Cryptomining has been around ever since Bitcoin’s invention. The origins of the phrase are unknown, but the concept is clear: you provide the power of your equipment to run the network, and you are rewarded for it.
The concept is straightforward and completely legit, but technology is pretty confusing. Basically, you provide the processing power to the network to check transactions, and for this, you are assigned tokens.
Amongst the many cryptocurrencies, which can be exploited, is Dogecoin.
Although the coin was released in 2013 as a joke, it quickly managed to mount and began to compete with the larger players in the market. And now there’re a few thousand cryptocurrencies. New coins operate on their native blockchains. They’re referred to as alternate coins. Today, you can exchange XMR to BTC, ZEC to BTC, DOGE to BTC, and many others on various services. This way, now, you can convert ETH to SAFEMOON using LetsExchange.io. platform — a trusted exchange service to make many crypto transactions.
As Bitcoin mining becomes more challenging, many users decided to start mining other e-currencies. So today, we’ll talk about how to mine with Dogecoin pools.
In its early years, Dogecoin mining was a lot easier as very few people participated in the system. It meant that anyone could do this individually. However, mining alone can be a challenging process and is hardly productive unless you’re eager to waste significant amounts of money on equipment and electricity bills.
A mining pool is a group of individual miners that exploit e-currency as a single entity, or node, by fusing their digital power. The prizes in the Dogecoin mining pools are then distributed among the pool participants in proportion to the amount of IT power engaged by each miner.
Pool mine blocks are a lot more frequent than solo miners. This increases your chance to earn a reward (even if it’s shared). This can give you a new stable offer from Dogecoin. But before hopping into a mining community, be ready to pay 1% -3% of costs for the privilege of participating. Always check beforehand how each pool calculates payments for its members.
There’re two major components of mining: the equipment and the Internet connection. Although hardware may vary in power, with some operating more than others, a stable Internet connection is critical.
Let’s look at the list of the things you need to start mining:
As you can see, choose the equipment that suits you the most according to the recommendations.
Today, crypto is on its wave of success, and the used technology is nothing but state-of-art. Dogecoin mining is completely legit and even profitable. You can learn more about mining with the friendliest crypto community by starting mining with your PC or laptop!