The price of Dogecoin continues to soar. Even though it doesn't have a convincing foundation, the price of Dogecoin continues to soar and makes many people interested in owning it.
One way to get cryptocurrency with a dog symbol is mining Dogecoin . Similar to Bitcoin, miners aka miners will get a "reward" if they count transactions that occur in the Dogecoin ecosystem.
However, in terms of algorithms, Dogecoin mining has a fundamental difference from Bitcoin. Dogecoin uses the scrypt algorithm, while Bitcoin uses SHA-256. In theory, the Scrypt algorithm is easier to crack than SHA-256. This makes Dogecoin mining relatively more energy efficient and open to many people.
If you are interested in mining Dogecoin, here are three ways you can do it.
1. Own Mining (solo mining)
In the solo mining process, you are basically “competing” with the miners in the Dogecoin ecosystem. You will quickly compete with other miners in solving algorithmic puzzles. If you win, you will get a Dogecoin block totaling 10,000 coins. Currently, the Dogecoin system issues one block or 10,000 new coins per minute.
To do solo mining, this is the software you need.
- Dogecoin Wallet, which is a "wallet" aka a place to store your Dogecoin. There are various types of Dogecoin Wallet. There are software (such as Atomic ), light wallet (MultiDoge), Android (Dogecoin Wallet), full node wallet (Dogecoin Core), to hardware (Ledger).
- Mining Software, which is software for mining. The choice depends on the type of hardware you use for mining. If you use an Intel/AMD processor, you can use CPU Miner . If you use a GPU or graphics card, you can use Easy Miner . If you are using an ASIC computer, you can use Easy Miner or CGMiner.
If you are interested in doing solo mining, here are the pluses and minuses that you should take into account.
Plus: If you manage to win a block, you will get 10,000 coins or about US$6800 (approximately Rp.96 million). And every minute, a block is generated by Dogecoin, so it's really tempting.
Minus: Solo mining has a very high level of difficulty. Understandably, you are competing with millions of miners, most of whom use ASIC computers, aka computers specifically designed to solve algorithms. For personal users, it is impossible to win the competition because they have to compete with specialized mining companies.
2. Join the Mining Pool
A mining pool is basically a group of miners who agree to work together to do mining. When you join a mining pool, your computer power will be combined with other miners. By gathering all the strength, the chances of winning are even greater.
There are many mining pool options, such as AikaPool or Litecoinpool . Just join one of the mining pools, run the software like when mining solo, and you have the opportunity to "splash" Dogecoin according to your contribution.
Plus: Joining a mining pool increases your chances of winning. This method is highly recommended for those of you who are beginners and do not have a special computer to do mining.
Minus: Mining pool managers certainly don't do it for free. They will charge a fee in the form of a discount with a certain percentage of Dogecoin earned by each miner.
3. Doing Cloud Mining
Cloud mining is basically renting a computer from someone else to mine Dogecoin. So you don't have to bother having your own hardware or installing various software. Just pay the rental fee, and you will get results from mining activities.
An example of a cloud mining service is Nice Hash .
Plus: Without the hassle of all mining processes, you will get Dogecoin income regularly.
Minus: The risk of cloud mining is high. The reason is that the cost of hardware rental is fixed, while the price of cryptocurrencies like Dogecoin tends to fluctuate drastically. It could be that today's calculation is profitable, tomorrow it's a loss. There is also a risk of fraud when the cloud mining manager runs off with your Dogecoin.
So there are three ways to do Dogecoin mining. All have their own pluses and minuses, so adjust to your needs.
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