It is no longer news talking about the wonders of cryptocurrency and apart from Bitcoin, Dogecoin is about taking the market. Meanwhile, coin mining is one of the best of ways of making more profit in the crypto world especially in 2022. Crypto mining started since Bitcoin became a legal way of making money. What this implies is that you don’t an intermediary like banks and other central authorities before you can get access to your transactions. Therefore, the idea is simple: You need a computer to complete the transactions and you get rewarded with tokens.
Dogecoin is one of the cryptocurrencies that can be mined. Dogecoin was created in 2013 by Jackson Palmer and Billy Markus. The coin gained the interest of the people and began to rise when the business mogul, Elon Musk, promoted the coin. On the other hand, mining Bitcoin is becoming difficult. This has shifted the mind of people to other cryptocurrencies, and in this article I will be sharing with you how to mine Dogecoin.
What is Dogecoin Mining?
Dogecoin mining is a means of carrying out transactions using a file known as block. This block was created by miners for solving cryptographic problems with the use of computing powers. Whoever solves the equation get access to create the block. After solving this problem, miners get rewarded with newly created DODGE token.
This mining power enables you bypass control from bank and other financial systems from manipulating the system and blocking your account from operating. Dogecoin mining is simple. After solving the problem o n the computer, you transfer it to someone, you then create a copy, and the both of you now have a copy. However, you will need a Distributed ledger that will confirm that coins are sent by someone. He will confirm the numbers decreasing in the sender’s wallet and increasing in the receiver’s wallet. This is used to solve a major problem known as the double-spend problem that is common among crypto traders.
For Dogecoin, every transaction is in a group arranged in a block carrying data on the time of transaction. Once the block is mined, the data is broadcasted on the network to other miners, they update their records. This secures the network against any fraudulent and duplicate transaction.
Source : Simplilearn Channel
Types of Mining
There are three major ways of mining: cloud mining, solo mining and pool mining.
Cloud mining
This kind of mining requires you to choose a paid plan and you don’t have to mine anything yourself. This involves a third-party companies that will use their mining equipment to mine the coin for you. The cloud mining company makes use of their mining farms to mine your coin. At the end of the day, you get a customer reward that corresponds with the plan you bought. On the contrary, the company charges you for maintenance fee to keep their equipment well. The limitation is that most third party companies do not offer good plans and their payout is most not friendly. They also function like Ponzi scheme because they can shut down anytime. They may choose to sell mining contracts and refuse to send payout early. Some of these companies can be used to mine Dogecoin, too.
Solo mining
This type of mining you to join a network and you will be attached to a machine. You don’t pay any fee but the reward doesn’t come often but when it comes, it is totally yours.
Polo mining
When you mine your Dogecoin using pool, you will be attached to other members of the pool. This will combine your mining machine’s processing power with the output of the rest members of the pool. When you are part of the pool, you stand a high chance of getting higher reward. Although, it has its own limitations too. You have to pay for a membership before you are allowed to join a Dogecoin mining pool. Once the reward comes, you are only entitled to a faction of it because the reward will be split between other miners on the pool.
Source: H-Educate
Requirement for mining Dogecoin
There are two major requirements for mining. They are the software and hardware methods but you need a stable for the hardware and a reliable internet connection for the software.
Mining with Hardware
To mine Dogecoin with hardware, you need a PC. Well, you can mine with the processing power of CPU but it is advisable you mine with GPU power. All you ned to do is find to find a motherboard that supports a cheap GPU plugged in to your PC. This is because GPU can process more power than CPU.
Mining with Software
To mine with software for your Dogecoin, there are several softwares options, they include Nvidia and AMD. Though there are several options but it depends on the GPU you have installed on your PC. But, I would recommend EasyMiner because of the user-friendly interface it has. Other options that work with Nvidia GPUs are CGminer, CuraMinder, etc.
List of Places to Mine Dogecoin
- Antpool
- Poolin
- Litecoinpool.org
- Trustpool
- ViaBTC
- Aikapool
- Prohashing
