Methods of Mining the Dogecoin
Dogecoin is mined in two methods, either solo or in a Dogecoin
mining pool. Solo mining is where one mine alone, while a Dogecoin mining pool is where several users combine processing power to boost the race’s chances to approve transactions. For one to be part of a pool, a fee is charged, and the rewards are divided equally among all members of the pool. If one is a solo miner, they get to enjoy the rewards alone. However, pool mining is normally advised over
solo mining since the chances of earning rewards as a pool miner is higher than as a solo miner.
What One Requires to Mine
For one to mine, there are certain things required. A computer with either Windows, Linux, or OS X programs is a basic tool for mining. Android devices are also used to mine Dogecoin. Secondly, a good internet connection is needed. A poor internet connection can delay one from mining, and if you’re not online, you’re not mining. A different miner could have a faster connection than you, which would put you at a loss since this will increase their odds at getting
block rewards.
One also needs somewhere to keep their coins like a wallet. There are both software and hardware wallets. A wallet is an account used to receive and send Dogecoins and has a private key that allows you to access your coins. For example, Coinbase, a software wallet, and Trezor Model T, a
hardware wallet. You can also use the official Doge wallet to store your coins.
The computer you use to mine also requires high electricity-generating power as mining Dogecoin uses much power. Coolers will come in handy since if a lot of energy is used, you will need to manage the heat produced. You might also require an
ASIC (Application-specific Integrated Circuit), which is a mining tool. It is efficient since one does not need to download mining software and configure it. The ASIC is connected to the source of power and the internet, then the mining begins.
Mining Using a GPU
Mining Dogecoin can be done using a Graphics Processing Unit(GPU). A GPU enhances a computer’s images and videos but can also be used for mining Dogecoin. You will need to configure a GPU mining rig or use one that your PC already has. After that, download a
CUDAMiner or
CGMiner depending on the type of graphics card you have, and then you can start mining. However, the CUDAMiner and CGMiner have been unreliable for some time for Dogecoin mining as they are ancient.
Mining Using a CPU
Mining using a CPU is not advised if your CPU has low power. It could cause the computer to overheat and eventually lead to damage. Nevertheless, you can still use your PC if you want. Download a CPUMiner and set up all the personal information regarding your account, like your username, port number, and you can start mining.
Mining on Android
Mining on your phone
sounds like a pretty good deal, but it is not possible. A lot of electricity is required to mine Dogecoin. Android phones, unfortunately, do not have enough capacity to handle the mining of Dogecoin.
Mining on Mac
You can only mine on Mac if your computer has an excellent GPU. However, it does not mean that the mining will bring profit as one competes with miners that have ASICs. It is not advisable to try this on your Mac since it could run very hot and lead to damage or even reduced life span. Using a CPU or GPU is always a better idea than using a Mac.
Solo-mining Dogecoin
Mining of Dogecoin is not easy, even if one is mining in a pool. The only way to succeed at mining solo is if you have many ASIC devices. You will require a lot of power, which would mean looking for a place with cheap electricity or even free electricity. Even with adequate electricity, mining solo would take you a long time to get rewards. However, the rewards you get will all be yours, but the profits could be used to cater to the electricity bill. It is, therefore, not worth mining alone.
Conclusion
Today, Dogecoin goes for
$0.002806. Dogecoin’s value has risen by 1.45% in the past 24hours, and the daily movement chart shows that $137,360,575 worth of Doge was traded.