Dogecoin is a cryptocurrency that can be mined using the right tool. So in order to get Dogecoin, in addition to purchasing it, there is also a second way which is mining it. But if you are familiar with the topic of cryptocurrency mining, you know that it requires a series of prerequisites, without which, mining will not be possible. Continue with us to learn more on how Dodgecoin mining is possible and find out about the necessary resources as well as software related to this.
Dogecoin was first introduced in 2013 and is one of the most popular cryptocurrencies among other currencies. Dogecoin mining, unlike currencies like Bitcoin, has not been limited, and more than 117 billion units in the market cycle has so far been mined. While the value of each Dogecoin unit is much lower than that of Bitcoin, but since mining is simpler, many miners, especially miners who do not have a powerful mining tool, have decided to mine this currency.
One of the most important strengths in Dogecoin mining is that the currency has the ability to be mined with both CPU and the GPU. In addition, because of its low hash rate, there are also mobile apps designed to mine it and this can be achieved using mobile processing power.
It is true that there are mobile apps for mining Dogecoin, however, for maximum use, it is recommended to use the devices designed for this purpose and use as much graphics as possible to mine dogecoin. Using a CPU or mobile device is not very fast and may not give you the desired result. But first and foremost, you need to provide a set of prerequisites that I will explain below.
What do you need for Dogecoin mining?
The first thing you need to do Dogecoin mining is a wallet for keeping your coins. There are a number of great cryptocurrency wallets that support Dogecoin as well. For example, you can use Dogecoin.com wallet, which has a good performance.
After picking a wallet and registering it, you need to know the public address of your wallet. This address is displayed in your wallet. For example, the Windows Dogecoin Core wallet uses the ‘Much Receive’ option to display the wallet address. This address is public and by entering it in your mining program, you can let the program send the mined dogecoin to this address.
The next step is to subscribe to a mining pool. The mining pools help you to make the mining process faster and even increase your income. The fact is that mining one unit of dogecoin for conventional and even powerful systems is very complicated and time-consuming. But by subscribing to these pools, you can share your mining power with other members and have more chance of mining and earning profit.
Upon joining the pool, it’s time to install your mining software on your system. You can download and install one of the CPU Miner or GPU Miner software on the system, depending on how you intend to use the hardware for Dogecoin mining. Then, with the help of the tutorial file of the software, enter your wallet address and make other settings to begin the mining process.
Is Dogecoin mining profitable?
One Dogecoin is currently priced at less than $ 0.005, and this value is very small compared to the value of one Bitcoin. But as noted, since mining is easier, if you use the proper hardware and you are registered in the appropriate pool, you can earn Dogecoin through mining.
In order to understand the economic cost of dogecoin mining, it is best to first to use one of the extraction calculators and enter the costs of hardware devices, electricity, and pool fees, and check if this is cost-effective for you or not.
After calculating the costs of mining and preparing all the prerequisites, now you can start mining dogecoin and earn money from this. Note that mining cryptocurrencies is by no means a risk-free operation, and if you do not know it well, it can also lead to many losses. The cost of power consumed, the cost of hardware, and the time consuming task can be one of the barriers to Dogecoin mining.