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Before figuring out how to mine Dogecoin, it is necessary to know what is it. Doge coin is a peer-to-peer network-based digital currency that has its own unique features. Dogecoin has a low transaction fee and is hardly volatile in nature. There are many options to buy Dogecoin in exchange of fiat currencies and other digital assets. But you may want to know how to mine Dogecoin first.
What is Dogecoin?
Dogecoin was created by Billy Markus from Portland, Oregon and Jackson Palmer from Sydney, Australia. It was released as a joke currency on December 6, 2013. Dogecoin was initially named as “joke currency” but gained popularity in no time.
Dogecoin is similar to Litecoin and Bitcoin with some unique features such as its own blockchain-based cryptocurrency; it has a fast transaction validation system; it has lower transaction fee, and the block reward stays at 100,000 DOGE per block mined.
How much is Dogecoin worth?
According to Coinmarketcap, as of today (25th June 2021), Dogecoin is currently worth $0.2593. The total market cap of Dogecoin is $33,673,141,151 and has increased by 8.56% in the last 24 hours.
Why do I mine Dogecoin?
I mine Dogecoin because I like the community and I think it’s a fun coin. It’s also very cheap. What do you like most about Dogecoin? The Shiba Inu meme is just too silly to resist. I’ve seen some people say that it was a joke currency, but it really isn’t at all. The community is very strong and supportive, which is what drew me in originally.
Everyone is always willing to help each other out no matter how small the issue may be, which makes for a great environment to be in when trying new things or asking questions about anything Doge-related.
How to mine Dogecoin?
You can mine Dogecoin by yourself or you can join a mining pool to increase your chances of earning coins.
Pooled mining is a mining approach where groups of individual miners contribute to the generation of a block. They then split the block reward according to the contributed processing power. In simple words, instead of having one miner solving puzzles at his own pace, several do it together thus increasing their chances to solve them in less time. The more people mine together (in a pool), the higher their chances are to solve puzzles and earn coins. This way you will get more frequent payouts rather than just once per week.
Mining pools are groups of cooperating miners who agree to share block rewards in proportion to their contributed mining hash power. A “share” is awarded by the pool’s operator for each share that is found. You can also use your ASIC machine as part of an existing pool or you can even create your own if you have enough technical experience and computing resources at your disposal.
How to mine Dogecoin on PC?
You can mine Dogecoin on PC by using your GPU or CPU. Firstly, you need to download a Dogecoin wallet. You can use an online wallet, or download a desktop client such as Dogecoin Core. After you have downloaded the client, you will need to create a Dogecoin address to store your dogecoin.
If you are using an online wallet, such as Moolah or CoinWallet, then you don’t need to do this step since the address is generated for you automatically when you first deposit coins into your account.
Then it’s time to download and install the mining software onto your computer. There are many options available here: CGMiner, CPUMiner, EasyMiner, MultiMiner, BFGMiner. Once installed, open up the software and select ‘DogeCoin’ from the list of available pools on the left-hand side of the screen.
Once selected click ‘Start Mining’ and enter in your username and password for whichever pool/wallet service that you have chosen (if using one of our recommended wallets). The process should take no longer than 15 minutes depending upon how powerful your computer is – so sit back and relax while it does all of the hard work.
So, you may wonder the question of “How long does it take to mine a Dogecoin?”
The answer is that it currently takes 0.002 days to mine a Dogecoin at the current difficulty level, according to CoinWarz.
Conclusion: How do I mine Dogecoin?
To sum up, mining Dogecoin is a pretty straightforward process, but it will take some time and effort. For those who are willing to put in the work, you can easily make a healthy profit from mining Dogecoin. It is a fun, relatively simple process that anyone can do.
It’s also a lot more beginner-friendly than mining the more competitive cryptos like Bitcoin because of the lower entry-level of hardware requirements. You can begin on your home computer and scale up from there if you want to invest in ASIC mining hardware.
We recommend beginners join mining pools because if you mine alone you are effectively playing a zero-sum game. Each Dogecoin block can only have one winner that receives the reward and it’s very unlikely that you will win if you’re mining on your home computer. Instead, participate in a mining pool so that your chance of winning is much higher even though the reward is lower.
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