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How to mine dogecoin – explained in the article. You can find how-to information, step by step guide by us.
As the internet celebrates the impending arrival of 2021, 21 years since the start of the millenium, dogecoin miners are predicting a “2147.5” year for their own industry.
What is mining?
Mining is the process of adding transaction records to Bitcoin’s public ledger of past transactions. This ledger of past transactions is called the block chain as it is a chain of blocks. The block chain serves to confirm transactions to the rest of the network as having taken place.
Mining is intentionally designed to be resource-intensive and difficult so that the number of blocks found each day by miners remains steady. Individual blocks must contain a proof of work to be considered valid. This proof of work is verified by other Bitcoin nodes each time they receive a block. Bitcoin uses the hashcash proof-of-work function.
The primary purpose of mining is to allow Bitcoin nodes to reach a secure, tamper-resistant consensus.
Why should you mine Dogecoin?
By mining dogecoin now, you’ll be able to take advantage of an ever-growing market in 2021.
On January 1st 2020, mining pools will undergo a shift that will increase reward value for every block mined by one hundred percent. And this is just the beginning: by the next few years, finance experts believe there will be four times as many dogecoins available to mine than there are today! For those who say “investing in cryptocurrency is riskier than investing in stocks or bonds”, we’ll reply with one word: opportunity.
How much can you earn from mining Doge?
Mining is competitive and the way you make money depends on your hashpower. The SHA-256 algorithm increases the difficulty of finding a hash for each successive round until finding a 64-bit target takes 1 billion years.
Back in 2009, if you owned 1,000 Bitcoins, you could have mined one block worth about $20 USD. Today, if you own one million coins, you can mine 0.00218 blocks worth about $200 USD! If blocks were to continue increasing in size at that rate, it would take more than 2 million years to mine one block! Of course, that assumes no advancement in mining technology.
Read more: Best Motherboards for Crypto Mining
How to mine Dogecoin?
This article will explain how to mine dogecoin in simply 3 easy steps.
1. Obtain A Dogecoin Wallet Address
If you don’t have a wallet already, you can easily create one with your favorite cryptocurrency exchange. If you’re already registered on an exchange, simply open the account for dogecoin and transfer your holdings to your new address. You can also simply download dogecoin wallet from the official website. Also make sure the wallet is at least 1 MB of storage capacity or more, as this will allow for larger transaction sizes during times of high demand.
2. Finding A Mining Program for Dogecoin
If you’re on Windows, you can download a software like minepeon, an easy-to-use mining program. It is free and available for everyone.
However, if you’re looking for a more advanced (and slightly more complicated) program with support for multiple miners, look no further than XMRig. XMRig supports almost every cryptocurrency out there, including dogecoin! You can download xmrig from the official site at xmrig.com.
If you’re on Mac OS X, you can download CGminer which is free and easy-to-use. If you’re on Linux, there’s also cgminer and it’s available on the official site: cgminer.org/. But always be careful and check for viruses!
3. Start Mining Dogecoin!
Once you have downloaded your mining program and put it into action, its time to start mining!
First, open up your wallet (step 1) to see if there are any pending transactions (in case there are any pending transactions to be paid).
. If there are, just wait for them to confirm in your wallet, or click on ‘mine’ in your mining program. If you have any questions regarding your mining program, feel free to ask them in the comments section below!
Benefits of Mining Dogecoin
Dogecoin is an interesting alt-coin which has become more popular in recent years. Monero, Darkcoin, ZCash are few ones of its competitors. Dogecoin seems to be less anonymous than the others but still gives lots of advantages. It is based on the Litecoin codebase which you can read here or just simply doge it up!
One of the benefits of mining Dogecoins is that it comes with a very strong community. The community stands by their coin through thick and thin even when things are not going so well in the market. The Dogecoin community is different from the Bitcoin one in the sense that everything is about having fun. And it shows! This coin has a very strong community and this is something that many other coins lack.
If you have any questions regarding mining of Dogecoins or other currencies, feel free to ask them in the comments section below!
Read more: Best Motherboard for Crypto Mining