Bringing cute Shiba Inu’s muzzle to Dogecoin might have been a brilliant move and one of the reasons that helped this cryptocurrency gain such popularity. As of 2023, Dogecoin ranks among the 10 largest cryptocurrencies on the market and is used for donations, purchasing items, and paying for services. If you’re reading this, there is a possibility that you’re interested in mining Dogecoin. Follow this brief guide to start mining today.
1. Decide How to Mine
There are a couple of ways to mine: independently, joining a mining pool, or using a cloud mining provider. Solo-mining requires too much investment and may not be profitable in the long run. Pool mining is suitable for beginners and will allow you to get a higher return on investment as it relies on the collective effort of multiple miners, while cloud mining is a great option if you don’t want to invest in expensive hardware.
Tip: If you want to gamify the process, use cryptocurrency mining simulators like Rollercoin, which allow their users to earn Dogecoin in a fun and simple way.
2. Buy Mining Hardware
One of the advantages of Dogecoin is that it doesn’t require a lot of investment because you can mine even if your hardware is slightly outdated. Dogecoin’s lower mining difficulty allows you to rely solely on your CPU’s productivity. Hold in mind that it could overheat, and employing the CPU alone will unlikely result in high profits, so purchasing a GPU is highly advisory, as it will increase your mining potential.
If you’re looking for even more powerful equipment, think about buying an ASIC miner. Designed for Scrypt-based algorithms, this kind of hardware is rather expensive but worth the investment in the long term.
3. Install Mining Software
After choosing your hardware, it’s high time for downloading and installing the respective software. Different types of hardware (CPU, GPU, and ASIC Miners) will require different software.
You need to choose your software, depending on your type of hardware.
- CPU: Among the free software, CPUminer is one of the most popular, as it’s a secure and easy-to-use choice for CPU-based Dogecoin mining.
- GPU: If you’re only starting your mining journey, try EasyMiner as it’s a suitable option for newbies, while more advanced users might prefer installing software like CGminer.
- ASIC: A wide range of software is available, starting with CudoMiner, which works with both GPUs and ASICs, and ending with MultiMiner and CGminers.
4. Connect Your Devices and Create Dogecoin Wallet
After creating an account and installing the respective software, it’s high time to connect your mining equipment to the mining pool’s servers. Watch necessary YouTube tutorials and go over detailed instructions as depending on the hardware, the process will vary. After dealing with it, you need to install a Dogecoin wallet to start collecting revenue.
If you want to start mining and are not sure which cryptocurrency to choose, Dogecoin is a great starting option for a newbie. Thanks to its low mining difficulty, you won’t need to invest exorbitant sums of money. Select the required hardware and software, join the mining pool, create your virtual wallet, and start mining today.