DigiByte is one of the top contenders in the crypto circle, with three esteemed layers backing it up. The first layer facilitates smart contracts and dApps, the second acts as a public ledger, and the third one houses decentralized nodes and software.
Due to such functionalities, DigiByte is a crowd favorite to dethrone even the likes of ETH and BTC eventually. That is why mining DigiByte is a trending phenomenon in 2021. It circulates the currency, allowing for its growth, and proffers perky rewards to the miners.
Many miners dedicate their entire computation prowess to mining DigiByte, showing its market prevalence and relevance. While it is certainly profitable to mine DigiByte, knowledge of DGB price prediction will improve one’s crypto proceedings for sure.
What is DigiByte mining?
Founded back in 2013, DigiByte has sustained its market stature through practices like DigiByte mining. It refers to the process of securing the DigiByte network, verifying blocks, and circulating new tokens in the market.
As the platform was originally a Bitcoin fork, it follows the PoW (Proof-of-Work) consensus mechanism. The mechanism is currently deemed the most secure option, helping DigiByte keep its proceedings breach-free.
Miners use their computation power to solve crypto problems and validate transactions. Furthermore, the process secures the network and circulates additional tokens. The miners earn DigiBytes for their work, while their investment stays limited to a computer, a mining software, and a DigiByte wallet.
How to mine DigiByte
Mining DigiByte appears to be a daunting task, but it can be achieved via the following steps:
- Get Viable Hardware: The first step is to get functional mining hardware. Since DigiByte uses Scrypt, Sha256d, Quint, and Skein algorithms, miners need to invest in ASIC mining machines. For the Odocrypt algorithm, FPGA mining machines are ideal. Note that using a CPU or a GPU card to mine DigiByte is futile.
- Arrange a Wallet Address: The second step is to own a DigiByte wallet where the mining rewards will be received. The ideal choice for any miner should be the official wallet since it bodes well with the platform.
- Configure the Mining Device: Depending on the device, one might need to follow different sets of instructions. However, most of them merely require setting a username, password, and a server to get started.
- Start Mining: Once the device is configured, one can begin the mining procedure as specified.
Is it profitable to mine DigiByte?
Generally, experts believe DigiByte mining to be good for beginners looking to grasp the idea of crypto mining. The crypto does not put an enormous load on the system, making it relatively easier to mine.
Currently, mining 1 DigiByte usually takes around 0.245 days. The profit earned depends entirely on the electricity expenses, pool charges, and hardware hashrate. If mining 1 DigiByte can cover the accumulated costs, it means one can make easy revenue. Thus, if the value of 1 DigiByte is apt, they can continue to mine the crypto and earn a profit.
Experts’ opinion on DigiByte
As per Jared Tate’s (the CEO of DigiByte) DigiByte Price Forecast, the crypto will fluctuate between 1 to 10 dollars in 2021. The Analyst confirms the same by stating that the crypto will reach 9.20 dollars by the end of 2021.
While the experts claim such figures, the average value of DigiByte in 2021 is 0.02 dollars, which eliminates the possibility of it reaching the 10 dollars mark. However, it does not eliminate the fact that DigiByte will experience a surge, which addresses the next section.
Future of DigiByte
Back in 2019, it launched DigiStats to offer enhanced insights, better payment options, and create more currency pairings.
A year back in 2020, it launched DigiByte Foundation to raise funds within the community. Even in 2021, the company is trying new ventures, and the trend will continue in the coming years. The closest modification appears to be a mining algorithm swap, increasing the decentralized nature of the network. However, its biggest development will come as Core 4.1.3, where users can develop and enter smart contracts. Visit https://www.cryptonewsz.com/ to know more about the future price prediction of DigiByte.
Conclusion
DigiByte’s popularity is backed by its market presence for eight years. The network keeps on delivering new projects, helping the community grow. That is why mining DigiByte is considered a viable option even in 2021. With ventures like Core 4.1.3, both the network’s popularity and its coin’s worth are going to skyrocket.