Dogecoin (DOGE) is based on the popular «doge» internet meme and has developed a passionate community.
Dogecoin was created in 2013 as a fun, lighthearted cryptocurrency. Its block time of 1 minute is faster than Litecoin at 2.5 minutes. Dogecoin uses a Scrypt mining algorithm and is merge mined with Litecoin. Currently there are over 132 billion DOGE in circulation.
Here is a guide on how to mine this unique cryptocurrency.
Dogecoin Mining Hardware
Dogecoin mining requires computers with specialized hardware called ASICs. These are designed specifically for mining cryptocurrencies based on Scrypt like Doge and Litecoin. Top hardware choices include:
- Antminer L3+ (~500MH/s hashrate).
- Innosilicon A6+ LTCMaster (~6TH/s).
- WhatsMiner M30S+ (~118TH/s).
Higher hashrates require more power but increase earnings. Always buy from authorized retailers.
Install mining software like NBMiner or CGMiner on your systems. Configure the software to connect to your pool with your wallet address, username, and password. Make sure to optimize software settings for your hardware to maximize hashrate.
Join a Reputable Mining Pool
To smoothly receive DOGE payouts, join a Dogecoin mining pool like ProHashing or LitecoinPool.org. Pools allow you to combine hashing power with other miners for more frequent, steady block rewards compared to solo mining. Make sure to research pool fees and payout schemes.
Consider Cloud Mining
If you don’t want to operate your own hardware, use a cloud mining service that lets you rent hashpower. Compare contracts carefully as fees and profit potential vary greatly between providers. Set up a DOGE wallet to receive payouts.
Optimize for Efficiency
To maximize profits, you need efficient, low-cost operation:
- Use electricity from cheap, renewable sources.
- Keep equipment cooled for longevity.
- Locate rigs in cool climates.
- Reduce pool fees when possible.
Upgrade to newer hardware when feasible to stay competitive.
Log in to your mining pool dashboard regularly to check earnings and track stats like average hashrate, unpaid balance, and historical payouts. Make sure everything is running smoothly and make tweaks to increase efficiency.
Stay Up to Date
Keep up with Dogecoin development updates, price changes, and mining trends. The profitability depends on DOGE price, mining difficulty, hardware costs and efficiency. Adjust operations when necessary.
With the right setup and strategy, mining DOGE can be an exciting, rewarding hobby that also earns cryptocurrency. Just be sure to make the economics work long-term.