Decred Mining: Hardware, Mining Pools, & More

January 30, 2018 by Headshot Jacob Tuwiner

GTX 1080 Ti

Unlike other popular cryptocurrencies, there isn’t an ASIC designed to mine Decred. For the time being, you’ll have to stick with a mining GPU.

Currently, the most profitable Decred mining GPU is the GeForce GTX 1080 Ti. Let’s take a look at its specifications:

  • Architecture: Pascal
  • Memory Speed: 11 Gbps
  • Boost Clock: 1582 MHz
  • Frame Buffer: 11 GB GDDR5X

As you can see, it’s a pretty powerful card. Though it was originally designed for gaming, it’s great for Decred mining. We’re going to be taking a look at its overclocked performance, as that is the most profitable way to mine with this GPU.

Hashrate, Power Consumption, and Profitability (Overclocked)

PIC Hash Rate Power Consumption Annual Return Price Buy
3793 MH/s 216 W $983.46 $750 View on eBay

The GTX 1080 Ti has a hashrate of 3793 MH/s when overclocked, and a power consumption of 216 watts (also overclocked). This is a pretty good hashrate/power consumption ratio. You’ll see returns of nearly $1,000 per year. Remember, as the value of Decred rises, so do your projected earnings!

Decred Mining Profitability

Currently, Decred mining seems to be quite profitable. In fact, with the popularity of Decred on the rise, it’s probably a good idea to start mining now.

We used a mining calculator to project the annual return of the GTX 1080 Ti. Take a look:

You can use this mining calculator to estimate your own mining performance.

What is Decred?

Decred is an autonomous cryptocurrency. It has a consensus voting model which empowers stakeholders and allows for a seamless transition from one set of rules to another. That being said, it obviously has a strong focus on community input.

It is a multi-platform digtal cryptocurrency, and supports Windows, MacOS and Linux. It has user-friendly wallet apps which allow you to send and receive with ease.

Should You Invest in Decred?

The popularity of Decred is on the rise. Here’s 4 reasons why Decred is worth your time and money:

1. It has a great development team, possibly one of the best in the space

2. Decentralized governance allows Decred holders to vote on pre-coded forks

3. It uses a hybrid of Proof-of-Stake and Proof-of-Work which mostly eliminates the weaknesses of each system on their own

4. Since it has a great development team, it attracts the best talent

Decred Mining Pools

Just like anything else, there’s strength in numbers. Instead of mining on your own, why not team up with other miners and work together?

That’s the basic idea of a mining pool. A group of miners all mine together. Once a blockchain reward is received, (in this case, Decred) each miner receives an equal portion of the work they put in. You’re much more likely to successfully mine if you’re a member of a minig pool.

Here are some mining pools to consider:

How to Trade Decred for Other Cryptocurrencies & USD

You’re going to have to exchange your Decred for Bitcoin first. Here’s how:

Step 1. Sign up for an account on an online exchange such as Binance.

Binance Signup

Step 2. Once you have created your account, it’s time to acquire your Decred (or whichever currency you’re mining) wallet address on Binance. You’ll use this address in your mining software. All of the currency you mine will be deposited into your Binance wallet. From here, you can exchange it for Bitcoin, and eventually, regular currency (USD). In this example I’ll be using other cryptocurrencies, but the process is the same for any cryptocurrency.

Hover over the Funds tab, and a dropdown menu will appear. Click Deposits Withdrawls.

Deposits Withdrawls

Search for your desired cryptocurrency. In this case, we’re using Monero. Then, simply click “Deposit”. When prompted, agree and continue.

Deposit

You should be taken to a page that shows your unique XMR Deposit Address. Copy the code indicated in the graphic below:

Wallet Address

Now, point your mining software to this address.

Step 3: Once you’ve deposited Monero into your Binance account, you can exchange it for Bitcoin. Here’s how:

Navigate to the Binance homepage by clicking the big logo in the top left corner. Navigate over to BTC Markets, and search for your desired currency. (I don’t own any Monero for this example, but I do own TRON, or TRX. I’ll be using this for the tutorial from here on out, but it can be applied to any currency on Binance).

exchange

After you’ve searched for your currency, you should see it pop up in the search results like so:

trx

Click on it. Now you should be here:

Sell

Within the “Sell” box highlighted in the graphic above, you can exchange your cryptocurrency for Bitcoin. In my example, I’m using TRON, or TRX. If you want to convert all of your cryptocurrency into Bitcoin, just click 100% and then sell.

Awesome! Now it’s time for the third step. Almost done!

Step 3: You need to transfer your Bitcoin from Binance to another exchange such as Coinbase or Gemini. Once it’s transferred to Coinbase or Gemini, you’ll be able to exchange the Bitcoin for regular currency. Here’s how:

Navigate back to the Deposits Withdrawals page. Withdraw from your newly acquired Bitcoin wallet like so:

BTC Withdrawal

You’ll be asked for the BTC Withdrawal Address. Now, navigate over to Coinbase or Gemini. For this example, we’re using Coinbase. After you’ve completed the registration, click “Accounts”. Under your BTC Wallet, click “Receive”.

BTC Receive

Now, you should see something like this:

Final Address

The address you see is your Coinbase wallet address. Copy and paste the address into the “BTC Withdrawal Address” on Binance. Select the desired amount, and submit.

Finally, our fourth and final step.

Step 4: The last step is to simply sell your Bitcoin on Coinbase for regular currency.

Sell

Navigate to “Buy/Sell” on Coinbase. Then, click Sell. Now, all you have to do is select the bank to which you’d like your currency deposited. Select the amount of BTC to deposit, and hit “Sell Bitcoin”. It’s that easy!