Dogecoin mining: how to mine Dogecoin (DOGE) cryptocurrency, recommendations and nuances

212

Dogecoin cryptocurrency was launched in 2013 by Jackson Palmer and Billy Markus. It was a joke or a parody of all other cryptocurrencies, but at the same time it pursued the goal of making digital assets more accessible and fun for the community. DOGE has often been used as a fundraising tool for charitable donations or sports funding.

But over time, altcoin has expanded beyond its community. His pump in 2021 surprised many. Today the editorial staff of Btcnewsweb.com will tell you about dogcoin mining – how to mine this coin, how relevant it is in current realities, how to calculate profitability, and much more.

Read also: where you can buy dogs or exchange them. Reliable and up-to-date methods.

How Dogecoin can be mined

Today, there are four main types of mining – on ASIC, on GPU, on CPU and on mobile devices. Due to the complexity of mining associated with the high hash rate of the network, there are only two relevant and profitable options:

  • Integrated circuits ASIC (optimal).
  • Graphics Cards (GPUs) – More costly given that you have to purchase a lot of graphics cards to be profitable.

Dogecoin uses the Scrypt hashing algorithm. ASICs such as Antminer L3 ++, Innosilicon A6 work with it. As for video cards, it has been verified in practice that GPUs from AMD perform better than those from Nvidia.

Thus, to start mining, you will need: hardware (ASICs or a farm of video cards), mining software, Windows 10 or Linux operating system, a wallet for storing mined DOGE.

Solo mining is not recommended, it is not profitable at all. Choose a good mining pool and join it, here’s how it’s done.

Algorithm features

Dogecoin is mined using the Proof-of-Work proof of work on the Scrypt algorithm, like Litecoin, but there are two differences: the difficulty is adjusted every 240 blocks (approximately 4 hours), and the time for finding a new block is reduced to 1 minute, that is, in 2 , 5 times. Until 2014, dogcoin was mined only on video cards or processors, since the algorithm was not yet covered by ASIC manufacturers.

In recent years, the difficulty of mining DOGE has grown to 3.9 million, and the hash rate has grown to 258 Th / s. This suggests that, despite the advantages of ASICs, the community’s interest in mining this cryptocurrency is unabated.

How relevant is dogcoin mining

Achieving truly meaningful profits on DOGE is a feasible but difficult task. Dogecoin won’t make you a billionaire. Even if you choose a good pool, the yield will be quite moderate. It is worth paying attention to how the community treats the coin: it is believed that Dogecoin is not about money or profit, it is about a community of crypto enthusiasts who are ready to learn and share knowledge with each other. By mining dogcoin, the user supports the direction of the community and becomes part of a friendly team.

These principles are not for everyone. If you are looking for really serious income, then it is better to consider other assets for mining. At the same time, supporters of DOGE remind that in 2010 bitcoin was also useless, so that the coin has a chance to someday be worth thousands of dollars.

One way or another, before starting work, be sure to calculate the potential profit using special mining calculators.

Mining profitability calculators

Several services that allow you to calculate the approximate profit from DOGE mining under the given conditions:

  • https://cryptocalc.online/ru/calculators/dogecoin. Manually indicate the hashrate of the proposed equipment, its energy consumption, as well as the cost of a kilowatt of electricity and the pool commission. You get the approximate level of profit (or loss) for the day, week, month and year.
  • https://minerstat.com/coin/DOGE?lang=ru. Also allows you to specify hash rate, pool fees, power consumption and electricity costs. Gives out an approximate reward for the last time.
  • https://whattomine.com/coins/6-doge-scrypt. In addition to all of the above parameters, it also makes it possible to indicate the cost of equipment, which will allow you to calculate the terms of its payback.
Whattomine Dogecoin mining calculator

Software

Whether you are mining with ASICs or GPUs, certain software is required. Its purpose is to transmit information about your actions to the blockchain. It is advisable to use the software that works best with your specific hardware. Here is a short list of popular dogcoin mining software (they are all free):

✅  For video cards: CudaMiner (optimal for cards from Nvidia), CGminer (equally well suited for any cards), EasyMiner (due to ease of use, relevant for beginners).

✅  For ASICs: CGminer and EasyMiner can also be used with ASIC miners, MultiMiner shows itself well in mining all cryptocurrencies in general using the Scrypt algorithm.

With their help, you can control the process of mining cryptocurrency. Before using the program, you need to properly configure it. All instructions are usually provided by the developers on the official websites.

application CGminer

Dogecoin mining pools

As we already said, you should not consider the possibility of solo mining – it is fraught with the fact that you will spend a lot of effort, time and electricity, but you will not earn anything. Being in the pool, the chance to generate the next block is much higher. It is important to choose a good pool. The pools with the highest total hash rate find blocks more often than others, but the profit is split among a large number of participants. Smaller pools find blocks less often, but the reward for each individual participant will be higher. There are other important parameters as well.

We offer a list of the top 5 pools for DOGE, which today have a fairly high hash rate and comfortable conditions:

✅  https://easy2mine.com/. Hashrate 53.42 TH / s. PPS reward distribution type. Commission 2%. Country – China.

✅  https://www.poolin.com/. Hashrate 43.23 TH / s. PPS reward distribution type. Commission 3%. Country – USA, China.

✅  https://pool.viabtc.com/. Hashrate 36.86 TH / s. Type of remuneration distribution PPS +, PPLNS. Commission 2-4%. Country – Hong Kong.

✅  https://www.f2pool.com/. Hashrate 36.46 TH / s. PPS reward distribution type. Commission 4%. Country – USA, China, Europe.

✅  https://aikapool.com/doge. Hashrate 42.75 GH / s. Type of remuneration distribution PROP. Commission 1%. Country – France.

Equipment for mining Dogecoin

Attempts to mine DOGE using a computer, laptop or phone can lead to dire consequences in the form of overheating and device breakdown. So you can mine Dogecoin with GPUs or ASIC miners. In the selection process, consider such metrics as memory size, memory bus, core frequency, memory frequency, power consumption and, of course, price.

Examples of suitable video cards:

  • Radeon VII (price 65,000 rubles)
  • Radeon Vega 64 (price 50,000 rubles)
  • RX 5700 XT (price 95,000 rubles)
  • RX 590 (price 40,000 rubles)

It will not do with one video card; for efficient mining, you will need to assemble a farm of at least 4-12 copies.

Video card for mining dogoin (RX 5700 XT)

ASIC miners for the Scrypt algorithm are designed in such a way that they can perform only one type of work, but with great power. In addition, the devices are quite expensive, tend to make a lot of noise and heat – so they need a separate well-ventilated room.

Asics, which today show good mining performance on Scrypt according to the results of the Whattomine website:

  • Innosilicon A6 + LTC Master (price 220,000 rubles, hash rate 2.20 Gh / s, power 2100W)
  • Bitmain Antminer L3 ++ (price from 5000 rubles, hashrate 596.00 Mh / s, power 1050W)
Innosilicon A6 + LTC Master – ASIC for DOGE Mining

How to start mining

From the point of view of simplicity of setting up and running, ASICs are more convenient than video cards. It is enough to connect them to the Internet and the network, make a couple of easy settings in the web interface. Assembling a mining farm from a GPU can take a certain amount of time and effort, but in the end, you can mine different currencies on the resulting farm, and not just one.

The procedure for starting ASIC mining looks like this:

  1. Create a wallet (e.g. Dogecoin Core, MultiDoge, Jaxx, DogeChain Wallet).
  2. Select a pool.
  3. Install software.
  4. Connect the ASIC to the mains and to the Internet via the Ethernet port.
  5. Find the IP address of the ASIC in the router settings.
  6. Log into the web interface of the miner, enter the information provided by the pool (URL and password) there.
  7. Also enter the wallet address.
  8. Save changes.

After rebooting, the device should start working and generate coins.

If you start mining on video cards, then you will need to specify the address and port number for connection in the software (stratum is a coin mining protocol, and you can take the Stratum address as a website address, but instead of connecting to the site, you connect to the mining pool ). The worker name is created on the pool site, as well as the password and username.

Cloud mining

An easier way to mine Dogecoin is cloud mining. At the same time, you do not own any equipment, but simply rent it in a large data center that manages production for you and takes a certain percentage for services, and also usually charges electricity fees. Cloud mining can be a good option for those who don’t want to tinker with hardware, but there are pitfalls here as well. Firstly, this method currently gives the minimum profit (if any). Secondly, this is a risk, since the purchased contracts are usually time-locked, and if the coin suddenly becomes unprofitable, you will not be able to cancel the purchase and return the money spent.

DOGE mining contracts offer very few services today. Previously, Genesis Mining was among them, but now such contracts are not available there. Another option is Eobot.

Dogecoin cloud mining via Eobot

There are also hashrate markets such as Nicehash. With their help, you can also mine dogcoin, acting as a miner (hashrate seller) or a simple user who does not mine, but only buys power according to the principle of cloud mining. The system is interesting enough, but it will take a little more time to understand it.

Where to exchange the mined dogcoins

The received coins can be exchanged for another cryptocurrency or withdrawn to fiat using the following methods:

When choosing an exchange method, pay attention to commissions and other parameters that may affect the profitability of the final result. Also, choose exclusively trusted services with a good reputation.

Conclusion

So, dogcoin mining is available on video cards and ASIC miners, using the appropriate software and always in the mining pool. Before starting mining, refer to the help of mining calculators – they will help you understand whether the game is worth the candle at all. Assets obtained as a result of mining can be exchanged or withdrawn to fiat using exchangers, exchanges and other financial services. Also pay attention to choosing a secure wallet to store your coin. It is optimal to use hardware wallets or the standard Dogecoin Core application for this purpose.

Leave A Reply

Your email address will not be published.