Since 2009, there are thousands of cryptocurrencies out there in the crypto market for trading. There is, however, a new type of coin named Dogecoin. To put it simply, we perceive Dogecoin as a funny altcoin, loving and friendly; this is a dog-themed coin!
So, Dogecoin has emerged among the leading cryptocurrencies. At the moment, countless people are curious to know how to mine Dogecoin.
This cryptocurrency can be exchanged, bought, and mined like Bitcoin. Are you unfamiliar with mining and want to know how to mine Dogecoin with GPU? If not, you must keep reading this guide to get the basic knowledge about Dogecoin.
The mining of Dogecoins was not profitable for a long time because of the meme coins’ meager value. Despite that, the Meme Project, which began as a joke in 2013, has become meaningful. It got a market capitalization of $40.7 billion in June 2021 after Elon Musk glorified Dogecoin’s values in December 2020.
Likewise, when Elon Musk verifies his trading link with Dogecoin developers, then the subsequent development occurs. That’s why DOGE remains steadfast in bear markets. Therefore, it is excellent recognition for DOGE miners to keep going on.
This article will explain how to solo mine Dogecoin and receive it from mining. Similarly, you will reap the benefits of its demand and skyrocketing price. Let’s go through the details and learn how to mine Dogecoin and much more about it.
How to Mine Dogecoin: Overview
If you intend to mine Dogecoin, first, you will need an uninterrupted Internet connection. Second, you will require a robust power supply capable of handling your mining equipment.
Choose The Best Hardware
The first and the leading factor you must need for Dogecoin mining are the hardware. So, the best hardware will make your mining more accessible.
Invest in Reliable Software
Following your hardware setup, you must pick the relevant software to handle mining smoothly and download it for installation. Installing mining software is pretty candid; however, choose one compatible with your GPU or ASIC mining machine and make your mining convenient.
After installing the right software, you must create your wallet to store your earnings. The act of keeping a copy of your secret key and remembering your password ensures the security and privacy of your wallet.
In addition, your wallet needs to be strengthened for Dogecoin. So, both Trust Wallet and MetaMask would be excellent options. It is also possible to use hardware wallets such as Trezor and Ledger.
Begin Operations to Mine
As soon as everything is ready, it would be a fabulous moment to start mining and observe your DOGE earnings rise. In the mining software, it should be possible to find out your hourly earnings. A mining pool and cloud mining services are also available to you.
Short History of Dogecoin
A crypto enthusiast from Australia called Jackson Palmer and a fellow American, Billy Markus, proposed creating a new cryptocurrency in 2013. In addition, they wished to make this crypto coin more intimate and enjoyable compared to other cryptocurrencies.
Furthermore, both friends are intrigued by the engagement of people who usually might not be appealing to the cryptocurrency sector. As a mascot, Palmer and Markus choose a Shiba Inu Dog, a prominent meme.
In December 2013, Dogecoin was introduced and has since gained popularity for its comical and friendly nature. This coin has been widely employed for tipping purposes and to donate to charities. In the 2014 Olympics, the Jamaican Bobsled Team received over $50,000 as a reward for participation.
Dogecoin is often tipped or compensated to social media platforms such as Reddit for their contributions to the forum and quality content posting. This is the 27th largest cryptocurrency coin out there in the crypto market in terms of market capitalization.
What Is Dogecoin Mining?
Mining Dogecoin refers to earning Dogecoins through verification of transactions in their blockchains. So, mining is just a game of bet, just like a lottery. If you want to win this lottery, you need to put in some effort.
You have a lot of work to do on your workstation; confirming and monitoring transactions is part of this work. It’s easy to buy Dogecoin, notably using Binance and Kraken platforms.
In cryptocurrency, the system that receives the new coins will figure the latest transaction into the previous transactions. As a result, mathematical equations help to settle this step.
Likewise, the node which fixes the mathematical puzzle first is the winner. Once confirmed, the system adds the new block of the transaction to the chain. Therefore, it is the most common method for mining cryptocurrency.
How to Mine Dogecoin: Methods to Follow
Two methods are available for mining Dogecoin; the first is solo or yourself, and the second is the Dogecoin mining pool (a group).
If someone wants to generate DOGE for fun and wants to know how to mine Dogecoin with GPU, they can do it directly with a GPU using EasyMiner.
Solo mining can be a complicated process with little profit potential. However, the user will have to spend a lot of money on top-quality machinery and electricity costs.
Alternatively, for crypto fans involved in earning from Dogecoin mining, a mining pool would be a good option. You have a better opportunity of becoming an approved block validator since the pool has greater hashing power.
A Dogecoin pool comprises many participants pooling their computing power to boost the potential for winning a transaction confirmation contest. Every time a single node of the pool verifies a transaction, all pool users receive an equal reward.
Dogecoin Mining: Solo vs. Pool
The fact remains that mining pools make up a large percentage of block mining compared to solo miners. As a result, you might make a bonus, and it might be rising. In this manner, you will continuously receive Dogecoin.
In contrast, there is an opposite system for mining which is solo mining. Now, the beginners are confused about how to solo mine dogecoin and receive the reward.
So, the answer is simple: it would take much longer to confirm a transaction when you prefer solo mine since a high number of players is contesting. Hence, mining your first block could take weeks or months!
In the event that you are successful, you will receive the entire reward. By doing this, you will not have to share it with others and will be free to use, and it will not cost you anything.
It is a good idea to join a Dogecoin pool for those who are just beginning their Dogecoin journey. By doing so, the new coin will be available sooner to you. Another benefit of it is that there is a sizable community behind you, and that’s the beauty of Dogecoin!
What You Need To Start Mining Dogecoin
For Dogecoin mining, there are a few things you must have. These include:
- PCs running on the operating systems of Mac OS and Linux, and Windows XP.
- An internet connection with high speed without interruption is necessary.
Besides, you require a safe place to store your Dogecoins. For that purpose, we will recommend you prefer hardware or software wallets. You may go for Coinbase, Ledger Nano S, and Trezor Model T. Coinbase is software, and the latter two are hardware wallets that are best for you.
Likewise, wallets come in two varieties; that is the light wallet and the full wallet. So, it is necessary to have a full wallet for mining Dogecoin, known as Dogecoin Core. After creating a wallet, you must have some components (Hardware and Software).
Dogecoin Mining Hardware
For mining Dogecoin, you need special hardware. Some of them are as under:
Your Computer Central Processing Unit (CPU)
It would be highly significant to have a powerful CPU in your computer that can mine Dogecoin for you. So you should avoid keeping such a PC that can heat up and have insufficient power to cause damage.
Your Computer Graphics Processing Unit (GPU)
Graphics processing units (GPU) can improve the visual effect in a computer, yet it also gives much help in the mining of Dogecoin. It is easy to find GPUs that suit your needs; below are a few suggestions:
You can fix SAPPHIRE Pulse Radeon RX 580 in your PC for DOGE mining. The second option that you can use for DOGE mining is the Nvidia GeForce GTX. Besides these two, you might choose the ASUS RX Vega 64 to provide efficient work during mining.
Mining with a Scrypt ASIC
It is a part of hardware devised to perform a single function. Therefore, LTC and DOGE are mined with the Scrypt ASIC. You can purchase Scrypt ASIC, such as an Innosilicon A2 Terminator, Bitmain Antminer L3, and the BW L21 Scrypt Miner for DOGE mining.
Dogecoin Mining Software
Regardless of which ASIC, CPU, and GPU you used for mining, there has to be some software that goes along with it. Hence, the software you should choose should work appropriately on your computer hardware.
The following is the list of few most high-grade free software for mining that you can use;
Central Processing Unit (CPU): CPU Miner
As a quick test for mining, use your computer’s CPU that can work efficiently. The single software you can use to do CPU-based mining is CPU-miner (Pooler). You can download it free of charge.
Graphics Processing Unit (GPU): GPU Miners
A GPU allows you to mine more effectively; also, a greater variety of software is available. So, here are a few illustrious names that you might enjoy:
The first one is Cuda-Miner software that can run fine on Nvidia hardware. While the second one is CGminer, it also performs amazingly on GPUs of almost all types. Similarly, the third one is EasyMiner, which is user-friendly and perfect for new crypto enthusiasts.
ASIC Scrypt Miner: MultiMiner
MultiMiner is another surpassing software for crypto mining based on Litecoin (LTC) and DOGE coins. Moreover, it is capable of mining SHA-256 digital currencies such as Bitcoin (BTC).
In addition, the CGminer and EasyMiner mining software are also compatible with ASIC miners for swift performance.
So, Is Dogecoin Mining Profitable?
The answer is Yes. Dogecoin mining will be high soon and will make you profitable but not make you a billionaire overnight. Right now, the value of a Dogecoin is approximately $0.218 as compared to its previous price of $0.05.
Solo Mining Dogecoin will be a challenge for you because it is difficult to earn a lot of profit. Electrical and hardware costs may exceed the amount which you make through Dogecoin mining. It doesn’t matter if you join a Dogecoin pool; you will make some money.
Additionally, to earn money faster and more quickly, Dogecoin could be an opportunity coin of the future. Previously, the price skyrocketed by over 300% overnight!
Frequently Asked Questions (FAQs)
Why is Dogecoin going up?
The price of Dogecoin has risen so dramatically, mainly due to investors inflating it artificially to increase their profits. Several billionaires, including Elon Musk and Mark Cuban, contributed to fueling Dogecoin’s popularity by publicly supporting it.
These factors point to the fact that Dogecoin’s investment has got momentum. There is so much recognition for Dogecoin now, and it will gain wider acceptance as time progresses, making it the first coin capable of standing the test of time.
How to buy Dogecoin on Robinhood?
You must have an account on Robinhood if you are going to buy Dogecoin on it. So, you must download the Robinhood app, and then there will be no problem for you to do it right away.
The moment you download the application, you can create your account by entering personal information. You have to sign up with your name, email address, SSN, and information about your job.
Therefore, once you have set up an account, you must hook up your bank account and transfer funds. In addition, Robinhood permits you to make deposits of $1,000 immediately, so you can invest up to $1,000 instantly.
A premium account is also available, “Robinhood Gold,” which charges $5 monthly and allows deposits up to $50,000.
Similarly, when you fund your account, it is time to place an order. If you want to buy Dogecoin with Robinhood, you must search for Dogecoin in the app’s icon.
When you select the coin, they will display the market price, line graph, and related news. Then, get on the Buy button to purchase Dogecoin. Following that, you must decide what type of order you wish to place and how much you crave to spend.
How to trade Dogecoin?
A Shiba Inu Dog is central to the Doge meme, and Doge currency stems from that theme. It is possible to trade Dogecoin and be exposed to its price change using derivatives, such as a contract for differences (CFDs). The following options are available for trading Dogecoin:
Buying or selling Dogecoin can be done with fiat money and any other cryptocurrency that you possess, such as BTC, LTC, Ethereum, and many others.
Purchase a contract for differences (CFDs), futures contracts, and forex from brokers who let you figure out whether the crypto price will rise or fall.
Crypto Exchange Offered By Coinbase
To purchase Dogecoin, you can use BTC on an exchange like Coinbase. Therefore, it is the most prominent platform for beginners.
How to invest in Dogecoin stock?
If you want to invest in Dogecoin stock, you must set up an account on a crypto exchange that accepts “DOGECOIN.” Webull, eToro, Coinbase, Robinhood, and Gemini offer investment in Dogecoin stocks.
So, you have to fund your account for making your purchase. When your exchange account and wallet are ready, you can then invest in Dogecoin stocks.
Final Words: How to Mine Dogecoin
Hopefully, this guide was fantastic, and you might have learned about how to mine Dogecoin and what it is. Besides knowing about the hardware requirements, you have probably discovered a lot regarding what software you can use for more incredible performance.
Despite the excitement surrounding Dogecoin mining, you must remember that the price of Dogecoin has risen dramatically by over 300%, as mentioned above. Therefore, it would be a tremendous investment for the future if you invest in this great coin!