In this article, we at CoinQuora are giving you an insight into how mining works. Also, we want to show you all the important information to set up successful ZEN mining pools. In addition, CoinQuora also recommends making a good choice of competitive mining hardware. Make sure that you correctly set up and configure the mining rig. Lastly, we gather for the recommended ZEN mining pools.
There are many privacy coins currently on the market—all offering unique and supposedly revolutionary technology. Besides, Horizen (ZEN) is one of those. Moreover, the fork-of-a-fork cryptocurrency used to be called Zencash until a rebranding in 2018. However, this was much more than a rebranding. In fact, the Horizen team used it as an opportunity to reinvent the cryptocurrency with a whole host of features and improvements.
Table of contents
- What is Horizen?
- How to Mine Horizen
- Best Way to Mine Horizen
- Horizon Price Prediction
- How to Calculate Horizen Mining Profits
- Horizen Mining Pools
- What Horizen Mining Pool to Choose
What is Horizen?
Horizen did not hold an ICO since ZEN was created as a fork of the ZClassic (ZCL) blockchain. That fork happened on May 23, 2017, at block number 110,000, and ZEN was begun on a 1:1 basis to holders of ZCL. Then, on August 22 in 2018, the ZenCash team chose that a rebranding was in order. This was done to provide a springboard for much more than just a privacy coin.
Moreover, Horizen uses the Equihash algorithm to reach consensus and is a Proof-of-Work blockchain. At the same time, the current block reward for ZEN is 7.5 ZEN, with blocks mined roughly every 2 ½ minutes. Just like Bitcoin, the rewards are halved approximately every four years.
Unlike Bitcoin, block rewards are not all for the miners. Alternately, 70% belongs to the miners, 20% is split evenly between Secure Nodes and Super Nodes, and the remaining 10% goes to the Horizen Team Treasury. Secure nodes are what you might typically consider being master nodes.
The Horizen network uses content distribution networks and Hypertext Transfer Protocol Secure (HT to ensure all transfers are secureTPS). It has also received the same sk-SNARKS cryptography used by Zcash.
How to Mine Horizen
Horizen is a sidechain platform created on a distributed, secure, and private architecture. However, the Horizon local token (ZEN) is mined using the Equihash algorithm and has a total mineable number of 21 million. You can mine ZEN with GPU cards and ASIC (A9/Z9) miners. When you merge the ASIC with a suitable pool and a secure wallet, you will have the winning formula for profitable Horizen coin mining.
Best Way to Mine Horizen
Firstly, we’ll begin by saying that Horizen is mineable by ASIC machines, so it’s safe to say that this is also the best way of mining it. It can also be mined with GPUs but will be much lower than the profitability of the powerful and efficient ASIC miners.
Step 1. Obtain Suitable Hardware
Horizen can be mined with ASIC and CPUs or GPUs. However, ASIC is a more efficient miner than GPUs or CPUs.
Step 2. Configure Your Mining Device
You should connect your miner to the Horizon mining pools server for your hash rate and revenue for records and monitor. Notably, it recommends labeling each of your mining devices with a separate workerName for more efficient monitoring.
Step 3. Add Payout Address
You’ll be required to register a payout address to get your mining profits. Moreover, you can add or change your payout address in your Payout Setting. In addition, Horizen mining pools revenues distributed daily for every user who reaches the payout threshold.
Step 4. Join Profit Switching Pool
This service granted for all Equihash coins can maximize mining profits. It is automatically switching to mining the most profitable Equihash coin at any given time.
Step 5. Start Mining
Your machine is now ready to mine. You can manage your account setting and monitor your hash rate, revenue, and payouts in your dashboard.
Horizon Price Prediction
At the time of writing, the current price of Horizen is $90.02. By analyzing the recent price changes in Horizen, our price prediction system predicts Horizen could be roughly $86.48 tomorrow as a closing price. Based on the Horizen historical price data, we expect that the Horizen price could be $91.64 at the end of 2021.
Also, it could be $105.38 precisely one year later today. In the next three years, the highest Horizen price could reach &616.911, and the lowest Horizen price could be $49.31. According to calculations, by the end of 2022, we expect the Horizen price to be around $170.51, while it could quickly end up at $275.89 at the end of 2023. When we calculate the Horizen near future price prediction at the end of 2024, we surprisingly find a remarkable value of $446.390 per Horizen.
How to Calculate Horizen Mining Profits
The latest version of the Horizen mining calculator makes it simple and easy to quickly calculate Horizen mining profits by adjusting the mining hash rate values or selecting one of the Horizen mining devices from the Horizen miners’ list. Moreover, the Horizen mining data is updated continually with the current block mining information.
Besides, it uses this information as the default input for the ZEN mining calculator. While the default hash rate and wattage specs from the best Horizen miner. Through this information and our backend hash rate calculator, you can calculate your ZEN mining profits. Providing valuable and strategic profitability information allows you to make better-informed decisions about Horizen mining.
Along with the Horizen mining profitability, the list of miners is regularly updating. A Horizen miner is also a Horizen mining rig, a Horizen mining hardware device, or a Horizen mining machine. Still, they call them miners, or more specifically, Horizen miners. However, each ZEN mining calculator input has been preloaded with the best Horizen mining hardware hash rate and energy consumption in watts, average electricity costs. Comparatively as the current Horizen price, Horizen block reward, and Horizen difficulty.
Horizen Mining Pools
The first thing you need is a Horizen mining pool. You can solo mine, but payouts depend on how powerful your mining rig is. Sometimes it could take months. Besides, the mining pools usually charge a minimal fee (1% or less). Using a Horizen mining pool will allow you to receive consistent payouts multiple times per day.
Zhash.pro is the number one pool for mining ZEN, controlling roughly 25%-30% of the hash power. Besides, it’s notable that it has become the most popular ZEN mining pool since it features extremely low 0.5% fees. Also, auto-payouts at just 0.1 ZEN and global dedicated servers.
Moreover, It features anonymous mining, making it perfect for privacy coins like Horizen. Because the hash power of this pool is so high, it’s better to avoid to help maintain network decentralization.
F2Pool is one of the biggest mining pools worldwide. Besides, it’s also the second-largest Horizen coin mining pool, controlling roughly 15%-20% of the hashing power. In fact, that makes it a pretty good choice as you’ll help to decentralize the network. Also, it is a sign that ASICs aren’t hurting Equihash mining yet because F2Pool is based in China and usually is very heavily influenced by ASIC miners.
Moreover, one negative aspect of F2Pool is the high 4% mining fee. Also, it is not the best choice if you want to remain anonymous. Because you have to register an account with F2Pool. A massive downside with a privacy-centric coin like Horizen.
If you’ve got any pool mining at all, you’ve almost surely heard of Suprnova.cc, as they are frequently one of the top mining pools for dozens of coins. Besides, one nice thing about that is that there is a unified login that can use across nearly all of those pools. So you don’t have to reset worker information and logins.
Moreover, Suprnova.cc has the official 1% mining fee and a nice low 0.1 ZEN minimum payout. In addition, they hold about 14%-18% of the total hashing power. But, if you want a solid pool that isn’t endangering the network’s decentralization, making them a good choice.
MiningPoolHub is the fourth most popular Horizen mining pool. Also, it still controls roughly 14%-18% of the hash power. In addition, you will also notice that they are still calling this Zencash. But it is not a big deal. Moreover, Miningpoolhub has global servers, and the mining fee is a standard of 0.9%.
Furthermore, the minimum payouts are just 0.1%, making this a good choice for home miners. Also, it supports multi-algorithm switching, changing to the most profitable coin in the algorithm if you like. Notably, you can get payouts in any coin you want, even when mining Horizen.
Luckpool.net is a Canadian-based pool, and it is best used by those located in North America. Besides, it is a bit different from other pools in that it requires a smaller 0.5% miners fee. Additionally, they also offer something they call the Miner’s Jackpot. However, they give rewards to the miners who find the block. In this case, the Horizen Miner’s Jackpot is 1 ZEN. Also, the 7.63 ZEN is distributed among the other miners.
Moreover, they are also different in adopting the Proportional (PROP) payout system. In fact, the minimum payout is just 0.1 ZEN, and this is an anonymous pool, meaning there’s no need to register or provide any personal information. They also control just 8%-10% of the total hashing power, making them a solid mining pool but small enough to maintain decentralization.
What Horizen Mining Pool to Choose
So now that you have an idea of selecting ZEN mining pools at your disposal, you have to decide on the most profitable pool. This will depend on several requirements, including the following:
Clearly, one of the most important qualifications is you need to pay the fees for the pool. Based on this metric, the cheapest pools to join it seem to be Zhash and Luckpool.
You are only getting ZEN when the pool is fully working and not down for maintenance. The pool uptime is a critical consideration for your selection, as this will directly impact the amount of ZEN that you are likely to earn. Like exchanges, mining pools can be prime targets for DDoS attacks, so it helps to use a pool with adequate safeguards.
Location of Servers
Obviously, the range plays a large part in what pools you decide to join. Distance from the server will impact latency in the connection, and that does not work so well when you are competing for block rewards.
When it comes to the terms attached to payouts from the mining pools, this is a personal preference. Several pools will have minimum payout terms that have to be reached before you can withdraw coins. They will also vary in terms of the regularity of the payouts.
This one is usually a bit less clear-cut. Although a pool with a higher hash power has more chance of finding a block, you will have to share the ZEN block reward with more miners. So you will have to show up a lower probability of getting a block in a smaller pool than the lower payout on a pool with larger hash power. Given these requirements, it seems that Zhash could be an excellent pool to join, given its lower fees and the auto payout of a minimum of 0.1 ZEN. This pool has the largest hashing power on the network at over 25%, so you need to weigh up the pros and cons.
Since Zencash rebranded to Horizen, this is simply a Horizen mining pool.
The algorithm is called Equihash, and it is typical for the whole Z family of coins.
You’ll need the pool stratum address and port number, and they have the list on the info page.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.