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Dogecoin was a joke created by Jackson Palmer and Billy Marcus in 2013. It was meant to mock altcoin by turning the internet doge meme into a cryptocurrency. Dogecoin’s value was significantly low, but Elon Musk, Tesla’s founder, tweeted about the cryptocurrency and the tweet went viral. It led to Dogecoin’s value going up by 18.5% in less than an hour from $0.003052 to $0.003433. He has also replied to a sarcastic tweet, saying that he only sells Doge.
He has continued to tweet, stating that Dogecoin “might be” his favorite cryptocurrency and that it is “pretty cool.” It is no doubt that Elon Musk supports Dogecoin. However, barely a week before Elon Musk hyped the coin, a TikTok video went viral where a creator asked TikTok users to invest $25 in Dogecoin. He stated that if the 800 million users on TikTok invested $25, Dogecoin could achieve a higher value of $1. Jake Paul, a YouTuber, endorsed the video, and Dogecoin rose by 96% daily, from $0.0027 to $ 0.0053. These occurrences have led to Dogecoin being considered significant, and people are now showing interest in Dogecoin.
Methods of Mining the Dogecoin
Dogecoin is mined in two methods, either solo or in a Dogecoin mining pool. Solo mining is where one mines 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 pool members. If one is a solo miner, one can enjoy the rewards alone. However, pool mining is normally advised over solo mining since the chances of earning rewards as a pool miner are higher than a solo miner.
What One Requires to Mine
For one to mine, there are certain things required. First, 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 of 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 a lot of power. Coolers will come in handy since you need to manage the heat produced if a lot of energy is used. You might also require an ASIC (Application-specific Integrated Circuit), a mining tool. It is efficient since one cannot 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. First, you will need to configure a GPU mining rig or use one your PC already has. After that, download a CUDAMiner or CGMiner, depending on your graphics card type, 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. This is because 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 and port number, and you can start mining.
Mining on Android
Mining on your phone sounds pretty good, but it is impossible. 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 ASIC miners. It is not advisable to try this on your Mac since it could run very hot and lead to damage or even a reduced life span. Using a CPU or GPU is always a better idea than using a Mac.
Mining 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 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.
Today, Dogecoin goes for $0.002806. Dogecoin’s value has risen by 1.45% in the past 24 hours, and the daily movement chart shows that $137,360,575 worth of Doge was traded.
Mining Dogecoin now could be worth it since its price can go up with time, especially with its newfound publicity. Furthermore, it is straightforward to mine Dogecoin, compared to other cryptocurrencies like Bitcoin, and the block rewards from Dogecoin are higher. Moreover, mining Dogecoin suits beginners since one does not require a lot of technical information to start. Finally, Dogecoin has a lot of community support and is an easygoing coin worth supporting.