Cryptocurrency is in the transforming face of currency and currently according to coinmarketcap 9000+ cryptocurrencies traded in the market.
Dogecoin recently become the most discussed cryptocurrency and hit its all-time high of $0.43.
So, if you are holding DogeCoin then it is fine but willing to make Dogecoin for Free then this Dogecoin mining guide will explain you step by step.
Before mining Dogecoin, there is one thing that came into the mind, is mining of Dogecoin worth or not?
Well answer to your question is explained in this article, but the rally of the coin from $0.04 to $0.43 which is 100% growth in a year answers itself.
Here in this guide, I will help you to understand what is Dogecoin mining and how to do mining.
I have also discussed couple of questions in the end to answer frequency asked queries.
What is Dogecoin and is used for?
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 developers 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
- According to the guardian DogeCoin Community has raised 50,000 USD to send the Jamaican team to Winter Olympic
- According to CoinDesk 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.
In earlier it was the thought that this Cryptocurrency is dedicated to the community, not for the investors.
If you believe in the community or social cause then Dogecoin is going to be the best choice for you.
But recently Elon must has tweeted about DogeCoin and it got a huge attraction worldwide and now it added to the investor’s portfolio as well.
What is Dogecoin Mining?
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 comes 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 uses 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 hig power devices to clear that transactions call Miner and this process of solving mathematical problem is 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 130 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 coins, so Litecoin and Dogecoin came together to make this happening impossible.
Mining of Dogecoin is a lot easier than Bitcoin and Litecoin mining, but worth of the coin as compared to Bitcoin and Litecoin is very less.
But recent rally in the dogecoin, which was traded less than penny is now closer to $0.50, so now it is worth grabing attention.
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.
Ways to Mine Dogecoin?
Following three methods are most popular to mine any cryptocurrency based on the available resources.
Solo Mining of Dogecoin
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.
Dogecoin Mining using 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 of Dogecoin
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 will give you great idea to get this much reward how much resources you need.
You can try with Genesis Mining for cloud mining.
I explained below the minimum resources you need for Dogecoin mining.
But before we start a Dogecoin mining we need a wallet,hardware and software to mine.
Best Dogecoin wallet,hardware and Software for Mining
I have given the most popular resources and all three are must to start mining.
Best DogeCoin Wallet
Dogecoin wallet is a place where you will get your mined coins, simply go to Dogecoin own official site or 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.
Best 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 .Most popular is AntMiner.
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,Antminer.
Now, this is all that you need before you start of mining with Dogecoin.
Now coming to the end where let me tell you is Dogecoin Mining Profitable?
Is Dogecoin Mining Profitable and will hit $1?
Well, if you feel that by mining Dogecoin in numbers you can be a millionaire then I think it is was not profitable at all if you have asked me before 1 year.
But at the moment with the support it has gained from all around the community, now Dogecoin is standing in the top 10 list of cryptocurrency.
But how much higher it can go will totaly depends on various reasons.
First and foremost is an unlimited supply.
In the area of the economy price of any goods will depend on demand and supply, if more supply that means no more value for goods.
Same case here, for Dogecoin as per date 06/01/2019 price of Dogecoin was less than 1 cent.
Even in the year 2017, while all cryptocurrency was traded for 1000$ or more even in that case Dogecoin was not even close to 2 cents.
But today on 17/04/2021, you have altogether different picture of Dogecoin, as it hanging around $0.30 and still bullish.
So never forget the rule of crypto market, that it traded based on the centiments.
But anyways no matter, as long as Bitcoin keep increasing day by day complete Altcoin will push along with Bitcoin.
So we are expecting only profit in all the altcoins including Dogecoin for a long time.
If you would ask me, will Dogecooin hit $1 then with current market capitalization of the Dogecoin it has already crossed the 1/3 journey close to $1.
So it is possible and if the support will keep continue then you may see that touching the target very soon.
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 good or bad decision as only times will tell us for our choices.
But Using the same hardware you can also mine many other crytptocurrency so i don’t think there will be any lose.
I hope the above article will help you to find another profitable alternative for Dogecoin.
Wrap Up on DogeCoin Mining and its Future
You can not understimate a coin which overall capitalization touched $48 billion.
And its current price is increased 18000 percent from a year ago when it was traded around $0.002.
So i must say it is no more a cryptocurrency for fun or joke.
Here is one more way available to earn free Dogecoin, I thought this might help you.
The kind of happiness, it has given in the past to various charitable trusts and people created a huge space for Dogecoin among people’s hearts.
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 a social cause, share it with social friends so they may contribute to society and share their opinion on Dogecoin.
FAQ on DogeCoin
Should i buy Dogecoin?
If any crypto standing in the top list with a $48 Billion market capitalization then it is always worth investing in, as it has proved its potential to grow in the future as well.
How to Buy DogeCoin?
Will Dogecoin reaches $1?
According to the market analysis Dogecoin has around 16.7% probability to be worth around $1 by the end of the year 2021.