With hundreds of options to choose from, selecting the right cryptocurrency to mine can be quiet overwhelming. For most people Bitcoin is the ‘De Facto’ choice but there are many who don’t want to walk the ‘off-the-beaten’ path. For the adventurous crypto enthusiasts out there, Dogecoin mining is a huge attraction. Have you thought of the ways to mine dogecoin?
Whether it’s the insanely cute Shiba Inu face or the good return on investment, Dogecoin mining is an awesome investment option for the uninitiated. Surprisingly, Dogecoin started out as a joke but the project donned serious attire soon enough when its value touched new highs. If you are new to the mining gig, high on technicals, and love crypto community concept, mining Dogecoin is the perfect choice for you.
Altcoins are a whole together different species. Unlike Bitcoin, they present an entirely new set of mining opportunities and bring many unforeseen challenges. If you are aware of BTC mining pools, Dogecoin mining is more or less the same albeit with a few technical differences.
How did Dogecoin start?
The cryptocurrency Dogecoin started in 2013 as a fun project between two friends Billy Markus and Jackson Palmer. The crypto scene was heating up in those days and both wanted something fun for the uninitiated. And what better than Doge meme logo to give fun vibes to this crypto coin. Hence, Dogecoin was born – out of a need to lighten up the crypto environment and benefit the Dogecoin community.
The official mascot of Dogecoin, Shiba Inu dog, represents the coin’s fun factor. And the fun factor worked in its favor as it quickly became famous among crypto enthusiasts. It is also actively involved in various charity-related events in numerous developing countries. It is also widely popular on Reddit as a reward for sharing good content.
Over the years, it has maintained a good reputation among the cryptocurrencies and is still widely used for various types of transactions. Its vibrant mining community has flourished amidst the dwindling Bitcoin mining industry. If you are already in love with this coin, its time to discover Dogecoin mining.
So, what is Dogecoin mining?
This article aims to introduce new miners to Dogecoin mining, dispel myths associated with mining DOGE, and guide newcomers to start their very own crypto mining operations. Readers will learn everything related to hardware, software, and every other mining intricacy to mine Dogecoin. Most importantly, at the end of the article, you will know whether Dogecoin mining is for you or not! Here are some essential data to get started with mining Dogecoin:
Status: Healthy Mining Algorithm: Scrypt Consensus Scheme: Proof-of-Work
Coins to be Issued: 100,000,000,000 Block Time:1.00 minute(s)
Block Reward: 10,000.00 coins Block Count: 3,281,176
Dogecoin Difficulty: 2467553.2632 Difficulty Retarget: 1 block
Step 1. Download the wallet.
Go to the Play Store and search “Dogecoin Wallet” on the Play Store, or click the “Get it on Google Play” button.
Press the “Install” button. Press the “Accept” button on the App Permission Requests panel.
Wait for the application to download and install.
Step 2. Launch the wallet.
On the same page, press the “Open” button. You will be directed to the Dogecoin Wallet. You can also access the Dogecoin Wallet within the app drawer on your Android™ smartphone. We are now approaching real mining activity.
Step 3. Use your wallet!
Now you have a full Dogecoin wallet in your hand! On the top, you have your Address Book and Settings. Under it, you have your Dogecoin address on the left, Dogecoin address in the QR code on the right, and your Dogecoin balance. On the bottom, you have your transaction history. On the very bottom, you can “Request Coins”, “Send Coins”, or scan a QR code with your camera.
Step 4. Get involved with Dogecoin.
- dogecoincom-reddit – The Main Hotspot of the Dogecoin Community.
- #dogecoin IRC – Dogecoin-based Internet Chat.
- Dogecoin Forum – Dogecoin Community Forums.
Step 5. Get Dogecoin.
There are numerous amounts of ways to get Dogecoin. You can buy them, trade for them, get tipped, mine Dogecoin, and more. Dogecoin is amongst the popular cryptocurrencies and hence its mainstream popularity is also rising. Founders Billy Markus and Jackson Palmer would be surprised how far the coin has come.
You can get tipped Dogecoin by participating in our community. If that’s not your style, the easiest way to have your first Dogecoin is to get them from a faucet.
A Faucet is a website that gives you a small amount of Dogecoin for free to introduce you to the cryptocurrency! All you need is your Dogecoin address.
Here are a couple of Dogecoin faucets:
If you want to mine Dogecoin, you need to understand some associated technicalities. Mining is when you use your computer to process Dogecoin transactions by other people, and in return you get Dogecoin. This is more like work done to earn traditional fiat money.
Mining cryptocurrencies is advised for advanced users only, as it requires a lot of technical knowledge, including blockchain. If you are interested, read more here.
Note: These online faucets and exchanges are not owned or maintained by Dogecoin. While we are satisfied they are trustworthy, reliable services – please use at your own risk to mining Dogecoin.
How long does it take to mine Dogecoin?
Dogecoin shares the same algorithm with Litecoin – Scrypt. It was a result of a Bitcoin’s SHA-256 hard fork. It appears to be quicker and more efficient. The Dogecoin mining block time is around a minute and the network difficulty is way smaller in comparison to Litecoin (2.5 mins block time) or Bitcoin (10 mins block time).
Another great fact about Dogecoin is that you can mine it all together with Litecoin, which is a stable coin with a significant role in the altcoin market. Mining them both at the same time could only increase your income. Users will discover many overlapping mining operations for both the coins.
We played it safe and used the Reddit bot to illustrate mining dogecoin. Let’s get started with sodogetip! Sodogetip is a new on-chain dogecoin tipping bot for Reddit, the most transparent cryptocurrency tipping bot on Reddit.
Simply click +register to send a message to sign up with /u/sodogetip. If ‘Doge’ miner received a tip and is not registered, the tip will be held in a queue for 3 days until you register, at which time the tip will be sent to his address. If he does not register within 3 days of getting tipped, the tip will expire.
To start tipping, first deposit Dogecoin to the address that the bot gives you after registration, and use the format +/u/sodogetip AMOUNT doge to tip the parent commenter or post author in a Reddit thread. If the amount is less than 1000 doge, the tip will go through without the bot posting a public verification comment. If it is more than 1000 doge, or you add verify to the end of your tip like +/u/sodogetip AMOUNT doge verify, the bot will post a public verification comment, as long as it is not banned in the subreddit that you are tipping in. If it is banned from the subreddit, the tip will still go through, but the bot will be unable to comment publicly for verification. (Unless the subreddit has banned the keyword “+/u/sodogetip” then your comment won’t appear publicly and the bot won’t see it either)
Note that sodogetip can only tip and withdraw whole number amounts of Dogecoin, decimal tip amounts will be rounded down to the nearest whole number. Also, please remember that due to being on-chain, sodogetip requires a mining fee to be paid with every tip. So if one gets tipped 50 Dogecoin, he can tip 49 Dogecoin and a 1 Doge mining fee will be added to the transaction automatically, while a 50 Dogecoin tip will return a low balance error. If you like tipping mechanisms, it doesn’t get better than this.
Here is Help – Support
Community is a huge help when it comes to mining Dogecoin. The right resources can certainly help spark interest in newcomers. You can find support in this discord: https://discord.gg/nQ9aVTv
You can find some help also on https://sodogetip.xyz
How does Dogecoin mining work?
sodogetip is Reddit’s only on-chain cryptocurrency tipping bot. Every user is given their own address. Tips to the user go to that address, and tips and withdraws from the user come out of that address. This means you can always check your account balance on any third-party blockchain explorer, even if the bot is down for maintenance.
When you tip or withdraw, the bot will pull inputs from your blockchain confirmed transactions first. In your +balance response, this is listed as confirmed transactions. In that message, you will also see a pending balance field.
This is your unconfirmed transactions to your account. Since the bot re-uses your registered address as the change-address, it is normal to see a pending balance right after you send a tip or make a withdrawal if it hasn’t been confirmed on the blockchain yet.
The spendable balance field is how much you can tip or withdraw at the moment. If your unconfirmed balance is from tips or withdraws that were transactions generated by the bot, then they will be spendable even though they are still unconfirmed. However, if your unconfirmed balance is from a deposit from a 3rd party wallet or service, you will need to wait for at least 1 confirmation before those coins become spendable.
So, the bot does use unconfirmed transactions as inputs for tips and withdraws, however it only uses them if the transactions were generated by the bot itself, in this way we can be sure that the transaction won’t be double-spent. However, transaction malleability is still an issue for unconfirmed transactions, even if they are generated by the bot.
The bot has malleability detection built-in, and if a transaction that is sent is detected as being malleated, the bot will enter a failsafe mode for 24 hours until no more malleated transactions are detected, where it will only use confirmed transactions as inputs, no matter if they were generated by the bot or outside wallets.
In case this failsafe mode is activated, users may experience slow-downs in how quickly they are able to tip. They will need to wait for their previous transaction to be confirmed on the blockchain before sending another tip or withdraw.
Will Dogecoin ever reach $1?
Other crypto analysts suggest Dogecoin’s value could reach more than $1 in the coming years, with the market recognizing the coin as a superior form of payment compared to the fiat currency. No one really knows what will happen to the price of Dogecoin, so investors should proceed with caution. Not every crypto is Bitcoin but Dogecoin does hold huge potential. Unlike crowded Bitcoin mining pools, mining Dogecoin is simpler and much more rewarding.
If it goes 2 cents as it ATH is. It won’t go “Moon Dogecoin” like bitcoin to be 20K per coin because of Circulating Supply but if the Dogecoin has a Market Cap of 50 Billion Dollars (Hypothetically Ofcourse) it would just cost 50 Cents per Dogecoin, which is 500X increase if you buy it at 0.001 Cents.
Dogecoin is likely to reach a $0.04 mark. In short, It might reach $ 0.05 if it doesn’t come across any hurdles. Few crypto analysts predicted that if one invests $1000 on Dogecoin today, then, in 24 hours, the pricing of his investment can be $987, in 7 days, it can be around $994. Crypto news also affects Dogecoin’s price. So, mine Dogecoin?
How many Dogecoins can I mine in a day?
Based on the mining hardware inputs provided, 108.47127271 Dogecoin can be mined per day with a Dogecoin mining hashrate of 2,200,000.00 KH/s, a block reward of 10000 DOGE, and a Dogecoin difficulty of 4,080,015.62.
So, can I mine Dogecoin? Conclusion
There’s more to mining than simply verifying transactions. Those who mine Dogecoin simply like the advantages that mining offers them over other digital currencies. The ease-of-use, simple setup, and high returns are some more factors that prompt miners to mine Dogecoin. And if you don’t want to mine Dogecoin, there’s so much more to do here.
If you look up any wallet on one of the blockchain explorers, you will see transactions, possibly many of them. Each block of coins is transferred from wallet to wallet in its entirety, but can (and usually is) be split between different receivers. The last transaction containing these coins is called an Unspent Transaction Output or UTXO. These UTXOs are kept in memory (RAM) by all nodes, so the more there are, the more resources are required.
It is therefore a good idea to consolidate coins into fewer UTXOs. 100 doge could be a single UTXO, or it could be a hundred with 1 doge each, which is obviously less efficient. Also, since miners charge 1 doge per 1k block of data, and 1k can hold about six transactions, it will cost about 15 times more to spend the 1 doge UTXOs than the big one.
It is a good idea to use a set of cascading paper wallets (remember they don’t need to be printed… entries in a text file or spreadsheet are fine) to consolidate coins. If you like to mine Dogecoin, there are certainly many more options to explore. If you need to spend coins, you can sweep a wallet to the destination if the total amount in it is correct.
There are several sweeping services online, like dogechain.info and redeempaper.com that you can use for spending. Two things that are critical with ALL wallets is to keep the keys safe and to not ever expose them to anyone else. ANYONE who knows a private key can spend the coins as they like. NO ONE can spend any coins without the private key.
Only you can decide whether mining Dogecoin suits you or not! At least now you know everything there is to mining operations and help you make an enlightened choice.