Beginner’s Guide to Dogecoin (DOGE) Mining

Dogecoin has never been unpopular or irrelevant – but we think it wouldn’t be a stretch to say that the coin has been on everyone’s mind lately, even more so than usual. Some people used the hype to sell off their DOGE, some finally decided to buy it up, and if you’re reading this, you’re probably considering mining it.

In this text, you will learn how you can mine DOGE, what hardware and software you will need, how long mining Dogecoin takes, whether it’s still profitable, and more.

If you want to learn more about crypto mining in general, you can read our comprehensive guide on it here. Now, let’s get to the main topic of this article – DOGE mining!

What Is Dogecoin Mining?

doge miner
Source: Crypto Line News

To mine DOGE means to confirm transactions on the Dogecoin blockchain – and be rewarded for it with the coin itself. Don’t be fooled by the picture above – it does not involve going down to the mines and, unfortunately, it won’t turn you into a cute shiba inu. Even so, you can still have fun and make some money when mining DOGE.

One note before we go on – don’t forget to get a secure Dogecoin-compatible crypto wallet before you start mining DOGE. We recommend using hardware wallets, like Trezor or Ledger.  

Read also: Dogecoin Price Prediction for 2021 and Beyond

Mining Comparison

Let’s compare Dogecoin to Bitcoin, the most popular cryptocurrency, and Litecoin, another famous crypto that uses the same algorithm as DOGE.

Dogecoin has faster block confirmation time than Bitcoin and Litecoin. Dogecoin also has a higher reward per block, but a much lower coin price than the other two coins. LTC and DOGE both use the Scrypt algorithm, which is quicker and requires a lot less power than SHA-256, the algorithm used by Bitcoin. As a result, mining Dogecoin (and Litecoin) is a lot less resource-intensive than Bitcoin. Additionally, Elon Musk has recently mentioned that he’s been working together with DOGE developers to make mining the cryptocurrency even more efficient and sustainable.

Finally, mining Dogecoin and Litecoin is a lot – and we mean a lot – easier than mining Bitcoin, so you are more likely to receive block rewards when mining these two cryptocurrencies.

DOGE LTC BTC
Algorithm Scrypt Scrypt SHA-256
Block Time 1 min 2.5 mins 10 mins
Reward per block 10 000 25 12.5
Price* $0.2724 $134.65 $34,554.25
Difficulty 2798252.1991 6802626.0955 3511060552899.72
*on 25/06/21, when this article was written

Is Mining Dogecoin Profitable?

The profitability of Dogecoin mining largely depends on how you mine it. Generally speaking, it’s a better idea to mine DOGE in a pool rather than solo. 

One of the factors that affect how profitable mining a cryptocurrency is its supply. Dogecoin used to have a limited supply of 100 billion coins, but all of those original coins have already been mined by mid-2015. From that year onwards, 5 billion Dogecoins have been put into circulation every 12 months. As a result, since the supply is somewhat limited, yet the coin is in great demand, it can be profitable to mine it.

To calculate the profitability of mining a cryptocurrency, one has to consider the costs – the price of equipment, electricity costs, and so on. You can use one of the many Dogecoin mining calculators available online for free to find out the potential profit you can get per day.

dogecoin calculator
Source: Coinwarz  

Can You Still Mine Dogecoin?

Well… Technically, yes, you can, but a better question to ask would be “should I mine Dogecoin?”. If you just want to get some DOGE, it’s better to buy it. In fact, buying would probably be the better option if you’re after profit, too. That said, Dogecoin mining can still be profitable if done correctly. Read on to learn how you can mine Dogecoin and make money along the way.

How to Mine Dogecoin

Dogecoin was built on the Scrypt algorithm, just like Litecoin and a few hundred more cryptocurrencies. Because of this, DOGE can only be mined using Scrypt ASICs.

As Dogecoin uses the Scrypt algorithm, it is relatively energy-efficient to mine. Because of this, you don’t have to own an equivalent of a nuclear collider to be able to mine it – you can do it on your own personal computer. DOGE has always been about bringing the community together, so it makes sense that mining it should be as accessible as possible.

The difficulty of Dogecoin mining ramps up with time. Since DOGE is a Scrypt cryptocurrency, some miners also mine Litecoin (LTC), Viacoin (VIA), and other coins that use the same algorithm to turn in more profits. If that doesn’t sound like something you would like to try, there’s another easy way to make money mining Dogecoin: mining pools. 

Read also: DOGE Mining Pools

Dogecoin Mining: Solo vs Pool

As we have mentioned previously, it’s easier to make a profit when you mine Dogecoin in a pool vs solo. But what does it mean to mine crypto solo?

When you mine Dogecoin solo, it means you provide all the necessary hashing power yourself – and you are also the only benefactor when confirming blocks. Naturally, this is a lot more time-consuming and power-demanding than pooled mining, and, as a result, less profitable. Unless you have a large mining operation going, or want to organize one, we would advise against solo Dogecoin mining. Of course, if you don’t mine Dogecoin for profit, you can still try out solo mining – but expect to lose money rather than earn it.

Pooled mining is the opposite of solo mining – instead of shouldering all the costs yourself, you share them with other miners. Of course, you’ll have to share the rewards, too, but if you’re just looking for a quick or stable long-term profit, pooled mining is the way to go. Mining pools allow several people to combine their hashing power, with block rewards being shared proportionally to everyone’s contribution once a block is completed.  

What You Need to Start Mining Dogecoin

You don’t need much to start mining Dogecoin:

  • A secure DOGE crypto wallet
  • A computer with either macOS, Windows, or Linux operating system
  • An Internet connection

With the basics covered, you can start thinking about getting the rest of the equipment you’ll need to actually start Dogecoin mining.

Dogecoin Mining Hardware

There are three types of hardware you can mine Dogecoin with.

  1. GPU

GPUs, or graphic cards, are well-known for being used in mining. They are used to play video games, too, so sometimes supply can run low, bumping the prices up. However, since DOGE doesn’t require that much computing power, you don’t have to get one of the expensive latest models – a simple and relatively cheap Nvidia GeForce GTX 1060 will do.

  1. CPU

If you have a good PC and don’t want to spend extra money, you can always use your already existing CPU to mine Dogecoin. However, we would advise against that, since although DOGE isn’t resource-intensive like Bitcoin, it can still cause your CPU to overheat, causing damage.

  1. ASIC

As we have mentioned previously, you will need a Scrypt-compatible ASIC to mine Dogecoin. This way of mining is very effective, but ASIC miners are expensive, loud, need a lot of resources, and can get very hot, so managing them can be tough. If you want to get a good Dogecoin ASIC miner without breaking the bank, we can recommend using Innosilicon A2 Terminator.

Dogecoin Mining Software

So, you have chosen the hardware you are going to use to mine Dogecoin. No matter what you’ve set your sights on, ASICs, GPUs, or CPUs, to actually mine DOGE, you will also need proper software.

Here is the software you can use with each type of mining hardware:

  1. GPU

GPUs allow you to use one of the best mining software for beginners – EasyMiner. It supports both NVIDIA and AMD GPUs (as well as Dogecoin ASIC miners), and has an extremely beginner-friendly interface. 

  1. CPU

With CPUs, you can use free software like cpuminer

  1. ASIC

Most Dogecoin ASIC miners come with in-built software these days, but you can also use EasyMiner as we have mentioned above.

Dogecoin Cloud Mining

Cloud mining is arguably the easiest way to mine DOGE. It allows you to do your Dogecoin mining online. You don’t have to buy or even look after any mining equipment – you just rent it from somebody else without ever actually seeing that equipment. Basically, you just pay a large data center to get a cut of the rewards from one of their mining rigs.

While cloud mining is easy and cost-effective, it can be quite risky. Usually, you sign a contract to rent the equipment – it can last anywhere from 1 month to 1 year. And if the price of Dogecoin falls soon after you sign the contract, you will still have to pay your rent – and it’s possible that you will make a loss instead of a profit.

How Long Does It Take to Mine 1 Dogecoin?

Dogecoin has a relatively short block time – the time it takes to create the next block in the chain. It is equal to 1 minute. 

How Many Dogecoin Can You Mine in a Day?

It’s hard to tell. The number of Dogecoin you can mine per day will depend on your mining hashrate, which depends on your computing power and Internet connection.

Can I Mine Dogecoin on My Phone?

Dogecoin mining on your phone is possible but pointless. The mining hashrate will be so low that it will be virtually impossible to get anything. That said, if you want to try it anyway, there are some ways to do it.

How to Mine Dogecoin on Android

As we have said, it is virtually impossible to mine Dogecoin on your phone. Although there are some mobile mining programs out there, we would advise against using them – they can overheat your phone and cause damage to it. What you can do instead is play a fun clicker game like Dogeminer.  

How to Mine Dogecoin on iPhone

Everything that we’ve said above applies to iPhones, too. One more thing: do not trust apps that claim they will give you free Dogecoin. The only thing they can give you for free is viruses and scams. 

Can I Mine Dogecoin on My PC?

You can mine Dogecoin using Mac, Windows, or Linux. Let’s look at how you can mine DOGE on the first two.

How to Mine Dogecoin on Mac

You will need a very powerful GPU to mine Dogecoin on your Mac. However, even if you do get one, you are very unlikely to make a profit. Additionally, your Mac likely won’t feel too good after you use it for mining DOGE – they overheat easily, which causes damage to your machine. The best way to mine Dogecoin on Mac would be using it to sign a cloud mining contract.

How to Mine Dogecoin on Windows

Dogecoin mining on Windows is the most optimal way to mine this cryptocurrency. Just get a stable Internet connection, a DOGE wallet, proper hardware and software, and you’re all set.

Conclusion

Mining DOGE isn’t hard, but it is (relatively) resource-intensive and requires some preparation. That said, most people don’t mine Dogecoin for profit or to get the coin – they do it for the amazing community. Dogecoin has always been about having fun, either on your own or together with others. However, it is still profitable when mined correctly – just make sure to understand what you’re getting involved in before you buy a $5k GPU.

If you aren’t after profit but just want to get some Dogecoins, you can buy DOGE on our fiat-to-crypto marketplace instead!

Frequently Asked Questions

Is Dogecoin worth mining?

Whether Dogecoin is worth mining or not largely depends on:

  1. Why you are mining it

If you want to make a profit and earn some money, then mining Dogecoin is not that profitable. You’ll be better off buying it up to sell later, or trading it on Changelly PRO.

Buying is also a better option if you just want to get some DOGE. However, if you’re looking for something fun to do and want to join the thriving DOGE mining community, then it is definitely worth it. At the end of the day, it’s up to you and your priorities.

  1. How you are mining it

If you are solo mining Dogecoin, then it is likely that you will not make a profit. However, if you’re using a mining pool, then it is possible to turn in a profit.

Cryptocurrency prices are extremely volatile. One tweet can send them to the moon, and another one can cause them to plummet. This is why we advise you against using contract-based cloud mining. However, if you’re lucky, you can start mining DOGE when it’s relatively low and make a profit when it rises. But we would not recommend relying on chance when it comes to money.

How much Dogecoin can I mine per day?

That depends on what hardware and software you are using and how you are mining Dogecoin – in a pool or solo, or maybe even using cloud mining. The higher your Dogecoin mining hashrate, the more DOGE you can mine.

Is it hard to mine Dogecoin?

Mining Dogecoin is easy in a sense that it doesn’t require a lot of preparation or knowledge of complex programming – you can just use beginner-friendly software to set everything up. That said, the difficulty of mining Dogecoin in terms of getting block rewards is still relatively high. Easier than Bitcoin, yes, but still hard. 

How to use EasyMiner to mine Dogecoin

EasyMiner is a free beginner-friendly graphical frontend for mining Bitcoin, Litecoin, Dogecoin, and many other cryptocurrencies. It supports the Stratum and sha256 mining protocols. 

EasyMiner has two setups: Classic and Moneymaker mode. You can learn more about them and this software here.

The post Beginner’s Guide to Dogecoin (DOGE) Mining appeared first on Cryptocurrency News & Trading Tips – Crypto Blog by Changelly.

Credit: Source Link

Comments are closed.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy
WP Twitter Auto Publish Powered By : XYZScripts.com