Did you know that Dogecoin (DOGE) was intended as a joke? The
creators made DOGE as a mechanism to enable users to tip each
other for fun social media content. Despite the fact that DOGE set
off on a whimsical foot, it’s become one of the most popular
cryptocurrencies out there.
When it comes to mining DOGE, the fastest and most profitable way
to do so is using ASIC-driven hardware, a rig that uses
application specific integrated circuits or ASICs. You also need
to be a member of a DOGE mining pool. In short, you need three
basic things in order to start mining Dogecoins:
A mining rig, you are better off choosing ASIC hardware Your
choice of Dogecoin mining pool – we will list some below The right
software configuration Mining Dogecoin can be profitable There are
a couple of reasons why mining Dogecoin instead of another coin is
a good idea. First, transactions on the Dogecoin blockchain happen
quickly so it means that DOGE mining pools tend to make payouts
every 24 hours.
Over and above quick payouts, you can also rely on consistent
revenue from Dogecoin. As a result, mining Dogecoin is efficient
and profitable – and a good prospect. There are also plenty of
markets where you can sell your Dogecoin which means that it is
worth considering Dogecoin mining to generate a daily income for
yourself.
How to mine Dogecoin
DOGE is based on the Scrypt hashing algorithm and for that reason
the best way to mine it is using something like the Antminer L3++
as this device makes use of ASICs. Furthermore, you should
seriously consider joining a mining pool when mining DOGE coins
because it is simply the best way to maximise profits.
What does it mean to join a mining pool? It’s simple really: you
add your mining power to a group of other people’s mining
capabilities so that collectively you can achieve a higher hash
rate – which means that it becomes quicker to solve the problems
that lead to a crypto block award. In contrast, mining a single
block on your own can take months or even years which means you
will wait a very long time for any kind of reward, and you will
have costs to cover in the meantime.
What’s required for mining DOGE
There’s a couple of things you need in place to mine Dogecoins.
Your internet connection is the first, and we’ll suggest that you
have uncapped usage on your connection, but make sure you have at
least 0.5GB per day available. Next, you need a wallet to store
your DOGE, you will also use this wallet to cash out your
Dogecoins. DOGE has a free wallet which you can try, but many
wallets support DOGE. So, the four things you need are:
An ASIC miner as your mining rig
Internet that’s 24/7, always-on An estimate of how much power you
will consume with your rig A trustworthy crypto wallet which can
receive your Dogecoins Other important things you should think
about Mining Dogecoins effectively and risk-free involve a couple
of other complexities. Keep in mind that your mining rig will use
a lot of power, so make sure your home or facility’s electrical
power grid can support the power consumption of your mining rigs,
particularly if you have several units.
Because your rigs will work around the clock you should also
account for heat build-up because these hardware units can
generate a lot of heat. You need to cool your rigs so that you can
make sure they keep on working 24/7 and to make sure mining
performance stays at its maximum. Overheated machines can also be
noisy.
The planning guide to follow will explain what you need to do to
deal with the potential power, heat and noise issues generated by
ASIC mining rigs. One other thing: the lower your latency is on
your internet connection, the better your mining rigs will perform
– you’ll be able to notify the blockchain of a solved block
faster, so a competing miner won’t accidentally beat you to
claiming a solved block.
The best mining rig to buy
Recently, ASIC mining hardware was released which is able to mine
coins using the Scrypt algorithm, that includes Dogecoin. Amongst
your current options we think Bitmain Antminer L3++ is really your
best option because it offers a good balance between electricity
consumption and hashing power – and of course, price. In
comparison the BW L21 has a low hash rate and also uses less power
but the price is far higher for this ASIC rig.
Configuring your ASIC hardware and software
Because you are mining DOGE with an ASIC rig you don’t need to
worry about tricky software downloads and configuration anymore.
ASICs come with pre-configured software pre-installed which means
you are ready to get going by doing some basic configuration. Here
are the steps:
Connect your ASIC rig to the internet and supply electricity
Connect your ASIC to your power supply of choice. It’s easy to do
this but do make sure you plug in every connector, you also need
to plug your power supply into your power grid, of course. Don’t
forget to plug the LAN cable in too.
Choose the Dogecoin mining pool that suits you best
You should have a look at the popular DOGE mining pools and weigh
up how these pay out rewards, what the fees are for mining and
also make sure the payment method suits you. Some of the best
pools include Aikapool, BlockMasters and Multipool. Once you’ve
picked a pool you can go to the mining pool webpage and create
workers, if the pool requires it.
Determine the IP
One way to find the IP address for your mining rig is to access
your router – look in the DHCP list and find the associated host
which might be Antminer, for example. Note the associated IP
address.
Alternatively, download the rig’s IP reporter tool to your
computer, this should show you a window where you can trigger a
search – in turn, the tool will report what the IP address of your
mining rig is. Of course, this method will only work if your
mining rig is on your local network.
Access your mining rig via it’s web interface
To access your mining rig, simply enter its IP address into your
web browser. You should get a dialog box which allows you to log
in, usually the credentials are simply root/root. But, you can
check the manual shipping with the rig for the default
credentials.
Supply your mining pool’s details
When you’ve accessed your rig you can open the settings menu so
that you can add the mining pools you want to contribute to. Make
sure you supply complete details so that you can ensure your
mining is never halted.
You need to enter:
The URL – for example, stratum+tcp://aikapool.com:3433 Worker –
MyDOGEWalletAddress Password – -p c=DOGEPASS,mc=DOGEPASS If you
don’t set out the payout coin you risk a payment getting sent via
the incorrect cryptocurrency.
Save your configuration Make sure to click save + apply to fix
your configuration. It is also worth checking into the status of
your miner after a while, see if you can find a hashrate – this
indicates that your ASIC is performing and actively mining.
Mining DOGE in the cloud
Like other cryptocurrency, you can mine DOGE using a cloud
platform, which could be attractive to you if you don’t want to
faff with anything technical, prefer not to make an initial
investment or simply don’t want to risk the electricity bills.
When you use cloud mining you are basically asking a third party
to do all the work, in exchange for a payment. So, always check
the fees involved with cloud mining and compare it to your mining
profits.
You might find some cloud mining vendors offer a couple of months
of free mining. However always make sure you are completely aware
of all terms and conditions. Xpartradinglive can be a good option
here.
Calculating Dogecoin profits
You always need to check your potential earnings before you start
to mine, but you can use our simple calculator. All you need to do
is to fill out the power consumption of your ASIC rig, the rate at
which it hashes, electricity prices in your region – and the fee
charged by your mining pool. Tap calculate to see your results.
Alternatively, to just see the pure sum of money you can make,
only complete the pool fee and the hash rate. Note that, if you
choose to use cloud mining, there will be a fee involved that is a
part of your cloud mining contract so you need to make sure that
the income you generate from mining will cover the price you pay
for your cloud mining contract.
Keep in mind that the results below will vary depending on a range
of factors which will change all the time – from block reward, to
the value of DOGE and of course the overall network difficulty. We
can show you an estimate for today, but the results for tomorrow
would be very different.
Common questions about Dogecoin
How long will it take me to mine one DOGE?
It depends on your mining hardware, but by example the BW L21 can
hash at 550 megahashes per second, which means you can mine one
DOGE in less than an hour.
What’s the maximum I can mine in a day?
Use our calculator above to work out the value of the coins you
can mine in a day, it will provide you with an approximation.
Should I mine DOGE?
Well, work out if the money that you get from selling the DOGE you
earn will cover the costs of mining it – if so, you should
consider mining Dogecoin.
Is there a fixed supply of DOGE?
Unlike some other cryptocurrencies, there is no limit to the
supply of Dogecoins – as such you can’t estimate when the very
last DOGE will be mined.
Is DOGE mining legal?
For the most part, yes – many countries ranging from Canada and
the US through to Russia are completely open to cryptocurrency but
some countries including Morocco, Algeria, Bolivia and Nepal will
have limits on both mining and trading of cryptocurrencies.
More about Dogecoin
Billy Markus (from Portland in Oregon) created a coin which he
hoped will be fun and easy to access. Since then, Dogecoin (DOGE)
has achieved a big market cap. Around the same time someone called
Jackson Palmer was asked by student on Twitter to make the idea
popular. Jackson used to work for Adobe Systems in Australia, but
as a side project decided to buy the domain dogecoin.com, adding
some basic website elements.
Markus heard about it and the two decided to push Dogecoin, which
was derived from Luckycoin – on its own a version of something
called Litecoin. Dogecoin is based on the Scrypt algorithm and
DOGE was released on the 6th of December in 2013, quickly becoming
a sensation.
Dogecoin is a fun project – from the whimsical plans behind the
coin through to its mascot, a Shiba Inu. It’s no wonder it has
become a sensation on the internet – and it also brings solid
opportunities to make profits by mining it.
The team behind DOGE
Jackson Palmer and Billy Marcus worked together to launch
Dogecoin, but the credit for creating DOGE is given to Billy
Marcus. Over time the DOGE team is trying to make Dogecoins even
more accessible and even more fun – the idea is to make it more
widespread than Bitcoin.
It is a close community and you can easily get your questions
answered by getting in touch with the DOGE team. Dogecoin’s team
is also know for raising funds for good causes, including the
Dogecoin Foundation – it’s intended to get people to use Dogecoin
for charity causes.
The DOGE hashing algorithm
Litecoin and Dogecoin uses the same algorithm for hashing – it is
called Scrypt, a result of the SHA-256 hard fork of BTC.
Appearances are the Scrypt is in fact both more efficient and also
works more quickly than the BTC hashing algorithm.
The mining block time for DOGE is just about one minute, while the
network difficulty is much less than it is for Litecoin – which is
2.5 minutes block time – and of course 10 minutes in the case of
Bitcoin.
Interestingly, when you mine DOGE you can do it at the same time
as mining Litecoin. Litecoin is arguably more stable and has a
bigger role in the cryptocurrency market than DOGE, so you hedge
your bets, in effect. Mining DOGE and LTC simultaneously can
maximise your mining income.
DOGE forks
It is likely that DOGE will incur a hard fork sometime soon. A new
project on Ethereum called Rinkeby will be using DOGE as a test
asset – it’s cause a lot of chatter in the cryptocurrency sphere.
The expectations is that something called Dogethereum (DOGX) is
going to separate from DOGE’s original chain at some point.
There has never been a hard fork of DOGE, this will be the first
one and the plan is to make an alternative cryptocurrency which
will be even faster than DOGE for processing transactions, while
also making use of smart contracts which runs on Ethereum’s
blockchain. Users of DOGE and investors in DOGE are rethinking the
value of DOGE as a result.