I guess that you came here because you have heard about digital currency and you are interested in trying it, right? If you are someone who likes to be involved in a community, then Dogecoin mining is the perfect topic for you!
Bitcoin was the first digital currency that appeared in 2009, and today there are hundreds of different digital currencies. Some of these newer coins (which operate on their own blockchain) are also known as altcoins or alternative coins. One of the popular altcoins is Dogecoin. Altcoins can be bought, sold and exchanged, just like Bitcoin. Dogecoin can also be mined!
So, what is Dogecoin mining?
Until you finish reading this article, you will know how to mine Dogecoin and what Dogecoin actually is. You will know the tools and software that should be used to start mining Dogecoin. You will also be able to determine whether you are suitable to be a Dogecoin miner (Dogecoin miner).
So, where do you want to start? From the beginning? Very nice. We will now take a brief look at how Dogecoin originated.
A (Very) Brief History of Dogecoin
In 2013, an Australian named Jackson Palmer and an American named Billy Markus became friends. The two of them became friends because they really like digital currency. However, they felt that the topic of Bitcoin was getting too serious so they finally decided to create their own digital currency.
Palmer and Markus want to make a digital currency that is fun and friendly than other crypto coins. They wanted people who normally don't care about crypto to be interested in using it as well.
They ended up using a popular meme as their mascot, a Shiba Inu dog.
Dogecoin was launched on December 6, 2013. Since then, Dogecoin has grown in popularity due to its playful nature, just like its mascot!
Dogecoin is becoming increasingly popular due to its use for online charities and tips. In 2014, $ 50,000 of the digital currency Dogecoin was donated to the Jamaican Bobsled team so they could compete in the Olympics. Dogecoin has also been used to build wells in Kenya. How cool is that!
Users of social media platforms such as Reddit also use Dogecoin to give gifts or tips when a Redditor posts great content.
Dogecoin has become the 27th largest digital currency .
Note: Market cap (or market capitalization) is the total value of all digital currencies on the market.
So, Dogecoin is a popular altcoin, known to be fun, friendly and kind. Dogecoin is a digital currency with a dog as its mascot! You like him, right?
Next, I will discuss how Dogecoin mining works.
What is Dogecoin Mining?
To understand what Dogecoin mining is, you have to understand how cryptocurrency works. Cryptocurrency is a digital currency that is peer-to-peer. That means, crypto money can send money from one person to another without having to use a bank.
Every digital currency transaction is recorded in a large database called the blockchain . This database is stored on thousands of computers called nodes . Nodes record various kinds of new transactions and then add them to the blockchain. This group of transactions is known as a block .
Each block of transactions must be checked by each node on the network before it can be added to the blockchain. If nodes don't evaluate transactions, then people can pretend they have money even if they don't (I would fake it that way if possible!).
Each transaction confirmation (mining) requires large amounts of computing power and electricity, so this process can be very expensive.
Blockchain doesn't have to pay employees like banks do. So they offer rewards to users who can confirm transactions. The reward of transaction confirmation is in the form of digital currency. The process of awarding digital currency is what we call mining.
This process is called mining because the process is the same as mining gold or diamonds. You are not mining with a shovel for gold, you are mining with a computer for crypto!
Note: For more information on blockchain technology, visit our Blockchain explanation guide .
There are various mining techniques with a variety of different coins that also provide a variety of different prizes.
Then what about Dogecoin mining? How do I mine Dogecoin? Let us see ...
What is Dogecoin Mining like?
Dogecoin mining is the process of getting Dogecoin after you have successfully verified transactions on the Dogecoin blockchain. Simple, right? No, it's not that simple, nothing is that simple!
Mining Dogecoin is like entering a lottery. You have to work hard to enter this lottery. Well, your computer (or node) is actually doing the hard work! This job involves the process of confirming and verifying transactions as I discussed in the previous section.
There are many computers that verify transactions within the same block, but only one computer will manage to get coins. The only computers that will get the new coins are the nodes that have successfully added a new block of transactions to the old block of transactions. This process is carried out using very complex mathematical equations.
The computer node that manages to solve the math equation the fastest is the node that wins! The node will add a new block of verified transactions to the blockchain.
Most of the cryptocurrency mining process will happen like this. However, Dogecoin mining is somewhat different from other coins in several ways, namely:
- Algorithm: Each crypto currency has its own rules regarding the mining process. These rules are also known as mining / hashing algorithms .
- Verification Time: This is the average time it takes to verify a block of transactions and add them to the blockchain.
- Difficulty Level: This section is a representation of the difficulty level for mining Dogecoin. You can use this lift as a reference to see how big your chances of winning the lottery are. The level of difficulty can go up or down depending on how many Dogecoin miners there are. This difficulty level can also be set with a protocol to ensure that the verification time remains the same.
- Prizes: This is the number of digital currency numbers that successful miners will receive.
Now we will try to compare the Dogecoin mining process with Litecoin and Bitcoin ...
|Degree of difficulty||6802626.0955||3511060552899.72||2798252.1991|
|Verification Time (In Minutes)||2.5||10||1|
|Prizes (Per Block)||25||12.5||10,000|
|Prizes (Per Block in USD)||3,027.35||86,391.63||27.36|
Bitcoin uses SHA-256 to manage the mining process while Litecoin and Dogecoin use Scrypt. This is an important difference because the Scrypt algorithm requires less power and has faster computation when compared to SHA-256. This algorithm makes the mining process easier for miners with less sophisticated computers. Litecoin and Dogecoin users feel that these two digital currencies are fairer than Bitcoin because the opportunity to be able to do mining is greater.
Note: In 2014, Litecoin and Dogecoin integrated their mining process. That means, you can mine both of them in the same process. Dogecoin mining has become linked with Litecoin mining. It's like two football teams playing a home game in the same stadium!
Mining Dogecoin is much faster than Litecoin or Bitcoin. Even the prizes are bigger!
But don't be happy just yet (sorry!). Dogecoin has a lower value than Bitcoin and Litecoin. Ten thousand Dogecoin was worth less than thirty US dollars. Meanwhile 12.5 Bitcoin is worth 86,391.63 USD!
However, Dogecoin is not that bad. Mining Dogecoin's difficulty level is one million times easier than Bitcoin mining. That means you have a much greater chance of getting rewards if you mine Dogecoin.
After I tell you what Dogecoin mining is and how to process it, do you want to give it a try?
So now let's see what you need to become a Dogecoin miner ...
How to Mining Dogecoin
There are two ways to mine Dogecoin, namely solo (alone) or joining a Dogecoin mining pool.
Note: The Dogecoin pool is a group of Dogecoin users who share computing power to increase the odds of competing to verify transactions. When a node in the pool succeeds in confirming a transaction, the Dogecoin rewards will be divided equally among the pool participants.
Dogecoin Mining: Solo vs Pool
Ketika anda melakukan mining Dogecoin di dalam sebuah pool, maka anda harus membayar biaya partisipasi. Ketika pool tersebut berhasil memverifikasi sebuah blok maka anda akan mendapatkan hadiah yang sangat kecil. Hanya saja, sebuah pool bisa melakukan mining dengan lebih cepat jika dibandingkan dengan mining solo. Jadi, kesempatan anda untuk bisa mendapatkan hadiah (biarpun hadiahnya dibagi rata) jadi meningkat. Pilihan ini dapat memberikan anda hadiah Dogecoin secara konsisten.
If you choose to mine Dogecoin solo, then you are taking the risk of waiting longer to be able to confirm the transaction because the competition is fierce. You may have to wait weeks or even months to get your first block! It's just that if you win, the entire Dogecoin mining results will be yours. You don't have to share it with others or pay a participation fee.
If you are a beginner, I recommend that you join a pool. That way, you don't have to wait a long time to be able to verify your first block. You will also feel part of a community, and that is, in fact, real Dogecoin mining!
What You Need For Dogecoin Mining
Before you get into Dogecoin mining, there are some basic equipment that you should have:
- A PC running Windows, OS X or Linux.
- Internet connection
- A Shiba Inu puppy (I'm just kidding!)
You also need a digital wallet to store the Dogecoin you have successfully earned. Visit the official Dogecoin website and download a digital wallet.
Note: A digital wallet is like an email account. The wallet has a public address for sending and receiving Dogecoin and requires a private key to access it. The private key is the same as your e-mail password. This key is very important and should be stored very securely.
There are two types of digital wallets; light wallet (light wallet) and full wallet (full wallet). To do Dogecoin mining, you need a full wallet. This digital wallet is called Dogecoin Core.
Once you have a digital wallet, you will need software and hardware.
Dogecoin Mining Supplies
You can mine Dogecoin by:
- CPU: The CPU of your computer may be powerful enough to be able to mine Dogecoin. It's just that, I don't recommend this. Mining Dogecoin can make computers heat up quickly and break down quickly.
- GPU: GPU or graphics card is used to increase the graphics display of your computer. The GPU can also be used to earn Dogecoin. There are several GPUs you can use and here are the GPUs you can choose to get started:
- Scrypt ASIC Miner: ASIC is an electronic device designed for one purpose. The Scrypt ASIC miner is programmed to mine digital currencies using the Scrypt algorithm such as Litecoin and Dogecoin. ASICs are very expensive, very noisy and can get very hot! Here are some ASIC products that you can check:
- Innosilicon A2 Terminator ( $ 760 )
- Bitmain Antminer L3 ( $ 1,649 )
- BW L21 Scrypt Miner ( $ 7,700 )
Dogecoin Mining Software
If you are using an ASIC, GPU or CPU, you will need software. You must use software that can work in accordance with the hardware you are using. The following is a short list of various free software according to each hardware.
- CPU: If you just want to try Dogecoin mining, then your computer's CPU is enough. The software that I recommend to do Dogecoin mining using a CPU is a CPU miner which you can download for free here .
- GPU: If you are mining Dogecoin using a GPU, the following are software options that you can use.
- CudaMiner - Fits best with Nvidia products.
- CGminer- Paling cocok dengan hardware GPU
- EasyMiner - User-friendly, so it is most suitable for use by beginners.
- Scrypt ASIC miner:
- MultiMiner - It is suitable for mining crypto using a scrypt algorithm such as Litecoin and Dogecoin. MultiMiner can also be used for SHA-256 crypto currencies such as Bitcoin.
- CGminer and EasyMiner can also be used with ASIC miners.
If you are a beginner, then don't be too dizzy! If you are new to Dogecoin mining, then I suggest you use a GPU such as the Radeon RX 580 using the EasyMiner software. I suggest you join a Dogecoin mining pool. The best pools you can enter are multi-currency pools such as Multipool or AikaPool .
If you are interested in Dogecoin mining but you don't want to spend money on all of the technology, then there is one other option ...
Dogecoin Cloud Mining
Cloud mining is mining without mining! In simple terms, you just need to rent a computer for monthly or yearly. Dogecoin will be mined by the computer and the results will be shared with you.
All you need to mine Dogecoin is a Dogecoin digital wallet. You can choose a cloud mining pool for a monthly fee such as Eobot , Nice Hash and Genesis Mining which offer cloud mining with the Scrypt algorithm.
Ada pro dan kontra soal mining Dogecoin melalui cloud:
- Jauh lebih murah dari menyusun perlengkapan sendirian. Anda juga tidak perlu berurusan dengan hardware panas dan bising di rumah anda!
- As a beginner, you don't have to deal with all kinds of complex technical matters.
- You will earn Dogecoin consistently every month.
- Cloud mining pools don't share information about themselves or how they work.
- You only rent a computer. If the Dogecoin price drops, you will still have to pay the same rental fee.
- The Dogecoin pool has inflexible contracts, but the crypto world can change very quickly. You could be trapped in a bad contract for two years!
- It's no fun having other people doing your job!
Now you know all the different ways to mine Dogecoin. Now we can move on to the most important question: Can you get rich by mining Dogecoin?
Is Dogecoin Mining Profitable?
The short answer is, not really. Dogecoin mining won't make you a crypto millionaire overnight. One Dogecoin is equivalent to 0.002777 USD. If you mine Dogecoin solo, it will be difficult for you to make a profit . You will probably spend more on paying for electricity and buying equipment than on making money. Even if you join a pool or rent a cloud pool, the profits you will make will still be small.
However, if you think that I am not suggesting you to dive into the world of Dogecoin mining, then you are WRONG! Of course I highly recommend that you mine Dogecoin!
Well, you have to mine Dogecoin because the process is fun and you can also be part of the Dogecoin family. Digital currencies will change the world and you want to be a part of that change, right? Dogecoin mining is a great way to get involved.
Dogecoin is a digital currency that can make people smile. With Dogecoin, you can support all the good actions that the Dogecoin community is doing. You can learn all about the crypto world from a friendly community. Who knows? In a few years Dogecoin will be worth thousands or even millions of dollars! In 2010, Bitcoin was meaningless. Think about it!
Only you can choose whether to get into Dogecoin mining or not. You have all the information you need to start making decisions. The future has come. So, what are you waiting for?