Mining Dogecoin ─ When Profits Are Worth the Risk

How to Mine Doge: Simple Ways for Dogecoin Miner

It is never enough to get a prestigious diploma. The essential part is to find a likable occupation that brings good income. Today, for many, it is the cryptocurrency market.

With the advent of bitcoin, the phenomenon of mining has gained extreme popularity.

The simple concept of providing the power of hardware to validate transactions on the network for a fee was quickly appreciated in the investor environment.

Today, of all types of cryptocurrencies, Dogecoin is considered one of the most promising.

The coin appeared in 2013, but it quickly managed to climb to 27th place in the market capitalization rankings.

According to statistics, the cost of the Shiba Inu dog has increased 15 times over the last quarter!

This is a chance, but also a risk, like any investment opportunity out there. Simulators come to the rescue, though.

They allow you to understand the mechanisms of the market and earn money on initial payment.

This mining approach will make you experience a true pleasure from the process, have fun, and, sometimes, make really good money. So, want to know how to Mine Dogecoin? Let’s take a look.

What’s Doge Mining All About?

Doge Mining is when you mine coins for verifying transactions on the Dogecoin blockchain. There are similarities with a lottery with several participants.

A number of computers work with one block of transactions at the same time, but only one machine (called a node) receives the reward by adding a new block to the existing pool of transactions.

The process completes with the solution of complex equations. The first node to solve the math problem wins.

This is no different from the mining of any cryptocurrency, but Dogecoin mine has its own specifics, such as:

• Scrypt algorithm which is faster and more energy-efficient than SHA-256;
• Low mining time (1 block/minute);
• Acceptable difficulty (2798252.1991);
• High reward: $27.36 per block.

You can mine solo or at a party. In the second case, the chances of a reward are higher, but there are disadvantages.

You need to pay a commission and share the winnings with other participants. Dogecoin solo mining does not require commissions, and the reward will be less frequent.

Instead of a dedicated pool, it is better to choose AikaPool or Multipool to mine multiple cryptocurrencies.

Source

Requirements for Mining Dogecoin

To mine Dogecoin, you would need appropriate hardware and a stable internet connection.

The more powerful the hardware and software is, the higher the chances of making good money.

Hardware

You can mine Dogecoin on almost any processor. You have two basic setup options: installation (farm) or a dedicated Dogecoin miner.

The first build is a specially assembled computer used exclusively for mining.

The highest performance is achieved through the use of multi-core GPUs.

Your computer may have a simple processor and motherboard but must get an expensive graphics card. You can find a motherboard that supports multiple GPUs.

The preference is usually given to the one capable of handling more processes than the CPU. Considering the price of the hardware, you can start simple and gradually improve your computer.

If a farm is not an option, you can buy a miner. It is worth getting an ASIC. It is a ready-made, productive device with an affordable cost.

To estimate the profitability of the whole affair, you need to find out the hash rate and determine if the profit will cover the cost of electricity wasted in the process.

It is also worth thinking about the installation location and how to control the temperature.

The equipment should be placed in a separate room with adequate cooling to avoid noise disturbance and not to shorten service life.

Software

The choice of software depends on the way in which you intend to mine Dogecoin. If you decide to build your own rig, there are two main GPU options: Nvidia and AMD.

For the former, it’s best to use EasyMiner. Will also do well with CGminer or CuraMinder tasks. As for the ASIC miner, you can use EasyMiner, CGminer, and also MultiMiner.

Alternative Mining Dogecoin Options

Nowadays, numerous online services can do all the essential calculations for you. All you need to do is enter the required data and cover a monthly fee.

For this type of mining, you will need a wallet to transfer part of the reward to the provider.

Cloud mining Dogecoin, by the way, does not require the purchase of powerful hardware, installation of expensive cooling systems, and stable power supply and the Internet organization headache.

You just pay for the service and work. But such services are not cheap.

Plus, you run the risk of paying more than you earn as they are not tied to the coin’s price.

Dogecoin Mining Games as the Simplest Way

Using gaming platforms, it is easier to get into the mining world, understand how to mine Dogecoins, and get some starter profit.

Dogeminer

The Dogecoin Mining Simulator offers an interesting storyline. Your target is the moon. But to get there, you need 50 billion Doge. You cannot earn them alone.

You will have to hire assistants, upgrade them and your pickaxes. You can buy feline slaves, use rockets, a time machine, and build bases on the moon.

Rollercoin – crypto mining game

RollerCoin is a virtual online game where you compete against your friends. Unlike any other simulator on the market, this game allows you to withdraw real DOGE to your wallet!

The developers use the concept of bitcoin mining simulator, but instead of a complex chain of blocks and processing algorithms, they allow building a mining empire in the form of a game.

By completing tasks, you develop skills.

Play funny arcade games on Rollercoin, upgrade your mining rig and withdraw real DOGE!

Hyper Casual Dogecoin Miner Game

DogeCoin Clicker is suitable for mining even via a phone or tablet. The application uses GTX and RX video cards, HDD, and ASICS.

It is available on Google Play and AppStore.

You can simulate your own mining farm, earn and exchange Doges for dollars on the stock exchange, buy video cards and processors to mine more Doges.

But Can You Mine Dogecoin to Really Profit?

Last year, the price of Dogecoin was less than 1 cent, so it was pointless to talk about even the smallest profit from its mining.

Currently, though, the attractiveness of such mining has increased significantly.

In addition, Dogecoin can be easily exchanged for any other cryptocurrency, for example, on the Changelly PRO exchange.

There are over 80 trading pairs, profitable commissions, and margin trade support.

Final Thoughts

Some may call mining “silly” money. But the only reason the value of that kind of money goes up is because of the courage of the people in the riskiest market segments.

If not for them, cryptocurrencies would have died without being born in the first place. J

ust set off on your journey to mine Doge to stop endlessly reaching for the goal and start making useful profits.