- Should I Mine Verge (XVG)?
- Verge Consensus Algorithm and Finding the Best Verge Mining Pool
- Conclusion and Other Factors to Consider
Cryptocurrency mining can be a very profitable venture. Selecting the right coin to mine is an important step in this process. Verge (XVG) is one of the most unique cryptocurrencies when it comes to mining. This is because it allows miners to select between five different consensus algorithms. However, an abundance of options also means more choices for miners to make. This is especially true for those wanting to join a Verge mining pool. In this article, we examine a variety of Verge mining pool options. Hopefully, this will give you the information needed to assess which one might be the best option for you.
Should I Mine Verge (XVG)?
When deciding on whether to mine a particular cryptocurrency or to join a specific mining pool, a lot of factors have to be taken into consideration. With Verge (XVG), the process is no different. Before you decide to join a Verge mining pool, here are some things to think about first.
Verge (XVG) has maintained a high market cap ranking, even with an increasing number of cryptocurrencies entering the market. Yes, it has fallen some in 2018. For instance, it was ranked 23rd in terms of market cap on January 7 and fell to 40th by September 30. However, other projects have fallen at the same rate or even more in that time frame.
This coin is listed on the vast majority of popular cryptocurrency exchanges, meaning that it has one of the highest liquidities in the market. Examples, include Binance, Bittrex, Indacoin, and many more.
Verge (XVG) has suffered a number from a high number of 51% attacks. Unfortunately, this security vulnerability hasn’t been fully resolved yet and more work needs to be done to improve this aspect of the project.
There has also been some criticism of the project on Reddit and other popular crypto-related discussion platforms. Some have criticized its role as a true privacy coin. Others have questioned its partnerships and other details.
Verge Consensus Algorithm and Finding the Best Verge Mining Pool
While the overwhelming majority of cryptocurrencies offer a single consensus protocol, Verge (XVG) provides five different options. Because Verge relies 100% on Proof-of-Work for consensus, miners play an integral role in this coin’s future. Here are some Verge mining pool examples based on each of the five mining algorithms. More information about each Verge mining pool mentioned in this list can be found on the project website. In addition, some of the sites listed by Verge can’t be reached. Also, some links on the official Verge site re-direct users to a mining pool site with a different name. Fees listed on various mining pool websites can change at any time in the future.
There are ten Scrypt mining pools listed on Verge’s website. Block Masters provides a good example of a popular Scrypt pool that adds transparency to mining efforts and payouts. For example, several important metrics (i.e. hashrates, fees, # of miners, etc.) for Scrypt-based coins, including Verge, are included on the Block Masters website. This site also lists a Verge mining pool for X17 and Lyra2rev2. Fees for this pool are set at only 0.25% across all algorithms and coins. Some other popular Scrypt pools include ZPool, Aikapool, and BSOD.PW.
There are at least seven Myr-Groestl pools for Verge. For anyone using an AMD card, this algorithm is probably your best option for Verge mining. IDCray is considered by many to be the best Verge mining pool for the Myr-Groestl algorithm. For some users, the fact that its servers are based in China might be an additional obstacle to consider. The fees for IDCray raised to 1% beginning in July 2018. Poolovich.pro provides an option for Myr-Groestl as well.
Of all the mining pools listed on the Verge website, X17 has the most with twelve different options. Poolovich.pro offers an x17 algorithm Verge mining pool. Payouts are made automatically every 2 hours for all balances above 0.001 or 0.0001 on Sundays. Fees are set at 0.9% across the board. HashFaster is another popular option; however, fees for XVG and other coins are slightly higher at 1.0%.
For miners who might want to try Blake2s, eight pools are available. AntMinePool provides a popular option. It’s important to note that while AntMinePool is also listed as an x17 algorithm mining pool on the official Verge website, Verge is only listed under the Blake2s category on the AntMinePool website. In addition, there’s no information about any use of X17 on the AntMinePool website as of October 1, 2018.
Verge (XVG) appears to be a very popular coin on AntMinePool as users can find notices like “For mining XVG, please use xvg.antminepool.com:9008 or 9009. The server is dedicated only to mining XVG”. The notice also reads, “Due the high number of transactions the minimum payout on VERGE is 5 XVG (0.5 on Sunday)”. Fees for this Verge ming pool are set at 0.9%. Cryptocartel.one appears to offer another promising choice for those looking to join a Blake2s Verge mining pool. This option includes automatic payouts and fees at only 0.5%.
As with Myr-Groestl, Lyra2rev2 has at least seven known pools. Again, many of the pools mentioned above for other algorithms offer a good solution for those wanting to use Lyra2rev. These include BSOD.PW, Block Masters, and more.
Conclusion and Other Factors to Consider
Looking at each Verge mining pool, there are a number of factors to consider. As mentioned above, fees and payout times definitely have obvious differences amongst the various sites. However, it’s also essential to examine stats on profitability, community/customer support as well as reviews from a variety of sources.
In summary, you should first consider both the pros and cons of the Verge project in general. If you’re interested in this privacy coin and cryptocurrency mining, joining a Verge mining pool could be an excellent way to participate and even earn some additional XVG in the process.
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