What started as a joke has now become a serious business?
The market value of Dogecoin has increased tremendously and a lot of…
What was done as a joke has now become a serious business. The market value of Dogecoin has surpassed US$900 billion.
This has led the Shibe-based currency to outperform the tokens of promising projects like Polkadot, Cardano and XRP. If Dogecoin’s goal was to attract the attention of many people, it was successful.
Dogecoin is likely here to stay, starting with Reddit users who support crypto and self-proclaimed tech giant Elon Musk mentioning it on Twitter.
Since Dogecoin is a fun and honest currency that is not affiliated with organizations or companies, Dogecoin has become an attractive presence for the mainstream.
If you’re someone who dives deeper into cryptocurrencies than your favorite currency Memecoin, you’ve probably heard of cryptocurrency mining.
You may have seen the price of Bitcoin drop rapidly, become interested in the idea of Bitcoin mining, and wondered if it’s possible to create entire Bitcoins on your own computer.
Knowing that the computing power required to mine Bitcoin is so great that you need mining equipment, you turned to the most lucrative memes in history.
Dogecoin is a million times easier to mine than Bitcoin
Despite this, those who make huge profits from mining cryptocurrencies have entire platforms dedicated to mining.
Therefore, you can earn something, but don’t expect to become the next Dogecoin millionaire through mining if you haven’t invested in a good platform!
Another problem is that it is not possible to mine dogecoins directly today. Unfortunately, this method has passed into history. To protect against 51% of attacks, Dogecoin (DOGE) has merged with Litecoin (LTC).
It is now practically impossible to mine Dogecoin directly at the cost of network security. When you mine, you usually mine something else and that crypto breach turns into Dogecoin.
It is not possible to mine Dogecoin directly, but it is more convenient than bartering or trading. When a mining program offers the option to mine Doge, it makes you mine another currency such as Ethereum, which is then automatically exchanged for Doge.
A Brief Introduction to Cryptocurrency Mining
Cryptocurrencies, as well as their mineral equivalents – gold and silver, are likely to be mined. In the world of cryptocurrencies, mining is the use of a computer to solve complex algorithms, namely cryptographic hash puzzles.
Thus, miners can create new blocks or data that is stored on the network. This process is called “proof of work”, and this is how many old cryptocurrency networks such as Bitcoin and DOGE worked.
Miners, in fact, are auditors who check the legitimacy of the network. For this work, they receive remuneration in the form of cryptocurrency tokens.
As you understand, this requires a lot of electricity, since the computational work required to solve the algorithms is huge.
Although the impact on climate change is often exaggerated, the bitcoin network, the oldest technology, still requires as much energy as a casino city like Las Vegas.
If the mining of other coins is not so well known for its energy consumption, then you should still take into account your electricity bills when mining.
Since the merger with Litecoin, Dogecoin has been using additional proof of work, which means it uses LTC proof-of-work for its blockchain.
By mining LTC, you get DOGE, which is the most direct way to mine Dogecoin, although it requires incredible resources.
Mining DOGE in this way is impractical for an ordinary person.
The latest protocols, such as Cardano, Polkadot and the upcoming Ethereum 2.0, will work according to the proof-of-stake model.
This model is designed to solve many proof-of-work problems, such as the energy costs of confirming blocks.
The proof of the bet is based on the mining of tokens owned by the user, and does not require the huge computing power characteristic of the mining of the old generation blockchain.
Ultimately, the old-fashioned proof of work can be seen as a relic of the technological past. Today you have every opportunity to discover this technology and delve into the origins of cryptography. I really hope so.
The equipment to start
Depending on the goal you are pursuing, you will need different technical specifications.
This guide is mainly aimed at beginner miners who want to mine the DOGE and tell their friends about it. You will be able to earn a few dollars, but do not count on super-profits if you do not invest more resources and time in the mining industry.
For beginner miners, it is enough to have a laptop or desktop computer. It is better to use at least a decent graphics processor (GPU), such as that of a gamer or a video editor.
However, if you don’t intend to make money from mining, even a regular computer or phone can help you accumulate a few Dogecoins.
If you only use a central processor, be prepared that mining will not be profitable after taking into account energy costs.
However, if you are exploiting memes, this should not be a problem.
For those who want to go further, buying an ASIC (Application Specific Integrated Circuit) can help you launch your own mining operation. These devices are specially designed for the mining industry.
Therefore, if you are seriously considering using the DOGE or other cryptocurrencies to finance your lifestyle, the purchase of such a device should probably not prevent you from moving forward, unless you want to become an advanced miner.
Likewise, you can buy a really advanced GPU and learn how to create a GPU or a multi-GPU structure to mine virtual currency.
Advanced miners are people who work seriously, with entire installations of gaming GPUs and ASICs, or even entire warehouses filled with GPUs.
The investment in equipment is huge and can reach hundreds of thousands, or even hundreds of thousands of dollars.
These GPUs and ASIC miners are video cards or ASIC miners worth thousands of dollars and used together for efficient mining of cryptocurrencies.
If the DOGE is your passion and you are convinced that the shibainuKabosu will fly to Mars, you can show your impressive mining rig to your friends.
The greater the computing power of a computer, the higher the probability of solving cryptographic puzzles, which translates into greater profits.
That is why we recommend using a Gpu as well as a central Gpu, since GPUs are much more powerful and can handle high-level video editing projects and games.
As for the Gpu, you should have at least the RTX2060 series or higher, or something as powerful as an AMD model with similar GPU power. ASICs are useful, but are usually only suitable for mining certain cryptocurrencies. If you buy and use powerful video cards, you will be more likely to be offered mining at Mh/s, that is, millions of hashes per second.
Note that if you are using a laptop, an adequate cooling system is necessary. Otherwise, the system may overheat. If a computer is used, it is recommended to use a desktop computer.
Before you start mining the DOGE, you will need an online or hardware wallet to place the cryptocurrency in. To respect the spirit of the DOGE, you can download the software wallet from the Dogecoin website.
Click on Wallets and hover over Dogecoin Core, the most trusted wallet. Select the system you have. Then click continue and complete the installation.
While this is the classic method to get DOGE as the vocabulary of options can make anyone laugh, it may be more to your liking to get a software wallet or a hardware wallet, especially if you really feel like stacking DOGE.
With the older Dogecoin core wallet, you’ll have to wait for it to sync with the Dogecoin network, which can take a week or two. Several software wallets such as Exodus or Atomic can also store DOGE.
You can also use a hardware wallet that can hold DOGE. Trezor or Ledger wallets should do the trick. Complete the installation of these wallets and have The Dogecoin receiving address ready.
What you Need to Know before Mining
When mining Doge, we mainly focus on the mining methods of beginners and advanced players.
If you are mining, you need to consult or hire an electrician to know exactly what your material can do and how much power you can get from it.
By doing so, you can know if the system is set up correctly, how much your electricity bill should be, and get the knowledge you need for maintenance.
Before Dogecoin mining, a word about cloud mining.With cloud mining, users rent cloud computing software without having to download it directly.
Cloud mining is not profitable at the moment, so it is better to avoid it.You can also buy your own cryptocurrency and run HODL.
But if you really want to work on it, Genesis Mining and Hashflare are providing a reliable service.
Given the cost, it is better not to think that it will be profitable until the technology improves.
Other than that, get used to the more user-friendly Doge mining method.
There are other ways to take the same approach: find a platform for mining and connect it to the mining software. So, if you want to access other mining software, apply what you learned here as it is.
Websites like Zergpool offer extensive customization options for miners, but it’s not the easiest way to start mining, so let’s take a look at unMineable.
If you dive deep into mining, unMineable may not offer all the options you are looking for.If you are a beginner, use unMineable, which allows you to quickly get used to mining.
The main method of mining is Windows, and much of the crypto world works with Windows.
Macs usually don’t have GPUs, so they can only be mined by CPU mining.This means that even using a Mac for mining is unlikely to make a profit.