Conceived initially as a “meme coin,” Dogecoin is now one of the most popular cryptocurrencies in the world. The symbolic dog on Dogecoin’s logo has become easily recognizable by almost anyone remotely interested in cryptocurrency. That’s why so many people want to know how to mine Dogecoin.
Fun fact, as of May 2022, Dogecoin had a market cap of $17 billion!
But that’s not all. Following Elon Musk’s proposed acquisition of Twitter, analysts predict it will continue to grow in the coming months.
Like the more popular Bitcoin, Dogecoin uses a decentralized network of nodes to distribute coins. Meaning new coins are minted and released through the combined efforts of Dogecoin miners.
Miners also help to process and validate crypto transactions. They do this by solving complex mathematical equations with their mining setup. In return, the miners are rewarded with Dogecoin for their efforts.
So, if you want a slice of this Dogecoin pie, read on! Because this guide will show you a step-by-step breakdown of how you can start mining Dogecoin.
The Idea Behind Dogecoin Mining
This section will discuss an overview of how Dogecoin cryptocurrency mining works.
So, here’s the technical part of what happens when mining Dogecoin. Dogecoin mining uses a Proof-of-Work mining mechanism.
Each miner attempts to create a fixed-length code (hash) with a value lower than or equal to the target hash. The miner that creates the winning target hash wins the right to add new data to the block. Hence, getting some Dogecoin in return.
To mine Doge, you will need to contribute processing power or computing power (also known as hash power) to the Dogecoin network. Anyone with access to computing power can participate in mining Doge because of its open and permissionless network.
It is primarily a trial-and-error thing to give each mining computer a fairer chance of winning. But miners with more computers and faster CPUs and GPUs get to beat the odds and mine more Dogecoin, consequently increasing their rewards. So, the more computational power you have, the quicker your mining process is.
For the overly simplified version: you solve an equation with your computer. To solve the equation, you’ll need a powerful computer. The person that gets the answer gets the Dogecoin.
Mining dogecoin on your computer will draw a lot of computational power from your GPU or CPU. For maximum efficiency, you need a powerful computer that’s capable of Dogecoin mining.
The mining setup will also consume a lot of electricity. Expect your electricity bills to soar even if you use just one computer with one CPU and one GPU because the mining software will run 24/7.
However, regardless of how much energy Dogecoin mining consumes, it isn’t as resource-intensive as Bitcoin mining. Dogecoin consumes about 0.120 kWh per transaction compared to over 700 Kwh for Bitcoin.
Solo vs. Pool Mining
You can either mine Dogecoin solo or as part of a mining pool. For a solo mining operation, every Doge you earn is yours alone to keep. But it could take time to get some. You are competing with several miners for the blocks on the dogecoin blockchain, and it can take a few to several weeks to join a block.
A mining pool will be ideal if you do not have enormous computing power. This way, you can leverage the computing power of different small miners to reap mining rewards. If you decide to join a mining pool, you’ll have to pay an entrance fee to use its services.
Also, the computing power that you contribute will determine the amount of Dogecoin you’ll get.
CPU Mining vs. GPU Mining for Dogecoin
Many dogecoin solo mining computers perform GPU mining. Some miners prefer CPU mining, but it is dying. Mining Dogecoin with a CPU vastly increases the heat produced by the computer. It also draws more power than when you use a GPU.
Many CPU miners have since migrated to GPU mining. GPU mining uses powerful graphics cards made by Nvidia and AMD, the two popular graphics card manufacturers. These graphics cards are often pooled together with a few hardware modifications to boost efficiency.
However, overusing GPUs can cause them to “die early.” Also, there is a GPU shortage in the market. This shortage is mainly caused by demand from miners, the global chip scarcity, and GPU scalpers/hoarders. Notwithstanding, the recent Chinese crackdown on crypto miners has brought down the cost of GPUs and has made GPUs more available on the market.
Also, many professional Dogecoin miners combine several massive arrays of graphics cards (GPUs) and CPUs to make up their setup. These miners often have their mining setups in isolated warehouses specially fitted with cooling mechanisms and other necessary equipment.
Mining Software
Another essential thing to consider before you begin to mine Dogecoin is the mining software. The software you use depends on several factors, including your hardware choice and the type of mining operation you want to run.
Some software options have advanced features that help regulate equipment temperature and energy consumption. They also mine multiple cryptocurrencies and auto-switch mining pools.
Other mining software comes with sleek graphic user interfaces (GUI) that newbies can use, while others use the command line interface for instructions. However, we recommend that you opt for beginner-friendly software with GUIs and adjustable hash rates.
Now that we’ve run through the general overview, how can you start mining? How do you get your mining setup up and running to mine Doge? Let’s find out.
There are three main ways of mining Dogecoin. You can mine as part of a mining pool, mine solo, and opt for cloud mining.
How to Mine Dogecoin with a Pool
1. Set up your wallet.
This is the first and perhaps the most crucial step. You need to register your Dogecoin wallet address and connect it with your pool. That way, whatever Dogecoin you mine goes into your wallet.
If you do not already have a Dogecoin wallet, you can download one from the official Dogecoin website or use third-party wallets. You can get a third-party wallet from crypto exchanges like Binance and Coinbase. You can also purchase a third-party physical hardware wallet.
Hardware wallets are the most secured wallet for storing Dogecoin. Hardware wallets are almost impossible to hack, mainly because they are offline physical devices. You purchase one and keep it in a secured place.
Even if anyone accesses the wallet, they can’t transfer the crypto because of the extra layers of security like pins and passphrases.
2. Get the mining equipment.
Remember how we said you need computing power? That’s the first thing you’ll have to sort. You’ll need the mining equipment called ASIC (Application-Specific Integrated Circuit) machines. These machines can be programmed to perform specific tasks, of which mining cryptocurrency is one.
To profitably mine Doge, you need to purchase one or more ASIC mining rigs. A good rig for mining operations is the Bitmain Antminer S9. The ASIC mining rig specifically runs the script-based mining algorithm used by Dogecoin.
Everything in the rig has been optimized for profitable mining, and the mining power consumption is reduced. What’s more, this ASIC miner is capable of mining both Litecoin and Dogecoin simultaneously.
Alternatively, you can check if your computer’s GPU (Graphics Processing Unit) and CPU (Central Processing Unit) is suitable for mining Doge. If you have a powerful enough PC, you can mine without ASICs.
3. Prep your Dogecoin mining hardware
You will have to download and install the software required for mining from the official Dogecoin website. You should also update all drivers if prompted to do so. Doing this will improve the efficiency of your Dogecoin mining operation.
4. Join the mining pool
There are various mining pools online. So you can select the one you feel is best. To join a pool, you would have to create an account with them and choose a pool to contribute computing power. Some of the top Dogecoin Mining pools include Aikapool, Zergpool, and Prohashing.
5. Connect to the pool
Once you have created your account, you must connect your mining machines to your selected mining pool’s servers. You should note that some Dogecoin mining pools use GPUs while others use ASICs. It would be best if you were sure which Dogecoin mining pool you’re connecting to before you connect your machine.
Once you are done with steps one through to five, it is time for you to start reaping the rewards. Your mining pool account will automatically keep track of your hash rate, payout, and revenue. The pool will provide you with a dashboard where you can easily see all your lining activities at a glance.
So once you have mined some Doge and received some block rewards, you can transfer it from your pool mining account to your wallet.
Solo Mining Method
The solo mining method differs from the pool mining method. Mainly because you “fly solo” (pun intended). You run your mining operation and generate per block hash power on your own.
Here’s how to do it:
1. Download the Dogecoin mining installer
Go to the official Dogecoin website and download the installer for the Dogecoin mining software. If your browser blocks the download, you will need to grant access (do not fret, this is common when downloading mining software).
2. Extract the installer
Once you are done with the installation, you will need to unzip the file on your computer and extract the files inside. Right-click on the downloaded file and select a location to place the unzipped files.
3. Run the file as an administrator
Once the extraction is complete, right-click and run the file as an administrator. If you have an antivirus or firewall installed, you will need to grant the file access before running the program.
4. Select the mining software compatible with your hardware
After the program opens, you will see options for mining software. The software you need will be dependent on the cryptocurrency you want to mine. You should know that GPUs and CPUs have different mining requirements from ASICs.
Hence, you should select the Dogecoin mining software that is compatible with your hardware. You may need to grant the software access if you have a firewall or antivirus active.
5. Select the correct version for your OS
Verify that you are downloading the right version for your operating system (OS). Windows, Linux, and Mac all have different mining software for each OS. Select the option that corresponds to your OS before you begin the download.
6. Setup the mining software
Once the mining software is done downloading, you will have to extract the files and head back to the mining app. Select the files that match your mining hardware ( CPU/GPU or ASIC) and set it up.
After the setup, you will be required to add a Dogecoin address to the software. This is where your block rewards would be sent as you mine. Simply connect the wallet you earlier created.
7. Click on the start button to begin to mine Dogecoin
The final thing you need to do is click the start button. You can monitor your computer’s activity and the amount of Doge you have mined from the app.
You can also monitor the hash rate and blocks mined from the dashboard. Dogecoin is transferred to your wallet intermittently each time you mine a certain quantity of Dogecoin.
Cloud Mining
As the name suggests, cloud mining is a way of mining Dogecoin using cloud resources while you pay a subscription fee. So, you rent computing power from a remote Dogecoin Cloud mining farm while you pay monthly or annual fees. The higher the computing power you require, the more you pay.
Cloud mining is a great way to mine Dogecoin from afar without affecting your energy bills or clustering your living or office space with computers and graphics cards. But it would be best if you did some research before paying for Dogecoin cloud mining services, as there are currently many scams.
Mining Dogecoin On a Mobile Device
Besides the three main dogecoin mining methods described earlier, you can also mine Dogecoin on your Android device. Some of the mining apps are multipurpose and can also be used for mining Bitcoin, Litecoin, and other crypto coins. The two popular apps for mining Dogecoin on mobile phones are Coin Miner Pro and Dogecoin Mining.
Here are the steps for mining dogecoin on your mobile device:
1. Download the Dogecoin miner app from the Google Play Store
Head to Google Play Store and search for a Doge mining app of your choice. Download the app and install it.
2. Signup for the mobile mining app
Enter your details and link your crypto wallet to the app so you can receive the proceeds of your mining.
3. Start mining dogecoin
Once you are signed in, you can begin to mine Dogecoin. You might be required to perform daily tasks on the app to continue to mine Dogecoin.
A note of warning
Some of these mobile crypto-mining apps will cause your phone to overheat. Furthermore, the reward is often minimal and too meager to be considered a long-term, profitable strategy. You are better off sticking with cloud, GPU, and CPU mining.
Selling your Mined Dogecoin.
You can decide to HODL/store your mined Dogecoin or sell it. You can sell the coins on a crypto exchange. Some popular exchanges include Coinbase, Binance, BitMart, and Crypto.com.
Calculating the Profitability of Your Dogecoin Mining Operation
Online calculators can help you calculate your mining profits. You’ll enter your mining information on the platform to calculate your expected daily profit.
Compare this information with your electricity and heating bills and determine if your Dogecoin mining system will be profitable in the long run. If it doesn’t look profitable, you can adjust your mining setup or ultimately pack things up.
Is Dogecoin Mining Profitable?
Dogecoin mining could be profitable, but it is not a get-rich-quick scheme that will make you an instantaneous millionaire. Like any other venture, the more effort you put into it, the higher your rewards. So as you begin to make money from Dogecoin mining, invest in better mining hardware.
Remember, your block rewards are based on the mining power you contribute. Therefore, the more power you contribute, the more rewards you receive. Combine multiple mining rigs to form mining farms and increase your profits massively.
You must also understand that cryptocurrency is volatile. So, your mined coins could be very valuable now, only for them to be far less valuable than you expected sometime later.
We wish you well on your Dogecoin mining journey.
FAQs
How long does it take to mine 1 Dogecoin?
It takes about a minute to mine 1 Dogecoin. But this could be much faster depending on your mining equipment and the kind of mining pool that you are connected to.
Is it hard to mine for Dogecoin?
No, mining Dogecoin is not hard. Fun fact, Dogecoin mining is actually easier than Bitcoin mining. Mining is easy once you have the Dogecoin mining software and hardware.
Can you mine Dogecoin on iPhone?
No, you can’t mine Dogecoin on an iPhone. There are some apps that promise you Dogecoin rewards for completing tasks, but they are scams.
Can you solo mine Dogecoin?
Yes, you can solo mine Dogecoin. You don’t necessarily have to join a mining pool to begin mining Dogecoin.
How long does it take to mine 10,000 Dogecoin?
It takes less than a week to mine 10,000 Dogecoin using a solo miner. But if you are using an advanced mining setup or a mining pool, you can mine 10,000 Dogecoin in less than a day.
Can I mine Dogecoin on my Xbox?
No. You cannot mine Dogecoin on an Xbox, PlayStation, Nintendo Switch, or any other gaming console. But you can mine Dogecoin on your gaming laptop or gaming desktop computer.
How can I get free Dogecoin?
You can get free Dogecoin by mining it. Mining is the most realistic method to get free Dogecoin. The other methods you will find online are most certainly scams that will waste your time, steal your data, and might even harm your computer.
Is crypto mining still profitable?
Yes, crypto mining is still profitable as long as you have access to a cheap source of electricity. You also need to have the right equipment that is properly configured to mine Dogecoin efficiently.
What did Elon Musk say about Dogecoin?
Elon Musk has talked about Dogecoin potentially becoming a reserve currency. Additionally, Elon Musk says that Dogecoin is a cryptocurrency that focuses on people more than other cryptocurrencies.
Will Dogecoin reach $5?
It is possible for Dogecoin to reach $5. But that depends on cryptocurrency market trends and several other factors. If things go well, the price of Dogecoin can reach $5 and go beyond. But you should know that this is all speculation.
