Dennis Y.Tue, Oct 5, 2021 9:21 PM
Minefield: Dogecoin Mining In 2021
In the next article in this series on mining, we talk about Dogecoin mining 2021: pools, best rigs, GPUs, CPUs, profitability, calculators, and even some exotic Doge trends. Let's find out, is Doge worth being mined, or is it just nothing but hype.
In this article, we will discuss how to mine Dogecoin in 2021, where to mine it, and what hardware and software are needed.
What is Dogecoin?
This cryptocurrency is a fork of Litecoin and is named in honor of a well-known meme. Designed as a funny project, it has become super famous. Now, this token is valued at almost $37.5 billion in market cap (its ticker is DOGE) at the moment of writing this article.
Its creators are Billy Markus and Jackson Palmer. Dogecoin was released in December 2013. The coin issue is unlimited, and the reward per block became fixed only in March 2014. The project uses the SCRYPT algorithm with AUX-PoW. The block time in Dogecoin is 60 seconds.
Most users learned about Dogecoin in 2021 because of the Twitter promotion by Elon Musk. Also, it caused a significant temporary jump in DOGE price.
Anyway, long before this media storm, it was a moderately popular coin for crypto payments.
Dogecoin Mining Hardware
In 2021, Dogecoin mining on a home computer or video card farm is theoretically possible, but rather unprofitable. Usually, it is practiced by enthusiasts or people who just want to familiarize themselves with the process of mining as such.
If you are decided to contribute to the Doge mining community, you probably need an ASIC miner.
While it's implementable, it's not the best idea to use your desktop or laptop for mining (unless it is really High End).
This option is already better, but still far from being perfect. Keep in mind that AMD RX series or Nvidia GeForce GTX cards are good. The more they are powerful, the better.
Is the Asic USB Miner Suitable for Dogecoin?
One would think that a miner's dream is close. Sadly, it is not. But sellers from AliExpress still offer to mine the blocks with these cheap gadgets for absolutely ridiculous money. In general, their performance is very questionable, and it is unlikely to bring any profit. But the main thing is not even that. These mini miners are only compatible with SHA-256 algorithms, but not for SCRYPT (and therefore, for DOGE too).
Best Dogecoin Mining Rig
In fact, the choice of ASICs for the SCRYPT algorithm is not so wide. The most relevant solution as the fastest Dogecoin miner is the Bitmain Antminer model. Today their Scrypt/Litecoin Miner section lists Antminer L7 - 9500MH/s with Hashrate up to 9500MH/s. The price is almost $13k, and they are in very short supply.
Apart from that, you can look for BW L21 Scrypt Miner or Innosilicon A2 Terminator.
Dogecoin Mining Pools
There are numerous pools that support the mining of this cryptocurrency, the most famous are Multipool, Prohashing and AikaPool.
When choosing a pool, always look at their activity, hash rate, and payout terms.
Free Dogecoin Cloud Mining
A reminder of our usual tip about caution when working with cloud mining services: be aware of frauds.
Genesis Mining and Nicehash are the best-known cloud mining services. You can check it, but the final decision is up to you. In our opinion, cloud mining will never be a good mining option.
Dogecoin Mining Software
- For CPU mining it is CPU miner
- For graphic card mining: EasyMiner, CudaMiner, and CGminer.
- For ASICs, it is better to use MultiMiner, CGminer, CudaMiner, or EasyMiner.
Is Dogecoin Mining Profitable?
At the time of writing, the hype and price jumpings have faded a bit, and Elon Musk's tweets no longer have a magical effect on the coin's price. But after this rise, your chances to get some profit from DOGE mining are obviously higher.
Dogecoin Mining Profitability Calculators
If you decide to mine, at this specific moment, the CoinWarz mining calculator can give you a more precise answer.
You can also find out the approximate profit you will make with a particular device through the WhatToMine service.
At the site, you need to open the ASIC section, disable all algorithms except SCRYPT, enter data about the hash rate and power consumption and press the "Calculate" button. Also, you can clarify the cost per kWh of electricity in your location to get more accurate net profit data. The site will display a list of all the coins with the selected algorithm, starting with the most profitable.
Important Note: keep in mind that the calculator displays the data, which are relevant only at the current moment in time, and the situation may change in the short term. But it still helps to approximately calculate the payback period for your mining hardware.
Dogecoin Mining Simulator
You may have heard that blockchain and crypto are getting more and more integrated with games. So in the case of Dogecoin, there are exotic games like Dogecoin mining simulator or Dogecoin Mining Tycoon in which you can earn some virtual coins. However, that's a topic for another article. Be careful with the games, use only verified sources to avoid malware or hacking.
Dogecoin is a popular meme coin that everyone became aware of thanks to Elon Musk's tweets. Yet it has been in circulation for several years and is used to make payments. However, due to its low price and not the greatest possibilities for mining, it is better to consider other coins to be mined. Stay tuned.