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How do I mine Dogecoin?

How do I mine Dogecoin?
Let’s take a lucky guess that you’re here today because you’ve heard a lot about cryptocurrencies and you want to get involved, right? If you’re a community person, Dogecoin mining might be the perfect start for you!
Bitcoin was the first in 2009, and now there are hundreds of cryptocurrencies. These new coins (that operate on their own native blockchain) are called altcoins or alternative coins. One popular altcoin is Dogecoin. It can be bought, sold and traded, just like Bitcoin. It can also be mined!
So, what is Dogecoin mining?
You’ll know what hardware and what software you need to get started. You’ll also know whether or not Dogecoin mining is for you!
So, where would you like to start? The beginning? Great choice. Let’s have a quick look at how Dogecoin got started.
A (Very) Short History of Dogecoin
In 2013, an Australian named Jackson Palmer and an American named Billy Markus became friends. They became friends because they both liked cryptocurrencies. However, they also thought the whole thing was getting too serious so they decided to create their own.
Palmer and Markus wanted their coin to be more fun and more friendly than other crypto coins. They wanted people who wouldn’t normally care about crypto to get involved.
They decided to use a popular meme as their mascot — a Shiba Inu dog.

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Dogecoin was launched on December 6th, 2013. Since then it has become popular because it’s playful and good-natured. Just like its mascot!
Dogecoin has become well-known for its use in charitable acts and online tipping. In 2014, $50,000 worth of Dogecoin was donated to the Jamaican Bobsled Team so they could go to the Olympics. Dogecoin has also been used to build wells in Kenya. Isn’t that awesome!
Users of social platforms – like Reddit – can use Dogecoin to tip or reward each other for posting good content.
Dogecoin has the 27th largest market cap of any cryptocurrency.
Note: A market cap (or market capitalization) is the total value of all coins on the market.
So, Dogecoin is a popular altcoin, known for being fun, friendly and kind. It’s a coin with a dog on it! You love it already, don’t you?
Next, I want to talk about how mining works…
What is Mining?
To understand mining, you first need to understand how cryptocurrencies work. Cryptocurrencies are peer-to-peer digital currencies. This means that they allow money to be transferred from one person to another without using a bank.
Every cryptocurrency transaction is recorded on a huge digital database called a blockchain. The database is stored across thousands of computers called nodes. Nodes put together groups of new transactions and add them to the blockchain. These groups are called blocks.
Each block of transactions has to be checked by all the nodes on the network before being added to the blockchain. If nodes didn’t check transactions, people could pretend that they have more money than they really do (I know I would!).
Confirming transactions (mining) requires a lot of computer power and electricity so it’s quite expensive.
Blockchains don’t have paid employees like banks, so they offer a reward to users who confirm transactions. The reward for confirming new transactions is new cryptocurrency. The process of being rewarded with new currency for confirming transactions is what we call “mining”!

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It is called mining because it’s a bit like digging for gold or diamonds. Instead of digging with a shovel for gold, you’re digging with your computer for crypto coins!
Each cryptocurrency has its own blockchain. Different ways of mining new currency are used by different coins where different rewards are offered.
So, how do you mine Dogecoin? What’s special about Dogecoin mining? Let’s see…
What is Dogecoin Mining?
Dogecoin mining is the process of being rewarded with new Dogecoin for checking transactions on the Dogecoin blockchain. Simple, right? Well no, it’s not quite that simple, nothing ever is!
Mining Dogecoin is like a lottery. To play the lottery you have to do some work. Well, actually your computer (or node) has to do some work! This work involves the confirming and checking of transactions which I talked about in the last section.
Lots of computers work on the same block of transactions at the same time but the only one can win the reward of new coins. The one that earns the new coins is the node that adds the new block of transactions to the old block of transactions. This is completed using complex mathematical equations.
The node that solves the mathematical problem first wins! It can then attach the newly confirmed block of transactions to the rest of the blockchain.
Most cryptocurrency mining happens this way. However, Dogecoin mining differs from other coins in several important areas. These areas are;
  • Algorithm: Each cryptocurrency has a set of rules for mining new currency. These rules are called a mining or hashing algorithm.
  • Block Time: This is the average length of time it takes for a new block of transactions to be checked and added to the blockchain.
  • Difficulty: This is a number that represents how hard it is to mine each new block of currency. You can use the difficulty number to work out how likely you are to win the mining lottery. Mining difficulty can go up or down depending on how many miners there are. The difficulty is also adjusted by the coin’s protocol to make sure that the block time stays the same.
  • Reward: This is the amount of new currency that is awarded to the miner of each new block.
Now, let’s compare how DogeCoin mining works compared to Litecoin and Bitcoin…
Mining Comparison
Bitcoin uses SHA-256 to guide the mining of new currency and the other two use Scrypt. This is an important difference because Scrypt mining needs a lot less power and is a lot quicker than SHA-256. This makes mining easier for miners with less powerful computers. Fans of Litecoin and Dogecoin think that they are fairer than Bitcoin because more people can mine them.
Note: In 2014, Litecoin and Dogecoin merged mining. This means they made it possible to mine both coins in the same process. Dogecoin mining is now linked with Litecoin mining. It’s like two different football teams playing home games in the same stadium!
Mining Dogecoin is a lot faster than mining Litecoin or Bitcoin. The block reward is much higher too!
Don’t get too excited though (sorry!). Dogecoin is still worth a lot less than Bitcoin and Litecoin. A reward of ten thousand Dogecoin is worth less than thirty US Dollars. A reward of 12.5 Bitcoin is currently worth 86,391.63 US Dollars!
However, it’s not as bad as it sounds. Dogecoin mining difficulty is more than one million times less than Bitcoin mining difficulty. This means you are much more likely to win the block reward when you mine Dogecoin.
Now I’ve told you about what Dogecoin mining is and how it works, would you like to give it a try?
Let’s see what you need to do to become a Dogecoin miner…
How to Mine Dogecoin
There are two ways to mine Dogecoin, solo (by yourself) or in a Dogecoin mining pool.
Note: A Dogecoin pool is a group of users who share their computing power to increase the odds of winning the race to confirm transactions. When one of the nodes in a pool confirms a transaction, it divides the reward between the users of the pool equally.
Dogecoin Mining: Solo vs Pool
When you mine as a part of a Dogecoin pool, you have to pay fees. Also, when the pool mines a block you will only receive a small portion of the total reward. However, pools mine blocks much more often than solo miners. So, your chance of earning a reward (even though it is shared) is increased. This can provide you with a steady new supply of Dogecoin.
If you choose to mine solo then you risk waiting a long time to confirm a transaction because there is a lot of competition. It could be weeks or even months before you mine your first block! However, when you do win, the whole reward will be yours. You won’t have to share it or pay any fees.
As a beginner, I would recommend joining a Dogecoin pool. This way you won’t have to wait as long to mine your first block of new currency. You’ll also feel like you’re part of the community and that’s what Dogecoin is all about!
What You Need To Start Mining Dogecoin
Before you start Dogecoin mining, you’ll need a few basics. They are;
  • A PC with either Windows, OS X or Linux operating system.
  • An internet connection
  • A Shiba Inu puppy (just kidding!)
You’ll also need somewhere to keep the Dogecoin you mine. Go to Dogecoin’s homepage and download a wallet.
Note: A wallet is like an email account. It has a public address for sending/receiving Dogecoin and a private key to access them. Your private keys are like your email’s password. Private keys are very important and need to be kept completely secure.
There are two different types; a light wallet and a full wallet. To mine Dogecoin, you’ll need the full wallet. It’s called Dogecoin Core.
Now that you’ve got a wallet, you need some software and hardware.
Dogecoin Mining Hardware
You can mine Dogecoin with;
  • Your PC’s CPU: The CPU in your PC is probably powerful enough to mine Dogecoin. However, it is not recommended. Mining can cause less powerful computers to overheat which causes damage.
  • A GPU: GPUs (or graphics cards) are used to improve computer graphics but they can also be used to mine Dogecoin. There are plenty of GPUs to choose from but here are a few to get you started;SAPPHIRE Pulse Radeon RX 580 ($426.98)Nvidia GeForce GTX ($579.99)ASUS RX Vega 64 ($944.90)
  • A Scrypt ASIC Miner: This is a piece of hardware designed to do one job only. Scrypt ASIC miners are programmed to mine scrypt based currencies like Litecoin and Dogecoin. ASIC miners are very powerful. They are also very expensive, very loud and can get very hot! Here’s a few for you to check out;Innosilicon A2 Terminator ($760)Bitmain Antminer L3 ($1,649)BW L21 Scrypt Miner ($7,700)
Dogecoin Mining Software
Whether you’re mining with an ASIC, a GPU or a CPU, you’ll need some software to go with it. You should try to use the software that works best with the hardware you’re using. Here’s a short list of the best free software for each choice of mining hardware;
  • CPU: If you just want to give mining a quick try, using your computer’s CPU will work fine. The only software I would recommend for mining using a CPU only is CPU miner which you can download for free here.
  • GPU: If you mine with a GPU there are more software options. Here are a few to check out;CudaMiner– Works best with Nvidia products.CGminer– Works with most GPU hardware.EasyMiner– User-friendly, so it’s good for beginners.
  • Scrypt ASIC miner:MultiMiner– Great for mining scrypt based currencies like Litecoin and Dogecoin. It can also be used to mine SHA-256 currencies like Bitcoin.CGminer and EasyMiner can also be used with ASIC miners.
Recommendations
You’re a beginner, so keep it simple! When you first start mining Dogecoin I would recommend using a GPU like the Radeon RX 580 with EasyMiner software. Then I would recommend joining a Dogecoin mining pool. The best pools to join are multi-currency pools like Multipool or AikaPool.
If you want to mine Dogecoin but don’t want to invest in all the tech, there is one other option…
Dogecoin Cloud Mining
Cloud mining is mining without mining! Put simply, you rent computer power from a huge data center for a monthly or yearly fee. The Dogecoin is mined at the center and then your share is sent to you.
All you need to cloud mine Dogecoin is a Dogecoin wallet. Then choose a cloud mining pool to join. Eobot, Nice Hash and Genesis Mining all offer Scrypt-based cloud mining for a monthly fee.
There are pros and cons to Dogecoin cloud mining;
The Pros
  • It’s cheaper than setting up your own mining operation. There’s also no hot, noisy hardware lying around the house!
  • As a beginner, there isn’t a lot of technical stuff to think about.
  • You get a steady supply of new currency every month.
The Cons
  • Cloud mining pools don’t share much information about themselves and how they work. It can be hard to work out if a cloud mining contract is a good value for money.
  • You are only renting computer power. If the price of Dogecoin goes down, you will still have to pay the same amount for something that is worthless.
  • Dogecoin pools have fixed contracts. The world of crypto can change very quickly. You could be stuck with an unprofitable contract for two years!
  • It’s no fun letting someone else do the mining for you!
Now you know about all the different ways to mine Dogecoin we can ask the big question, can you make tons of money mining Dogecoin?
So, Is Dogecoin Mining Profitable?
The short answer is, not really. Dogecoin mining is not going to make you a crypto billionaire overnight. One Dogecoin is worth 0.002777 US Dollars. If you choose to mine Dogecoin solo, it will be difficult to make a profit. You will probably spend more money on electricity and hardware than you will make from Dogecoin mining. Even if you choose a Dogecoin pool or a cloud pool your profits will be small.
However, if you think I am telling you to not mine Dogecoin, then you’re WRONG! Of course, I think you should mine Dogecoin!
But why? Seriously…
Well, you should mine Dogecoin because it’s fun and you want to be a part of the Dogecoin family. Cryptocurrency is going to change the world and you want to be part of that change, right? Mining Dogecoin is a great way to get involved.
Dogecoin is the coin that puts a smile on people’s faces. By mining Dogecoin you’ll be supporting all the good work its community does. You’ll learn about mining from the friendliest gang in crypto. And who knows? In a few years, the Dogecoin you mine now could be worth thousands or even millions! In 2010, Bitcoin was worthless. Think about that!
Only you can choose whether to mine Dogecoin or not. You now know everything you need to know to make your choice. The future is here. So, what are you going to do?
submitted by alifkhalil469 to BtcNewz [link] [comments]

I talked about DOGE and Cryptocurrencies for one of my education courses. WARNING - Wordy!

This one's addressed to any social studies, mathematics, and computer technology people out there, but I'm sure there are a ton of ways to adapt this concept to be relevant in other content areas.
I recently became interested in cryptocurrencies. Anyone who even casually browses the internet or who keeps up with current events has likely heard of Bitcoin. Though I do not own any Bitcoins, when I first heard of the idea, I was intrigued. Bitcoin is a digital currency which some say exists as the internet's approximation of gold. Anyone can use their computer's processing power to "mine" Bitcoin, though as time progressed, just like real gold, Bitcoins became more and more difficult to "mine". To "mine" a Bitcoin is to have your computer solve a rather difficult math problem. Over time the math problem becomes increasingly difficult, which allows Bitcoins to become more difficult to acquire over time, increasing their value.
When I first heard of Bitcoin, I was skeptical that it could ever become something truly valuable. I thought of it much like the real estate bubble that led to the economic depression of the past several years. I thought, "People say this is worth something, but how can something that cannot be redeemed for something useful carry an intrinsic value?" At one point, when Bitcoins were valued at $200 each, I half jokingly considered investing what little savings I had in the currency because I had seen it reach much higher values, crash, and rebound in the past. I definitely regret my decision not to invest in Bitcoins as they are now valued at over $900 each.
The last weeks of December 2013 brought a new cryptocurrency. It is called Dogecoin. Apparently there is an internet meme based on a cute looking dog that some motivated people created a new form of currency themed around. Its unofficial catch phrase goes something like, "Such coin, very currency, wow!" I knew nothing of the "doge" meme, but I was intrigued by a currency that was nearly identical to Bitcoin, yet highly accessible to anyone who wanted some. Because, unlike Bitcoin, the currency was new and still relatively easy to "mine" when I became interested in it, I was able to use the CPU of my personal laptop to produce nearly 1000 DOGE over the course of several weeks. How much is 1000 DOGE worth in USD? About 33 cents (which is far less value than the energy my processor used to produce them). When Bitcoins came into existence they were nearly worthless because nobody accepted them. Now it is possible to not only exchange Dogecoins for valuable Bitcoins, but many Dogecoin supporters have began accepting the currency for goods and services.
Learning about Dogecoin has taught me not only about cryptocurrencies but also about regular fiat currencies like the USD. In my opinion, and barring any intervention from governments (like we saw when China more or less banned the use of Bitcoins, and when the US arrested the operator of the Silk Road, a website that took advantage of the anonymity of cryptocurrency transactions to facilitate worldwide trade of illicit products up to and including heroin and murder-for-hire), these types of currencies are here to stay. This is because of the fact that currencies derive their value from the people who adopt them... Despite the fact that Bitcoin has no governing body manipulating interest rates or adjusting for inflation like the Fed does with the USD, it has become clear that there is a strong demand for a decentralized currency that can be transferred quickly and anonymously between any two persons in the world with an internet connection.
Though there are countless types of currencies in the world, US Dollars and the Euro are two of the world's favorite ways to express value. In order for people to accept and trade in a given currency, people must not only be able to exchange goods and services for a certain amount of it, but they must also be able to exchange the currency for goods and services themselves with ease. Bitcoin became valuable not only because of its built in rarity, but also the ease of its transmission. Cryptocurrency transactions are generally much faster than standard "ACH" (Automated Clearing House) transactions that banks use to transfer funds from one account to another. Instead of a centralized institution like a bank determining an individual's rights to a certain amount of digital currency, the entire network of computers participating in this great experiment provides validation for whether or not any particular user has any claim to a valuable "solution" to the Bitcoin algorithm and verifies when Bitcoins are transferred from one user to another. Though I do not own any Bitcoins, I could easily convert my Dogecoins to Bitcoins (though I would own a very small fraction of one), and with minimal effort I could convert those Bitcoins to US Dollars.
Cryptocurrencies are decentralized, which means that I do not need to go through a bank to transfer my valuable currency to another person. I need only to know that person's "wallet address" and I can send them as many "coins" as I want. Many banks charge a fee when a merchant accepts a transaction via credit or debit card. Many merchants, most notably Overstock.com, are beginning to accept payments in cryptocurrencies like Bitcoin. Accepting cryptocurrencies not only allows transactions to be processed more rapidly, but also payments are received in a currency that has a higher level of liquidity than the USD, as transactions can be processed nearly instantaneously.
Bitcoin was introduced in 2009. It took several years for it to reach mainstream status, but in that time, many early adopters became millionaires. The value of Dogecoins is currently quite low, so it is difficult to view it as a serious investment, however one cannot predict the future. To me, Dogecoin is simultaneously a satire and something real. Accepting that a currency that was made up on a whim has real and tangible value really amounts to a huge leap of faith, but taking this leap has been strongly influential on my thoughts about US Dollars and other more widely accepted currencies. The message I got from re-examining money in this way is that currencies are only as valuable as PEOPLE determine them to be based on what they can exchange them for.
My interest in Dogecoin led me to join the online community, Reddit, which is the community where the cute picture of a Shiba Inu dog spawned a new form of currency. Complete strangers walked me through the rather complicated process of setting up my computer to "mine" a digital coin that costs more to produce, due to the cost of electricity it takes for my computer to operate, than it is currently worth. Currently, the most active sector of the Dogecoin market is "tipping" members of the community. When someone posts something particularly insightful, useful, funny, or cathartic on Reddit, some Dogecoin enthusiasts "tip" them in Dogecoin. When Bitcoin first came around, Reddit users would often "tip" one another by sending them these coins. Today, a tip of a full Bitcoin would be a truly generous act, as giving someone a BTC would be the equivalent of nearly $1000. Currently, "mining" Bitcoins requires high end computing power, particularly the power possessed by top end graphics cards produced by companies such as NVidia and ATI. Interestingly, as the value of Bitcoins rises, so do the prices of top of the line video cards - an annoyance to gamers who seek the slick, hyper-realistic look that using such hardware provides.
Litecoin, like Dogecoin, is basically a copy of Bitcoin's concept with a few tweaks. For example, if savvy miners discovered every Dogecoin possible, there would be over 100 billion in circulation. However, the mathematics that provide rarity to Dogecoin make it so that as more coins enter circulation, new coins become increasingly difficult to acquire. Though, when first conceived, Litecoin was expected to be just another fad with values similar to those currently held by Dogecoin, in the past few years its value has soared to nearly $25 per Litecoin. In fact, many mining "pools", which are groups of people who combine their processing power, have progressed from mining Bitcoins, to mining Litecoins, to finally mining Dogecoins (which are then sold for Bitcoins which can be potentially exchanged for US Dollars). Of course, most of these pools sell their Dogecoins for Bitcoins because they are the most liquid form of digital currency available, I can imagine marketplaces that deal in Dogecoins alone (as we speak, markets that exchange DOGE to USD and vice versa are developing and are having difficulty keeping up with demand) giving this currency, based on a silly picture of a cute dog, tangible value.
As far as classroom application, I don't think that it would take a computer genius to design and implement a "Classcoin" that students could "mine" or acquire using different methods, though it would certainly take a person more technologically savvy than myself. Not only could students use processing power to generate new "Classcoins", but they could do things like trade them for extra points toward a test, develop services that other students might be interested in paying for such as tutoring. Also, the teacher can "mine" "Classcoins" and distribute them to students for any number of reasons. Instead of merely a process undertaken by a computer program, the system could be enhances so that students could be rewarded with increasing numbers of "Classcoins" because their classroom performance (grades, behavior, etc.) might directly correlate with the processor speed that their particular "Classcoin" mining program is capable of utilizing. Due to the design of cryptocurrencies in general, students could develop and participate in markets that trade them, develop unique ways and fresh markets for buying and selling these currencies, and use them as a lens to examine the way that fiat currencies like the USD gain, lose, and maintain value. If students mined and traded in a currency that is currenly relatively easy to "mine" with consumer hardware, such as Litecoin (which is considered by many to be the "silver" to Bitcoin's "gold"), proceeds could be easily converted to USD and spent on rewards and supplies to benefit students (at least until school supply companies begin to accept cryptocurrencies - Overstock.com is planning to soon!). Using cryptocurrencies makes it easy for parents and other interested parties to donate funds to schools, classrooms, teachers, and specials programs that directly benefit children without the need to interface with banks, checking accounts, or credit cards.
Sorry to post two unnecessarily long posts in a row. My wife and pretty much everybody else I know are pretty sick of hearing me yammer on and on about these things so you all get to hear some of it for once.
submitted by Dirtyoldguy366 to dogecoin [link] [comments]

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My Talk With The SEC FinHub Division - Mining Without Power - Crypto News

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