What is mining?
A cryptocurrency is a digital or virtual currency in a network that is distributed across a large number of computers. It is a decentralised network (outside of the control of the government of central authorities) based on blockchain technology.
Mining refers to the process of acquiring cryptocurrencies (in our case Zcash) by solving cryptographic equations using high-power computers. This solving process involves verifying data blocks or adding transaction records to a public record (ledger) known as a blockchain.
A blockchain is a type of database that stores information.
As new data comes into the network, it is entered into a fresh block. Once the block is filled with data, it is chained onto the previous block, which makes the data chained together in chronological order forming a blockchain.
A mining pool is a group of cryptocurrency miners who combine their computing power over a network, to mine for cryptocurrencies or increase the possibility of finding a block.
Mining pools group together dematerialised assets to increase the likelihood of finding a block. As the network grows, more computation power is required to find a block, so increasing your hash rate (in this instance, a pool) increases the likelihood of finding a block. However, the profits are shared among pool miners.
A share is a token of work produced by a miner that is given out by the pool after the miner completes a valid cycle of the crypto mining algorithm. A miner will get paid exactly for the valid shares they own. A valid share complies with all of the server's submission rules, whereas a rejected share does not comply with the server's requirements and is thus rejected
Mining with Carbonyte
Mining with Carbonyte is really easy! Click on the Getting Started to get a detailed guide to start your Zcash-mining journey with Carbonyte.
No! Carbonyte Pool doesn’t require you to sign up or register in any way.
Carbonyte Pool currently allows miners to mine Zcash but will soon expand to allow miners to mine other cryptos.
The current fee for using our services is 0.95% of the block.
The rate of invalid submissions due to network delay is known as the Rejection Rate. The lower the rate, the higher the efficiency. If your systems are functioning well, the percentage of rejected shares should be around 1%. A rate greater than 2%, or any irregular spikes in the rate, are typically caused by instabilities in the user's network or hardware.
- Fast and regular payouts
- A low commission fee
- Powerful and secure servers
- Fast and secure mining software
- Comprehensive and transparent mining statistics
- Excellent service from the Carbonyte team
Hash rates and Statistics
The hash rate refers to how quickly a cryptocurrency miner works. It is the speed of the computer used by the miner to build the cryptocurrency unit and is a very important part of the mining process.
A higher hash rate gives you higher benefits.
Your dashboard will consist of the following hash rates:
- Effective – Hash rate calculated based on your valid shares.
- Average - Daily (i.e., 24hours) average effective hash rate.
- Reported - Hash rate that your miner reported.
Fluctuations are typically a normal thing. An effective hash rate is calculated based on the number of submitted valid shares. Luck affects the share finding time and that's the why your effective hash rate is so volatile. Hash rate is also affected by the status of miners, mining difficulty, the working environment, network instability etc.
You may need to worry about it only if your average hash rate is way lower than reported.
Once you start pool mining, you will need to wait for 10-15 minutes for the pool to collect your statistics. If it takes longer than 20 minutes, check your hardware. Should you have any issues, kindly seek our assistance.
Rewards and Payouts
Payouts are processed automatically every 15 minutes and when the payout threshold of 1 CLO has been reached.
You can use various mining calculators such as WhatToMine. Please note that calculations are based on mean values, therefore your final results may vary.
PPLNS stands for Pay Per Last (luck) Shares. This method calculates your payments based on the number of shares you submitted during a shift. The shift system is either time-based or by the number of shares submitted by the miners on the pool. We use PPLNS to prevent the pool-hopping practice and avoid the exploitation of the pool reward system.
When the pool mines a block, the reward system automatically checks up the latest N shares that miners submitted and distributes reward proportionally according to the list.
Go to the payouts tab on your dashboard and click on the TxID of your transaction. If you see it on the block explorer, it means the payout was processed successfully and you need to wait for the network to confirm it.
If it doesn’t show up, please wait for a couple of minutes and if it still doesn't appear, please contact us.
Ready to get started?