So, investing in Dogecoin is a good idea as of now. But as of now, you need to know about Dogecoin Mining and the various ways on How to Mine Dogecoin.
In a world of progress, everything is competing with each other to go ahead.
It is only a matter of time before cryptocurrency makes its mark. The more the world incline towards digitization, the more cryptocurrency will have a huge value to the world.
And as Dogecoin is one of the primary names in the crypto world, it is without a doubt, one of the most highly hoped aspects there is.
Before we learn all about Dogecoin mining, firstly I will list out some anonymous project that claims to mine dogecoin to be careful with, they are:
How to Mine Dogecoin in General
Before getting started, you want to make sure that you have all the necessary requirements needed for Dogecoin mining.
Requirement Needed for Dogecoin Mining
1. A good, uncapped Internet connection
One of the things you’ll need for dogecoin mining is a solid, unlimited Internet connection. You don’t want your Internet to be slow or cut in and out when mining. If you’re not connected to the Internet, you’re not mining.
For slow connections, even if you’re connected, you don’t want to be communicating slowly with the network because that would decrease your chances of receiving block rewards if you and another miner with faster Internet send your results at the same time.
2. Electrical capacity
Since mining is energy-intensive, you want to make sure that your electrical system can handle your Dogecoin mining needs. See the energy requirements of the things you’ll use like cooling and mining equipment.
3. Heat management (e.g. cooling system, fans)
Another thing you need for mining Dogecoin is good heat management. Mining equipment can run hot, and you still want to make sure you have the proper cooling in place to make sure your equipment and mining space, such as your garage, don’t overheat.
4. An ASIC (or other mining equipment)
While ASICs can be pricey, they are pretty much a must-have if you actually want to turn a decent profit and not just mine for fun. Your best bet is probably the Bitmain Antminer L3++, which has a good combination of high hash rate, moderate power consumption, and relatively affordable price. You can probably find one for a decent price on eBay.
Make sure to buy one that comes with a power supply unit (PSU)! Exception being if you already have one lying around.
After you decide on what mining equipment you’re going to use, it would be a good idea to estimate your mining profitability (if you want to make a profit).
If we were to take the example of the Antminer L3++ (580 Mh/s hash rate, 1050w power consumption, $155 upfront cost including shipping based off new L3++ listings on eBay), a fairly standard mining pool fee of 1%, and an average US electricity cost of 12 cents per kilowatt-hour, we can see that DOGE mining would be unprofitable:
Therefore, even with the best Scrypt ASIC currently on the market, mining DOGE is probably unprofitable.
However, if you somehow had free electricity (utilities included in your rent) or lived in a country like Argentina with nearly free electricity, you would be close to breaking even:
However, keep in mind that calculators like these only provide estimates and things could change if things like the DOGE price or mining difficulty change.
For example, if you’ve been in this space for even a week, you know that prices can change drastically within hours, let alone days, weeks, months, or a year. As of writing, the DOGE price is quite down from where it was in 2018 and earlier. Mining difficulty also changes often.
On top of changes in price and mining difficulty, you and your pool can get lucky when it comes to mining rewards more often than a mining calculator accounts for.
At worst, your mining efforts will at the very least contribute to the decentralization of DOGE mining.
5. A Dogecoin wallet
If you’re still determined to mine DOGE, another thing you’ll need is a Dogecoin wallet to send your mining profits, too.
The official DOGE wallet is a good choice if you only use DOGE and want something that supports major desktop platforms (Windows, macOS, and Linux) as well as Android.
If you want something with a bit more functionality, the Exodus Dogecoin wallet is a good choice thanks to:
- Supporting DOGE as well as 100+ other crypto assets
- Focusing on premium design and ease of use
- Supporting desktop and mobile (iOS and Android), including syncing your DOGE between both platforms!
- Allowing you to exchange your DOGE profits for other cryptos right from the app
- Having 24/7, fast human support if you ever need help
Setting up your ASIC (Antminer L3++) for Dogecoin Mining
In this example, we’re going to use an ASIC (Antminer L3++) since they have the most potential for profit.
One of the good things about mining with ASICs is that you don’t have to download and configure mining software. Most ASICs these days come with software built-in so you can get mining faster.
Once you have your ASIC(s) in hand, here are the steps you need to take:
1. Connect your ASIC to both a power source and the Internet
First connect your ASIC to the power supply unit (PSU). Then connect the PSU to a power source. Finally, plug the Ethernet cable into the ASIC and make sure it’s connected to a router or other Internet source.
2. Choose a Dogecoin mining pool
Pick a mining pool to join based on things like:
- Trustworthiness – is the pool reputable and do they pay miners on time
- How much hashing power the pool has – the more hashing power, the higher the chances the pool, as a whole, has of receiving block rewards
- Uptime – if the pool isn’t running consistently, it isn’t mining
- The pool fee – how much they take from your profits
- Reward system – how the pool calculates rewards payouts
- Server location – the closer the better. The closer you are, the lower your latency, which has an effect on how quickly you submit shares (of how much you mined) and receive shares (of how much you’ll mine). Any delay here could result in you solving less shares and getting less of the pool’s block rewards
- Minimum payout – lower could be better if you don’t have much mining power and want more frequent payouts
- Multicurrency support – some pools let you mine other cryptocurrencies besides Dogecoin
Good pools to consider include Multipool, Aikapool, Prohashing, and Litecoinpool.
3. Find your ASIC’s IP Address
Next, login to your router’s settings (usually accessible by typing 192.168.1.1 in the address bar of your web browser).
Enter your username and password (usually given to you when the router was setup and/or listed on the router itself).
From there, find your network’s connected devices and look for “Antminer” and copy the associated IP address.
If that all sounded confusing to you, look through your router’s documentation.
If you don’t have it, search Google or another search engine for your router’s name (should be on the device) along with “how to find connected devices” or “DHCP client list.”
4. Login to the ASIC’s Web Interface
Once you have your device’s IP, enter it in your browser.
A box will show up, telling you to login. The default username and password should be “root” without the quotation marks but check your ASIC’s manual if that isn’t the case.
5. Enter Dogecoin Mining Pool Information
Once you’re logged in, go to your Miner Configuration settings and enter your mining pool’s URL and Password (both provided by the pool). Where it says Worker is where you’ll put your Dogecoin wallet address.
If you’d like, entering more than 1 pool’s information will ensure that even if your main pool is down, your ASIC will switch to the next one in order to ensure continuous mining.
Also, be sure to set the correct payout coin via the pool’s website! You don’t want to accidentally mine some other coin to your Dogecoin wallet (or vice versa if you choose to get paid in non-DOGE).
6. You’re Done!
Once you hit save, you’re all good to go! Pretty easy, right? After a few minutes, your miner should display a hashrate in the Miner Status tab, which means that everything is working properly.
How to Mine Dogecoin on Android
While it might sound cool to be able to mine DOGE using your phone, it unfortunately just isn’t possible. Phones are not even close to being powerful enough to mine Dogecoin.
What you could do is check out the fun Android game Dogeminer!
Dogecoin Mining Hardware and Dogecoin Mining Rig
Just like every other cryptocurrency, Dogecoin mining hardware and Dogecoin mining rig are also an essential part of the mining procedure. As the productivity will increase according to need an input of the system, choosing the right hardware is necessary at first hand.
Here is a list of the complete detailed list of Dogecoin mining hardware.
The Budget version: if you are looking for a low-cost budget mining system, this is the best option for you. The entire setup will cost around $1000 or less. With a hash rate of 1,350Kh/s, it is not a wrong gear to start with.
4 GPU version: A 4 GPU mining is the best-suggested option. With a hash rate of 2600kh/s and a roughly around $1600 of expense, this is undoubtedly the most popular choice there is.
6 GPU version: Although a little challenging to execute, the 6 GPU is the best useful option there is. Costing around $1800 and a hash rate of over 3200kh/s, this is a little trick, but the best option there is.
Hopefully know you know how to mine Dogecoin! While it is largely unprofitable for most these days, that’s dependent on one’s own situation. Not to mention that things could change if, for example, the price of DOGE goes up!