Cryptocurrencies have gained tremendous popularity among people. The first one, Bitcoin, emerged in 2009, and others followed suit.
Dogecoin, a favorite among digital currency enthusiasts, can be mined, traded, purchased, and acquired. In this article, we will guide you on how to mine Dogecoin effectively and what you need for the process.
History of Dogecoin
Dogecoin first entered the market in 2013, created by Australian Jackson Palmer and American Billy Markus. Their friendship and shared love for cryptocurrencies led them to create a coin that embodies positivity, friendliness, and kindness. Their goal was to capture the interest of everyone, even those who were not previously interested in coins.
They adopted the well-known Shiba Inu dog meme as the mascot.
The coin gained popularity when it started being used for tips in establishments and charitable actions. It played a significant role in drilling wells in Kenya and supporting the Jamaican bobsled team through Dogecoin donations.
Additionally, this cryptocurrency is used to reward quality content on social platforms like Reddit and ranks 27th in the virtual currency market.
How Dogecoin Mining Works?
Cryptocurrency transactions can be conducted without the involvement of a bank, thanks to blockchain technology. All these transactions are recorded in a special database (blockchain), stored on thousands of computer devices acting as nodes. These nodes collect groups of monetary processes, adding them to the block chain.
Transactions are thoroughly verified to prevent fraud or fund shortages.
However, these transactions require a significant amount of energy from computer devices, making it a costly procedure.
So, what is mining? In simple terms, it is the independent process of obtaining cryptocurrency, performed through special settings on a computer.
Features of Dogecoin Mining:
you need a corresponding algorithm;
block mining time;
mining difficulty level;
reward for the block.
Dogecoin mining can be done independently or in a pool of users (mining pool). Compared to Bitcoin, Dogecoin is mined much more easily, significantly increasing your chances.
What You Need for Dogecoin Mining?
Firstly, you need to prepare a few things:
PC with Windows, OS X, or Linux;
internet access;
wallet for storing Dogecoin.
Note: The wallet is like a regular email inbox. It should have an open address for receiving or sending funds and, most importantly, a private access key that only you can use.
You will need a full wallet as there are two types (light and full). If you already have it, the next steps involve software and special equipment, namely:
Equipment:
Central Processing Unit (CPU);
Graphics Processing Unit (GPU);
Scrypt ASIC Miner.
Software:
CPU Mining;
Scrypt ASIC Miner.
Tips for Beginners: Is It Profitable?
Definitely not for everyone! Mining won't fill your budget in a day. It is more challenging to do it alone, so it's better to start by joining a team. You might end up spending more on electricity than you earn initially. Nonetheless, it's worth a try. Many examples prove that success is in your hands; it's just a matter of time.
We hope our article helps you achieve your goals. Don't forget, mining allows you to find like-minded individuals and spend time positively.
