Dogecoin (DOGE) is no doubt one of the top cryptocurrencies in 2021 and has attracted many investors. This parody project created by software engineers, Jackson Palmer and Billy Markus has really come a long way since its debut.
DOGE has got the attention of many investors while many have taken to mining to own this token. The reward for successfully completing a block of DOGE is 10,000 DOGE.
This has made it to be listed among the top 10 cryptocurrencies out of thousands of other coins.
In this article, we’ll discuss if the mining of DOGE is profitable when you know how to mine Dogecoin.
Dogecoins
What You Need To Mine Dogecoin
If you are mining Dogecoin as a solo miner or via a mining pool, there’s a range of equipment needed to get this done. They are listed below;
1. Hardware– You’ll need a hardware to mine Dogecoin. This can be a CPU (your PC’s), GPU (graphics processing unit) or ASIC (application-specific integrated circuit).
2. Software– Once you’ve decided which type of hardware to use, you’ll also need to download software to accompany it. Software like CPU miner, EasyMiner, CudaMiner, CGMiner, MultiMiner, and so on can be downloaded to mine DOGE.
3. Wallet– A Dogecoin will be needed if you want to mine successfully. It provides a secure place to receive the reward of your mining. You can use an online wallet (crypto exchange), software wallet or hardware wallets ( e.g. Ledger Nano S) to store your earning.
It is also important that you know you’ll need good access to electricity and an internet connection to be able to mine.
Is Dogecoin Mining Profitable?
You can own Dogecoin by buying, trading or mining. If you are choosing the path of mining to own this meme coin then you’ve to know more about its mining.
You’ll need to put into consideration the cost of your mining equipment, electricity, and the price of DOGE at the end of your mining. Well, you can still make profit from DOGE mining especially due to the recent price surge.
Having a powerful hardware and joining a pool is your best option to make a profit from doge mining as it is more difficult as a solo miner.
Also Read: 3 Reasons Dogecoin Might Top Investors List In 2022
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