Mining DOGE does not differ from the processes when one gets other types of coins especially BTC or LTC: the same high-tech equipment and registration at a dogecoin pool will be required for efficient work. Mining without pools is practically impossible since the difficulty index of this cryptocurrency is steadily growing. While working alone with the help of simple graphic or core chips, the profit will simply not be received at all.
Why I choose DOGE
There a few reasons why the miners choose the subject. Someone likes the image of a cute dog better known as a popular Internet meme. Why not make friends with this nice coin? It is rumored that at first DOGE was created for fun. The Joke Currency – how do you like the name often given to it? Someone attracts less hype surrounding the dogecoin, so the possibility of its full-fledged mining remains. Of course, there are many people in the world who want to mine BTC and frankly speaking there are only faucets left for them. More serious criteria for choosing dogecoin are as follows:
- The creation of the block takes only 1 minute
- Transactions are confirmed faster.
- The confirmation procedure is completed in 6 minutes
- The complexity is recalculated through 240 blocks
- The system has mechanisms for stabilizing the exchange rate
From a practical point of view, DOGE is also very popular, and the best evidence of it is the dogecoin pools number and size increasing. The coin takes the leading positions on exchanges, can be exchanged for fiat money, in particular USD, and vice versa – it is actively bought for further operations.
In each barrel of honey there is a fly in the ointment. For dogecoin this case has a close relationship with thе highest ranking BTC and LTC. Naturally, the major miners are directing their efforts to more stable and promising coins. Jackson Palmer – one of the founders of DOGE, who distanced himself from participating in the project in 2015 – grieves the doggie fans with statements that the coin does not have longevity. During these years dogecoin not only did not meet a technological death, but also strengthened its position.
Dogecoin mining pool
Pool in the process of mining DOGE plays a significant role as we have said many times. Without it, not only it will not be technically possible to start the process because of, as already noted, the growing network difficulty. The pool features – URL and port number – are registered in the program settings, with which the whole mining process is implemented.
By the way, as in the case of LTC, mining dogecoin can be performed on a graphics chip NVIDIA or ATI. In the first case, the CUDAminer program is recommended, and for the second GPU brand CGMiner 3.72 is. This software fully supports the Scrypt algorithm. Many miners assemble rigs from several graphics chips, thus increasing performance.
It is possible to extract DOGE on a powerful processor using the universal software CPUminer. Until now, ASICs have not been adapted for dogecoin, but manufacturers have taken into account the interest of consumers and developed devices that are compatible with the Scrypt algorithm.
After registering wallet, the moment of choosing the dogecoin pool comes. It’s quite simple, as it may seem. The summary tables contain all the necessary technical service characteristics, and its reputation can be easily learned from social networks or information on the forums. Criteria of choice:
Specialized or multipool
There are both special pools for DOGE, and multiservice. For those users who are engaged in mining several types of cryptocurrency, the second option will be quite relevant.
The table, which includes your dogecoin mining pool, usually contains information about the server location. China, Canada, the United States and many other countries – choose the country according to their preferences.
The higher hash rate is, the greater trust the service earns on the part of its participants. Blocks with high hashrate are going much faster. But, on the other hand, the profit is shared between many users too.
Distribution of profits
Payout types are indicated with abbreviations. PPS means a static payout volume of pay per share. RBPPS is an abbreviation of Round Based Pay Per Share and implies payments at the end of each round. The accrual based on the PPLNS principle takes into account the number of shares previously sent by users.
In general, everything related to your future profit – fee percent, payout ways, etc. – should be examined before you write the address of a dogecoin pool into the program script and start mining. As a rule, pools accept their ranks all comers – both beginners and professionals, but there can be a situation when the service raises special requirements for taking part in collective mining. Weak and outdated equipment will work to wear out, devour electricity, but neither the owner nor the pool from it will get any sense, so the resource has the right to refuse such participants in registration.