Cryptocurrency is the transforming face of currency and currently, around 2000+ cryptocurrencies traded in the market, if you want to learn how to start Dogecoin Mining, then here in this Guide I will help you.
Before mining of Dogecoin, there is one thing came into mind, is the mining of Dogecoin worth or not?
Well answer to your question is explained in this article.
Here in this guide, I will help you to understand what is Dogecoin mining, how to do mining and if you are ready with all such knowledge.
we can easily decide whether it is worth to mine or not?
What is Dogecoin?
It is the history behind every cryptocurrency that all coins are born with a vision to make financial transactions decentralized and independent.
But Dogecoin was originated to take the fun of Cryptocurrency because of its popular growth.
Fan of Dogecoin calls himself Shibes!
Dogecoin was launched in the year 2013 by two developer Jackson Palmer and Billy Markus to make cryptocurrency more fun and amazing.
It is well known as community coin and in past Dogecoin community has raised good funds for charity such as
- DogeCoin Community has raised 50,000 USD to send Jamaican team to Winter Olympic
- A loyal community of Dogecoin has raised 30,000 USD to help build a clean water well in Kenya.
On Reddit, host a Lively Shibes group where people give tips to each other for sharing good content.
So this Cryptocurrency is dedicated to the community, not for the investors.
If you believe in the community or social cause than Dogecoin is going to be the best choice for you.
Mining of any cryptocurrency is difficult these days because this is the only best way to earn free coin.
Mining of any coin happens for the specific block, Do you know what is mining and how Dogecoin mining happens.
Let say, if you have originated transaction from Dogecoin wallet and willing to send it to the receiver, then the transaction will not be confirmed unless it got verified.
If you transfer Money from one place to other than the bank will always responsible for confirmation and authentication of the transaction.
But in crypto, no such third party exists so here Miners come into the picture. Every transaction initiated from Dogecoin wallet will have a mathematical problem associated with it.
To confirm those transactions, high power devices used to solve the puzzle. People use such devices to solve mathematical problems.
whoever is able to solve quickly will get Dogecoin in reward and in this way new coin came into the market.
Here all the people who use devices call Miner and this process of solving mathematical problem call mining.
Here Dogecoin has a block of 1 minute, means all transaction initiated from any corner of the world will group in a Block. This Block as a single is solved by the miner.
It means every transaction initiated for Dogecoin got clear in just 1-minute compared to the 10-minute block of Bitcoin.
For every block verification, around 10,000 Dogecoin will be rewarded.
Bitcoin has the max supply of 21 million however Dogecoin has an unlimited supply.
As per the official page of Wikipedia, it says around 113 billion Dogecoins are already been mined and in circulation.
Now let more Focus on Mining of Dogecoin.
Dogecoin uses Scrypt algorithm to mine coin same as Litecoin and to improve security and prevent hack attack, Dogecoin and Litecoin have been combined to prevent themselves from 51% attack.
In all over the world, if anyone has Blockchain mining power more than 51% of the total than he can make fraud or steal coin so Litecoin and Dogecoin came together to make this happening impossible.
Mining of Dogecoin is a lot easier than Bitcoin and Litecoin, but worth of the coin is as compared to Bitcoin and Litecoin very less not even close to 1 cent.
As I said earlier Mining of Dogecoin is based on Scrypt algorithm so it is quite easier to mine using GPU and in some cases, you can do it by using your own CPU.
So now let me tell you how to Mine Dogecoin?
How to Mine DogeCoin?
Same as other cryptocurrency mining of Dogecoin is possible using two ways simply by setting up your own setup or by participating in a Mining pool.
If you have own system setup, simply need a laptop and do install required installation for mining and run Mining, But it is recommended to run using GPU.
As mining using GPU make things easier.
Earlier before the popularity of Cryptocurrency, it was easy to mine using CPU but now the market is competitive, people are investing a lot in cryptocurrency.
So it is advisable to purchase a Graphics program unit(GPU) and set separate setup on the device and integrate with a computer to start mining.
But if you mine personally than definitely your investment will be low and chances of solving blocks will be very low.
So for a beginner, it is recommended to opt for Mining Pool.
It is a place where multiple people combine their percentage of hashing power and try to mine combined.
So chances of solving blocks will be very high and they can earn a huge number of coins.
But the reward earn in terms of mining will be distributed among all the participants but this is an easier and recommended way to mine any coin.
Cloud Mining is another simple way, let say you do not have money to invest for long periods of time than you can hire resources for a limited period of time.
Use those resources to mine coin and release them while you do not want.
This is a good idea if you are sure what will you get after mining.
So in that case, decide which coin you would have to mine.
Well, if you think dogecoin than wait will answer later.
To start a Dogecoin mining you need a wallet.
Best DogeCoin Wallet
Dogecoin wallet is a place where you will get your mined coin, simply go to dogecoin own official site as Click to DogeCoin Wallet.
There is two option available to download Wallet, one for Desktop and other for Mobile. You can choose any.
Here select Desktop wallet and let say the operating system of Windows.
Simply click to download and follow instruction so a MultiDoge full client Desktop wallet will be downloaded.
Hardware For Dogecoin Mining
If you are willing to mine Dogecoin or any cryptocurrency then there are three possible devices you should use
- CPU – If you want to mine using your tradition or new laptop than it is possible to mine using your Computer.
- GPU – Mining using CPU is not that much power and reward you will earn will be very less so it is always recommended to mine using GPU such as Nvidia.
- ASIC Scrypt Miner – This is the most powerful way to mine any cryptocurrency, they are specially made for mining of Coin only but they are bit expensive and not easy to invest.
So let me assume that you are now with the choice of hardware.
Software for DogeCoin Mining
Every hardware requires software to mine coin, so here is a point for software available.
Which you can download and start mining.
- If you are mining using CPU than software call CpuMiner is most helpful.
- If you are mining using GPU than CGMiner is the best software.
- If you use ASIC Scrypt than you can opt for Multiminer, CGMiner, and EasyMiner.
Now, this is all that you need before the start of mining with Dogecoin.
Now coming to the end where let me tell you is Dogecoin Mining Profitable?
Is Dogecoin Mining Profitable?
Well, if you feel that by mining Dogecoin in numbers you can be a millionaire then I think it is not profitable at all.
There are various reasons for that, first and foremost is an unlimited supply.
In the area of the economy price of any goods will depend on demand and supply, if more supply that means no more value for goods.
Same case here, for Dogecoin as per date 06/01/2019 current price of Dogecoin is less than 1 cent.
Even in the year 2017, while all cryptocurrency was traded for 1000$ or more even in that case Dogecoin was not even close to 2 cents.
So, it is all because of its market circulation supply, but if you are really want to invest in crypto and make money than I would recommend looking for another coin.
But the future is uncertain and no one can predict the possible growth of any cryptocurrency.
Putting the burden on your wallet to set up mining devices and aiming to mine Dogecoin will be a fullish decision if you are Crypto Investors.
I hope the above article will help you to find another profitable alternative for Dogecoin
My View on DogeCoin Mining
If you are investors and looking for earning from Crypto than Dogecoin is not a choice for you and mining Dogecoin for the sake of raising money is not a wise decision.
But, if you are looking crypto for fun and willing to contribute to society then Dogecoin is open welcome for you.
Here is one way available to earn free Dogecoin I thought this might help you.
Kind of happiness it has given in past to various charitable trust and people created a huge space among people heart.
Rest decision is of yours but this is the end of my ultimate guide on Dogecoin mining.
If you like the content then at least for social cause share it to social friends so they may contribute to society and share me your opinion on Dogecoin.
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