Dogecoin has never been out of favor or unimportant– however we think it wouldn’t be a stretch to state that the coin has actually been on everybody’s mind recently, even more so than usual. Some individuals utilized the hype to sell off their DOGE, some lastly chosen to buy it up, and if you’re reading this, you’re most likely thinking about mining it.
In this text, you will find out how you can mine DOGE, what hardware and software you will require, for how long mining Dogecoin takes, whether it’s still successful, and more.
If you want to find out 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 short article– DOGE mining!
What Is Dogecoin Mining?
Source: Crypto Line News To mine DOGE indicates to confirm transactions on the Dogecoin blockchain– and be rewarded for it with the coin itself. Don’t be tricked by the picture above– it does not include going down to the mines and, regrettably, it won’t turn you into a charming shiba inu. Even so, you can still have fun and make some money when mining DOGE.
One note prior to we go on– don’t forget to get a protected Dogecoin-compatible crypto wallet before you begin mining DOGE. We suggest utilizing hardware wallets, like Trezor or Ledger.
Read likewise: Dogecoin Price Prediction for 2021 and Beyond
Let’s compare Dogecoin to Bitcoin, the most popular cryptocurrency, and Litecoin, another popular crypto that utilizes the very same algorithm as DOGE.
Dogecoin has much faster block verification time than Bitcoin and Litecoin. Dogecoin likewise has a greater reward per block, however a much lower coin cost than the other two coins. LTC and DOGE both utilize the Scrypt algorithm, which is quicker and needs a lot less power than SHA-256, the algorithm utilized by Bitcoin. As an outcome, 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 a lot more efficient and sustainable.
Finally, mining Dogecoin and Litecoin is a lot– and we imply a lot — easier than mining Bitcoin, so you are most likely to get block benefits when mining these 2 cryptocurrencies.
Reward per block
* on 25/06/21, when this article was composed
Is Mining Dogecoin Profitable?
The success of Dogecoin mining mainly depends on how you mine it. Usually speaking, it’s a better idea to mine DOGE in a pool rather than solo.
Among the elements that impact how profitable mining a cryptocurrency is its supply. Dogecoin utilized to have a minimal supply of 100 billion coins, however all of those initial coins have currently been mined by mid-2015. From that year onwards, 5 billion Dogecoins have been taken into blood circulation every 12 months. As an outcome, considering that the supply is rather limited, yet the coin remains in terrific demand, it can be rewarding to mine it.
To determine the profitability of mining a cryptocurrency, one has to consider the expenses – – the cost of equipment, electricity costs, and so on. You can utilize one of the numerous Dogecoin mining calculators offered online for free to learn the possible earnings you can get daily.