How to mine Dogecoin?
Day by day, the crypto lovers are increasing. Dogecoin is one of the cryptocurrencies that has attracted the attention of a lot of people, from experts to beginners, to the crypto market. Dogecoin came as a fun -better say humiliator for bitcoin- but all of sudden with a united community and the support of a millionaire Elon Musk, It became one of the top 20 coins in the market due to its market cap. So as we mentioned above, there are a lot of people interested in mining Dogecoin. So Bonti has decided to clarify the mining Dogecoin process.
What is Dogecoin?
- Dogecoin is a peer-to-peer network, open source crypto based in blockchain.
- Dogecoin provides a decentralized and secure space for the members to have their transactions in the network.
- Dogecoin uses cryptography to secure the information of the users.
- Dogecoin is worth 0.60$ at the time of writing this article.
- The whole Dogecoin supplied is 132.672 Billions, of which the estimated circulation is approximately the same number.
- 10.000 Dogecoins is rewarded daily for the miners which makes it 14.4 millions monthly getting to the network.
Comparing Mining of Dogecoin,Bitcoin and Ethereum
There are cons and pros among the mining of each of these coins. For instance, The mining algorithms of these three are totally different. Bitcoin uses SHA-256, Ethereum uses Ethash and Dogecoin uses Scrypt algorithm for rewarding. The other one is the time that a block is created. In Bitcoin it takes 10 minutes while in Ethereum it takes only 23 seconds and in Doge it comes to 1 minute. The rewarding system in Doge as we mentioned is 10.000 per block. While in Bitcoin it’s 12.5 bitcoins and in Ethereum it would be 2 Eths.
Dogecoin Mining Methods
- Mining Pools
- Solo Mining
- Cloud Mining
Software needed to mine Dogecoin
For mining Dogecoin the first thing needed is CPU-Miner.
There is a chance to use GPU or gaming graphic cards to mine Dogecoin. The softwares needed are CudaMiner, CGMiner and EasyMiner.
Hardware needed to mine Dogecoin
Your computer must be that powerful not to overheat while mining Dogecoin.
For mining Dogecoin with GPU you may need gaming graphic cards like Sapphire Pulse Radeon RX580.
Be careful to use Scrypt Miner due to the Dogecoin Scrypt algorithm.
How to start Dogecoin mining?
Buy Dogecoin Software: The first thing needed is a valid compatible Doge miner software. For this purpose, you would need Scrypt Asic Miner. You can buy from a valid seller or who has used and wants to sell it.
- Running the program: Now it’s time to run the program. First of all make sure that your system is able to run such a heavy program without being disrupted.
- Join a mining pool: By providing all the needed stuff, it’s time to join the mining pools for starting the process. There are pools that provide a great opportunity for mining more cryptos beside Dogecoin.
- Connect your wallet to the pool: For storing the mined Dogecoins and the rewards, you may need a wallet supporting the coin.
Start Mining: While you have provided everything, what are you waiting for? Start the process and mine your Dogecoins. There would be a dashboard provided by the mining pools in order to inform you of every single step of the mining process.
Investing in the crypto market needs knowledge to prevent big losses. One of the cryptocurrencies that has become so popular that it has come into the first 20 cryptos by the market cap. It means there is a lot of interest in this coin while it doesn’t have any real project background. With a lot to say, in this article we tried to acknowledge you about the mining process of Dogecoin and what is needed to do such.