Dogecoin, like Bitcoin, is a decentralized cryptocurrency with a decentralized network of nodes. Mining Dogecoin is like mining Bitcoin. But it has some fundamental variations to Bitcoin in its source code. So, what is Dogecoin mining, and how is it done?
What is Dogecoin Mining?
Dogecoin mining is the process of approving data blocks of transactions by running powerful mathematical codes in the Dogecoin network. In that way, with each confirmed transaction, new Dogecoins are added to the network.
Dogecoin miners are a community of people who run these complex mathematical codes and receive dogecoin in return for their work.
How do you Mine Dogecoin?
Here’s a step-by-step guide for those who want to mine DOGE as a group. The first thing you should know is this; you have the option of joining one of many mining pools. It would be best if you researched it to know the mining pool for Dogecoin that’s best for you.
You should download the required software or whitelist it if need be.
Then you must ensure that the software version you download suits your OS. You must pick the option that best corresponds to your operating system (OS) using Linux, Windows, or a Mac.
After downloading the Dogecoin mining software, you must bring out the files. Search for files that fit your GPU, OS, or CPU by clicking the folder icon.
Once your mining software is ready, you should find a space to fill in your wallet address. The wallet address is where the mining software will send the Dogecoin mined. You would copy and paste the address there.
Now that you’re all set up click the button that says “start.” By now, your new hash rate will be presented in the app for your verification. At this stage, you should already be mining Dogecoin.
If there’s no hash rate shown in the app, some troubleshooting might be necessary. Ensure that the Dogecoin mining software is completely allowed ( all permissions granted) to run. Besides, you should find out the Doge mining version you are running. You can fix the issue if you install a former version of the mining software.
It is that easy to start mining Dogecoin. But, keep in mind that the proportion of processing power you have will determine your part of the payout.
Furthermore, the Dogecoin mining pool will require a payment, so check out different pools before joining any.
One of the best things about Dogecoin is that mining it is a little less intimidating. This factor is particularly relevant when thinking about joining a mining pool. But, Pool mining is unlikely to yield significant returns.
Mining Dogecoin can be profitable despite the low price. Besides, many miners do not participate in the mining of this coin for what it is worth currently. Many mine it as a means of investment. It can serve as an excellent primer on bitcoin mining in general.
Click here to read about Bitcoin mining.