Dogecoin Mining: How to Mine Dogecoin – Beginners Guide
Dogecoin is a digital currency like Bitcoin. You don’t have to be a super computer genius or spend thousands of dollars on the necessary hardware in order to participate in mining Dogecoins!
Mining for Dogecoins works just like mining for Bitcoins: you’ll need an account on a cryptocurrency mining pool, and the proper software installed on your computer (or cloud mining contract). You’ll be able to “mine” Dogecoins for a cost of the hardware and electricity (see list below), which you can then spend anywhere that accepts Dogecoins.
- 1 How to start mining Dogecoin
- 2 How to mine Dogecoins
- 3 Dogecoin Mining Hardware
- 4 Is Dogecoin mining profitable?
- 5 Dogecoin mining on a Macbook
- 6 How much Dogecoin can you mine?
- 7 What is a Dogecoin mining pool?
- 8 What is the best Dogecoin mining software?
- 9 Where can you buy and sell Dogecoin?
- 10 Conclusion – Should you mine Dogecoin?
How to start mining Dogecoin
- 1) Create a Dogecoin wallet on www.dogecoin.com or download the software and set up a Dogecoin wallet elsewhere. You’ll need a Dogecoin address to send the coins that you mine, so make sure you get one.
- 2) Sign up for an account on a pool server. There are a few to start with, but the two most popular ones are Slush (owned by a company called miningrigrentals) and Nanopool. In order to be able to mine Dogecoin for profit, you’ll need both of them. Slush offers cheaper fees and a bit faster payouts, but Nanopool offers better hardware and faster payouts.
- 3) Download the mining software that you’ll need. You can download it from either of the aforementioned pool servers using the link below:
You’ll need a Dogecoin wallet and a mining pool, but you won’t need to set up any hardware, as the software can be run on just about any PC (including virtual machines). You can download the mining software for free from the links above in order to get started. There are also cloud mining services like Hashlets or CCG Mining which allow you to mine without having to purchase and maintain your own hardware. These cloud mining services typically cost $2 per MH/s and have contract lengths of 1 year with a 50% upfront cost payment.
How to mine Dogecoins
- 1) Sign in to your mining pool account and select “Start Mining”. This can usually be found at the bottom of the page. The process varies slightly from pool to pool, but you’ll want to set a pool password, choose your worker name and choose your worker credentials (very important!). You’ll also want to configure a few settings with your mining hardware, such as the hash rate and number of threads for best performance. Do these settings correctly and you should have very little difficulty mining coins.
- 2) Your Dogecoin mining software will then start checking the blockchain for valid blocks every 10 seconds. This is how you earn Dogecoins: your computer will ask the software to check the blockchain for a block that’s under a specified difficulty. If it finds a block, you’ll be able to see your designated number of Dogecoins at the top of your worker’s page. You’ll also be able to see fees and payouts. Payouts might take up to 30 minutes, or up to an hour if you’re mining with Nanopool.
- 3) You’ll want to check back frequently in order to get as many blocks as possible when mining with Slush or Nanopool because these pools typically pay out high amounts of coins when they find blocks (you can see exactly how much you’re awarded by consulting their website). Other Dogecoin mining pools have a much lower payout threshold (like 0.015, or 4500 Dogecoins). You might want to check out these other pools if you’re only interested in getting a small amount of coins.
- 4) You can also choose to mine solo if you like. This means that you just add your wallet as a Dogecoin address on the pool’s website and you’ll compete with everyone else in the network for blocks found on the blockchain. Solo mining will most likely come with very low payouts, however, so it’s best left to those who are only interested in experimenting with Dogecoin.
- 5) If you’d like to mine Dogecoins but don’t know where to start, see our guide on how to set up a Dogecoin wallet. It will provide you with all the information that you’ll need in order to get started.
- 6) Finally, check out our list of the most reliable and secure Dogecoin exchanges in existence. Not only will this give you access to some of the best services for buying and selling your Dogecoins, but it will also get your money into Bitcoin if you’re interested in selling your coins for cash.
Dogecoin Mining Hardware
Besides spending money on expensive mining equipment, there are lots of other ways to mine Dogecoins without losing many hours of productivity: you can mine solo, you can mine with a service like Hashlets and you can use cloud mining. There are a few different ways that you can mine Dogecoins depending on your level of interest in this cryptocurrency.
Mining Dogecoins with Slush Pool
Slush is one of the most popular pools to start with. It’s owned by miningrigrentals, and because it’s run by a pool operator instead of some online service, it usually has very low fees (0.2% for payouts). The pool has a fee of 1% for mining, so it’s significantly better than most other pools out there. If you’re looking to mine Dogecoins with Slush Pool, just click the “Mining” link on the main page and then select “Dogecoin”. This will bring up a welcome screen that will get you started on Dogecoin mining (with the exception of solo mining).
Mining Dogecoins with Prominex Mining
Prominex Mining is another great option for finding blocks. It has a large network and an extensive support team that will help you get set up in minutes and begin earning coins.
As of right now, Prominex Mining offers a hashrate of 1 GH/s for Dogecoin (a 1 GH/s Dogecoin miner costs about $4.50). The service will pay out every four hours and will usually send payments in done payment methods like PayPal.
If you’d like some more information on how to mine Dogecoins with Prominex Mining, check out this helpful guide.
Mining Dogecoins with Hashing24 or Cloudminr
If you’re interested in mining on the cloud, Hashing24 and Cloudminr are two services that you might want to try. Both services can help you find blocks, but they use different methods of mining.
Hashing24 is a service that only charges you when you receive payouts, and it can be used by individuals to invest more in mining. Anyone with a computer can mine Dogecoin through this service. You’ll start by choosing a payment method like PayPal, but once you set up those payments, then you’ll be able to mine Dogecoins 24/7 with both SHA-256 and Scrypt hash algorithms. You can choose between GPUs or CPUs to mine the cryptocurrency.
Cloudminr also uses CPUs for mining Dogecoins, but because it’s cloud-based, it’s much faster than any other CPU miner out there (a one-thousandth of a second faster than any other GPU miner).
Is Dogecoin mining profitable?
You will probably not become rich by mining Dogecoin. Because it is not as popular as Bitcoin or Litecoin, it’s difficult to determine whether or not it will be a profitable mining cryptocurrency.
The most up-to-date information about mining Dogecoin is at coinwarz.com, where you can see all of the most profitable mining cryptocurrencies based on their difficulty. For now, it appears that mining Dogecoin may be more profitable than Bitcoin because of its cheap electricity cost and low hashing rate.
Dogecoin mining on a Macbook
If you’re on a Mac then you already have a machine capable of mining Dogecoins. You can take advantage of such hardware by using the popular miner CGMiner, or CG miner. CG Miner is optimized to run on Macs, and has native support for the OpenCL platform that your graphic card uses.
If you’re new to CG Miner, then it’s best to use the default settings. However, if you know what you’re doing and want to maximize your mining power, then you should follow these steps:
- 1) Download the CG Miner from here (OS X users download CG miner for Mac OS X)
- 2) Extract the .zip file and copy the files to a folder of your choice. This will be the folder where minerd is saved.
- 3) Open Terminal in this same directory and run the following command: ./minerd –a scrypt -o stratum+tcp://yourpool.com:3333 -u username -p password
Replace the following:
yourpool.com with your Dogecoin pool’s URL with your username. Every pool has different requirements but it’s usually something like this “username.workername” so make sure you check before entering it. Also note that some pools require you to enter a password which is separate from your worker password.
How much Dogecoin can you mine?
Like most cryptocurrencies, there’s a limit on the number of Dogecoins that can be mined. The original cap was 100 billion Dogecoins, but it has already been almost entirely mined. At this point, approximately 90 billion Dogecoins have already been created.
To make sure that mining Dogecoin remains profitable, new coins are generated at a rate of 526 million coins per year (~ 1:1 with Bitcoin), which will continue until 100 billion total have been created.
What is a Dogecoin mining pool?
A “mining pool” is a group of cooperating miners who agree to share block rewards in proportion to their contributed mining hash power.
Miners can, of course, choose to mine solo if they want. But by combining your hashing power with other miners you get a steady stream of small Dogecoin rewards instead of just waiting for blocks to be found by yourself.
What is the best Dogecoin mining software?
The best Dogecoin mining software for you will differ from the best Dogecoin mining software for someone else. Do you want to mine solo, or are you looking for a pool to join? Not only that but which operating system are you using? If you’re on Windows then simply use one of the miners below, but if you’re on Mac, and running Bitcoin-Qt then you might want to try EasyMiner.
Where can you buy and sell Dogecoin?
As of January 2015 there are hundreds of exchanges where you can buy and trade cryptocurrencies for other cryptocurrencies or traditional currency like US dollars or euro. A full list can be found at coinmarketcap.com. Some popular exchanges are Cryptsy, Bter and Justcoin. To use most exchanges you will need to create an account with email and password, some require proof of ID like a passport or drivers license.
You can also buy Dogecoin directly from other people using sites like LocalBitcoins or ATMs that are popping up around the world. You can usually find traders on LocalBitcoins from your area by using the geo search tool on the site.
Conclusion – Should you mine Dogecoin?
It’s possible to make money through mining by joining a pool or solo. If you’re looking to mine Dogecoins on your own, you can do so with CPU and GPU hardware, or cloud-based mining. It’s also possible for someone without any tech knowledge to mine Dogecoin simply by buying it from an exchange (as long as they are willing to wait over a day for their coins). In the end, there are lots of ways that you can start earning Dogecoin.
Even if you just want to invest in the cryptocurrency, you can learn how to use a Dogecoin wallet or how to buy Dogecoin. When it comes to buying and selling cryptocurrencies, there are plenty of options for you.
Do you have any questions about mining Dogecoin? Ask us in the comments!