There are many community trends that are being followed without enough knowledge. Many times while following these trends, the consumers have to bear a lot of losses. One such trend has been cryptocurrency. Before learning about cryptocurrency, we should know more about Bitcoin, from where it all started.
Bitcoin is a non-official decentralized currency that is transferred online. It does not fall under any bank or administrator. It is a completely independent currency. Bitcoin was first started in 2009. Now there are a lot of cryptocurrencies.
These new kinds of coins are also known as altcoins or alternate coins. Dogecoin is a coin of the new coins or altcoins. Dogecoin, just like Bitcoin can also be bought, sold as well as can be traded. In this article, we will give you information on how to mine in Dogecoin.
What is Dogecoin mining?
Dogecoin mining is a way of getting rewards such as a new Dogecoin just for checking transactions. As easy as this might sound, things can get seriously get complicated. Mining of Dogecoin is like participating in a lottery, to participate in this lottery, you have to do some work. You can do this work via a mobile or a personal computer like a laptop or a desktop, depending on whatever is easier for you. All you have to do is get the transactions and transfers checked.
A lot of computers will work in a similar block of transactions and all of this will be done at the same time. Only one computer or we should say only one person can win the jackpot of new coins. The person who wins the new coins is known as the node. The node will add the new series of transactions to the traditional series of transactions. This can be completed using some complex mathematical equations.
For mining Dogecoins, your mathematics must be really strong. This is because the person who solves the complex mathematical equation first or very quickly wins the jackpot. Only the person who solves the equation first can form more series of transactions which are confirmed and one after another. Although Dogecoin is similar to many alternate coins or altcoins, it also has many differences.
If we compare Dogecoin to Bitcoin, Dogecoin uses SCRYPT while Bitcoin uses the SHA-256 algorithm. Bitcoin is a lot more difficult to solve. In a way, Dogecoin is easier and has a block time of 2.5 minutes s compared to Bitcoin which has 10 minutes of block time. The reward quantity in Dogecoin might be greater than Bitcoin, but the US Dollar value of Bitcoin reward is a lot more than Dogecoin.
How to Mine Dogecoin?
There are a total of two ways of mining and collecting rewards in Dogecoin. You can do it either by playing solo or joining a Dogecoin pool. In Dogecoin solo you are mining the reward alone; there is no one to help you. While in the Dogecoin pool, you start mining along with a bunch of other people. Since you go in as a group you can help each other while solving the algorithm.
The best part about going with the Dogecoin pool is that, even though the reward earned is shared, it is still more than what you can earn by going solo. Dogecoin pool basically increases your chances of winning as well as helps you win a large reward.
The pre-requisites while starting a Dogecoin mining is that you have to have a personal computer with Windows, OS X, or a Linux operating system, along with a working internet connection. The step by step guide to starting the Dogecoin mining is as follows:
- Go to the Dogecoin webpage.
- Download the Dogecoin wallet from the Dogecoin webpage.
- Connect the ASIC to the power source.
- Connect the ASIC to a good internet connection.
- Choose a Dogecoin mining pool. It is fine if you want to choose the Dogecoin solo also.
- Find the ASIC’s IP address.
- Once you have done all these things, start checking the transactions and transfers and help your pool solve the algorithm.
- Remember, the pool which solves the algorithm first will win all the Dogecoins or the jackpot.
We have tried to compile information about all the vital points of Dogecoin. We have gathered information about mining in Dogecoin. We hope you received all the information on how to mine in Dogecoin. We wish you the best of luck!