How to mine and support Kaspa
The silver to Bitcoin’s gold, the scalability endorser — Kaspa coin (KAS) has earned a fair share of credentials since its launch. And after the Ethereum merge, it’s become one of the GPU miners’ favorites as a profitable Proof-of-Work cryptocurrency.
Wonder what’s so lucrative about Kaspa coin and its network and whether KAS is worth mining in 2023? You’ve come to the right place.
Keep reading to soak up the key facts you need to know about this coin, and let’s get started.
The birth of Kaspa
The masterminds behind and the founders of Kaspa are Dr. Yonatan Sompolinsky and Prof. Aviv Zohar of The Hebrew University of Jerusalem. Sompolinsky and Zohar are veteran crypto researchers who clearly know a lot about computer science. In fact, their work is referenced in the Ethereum whitepaper, which is a standalone reason to respect the two.
Research and development for the Kaspa network began in 2013. Some people are assuming that the founders enjoyed binge-watching Casper the Friendly Ghost — hence the name of the project, but the only “ghostly” thing about KAS is its GhostDAG protocol (which we’ll cover a bit later).
In November 2021, 8 years later, it was finally time for the fair launch. There were no private allocations, pre-sales, or pre-mine — this project has zero VCs involved and is community-managed.
Created within the Satoshi ethos, KAS is arguably on track to become the fastest decentralized PoW cryptocurrency capable of overcoming Bitcoin's scalability problem. All thanks to the technology that Kaspa brings to the table.
The Kaspa network: an in-depth look
The heart of Kaspa's design is the GhostDAG protocol, a directed acyclic graph (DAG) that’s also a scalable generalization of the Bitcoin consensus. Unlike what you see in traditional linear blockchains, the GhostDAG structure processes multiple blocks in parallel, allowing them to coexist.
Fun fact: if you go to https://kgi.kaspad.net/, you can view the GhostDAG operating in real time.
In stark contrast to Bitcoin's ten-minute block time, Kaspa achieves a block time of merely one second. To put this in perspective, while Bitcoin can only process 6 blocks per hour and 144 blocks per day, Kaspa manages 60 blocks per minute, 3,600 blocks per hour, and a staggering 86,400 blocks per day.
Even in a scenario where the Bitcoin network grinds to a halt under 400,000 transactions, Kaspa swiftly clears this volume in just 22 minutes – the time taken for Bitcoin to process two blocks.
In a nutshell, the unique structure of the Kaspa network contributes to its:
- Full utilization of power
- Near-instant confirmation times
- Fast block production (which per se encourages solo mining and helps with Kaspa hashrate decentralization)
- Enhanced security
- Resistance to congestion, even during periods of high network activity
Speaking of congestion, let’s also shed light on how Kaspa is addressing the Bitcoin scalability problem.
The blockchain trilemma and Kaspa's solution
The blockchain trilemma, a concept that has long troubled cryptocurrency developers, suggests that a blockchain network can optimize only two out of three properties: security, scalability, and decentralization. Bitcoin prioritized security and decentralization, but its scalability remains questionable.
Kaspa, however, has GhostDAG. And it’s like the holy grail that ensures sufficient network capacity to handle large amounts of transaction data in a short amount of time without any bottlenecks.
Most similar projects trying to solve the blockchain trilemma need to make trade-offs and settle for either increased centralization, less network security, or both. Kaspa sacrifices neither, setting the bar really high.
Given its innovative design and the solutions it offers to Bitcoin's limitations, many industry experts are referring to Kaspa as Bitcoin 2.0. Its speed, efficiency, scalability, and commitment to remaining decentralized align with the original promise of Bitcoin, but without operational constraints.
The future of Kaspa
Kaspa is not just about delivering high performance today but also about shaping the future of cryptocurrencies. Its development team is actively working on a Rust rewrite, which, once released, will allow Kaspa to run on a much faster and more efficient codebase, significantly boosting network speeds.
Another exciting development on the horizon is the integration of DAGKnight. This protocol upgrade will enhance network capabilities, making Kaspa the first parameterless cryptocurrency, self-adapting to network health and latency.
Is Kaspa worth mining in 2023?
The short answer is yes, given that you’re satisfied with the Kaspa mining profitability in your particular case. To calculate the profitability, you’ll need to factor in the efficiency of your hardware, current mining difficulty, the Kaspa hashrate, electricity costs, and the fees associated with your Kaspa mining pool (if you join one).
Top 8 Kaspa wallets to start mining KAS
Before you start solo mining or join a Kaspa pool, you’ll need to get a wallet address that supports KAS. Here is a list of such wallets at your service:
The most user-friendly and secure wallet on the network.
A desktop wallet that also provides zero-effort installation and configuration of the Kaspa full-node software, miner, and Kaspa Wallet in a single GUI-based facility. It has two modes: the 'Kaspad node' mode for full wallet functionality and the 'CPU/GPU miner' mode for mining.
A core component of the Kaspa node software bundle that requires command line knowledge. It provides a minimalist, hands-on experience, recommended for Kaspa/crypto enthusiasts.
4. Kaspium
A mobile wallet, still in its beta phase, for both Android & iOS. It's compatible with 24 words Kaspad CLI wallet secret phrases and ideal for users who prefer touchscreen functionality.
5. Chainge
A non-custodial wallet and DeFi app that provides numerous benefits for storing and managing KAS coins.
6. Zelcore
As the first gateway for Web3, Zelcore simplifies user interaction with major exchanges and blockchain protocols. It's a comprehensive solution for a full Web3 experience.
7. Tangem
A card-shaped hardware wallet that combines simplicity and high security.
8. OneKey
OneKey offers a variety of hardware wallets known for exceptional security features, open-source code, and the OneKey App. They combine robust security with a user-friendly design.
As soon as you have a Kaspa address and your mining hardware in place, you’re ready to set out on your Kaspa mining journey.
How to mine Kaspa with Hiveon
Hiveon OS is a top-rated software for on-site and remote farm management if you want to keep track of your system’s performance, temperature statuses, hashrate drops, and much more in real time.
For a detailed guide on how to start mining Kaspa with Hiveon OS and squeeze maximum performance from your farm, head to the full article.
FAQ:
Is Kaspa a good cryptocurrrency for mining?
Yes, Kaspa’s unique structure and rewards system makes it beneficial for miners. Thanks to Kaspa’s blockDAG structure, mining decentralization is significantly enhanced, too. This enables even small miners with lower hashrates to mine the cryptocurrency efficiently.
Where can I mine Kaspa?
Kaspa can be mined on any computer with the necessary hardware and software. Hiveon has launched its own mining pool, and more pools can be found at: https://miningpoolstats.stream/kaspa
Which miner is best for Kaspa?
While kHeavyHash was intended to be ASIC resistant, there are ASIC miners available for Kaspa — IceRiver is the pioneer manufacturer to launch ASICs for the KHeavyHash mining algorithm. However, the IceRiver KAS KS2 is listed at $29,900, and while it offers a formidable mining capacity of 2TH/s (±10%) at 1200W (±10%), this is a huge investment. Depending on power costs, you can GPU mine Kaspa at a profitable level.
What is the hashrate of Kaspa?
The Kaspa network’s hash rate fluctuates based on the number of miners active at any given time — you can use the stats at https://miningpoolstats.stream/ or your own pool stats to find the precise difficulty and hashrate.
What is needed for Kaspa mining?
To mine Kaspa, you’ll need a computer with a GPU, a dedicated mining rig (such as Octominer), the latest version of Hiveon OS, and a Kaspa wallet to receive your mined coins.
What blockchain is Kaspa on?
Kaspa uses its own unique blockchain called GhostDAG.
How many Kaspa coins are there?
The total supply of Kaspa coins is dynamic, as more coins are mined each day. The current circulating supply is 19,159,336,225.891 KAS (source: https://www.coinbase.com/price/kaspa)
