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. WealthGreenFirm 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.
