total supply of 18,900,000 DASH. The peak price of DASH was $1,541.99, which occurred on December 20,2020.

Dash is mined using a modified Proof-of-Work (PoW) system that combines 11 of the most secure cryptographic techniques through Conjoin mixing to encrypt, anonymize, and privatize transactions. This makes it a competitor for privacy coins like Komodo , ZCash , Monero , and Verge .

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In PoW mining, DASH is rewarded to nodes that verify transactions, and both mining and masternode pools are available . In addition, DASH is paid as a fee to Masternodes to process smart-contract transactions on the Dash blockchain. A stake of 1000 DASH is necessary to become a Dash Masternode.

Block rewards are split between Masternodes (45 percent), Miners (45 percent), and Treasury (10 percent). The Treasury uses these funds for future development projects and to help fund the DAO’s investments as necessary. The full 19 million cap won’t be reached until the year 2300.

DASH is tradeable on most major markets , including ZB.com, YoBit, HitBTC, Huobi, Binanc, Exrates, and many more. Its trading pairs include BTC, USDT, ETH, BCH, and other crypto and fiat currencies on some exchanges. Over $200 million in DASH is traded every day.

Dash is open-source, with its own blockchain and support for desktop, mobile, hardware, and paper wallets .

In addition, like Bitcoin and Litecoin, DASH is actually a spendable currency (a rarity in crypto), with more retailers accepting it as payment every day.

Unclogging Bitcoin’s Blockchain

The key to Dash’s technical success success lies in Masternodes. Bitcoin was left open-ended, which led to ASIC mining company Bitmain owning 40 percent of the network’s mining stake. The 4,719 Masternodes processing Dash’s full blockchain retain verification and validation power.

This greatly reduces the number of nodes needed to process network transactions. It also maintains a power circle of trust among Masternodes, which must maintain at least 1000 DASH to participate.

Transaction fees are much lower than Bitcoin or Ethereum’s, and, unlike privacy coins like Komodo, Dash Core Group founder Duffield, CEO Ryan Taylor, CTO Andy Freer, and other members of the team don’t mind revealing themselves to the public.

It also preserved the Dash DAO through six Irrevocable Trust protectors selected by the project’s 5000 Masternodes.

As pointed out by Leigh Cuena at Coindesk, even if Dash fails, its focus on emerging economies in Africa, South America, and around the world will leave a lasting impact.

Venezuela became the second biggest market for Dash among volatile pricing of its own currency. The country saw a 1,000,000 percent rise in inflation in 2020, leaving many short of being able to even afford groceries. Merchant acceptance in the country is on the rise too.

Activists, academics, entrepreneurs – these are the people Dash is helping, and it’s a model for what blockchain projects should aspire to be. The project continues drawing investments and partnerships from companies looking to do good for the community.

Building a Crypto Retail Ecosystem

We’ve also covered Dash in-depth in our Crypto Briefing Digital Asset Report, which I highly recommend reading if you’re interested in the project’s nuts and bolts. What I’m going to cover is how Dash is penetrating the market to gain merchant acceptance.

Have you ever walked into a bar or restaurant without your wallet and tried using your phone to pay?

It isn’t easy (at least not where I live in Tucson, just south of Dash’s hometown of Phoenix on I-10). But Dash seems to have figured out a magic formula.

It’s accepted at over 3000 merchants and even has a presence in the cannabis space through Alt Thirty Six and its blockchain-based point-of-sale system. This means Dash is gaining merchant acceptance by creating viable platforms for the merchants to use. It’s a strategic move that will give Dash staying power in years to come.

And Alt Thirty Six is growing itself; the cannabis startup raised $10 million in an April 2020 Series A round.

We’ve covered a bit before about how retail is starting to depend more on both cryptocurrency as a payment and blockchain as a technology, despite pricing fears of volatile pricing. In fact, retail is an important end-point in the supply chain, and integrating into the retail PoS is a big win for any technology project, much less a blockchain-focused one.

In fact, prior to Crypto Briefing, I spent several years contributing research and articles to CardFellow in regards to retail POS and payment solutions. It’s a big business, with the retail terminal market alone being worth an estimated $116.06 billion by 2025.

By capturing this market with the Dash blockchain, the DASH cryptocurrency is an easy add-on.

Funding More Sensible Projects

Aside from research, the Dash team has a nose for finances too. It partnered with FanDuel to host a Crypto Cup tournament allowing players to pay a $3 entry fee for a basketball fantasy cup tournament with a 15 DASH prize.

Dash expanded its reach by partnering with retail sampling company WisePass. A partnership with PolisPay makes DASH usable with a MasterCard-backed debit card. The Discover Dash Android app makes paying with DASH easier at about 5000 merchants.

It’s also expanding its presence in Latin America, hoping to resolve payment and remittance issues from Mexico to Brazil. In fact, DashPay kicked off 2020 with a partnership with Brazil’s BitINKA crypto exchange, making it more accessible across Central and South America.

It further expanded its reach in South America through a 2020 partnership with Cryptobuyer.

DASH can be used to purchase goods and services at a variety of VPN, web hosting, business, gaming, and ecommerce businesses.

Because of its utility and partnerships, Dash is one of the premiere altcoins and as solid of an investment as they come. Of course, it’s not without its haters.

One community member is testing the network’s governance model and pushing for Taylor to step down as CEO. Love or hate him, he’s definitely an advocate of the network and is actively pushing for it in his local Arizona community.

Dash Summary

DashPay is a beefed-up Litecoin fork with improved speed, security, and streamlined processing. The Dash DAO actively invested in university blockchain research, gaming sites, cannabis payments, and third-world economies. These shrewd investments keep adding value to its blockchain network that’s already built on a solid foundation.

  • Dash uses an X11 PoS mining algorithm and Masternode governance to create a more stable cryptocurrency than Bitcoin.
  • DASH is easily spendable at hundreds of merchants and tradeable at dozens of exchanges, making it a versatile crypto coin.
  • Dash has partnerships with ASU, Venezuela, and more projects that are continuing blockchain research.
  • Dash created a merchant acceptance network through direct partnerships to develop retail PoS and other platforms.

With these pieces in place, Dash is a strong contender in the cryptocurrency market. Its value is much more than skin deep in a market filled with vaporware and false promises.

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What is Dash Cryptocurrency

When it comes to cryptocurrencies, one of the original benefits that many people had touted was that it was decentralized. There was not one person or entity that controlled it. The network was spread out across a whole host of nodes and the development was done in an open source nature.

Even though decentralised networks are seen as a way to remove control from centralised forces, it does come with quite a few drawbacks. This has been on display recently with the Bitcoin network. It is the perfect example of where theory and practice play out.

The notion behind Bitcoin was that it would be governed by all of the nodes. The idea was that all important decisions about development of the network would be based on the entire community. The result has been a long and extended internal battle about the best way to grow the network and scale transactions.

As the Bitcoin debate has raged and different people have tried to serve their own interests, the congestion on the network and the cost with which transactions are taking place has continued to grow. We have also had quite a few hardforks and chain splits in the Bitcoin network.

Moreover, there has constantly been the worry that although Bitcoin is “decentralised”, the miners who control a majority of the mining power can eventually get to a stage where they can overpower the majority of the network with a 51% attack.

How Dash Tries to Solve This

Dash has tried to solve this problem with the creation of two tier networks or a “2-tier node” system. On this system we have the capability for a decentralised voting system. This exists on the blockchain network and only those participants that have invested 1,000 Dash into the process can participate in it.

One of the main reasons that there is this voting system is that those parties that have staked the tokens can take part in decisions about how the monthly funding system works. This decentralised monthly funding system is built into the protocol and comes from no one person or entity.

This pool of monthly funding can be used for any purpose that participants see fit. It is always going to be available and hence the Dash organisation does not have to rely on external funding. It is governance of shared funds by the majority and for the majority.

If you would like to work on a project on the Dash network that you think will benefit the ecosystem in the long run then all you need to do is convince other participants to “vote” for your project. If it has the most votes then the Dash protocol is automatically designed to allocate the funds to the address that you have given for the project.

Obviously, those projects will need to be completely transparent and will need to be really convincing in order to get other participants to believe that it is worthy of the funding.

The monthly funds for the project also come from newly created blocks. This means that they are still limited by the defined inflation growth on the network. There are a number of different use cases for the funds but typically it will be for core development, wallets and software development.

Exponential Funding

The genius behind this funding pool for development is that as the value of the currency goes up, so too does the value in the pool. This will mean that there will be more funds available for developing the system, making it more in demand and hence increasing the price further.

This cycle of funding, demand and increasing price creates a positive incentive for the development team and those voting on the network. It encourages them to think about solutions that will improve the protocol by speeding up the network and hence further increasing demand. The result is an exponential cycle that creates value.

It also discourages any sort of bad actors to try and exploit the system for their own gain. If they did something that were to undermine the trust in the dash protocol then this would mean that their 1,000 Dash that they had invested would be at risk of decreasing in value. This also runs contrary to most centralised systems of governance where decisions made by those at the top could benefit themselves at the expense of others.

Private and Fast Transactions

Apart from the protocols which handle self funding on the network, the main goal of Dash is to function effectively as a digital cash (hence the name). Moreover, it was essential for the mass adoption of Dash that the transactions can be completed quickly and at relatively lower costs. Similarly, the Dash protocol wanted to try and incorporate the optionality to anonymise the transactions.

The Dash network is able to do this with two innovations, Instant X and Darksend Mixing

Instant X Transactions

The main goal of Instant X transactions is to solve something that is well known in Bitcoin, full blocks. When there are full blocks on the network the block confirmation time will increase. Similarly, when you have congestion on the Bitcoin network then it becomes impractical to send really small transactions.

However, Instant X transactions are able to process up to 8 confirmations in a matter of seconds. Instant X makes use of the second tier “masternode” voting protocol to provide instant consensus on the network. Given that these transactions can be cleared in such a short period of time, it is a great solution for point of sale transactions.

For example, assume that you wanted to buy a cup of coffee. You could send the Dash immediately and the vendor would receive it in seconds. They could then decide what Fiat currency they would like to receive it in at the store or to keep it in Dash. This means that they can hedge out any volatility and uncertainty in the price right there in the store.

Darksend Mixing

No doubt the choice of the name for these types of transactions does make it sound nefarious and more for the realm of the darknet. This is indeed unfortunate because it is not only those with bad intentions who would like to hide the information about their transactions. There are many people who would not like their transaction history to publically available. Indeed, if someone with bad intentions knows the size of your wallet then you do become a prime target.

The Darksend mixing on Dash mixing does just that, it mixes your coins on the blockchain. You can elect to split a larger payment up so that it appears as though it was a collection of smaller payments. It is important to point out that this is not entirely a private cryptocurrency such as Zcash or Monero.

However, when someone does an analysis of the transactions on the Dash blockchain all that they will see is a mixture of smaller coins flowing into your wallet. They cannot see how much coins you own and have been spent. Exactly how the Darksend transactions work is presented in the below image. These were developed when Dash was originally called “Darkcoin”. Its name was changed for obvious reasons.

Dash Two Tiered Node System

The only way that the Dash system can function according to this decentralised self-funding protocol is through the use of a two tier node system. The second tier or the “Masternode” network is what allows Dash to include all of these innovations.

  • First Tier: This is the tier that most replicates that of Bitcoin and other blockchains. On this tier there is no ability to vote and will operate much as a normal cryptocurrency wallet. However, within this tier is functionality such as Instant X transactions and Darksend mixing. These have been embedded in the Dash network and have been well established advantages on this first tier.
  • Second Tier: The second tier is known as the “Masternodes”. These are the client wallets that contain the 1,000 Dash in that address and these have been locked as collateral. These will allow the contributor to vote on the decisions of the network. There are many plans afoot for the Masternode network but it is currently being used with great affect for the Darksend mixing and Instant X which we discussed above. These Masternodes are also able to vote on important decisions that affect the budget of the Dash project as well as where those self-generated funds are sent. Apart from being able to take part in important decisions for the network, you will also be give a distribution of Dash for the amount that you have staked. At the time of writing this reward is currently 12% ROI.

Interesting Dash Projects

Given that Dash can be allocated to any projects that could benefit the network, there are already some really interesting developments under the go. One of them is Dash Evolution which is a protocol that is built on top of the second tier network.

Dash evolution will also include social infrastructure where usernames can be registered, instant messaging used with friend’s lists as well as instant address generation with in client payment requests. The main aim of it will be to make payments through Dash easy and accessible even to those who are not necessarily technologically savvy.

Points of Concern

Although Dash does sound like it is a strong competitor to Bitcoin, there are a number of people who don’t see it that way. This may indeed be why the amount of transactions on the Dash Network is still currently quite limited. There are also not enough merchants who will accept Dash as a means of payment.

One of the most contentious points may be the whole idea of the masternodes to begin with. Currently, they are in the hands of a small group of people who are not known to many users. This brings back the fears of a centralised body which is the reason why Bitcoin was able to flourish.

Moreover, there is now another digital currency that aims to become the de-facto digital means of payment and that is Bitcoin cash. Bitcoin cash is a result of the split in the chain of Bitoin back in August of 2020 when a group of developers wanted to upgrade to a coin that would provide for larger block sizes. Hence, users have a coin that has all of the benefits of a decentralised cryptocurrency without the full blocks that were plaguing Bitcoin

Where to Buy & Store DASH

If you have decided that you would like to buy some DASH then you will have to head on over to one of the exchanges where it is listed. Given the popularity of DASH, there are are number of different exchanges where you can buy them. Some of the most popular include the likes of Binance, BitHump and Bittrex.

These exchanges will require you to first purchase some other cryptocurrency and send it to them in order to exchange for DASH. However, you could use an exchange such as Kraken which is a “Fiat Gateway”. This means that you can send them your fiat currency and purchase DASH directly with these funds.

Once you have your DASH, you will want to find a secure place to store it. Leaving a large amount of coins on an exchange is not a wise move given the risks that are posed by such events as large exchange hacks or corporate malfeasance. You are perhaps best suited to get yourself a hardware wallet and keep your coinsin an offline environment. We have covered an extensive list of some of the best DASH wallets to securely store your coins.

Featured Image via Fotolia

  • Posted in: Education
  • Tagged in: Dash, Education, Network Governance, Transaction Mixing

Posted by Editorial Team

Editors at large. Posting the latest news, reviews and analysis to hit the blockchain.

DASH Mining Guide: How to Mine DASH Cryptocurrency

DASH is an open source peer-to-peer decentralized digital cash that is heavily focused on the payment industry. Launched back in 2020, DASH was previously called “Xcoin” and later “Darkcoin” before finally landing the name DASH. Dash has near instant transactions (using InstantSend), privacy (coin mixing through PrivateSend), and security, as transactions are confirmed by 200 TerraHash of computing power and over 4,500 servers hosted around the globe. DASH is one of the first Decentralized Autonomous Organizations (DAOs), as it was the first self-funding and self-governing protocol. All of this is possible with the implementation of Masternodes. DASH is in the top 15 cryptocurrencies by market capitalization (USD$3.98+ billion), with a current price of USD$ 504.57 and a max supply of 18,900,000.

DASH Mining & Consensus Mechanism

DASH utilizes the Proof-of-Work (PoW) consensus mechanism and the X11 hash algorithm created by Dash core developer, Evan Duffield. The X11 algo utilizes a sequence of 11 sequential hashing algorithms and was intended to make the creation of X11-based ASICs much more difficult. In the early years, this allowed the cryptocurrency to develop and build a community around the project before mining centralization became a problem and Ibelink created the first X11 ASIC miner. It also requires less computational power and energy consumption compared to Bitcoin’s SHA-256 PoW algorithm. You can read more about the X11 algorithm here.

DASH also uses an open-source algorithm that adjusts the mining difficulty, called Dark Gravity Wave (DGW). This results in the difficulty level being adjusted every block instead of every 2020 blocks, like Bitcoin . We are now on version 3.0 of DGW, which has been improved to alleviate previous issues with time-warp exploitation, floating point accuracy and difficulty retargeting.

DASH mining utilizes a two-tier network of masternodes and miners. Like Bitcoin, DASH utilizes regular nodes to maintain and secure the network via transaction verification, block, and currency creation. Masternodes perform specialized functions or transactions like InstantSend for instantaneous transactions, PrivateSend for transaction anonymity, decentralized governance, decentralized payment processing via Dash Evolution, and also providing voting rights. Masternodes are critical to the ecosystem. There are three key elements required to set up and run a masternode which include; owning and storing 1000 DASH coins, a Linux server or Virtual Private Server (VPS) , and a DASH wallet. The 1000 DASH is essentially used as collateral to prevent sybil attacks. You will need to maintain 1000 DASH in your wallet to run a masternode. Falling below this amount will remove your masternode from the DASH network.

Below is a visualization of the masternode payout structure. The ROI decreases at an annual rate of 7.14%

The block reward structure is quite different with DASH as well, compared to Bitcoin or other PoW-based cryptocurrencies. The reward is divided into three parts:

  1. 45% of a block reward goes to the miner
  2. 45% of a block reward goes to the masternode operator
  3. 10% goes to the “treasury” or network pool (these funds are used to payout network contractors looking to create proposals to improve the DASH ecosystem).

ASIC miners are the only way to profitably mine DASH and receive block rewards. Let’s take a look at some of the top miners on the market.

DASH Mining Hardware

DASH miners keep the network secure by verifying transactions and creating new blocks to be added to the blockchain. Mining is competitive so its key to have the most profitable hardware if you choose to mine DASH. CPU and GPU mining are no longer profitable, so keep your focus strictly on ASIC miners. There is currently only one ASIC miner worth purchasing to mine DASH. This is the AntMiner D3 produced by BitMain. BitMain miners are known to provide peak electrical efficiency. New ASIC miners are expected to be released for DASH mining but there is no current timetable for this. If you are interested, it would be worth doing some research and keeping an eye out for any new DASH ASIC miners, as once they become available, expect them to be hot commodities and be very difficult to obtain. Keep in mind you will also typically need to purchase a Power Supply Unit (PSU) separately as it is usually not included with the miner.

ASIC Miners

Antminer D3

$500 – $3000 (depends on condition and if used or new)

DASH Cloud Mining

If you don’t want the hassle and costs associated with buying hardware to mine but still want the exposure, you can look into cloud mining. Essentially, cloud mining involves using shared processing power from a remote data centre. This alleviates having to manage and maintain hardware setups but comes with associates risks. The most popular form of cloud mining is called Hashpower Leasing. You essentially lease your desired amount of hashpower from a remote cloud mining firm in exchange for fiat currency. This gives you the the right to the DASH block reward proportional to your purchased hashpower. Cloud mining is also applicable to many other mineable coins, not just DASH. Below are some advantages and disadvantages of cloud mining.

Cloud Mining

Advantages

Disadvantages

Quiet home – no sound of cooling fans and ASIC miners humming

Risk of fraud or not receiving payouts

No increase in electricity costs or ventilation problems due to overheating equipment

Risk of mining operation shutting down due to profitability concerns

Not left with expensive obsolete hardware when mining becomes unprofitable

Lack of control and flexibility, less fun, and lower profits due to operation fees charged by operators

DASH Mining Software

The software used to mine DASH is just as important as the hardware. Different software has been created for different hardware. You want to get the most out of your hardware, so utilizing the correct mining software is key. The most profitable way to mine DASH is through pool mining, so look for reputable mining pools to join. Below are some good reference points you will need to know:

You can find an existing DASH P2Pool are near you here. Look for good ones that have favorable ping times and fees.

The code to setup your own DASH P2Pool is here

A link on how to setup a DASH P2Pool Node here

Also, you will need to make sure you have a wallet setup to hold your DASH coin. You can find the best DASH wallets here. There are official desktop wallets and mobile wallets that can be used to store DASH coins.If you don’t plan on holding large amounts of coins, a web or desktop wallet is more than suitable. If you do intend to hold large amounts of coin, the best and most secure way to hold your coins is in a hardware wallet, so a Ledger Nano S or Trezor will be your best option.

DASH Mining Difficulty & Profitability

The total global hashrate for DASH has slightly decreased over the past 3 months but the daily rainge changes significantly as you can see by the constant spikes in the chart below. The hashrate is related to the price of the coin, and difficulty closely tracks the hashrate. The X11 algorithm is a relatively easy algorithm to mine compared to other cryptocurrencies. That being said, it may not be as profitable as it was once was before the introduction of ASIC miners, when it was a less popular coin to mine. The profitability is not as high as in previous years as it has steadied off with the rise in DASH mining over the years. Dash is relatively not as attractive a coin to mine but this should change as new Dash ASIC Miners hit the market increasing the hashrate and profit potential. Also, the DASH coin could see significant price increases as we approach a bull run in the overall crypto market. So price appreciation may also play a key in your decision on whether to mine DASH or not.

The difficulty level indicates the computational difficulty of solving the next block to maintain the 2.5 minute block interval. The difficulty level has slightly decreased in a synchronized fashion with the total network hashrate. The difficulty level for DASH has also been unstable, so to maximize profits, you want to pay attention to the difficult daily trend and turn off mining when the difficulty is at its peaks. You could also switch to mining other cryptocurrencies that use the X11 algorithm during peak DASH difficulty. As the difficulty level drops it requires less computational power and energy to mine the next block and receive the block reward.

Below is a chart outlining the potential profits using cryptocompare. This link will allow you to enter different inputs and see the associated profit potential so you can gauge your overall cost and profits. This is for illustrative purposes and results can vary depending on your inputs and the market price of DASH. It is also based on a DASH price of USD$ 504.57

Dash Profits (USD)

Hash Power

(GH/s)

Power Consumption (W)

Cost per KWh ($)

Pool Fee

Profit/ Month

Profit/Year

Profit Ratio Per Day

DASH – 1 AntMiner D3

15

1200

0.12

1%

$31.21

$379.71

30%

DASH – 5x AntMiner D3

75

6000

0.12

1%

$156.02.

$1,898.27

30%

DASH – 10x AntMiner D3

150

12000

0.12

1%

$311.99

$3795.83

30%

Do your research and use the calculator to estimate your total cost and profit potential.

If you have any questions about DASH mining hardware or software, please feel free to comment below and let us know.

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