Dogecoin is an altcoin introduced in December 2013. Since then, it has gained quite a lot of attention because of the “Doge” meme. So many people started mining Dogecoins that its difficulty skyrocketed. However, mining Doge is still less competitive and the easiest coin to mine. So, if you are wondering how to mine cryptocurrency like Dogecoin, this article provides the answer.
Why mine Dogecoin?
Well, the reason to choose dodge for mining is that it’s fun, easy, and takes no effort on your part. And if you are making money while having fun, that’s even better. Dogecoin uses the scrypt algorithm for mining. It is slightly more profitable than Bitcoin and some top altcoins for regular people.
All you need to do is keep the doge miner running in the background of your CPU. You are not spending money (except for some electricity costs). You are not spending time, and you are not spending effort either. This makes it low-risk, high-reward crypto. Sure, the price of a dogecoin can go to zero or $1 (even higher is also a possibility). But, the odds of making money out of Dogecoin are higher than losing it.
The only consideration for some people might be about leaving the PC on for 24 hours. Plus, you have to take care of the regular maintenance.
Doge as a meme currency started out as a joke. However, the billionaires like Elon Musk and Mark Cuban are already calling it the “future currency of the world.” Mark Cuban even went on to say that if he had to choose between buying a lottery ticket or a dogecoin, he would choose the former.
Ever feel disappointed in yourself for not investing in bitcoin early or even mining it? Right! Your life would have been different today. The same can happen to Dogecoin, and this is your chance.
How does Dogecoin mining works?
The process of mining dogecoins is no joke. Just like Bitcoin, Dogecoin requires miners to solve complex cryptographic puzzles. However, while it takes 10 minutes to create a bitcoin block, the block time for Dogecoin is only one minute! This means that more Dogecoin transactions can be verified in the same amount of time.
The miner nodes ascertain which of the transactions to include in the chain. They are then validated and incorporated into blocks. The blocks are recorded immutably on the joint ledger, which is accessible for each of the participants.
Best Dogecoin miners
Unlike Bitcoin, dodge coin is not so compute-intensive. So, you can start mining with the help of a computer or laptop (but it’s usually not recommended).
There are three types of hardware you can use to mine Dogecoin. These are:
- CPUs
- GPUs
- ASICs
CPU Mining
Yes, you can mine Dogecoin on PC with a CPU. But, not ideal because the mining process can be taxing for the components. It can also overheat your system and reduce its overall lifespan. However, if you have a really powerful CPU like the AMD’s Ryzen Threadripper 3970x or Pentium Gold G-6400, you can venture into CPU mining. A good place for newbies to start with Dogecoin mining is CPUminer.
GPU Mining
GPU mining uses a gaming computer’s graphics processing unit or GPU to solve complex computational problems and verify transactions on a blockchain. Sure, CPU miners are more powerful, but GPU miners are actually much better optimized for mining. Some excellent GPU for mining dogecoin is:
- NVIDIA GeForce RTX 3090 Ultra Gaming
- MSI Gaming GeForce RTX 3080 OC
- EVGA GeForce RTX 3060 Ti XC Gaming
- ASUS ROG Strix AMD Radeon RX 5700XT
ASIC Mining
Application-Specific Integrated Circuits or ASICs are specifically built to calculate different hash algorithms. Therefore, they are far more powerful and capable than CPU or GPU miners. Instead of investing in a powerful CPU or multiple GPUs, you can get a single ASIC to do the job. As Dogecoin uses the Scrypt algorithm, getting a Scrypt ASIC miner is the best option if you can afford it. Top ASIC miners for Doge are:
- Bitmain Antminer L3
- Innoscilicon’s A2 Terminator OR A6+ LTC Master
- Gridseed Blade SCRYPT Litecoin DogeCoin LTC Miner
- BW L21 Scrypt Miner
Other Important Considerations for Choosing A Dogecoin Miner
Whichever hardware you choose for your rig, there are a few things to take into consideration. These are:
1. Software
It doesn’t matter which type of miner you go for. Mining software is essential. The software connects you to Dogecoin. It lets you utilize the computing prowess of your miner to earn free Dogecoin. While there are several excellent doge mining software in the market, we recommend the following applications:
- CGMiner (if you are using an ASIC)
- CudaMiner (If you are using GPUs)
- CPUMiner (If you are using CPUs)
- EasyMiner (If you are a newbie)
- MultiMiner (If you are a pro-level miner)
Beginners can also pair their software with a service like unMineable miner to better understand mining process.
2. Cooling
Mining causes heat. If your equipment keeps on heating, it will reduce its life. Therefore, establishing an efficient cooling mechanism for your mining rig is important. While all mining hardware requires cooling, GPU mining often causes the most overheating issues.
3. Noise
No one likes noise. Unfortunately, mining rigs can be a real nuisance in this regard – especially if you are running multiple pieces of equipment. You will need to keep your equipment in a separate noise-proof or at least noise-resistant environment. Generally, ASICs cause the most noise.
4. Storage
Finally, consider the storage space. Sure, you can place your mining rig in your bedroom. But, for higher efficiency, consider moving it to a cool soundproof location or a separate enclosure. This is because the environment also factors into the profitability of your mining machine.
Different Approaches to Mine Dogecoin
Today, there are three approaches to mine dogecoin:
- Solo mining or Individual mining
- Mining Pools
- Cloud Mining
Let’s take a look at each of them in more detail
Solo mining or Individual mining
Solo mining is when a person decides to mine Dogecoin on their own. It can be simply for fun, to earn some cash, or just to understand the process. Solo miners mine crypto independently with the help of a good GPU (Graphics Processing Unit) utilizing software like EasyMiner.
However, solo mining Dogecoin is a difficult process and barely profitable. It requires extensive knowledge of the hardware as well as software. Plus, you have to shell out quite a sum of money on electricity bills and mining equipment.
Mining Pools
In the earliest months of introduction, mining dogecoin was a piece of cake. That’s because very few individuals participated in the network. Anyone could mine dodge individually. However, with the popularity of Dogecoin, mining has become much more difficult. As a result, miners have now come together in the form of mining pools to farm Dogecoin.
For miners who want to profit from Dogecoin mining today, the best option is mining pools. Due to the collective nature of the pool, a dogecoin miner has a much better chance of becoming a block validator. However, before you enter a pool, make sure you know the exact payout for its members. You will also have to pay 1 to 3 percent in pool fees.
Some of the most popular dogecoin mining pools today are:
- AikaPool (most popular)
- MultiPool
- LiteCoinPool
- 1CoinPool
- ProHashing
Cloud Mining
And if you don’t want to set up your own mining op, simply subscribe to a cloud mining service. In a cloud mining setup, a highly efficient data center mines Dogecoin for you. They charge you a monthly, biannual, or annual fee for the services. The best cloud mining services for Dogecoin at the moment are Genesis mining, Skycoinlab, Gigahash, and Nicehash.
How to Mine Doge coin
Before mining, ensure you have an unlimited internet connection and a reliable, uninterrupted power supply. Your rig will be running 24 hours a day, so make sure you have an alternate power supply in case of a power outage. Afterward, follow the steps below:
Choose your hardware – You need to get your hands on a dogecoin miner
Choose your software – As discussed previously, you need software to connect to the Dogechain. Make sure your software suits CPU, GPU, or the ASIC mining rig you have deployed.
Create your wallet – The next step is to create your doge wallet. A wallet is where all of your earnings go. Therefore, make sure it’s a secure one.
Start Mining – Once everything is in place, start your rig and watch as your Dogecoin stocks grow.
OR
You can simply join a mining pool (we discussed a few earlier) and just sign up for cloud mining services.
Frequently asked Questions (FAQs)
1. Which mining method is best for you?
Well, for a beginner doge miner who doesn’t want to invest much, we suggest pool or cloud mining. It’s easiest and doesn’t require much effort on the investor’s part. ASIC or Solo mining is more suitable for experienced pro miners who can invest a good amount and take care of all the hardware/software-related considerations to make the most of their investment.
2. Why are Dogecoin Miners Important?
Dogecoin miners are crucial to Doge and its security. Without doge miners, the doggo currency would become highly vulnerable and easy to attack. Miners create new Dogecoins, which is a very fascinating aspect of the entire crypto ecosystem.
3. What are the types of Dogecoin Mining?
We already discussed the three dogecoin mining types in detail earlier. You can mine solo with a CPU/GPU or ASIC, mine in a pool, or go for cloud mining.
4. What is Different between Solo vs. Pool mining?
Solo mining refers to individual mining on their own. The user has to provide all the resources to mine crypto. On the other hand, in pool mining, all the resources are shared between the users. The rewards are also split between the pool contributors.
Final Thoughts
There you have it, dogecoin mining 101. Doge is currently one of the best coins to mine. We hope this article provided enough information to get the bills rolling for you. Dogecoin mining profitability has been on an upwards trend. According to BlockArabia, it has soared by almost 700% since the start of this year. So if you can jump on this opportunity, you can earn some real cash.
