The crypto world continues to offer its users countless ways to earn profits. Crypto mining is one of the great features of the crypto world that let miners earn crypto as a reward. As a result, the crypto mining industry continues to be one of the hottest topics in the crypto world.
In this CoinQuora mining article, you will learn many things about crypto mining, especially Dogecoin mining. However, this article must not be taken as financial advice. Instead, we recommend that you do your own research before entering the world of crypto mining.
Now let us go deeper and discuss this CQ article about Dogecoin mining and Dogecoin mining pools.
Table of contents
- What is Dogecoin (DOGE)
- Dogecoin Price Prediction
- How to Mine Dogecoin
- How to Mine Dogecoin With a Computer (GPU and ASIC Miner)
- Dogecoin mining using GPU
- Dogecoin mining ASIC (Antminer L3++)
- How to Calculate Dogecoin Mining Profits
- Dogecoin Mining Pools
What is Dogecoin (DOGE)
Dogecoin is one of the hottest and most talked-about cryptocurrencies lately. This is because of its amazing performance in the crypto market. Specifically, DOGE was able to achieve a growth rate of over +12000% in the past 12 months. Truly, this is an amazing performance that attracts crypto investors around the world.
In terms of technology, DOGE is a meme coin that is based on blockchain technology. It is an open-source, peer-to-peer digital currency that is said to be favored by Shiba Inus worldwide.
Regarding its market status, DOGE has an estimated market capitalization amounting to $41 billion. As a result, DOGE ranks as one of the top ten digital assets in Coingecko. Today, DOGE price trades at a high price of $0.32 per crypto.
To all traders and investors interested in DOGE, the crypto can be purchased and traded on different crypto exchanges. These crypto exchanges include Huobi Global, VCC exchange and Binance to name a few. Furthermore, some of these exchanges offer Dogecoin mining pools where users can stake and earn DOGE tokens.
Dogecoin Price Prediction
The price of cryptocurrency is one of the most important factors that affect users’ decisions in trading and crypto mining. Here in CoinQuora, our technical analyst explains and guides traders on how they can maximize their profits in Dogecoin.
Furthermore, the Dogecoin price prediction for the year 2021, according to our analyst, can reach $1. Best of all, if investors and traders continue to be in DOGE’s favor, the crypto price could go as high as $1.5. Indeed, this is a price level that could increase the craving for Dogecoin mining.
Moreover, DOGE remains to be one of the aggressive digital assets in the crypto world. In fact, the Bitcoin investor and CEO of Tesla, Elon Musk, continues to post more tweets about the crypto. For this reason, DOGE was able to increase its market share and hold its trading price above $0.1 despite the market chaos.
How to Mine Dogecoin
The Dogecoin network offers different options for Dogecoin mining. In this way, miners that are interested in Dogecoin mining will have the option to choose the kind of mining that suits them best. The two ways to mine Dogecoin are by solo ( just you) or in a Dogecoin mining pool.
The Dogecoin mining pool consists of users who share their computing power to increase the chance of confirming transactions. For every successful transaction, a reward will be given that will be shared equally to all the pool users.
For solo miners, there is a possibility that it could take time before the user confirms a transaction. It normally takes time because there is a lot of competition in mining blocks. Therefore, solo miners sometimes earn their rewards in a span of one week or sometimes a month. However, the good thing is that solo miners received their rewards as a whole without sharing it to anybody.
As a starter in the Dogecoin mining, it is recommended to join the Dogecoin pool. In this way, rewards can be received in a much faster phase compared to solo mining. Also, beginners can learn many strategies from seasoned miners about Dogecoin mining in a Dogecoin mining pool.
How to Mine Dogecoin With a Computer (GPU and ASIC Miner)
In mining Dogecoins, there are many different options to consider. For example, you can use GPU and ASIC miner, it is up to you to choose. Take note, the volume of Dogecoin that you can get will depend on the type of mining hardware you will choose. Of course, you also need to consider the market conditions to know how much profit you will make.
However, before we start let us make sure that you have all the necessary requirements needed in Dogecoin mining.
1. A good, uncapped Internet connection
A good and reliable internet connection is one of the most important things you need in Dogecoin mining. Also, you have to ensure that the internet connection in your place is unlimited. Of course, you don’t want to be cut out in the middle of mining which will also cut your profit potential.
For slow connection, consider upgrading your internet speed. Yes, slower internet speed will result in poor communication with the network, decreasing your chance of getting block rewards.
2. Electricity capacity
Dogecoin mining could require high electricity capacity. With this, you must ensure that the supply of electricity at your place is sufficient to handle the mining activities.
3. Dogecoin wallet
A Dogecoin wallet is important because this is where your reward automatically goes. Many platforms in the crypto world offer Dogecoin wallets. It is recommended that you do your own research to get the best wallet that fits your needs.
4. Heat management (e.g. cooling system, fans)
Last but not least, make sure that you have proper cooling management at your mining place. Mining equipment can be very hot as it runs, so you need to have a proper cooling system to avoid overheating.
Now that you already know the basic requirements needed in Dogecoin mining, let us now learn how to mine Dogecoin.
Dogecoin mining using GPU
For Dogecoin mining using GPU, the first thing to do is set up a GPU mining rig or use any GPU your computer currently has.
For CUDAMiner or CGMiner program, you will need the following:
- Stratum address and port number to connect to – Stratum is a coin mining protocol connecting miners to a mining pool.
- Worker name – This is created on the mining pool site
- Worker password – This is also created on the mining pool site, but different from your user password for the site.
- Username for the mining pool site
Dogecoin mining ASIC (Antminer L3++)
The ASIC miner is a piece of hardware designed to mine cryptocurrencies such as Dogecoin. This machine is a very powerful machine that allows you to earn more tokens compared to GPU mining. However, the ASIC miner can also be expensive, noisy and can get very hot.
Below is the procedure on how to mine Dogecoin using an ASIC miner:
Connect the ASIC miner to the power source and the internet
First, connect the ASIC miner to the power supply unit (PSU) and the power source. Then plug the Ethernet cable into the ASIC miner and make sure it’s connected to an unlimited and reliable Internet source.
Choose a Dogecoin mining pool
In choosing the Dogecoin mining pool, always do in-depth research about the mining pool. A good mining pool should have features such as a reward system, minimum payout and trustworthiness to name a few.
Find ASIC’s IP Address
In finding the ASIC’s IP Address, you should log in to your router’s setting, which is normally accessible by typing 192.168.1.1 in the web browser address bar. Then, enter the username and password, which is normally given upon router setup.
Once you are already logged in, navigate the portal, look for “Antminer” and copy the associated IP address.
Login to the ASIC’s Web Interface
Since you already have the ASIC’s IP Address, enter or paste it into the ASIC’s Web browser. The default username and password should be root; if not, check the ASIC user manual.
Enter Mining Pool Information
After logging in, go to the miner configuration setting and enter the mining pool’s URL and password (provided by the pool). Next, you will find the option where miners can put their Dogecoin wallet address.
On the other hand, miners can put additional pool information to the miner configuration setting. This ensures that if the main pool is down, ASIC can still continue its mining activities.
Don’t forget to click save! After a few minutes, the ASIC miner should display a hash rate in the Miner Status tab. As a result, the miner is now working properly.
How to Calculate Dogecoin Mining Profits
As a miner, of course, you should know how to compute your mining profits. For this reason, we have provided you a step-by-step procedure on how to calculate your DOGE mining profits. .
1: Go to https://whattomine.com/
2: Click on Coins
3: Search for Dogecoin or DOGE as your keyword
4: Input your hash rate, power, fees, and electricity cost
5: You will see an estimate of how much profit you will earn each hour or day
Dogecoin Mining Pools
The cryptocurrency world is home to many different types of mining pools. As a result, miners nowadays in the crypto space can freely choose their desired mining pools.
However, not all pools are the same, as they have different features and functionalities. Therefore, miners should do an in-depth analysis about mining pools in order to maximize their mining profits.
Yes, Dogecoin mining is still available using GPU and ASIC Miner.
There are many factors to consider, such as the internet speed at your place and the kind of computer equipment you are using in mining Dogecoin.
Based on the Dogecoin market position lately, we can say that Dogecoin is one of the worthiest cryptos to mine.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.