We have heard a lot about cryptocurrencies these days, and to be honest, the crypto market right now is quite volatile these days. So, if you are thinking about really getting involved in this, you should be rightly informed about all the ins and outs of this 6 Best Graphics Card for Mining DOGECOIN in 2021. As you are well aware that after the boom of bitcoin, many new cryptocurrencies started popping all over the internet.
Some were really serious and others were, in fact, scams and frauds. Among all these, a couple of friends got together and started their own cryptocurrency which was in reality not supposed to be really serious. And they were not even serious about expanding the project but because their trademark logo (Shiba Inu Dog) was already quite a famous meme and helped that specific crypto to be viral. Yes, we are talking about Dogecoin.
What is Dogecoin?
Well, just like other cryptocurrencies, Dogecoin is also one. Launched in 2013 by two friends Jackson Palmer and Billy Markus. Since they were already interested in cryptocurrency and saw potential in it, they decided to coin out their own crypto and named it Dogecoin and used a famous meme dog as their trademark.
The original point of this crypto was to be more friendly and fun-oriented and its yields are used for various charity and welfare projects all around the globe. And most importantly, the developers wanted this to be a friendly competitor to other cryptocurrencies already in the market. And as of right now, Dogecoin has the 27th largest market cap (market capitalization) of all the cryptocurrencies in the world. So, it is quite clear how popular this crypto has become.
Understanding Crypto Mining ( How To Mine Cryptocurrency Bitcoin, Ethereum, Monero, etc.
Crypto mining is a concept for which you need to understand the concept of cryptocurrency. Because it all started when a paper was published in 2008 which, in fact, invented a public transaction ledger of cryptocurrency. Based on the blockchain technology which is a database system where the timestamps on documents and other data could not be tampered with no matter what.
Deep Dive into How to Build Crypto Mining Rig
Since all the cryptocurrency is stored in these huge blockchains across hundreds and thousands of computers called nodes registered on a specific network. Each block of the transaction on the blockchain has to be checked or verified by all the nodes on the network before it can be added in the blockchain system. This conformation of the block is what is called mining since in the process new coins are generated as a reward for the user who confirms the blocks on the chain. This process required a huge amount of processing and electricity (because of the long-running hours).
All the cryptocurrencies have their own blockchain database with some differences. That is because they have slightly different algorithms so some cryptocurrencies are in the literal sense, easier to mine than others. Bitcoin is one of the hardest cryptos to mine because of its sophisticated blockchain. Dogecoin on the other hand is quite easier to mine than most of the popular cryptos currently in the world. But this “easier” also means more competition.
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Is Dogecoin Mining, Easier? Is Dogecoin Mining Profitable in 2021?
Since we have already explained what crypto mining is, dogecoin mining is similarly the process of verifying the new transaction blocks across all the nodes and being rewarded for that. Pretty simple, right? Well, lets see what the trick is.
The important thing or things to know about dogecoin is how it is different from other cryptocurrencies. Here is a list of aspects dogecoin is different and in some aspects, much better than other cryptocurrencies:
- Algorithm: Every cryptocurrency has its specific set of rules which are called hashing algorithms. Dogecoin uses Scrypt while Bitcoin uses SHA-256.
- Block Time: The average time of the transaction block to be verified and added to the blockchain. Compared to Bitcoin (10 minutes), Dogecoin has a block time of 1 minute.
- Difficulty: This is basically a number that represents how processing intensive it is to verify a new block. The smaller the number, the easier it is to mine the cryptocurrency. Dogecoin is much much easier to mine than Bitcoin.
- Reward: The newly generated coins of the currency are rewarded to the user who verified a new block in the blockchain. Dogecoin rewards 10,000 coins while Bitcoin has the reward of 12.5 coins. (don’t get too excited though as dogecoin is nothing compared to bitcoin in value though)
Now we will see what do we need to mine Dogecoin or generally any other cryptocurrency
Which Things Are Required For Mining?
Basic requirements for a mining setup are as following:
- A PC setup with either Windows or Linux
- Stable and conveniently fast Internet
- A crypto wallet where you can store your hard-earned cryptocurrency after mining it
This wallet basically works as an email address. Everyone has their unique wallet address. There are two keys to the wallet, one is a public key for sending or receiving the cryptocurrency while the second one is your private key through which you can access your own cryptocurrency.
Which Hardware Is Required For Mining Cryptocurrency like BitCoin, Ethereum ,Dogecoine etc?
You can mine Dogecoin or simply any cryptocurrency through these three sources:
- CPU (not recommended since GPU and ASIC mining is much more efficient)
- GPU (mostly used source of mining, more efficient than CPU mining, less expensive than ASIC mining)
- ASIC (best and top-notch performance miner setup and hence more expensive than CPU and GPU mining)
Other than the hardware, software is also a key part of the whole setup. There are several software depending upon the type of your setup which you can easily find on the internet and most of them are completely free to use.
6 Best Prebuilt Crypto Mining Rigs In 2021- Best Ant Miner and Asic Miner
Modes of Mining (In how many ways we can Mine Cryptocurrency)
There are simply two modes of mining Dogecoin or any other crypto generally. That is:
- Solo Mining:
Solo mining is where you do all the processing and verification through a standalone setup with a single or multiple (depending on your own setup) mining setup. It is not very efficient because a lot of other people do pool mining which we will explain in a minute.
- Pool Mining:
Pool mining is more like a network of several computer systems which lend each other their computational powers and mine as a team. And after a block is successfully added to the blockchain, the reward is split among all the users in the network. This method is preferable for newbies who don’t have proper know-how of the system and want to get into crypto mining. However, these pools do require a fee, since it is a shared project situation and the reward is being split equally.
Best Graphics Card/GPU for Mining DOGECOIN in 2021
Here is the list of some of the most popular graphic cards used for mining most of the cryptocurrency. Especially for Dogecoin, you do need state of the art cutting-edge technology but still, some graphic cards perform exceptionally well than others.
Profits and Dogecoin. Is Mining Dogecoin Profitable in 2021?
Truth be spoken, Dogecoin is not even close to most of the cryptocurrencies out there in terms of profits. The main reason is its current value, but there is a silver lining. Recent events have really boosted the Dogecoin shares and purchasing. So, it is predicted that Dogecoin will go up inevitably.
It’s either that or you can just opt for another option, that is Trading. Trading Dogecoin is also super simple and easy. And there are many exchanges like Binance, which offer Dogecoin exchanging. Adding the cherry on top, Dogecoin officially provides a Full Wallet in which you can easily store your mined or traded Dogecoins. But trading does come with its own risks and if you are not careful, you will probably lose your money which is not so good.