Guide on How To Use ‘Transfer Income’ To Distribute Mining Revenue on KuCoin Pool

2021/12/17 08:17:55

KuCoin Pool has launched the new ‘Transfer Income’ function for an easier revenue distribution process with simple set-ups. It caters to the demands of KuCoin Pool miners who had to go through a tedious intra-site transfer process.

The new function currently supports the distribution of mining revenue in BTC and ETH in either the "Transfer by Amount" or "Transfer by Proportion" method. Each user can customize the parameters according to their preferences.

We have prepared a ‘Transfer Income’ tutorial to guide you through each step (Please note that you first need to connect hashrate before proceeding to the set-ups):

Step 1: Log in through the official KuCoin website (www.kucoin.com) and click ‘Finance‘ > ‘Mining Pool‘;

Step 2: Click ‘Settings’ > ‘Transfer Income’ > ‘Transfer Settings’;

Step 3: Choose the mining account you want to set up and click ‘View details’ > ‘Add’. If you don’t see the account in the list, click search on the upper right corner;

Step 4: Set up your transfer parameters in transfer type, algo, coin, and date, enter the recipient’s UID and transfer amount, then click ‘Confirm’ to complete the settings;

Step 5: The setup will take effect on the next day when completed. To cancel the income transfer, the user needs to select the corresponding UID in the list and click ‘Delete’.

Note: The mining revenue is calculated daily and will be issued the next day. If a user wants to stop a transfer immediately after setting up, it is recommended to terminate the transfer before 09:00 (UTC+8) on the same day.

How Dash mining works

Dash (formerly known as Darkcoin and XCoin) is an open, decentralised payment system in the form of a blockchain-based cryptocurrency that uses a mechanism to enhance transaction privacy.

Like most cryptocurrencies, DASH has no central management - the issuance is done by mining. Of the remuneration received by miners, 90% is distributed to miners and masternode operators. The remaining 10% is used to fund approved projects.

At the end of 2017, Dash was among the top ten popular cryptocurrencies by capitalisation[4]. By the end of 2019, the project is in the list of thirty popular cryptocurrencies in terms of capitalisation.

As with many other blockchains, transactions on the Dash network are protected by a cryptographic method known as POW (proof-of-work) mining. During this process, powerful computer processors look for solutions to a mathematically complex problem, which is set by the X11 hashing algorithm.

Dash founder Evan Duffield developed this algorithm based on 11 of the most secure cryptographic techniques to reduce energy consumption and ensure the most fair distribution of Dash in the early years of the network. Unlike Bitcoin, which relies on a single algorithm, X11 is designed to provide protection against possible vulnerabilities that can be found in one or more hashing functions. Today, mining is a highly professional industry, with powerful ASIC farms operating around the world, protecting the Dash.