![]() They pool resources from multiple miners to increase the chance of solving a block of transactions. Dogecoin Mining Poolsĭogecoin mining pools represent a convenient and flexible alternative to mining solo. Even with a powerful mining rig, you would likely have to wait for weeks or months on average between your block rewards. The combined hash power enjoyed by the mining pools puts solo miners at a disadvantage.Īs a solo miner, if you don’t have a powerful machine, you might end up never getting a block reward. Solo miners compete with mining pools, entities that combine the computing resources of a large number of miners to solve new blocks on the network. The key disadvantage of mining Dogecoin individually is the infrequency and inconsistency of rewards. This is the main advantage of mining solo. If you do manage to add a new block to the chain, you’ll receive the 10,000 DOGE mining reward without having to share it with anyone else. To perform solo Dogecoin mining, you join the Dogecoin network as an individual node and use your mining rig to solve transaction blocks. There are three main ways to mine Dogecoin:Įach of these options has its own merits, although solo mining without a very powerful mining rig has become impractical due to the increased competition on the chain. While the difficulty scores may fluctuate over time, as of now, in mid-2022, the results in the table clearly indicate that Dogecoin is by far the easiest notable coin to mine. The mining difficulty scores as of June 27, 2022, for the top 50 coins (Data Source: WhatToMine) The table below shows the current difficulty scores, in ascending order, for all the mineable coins in the top 50 cryptocurrencies by market cap. This means that mining a new Dogecoin block will require less computational power than mining a block on any other reasonably well-known chain. Dogecoin currently features the lowest difficulty score out of all the leading mineable cryptocurrencies. It specifies the number of hashes a machine needs to produce in order to solve a new block. The difficulty score is the standard measure used to estimate the computational requirements for mining a coin. The coin also doesn’t have any supply capping, meaning that the 14.4 million daily DOGE will be available to mining enthusiasts for the life of the coin. Given that there’s no more reward halving scheduled for the future, this daily amount of DOGE will continue to be steadily added to the coin’s total supply, which currently stands at around 132 billion DOGE. In practical terms, this means more frequent rewards from Dogecoin mining, a nice feature for those who like frequent - even if small - wins.Īt the rate of one block per minute, the Dogecoin network adds 1,440 new blocks per day, producing 14.4 million DOGE (around $1 million) in miner rewards on a daily basis. This is ten times faster than Bitcoin’s block time of around 10 minutes. The Dogecoin chain is configured to produce one new block of transactions per minute. How Long Does It Take to Mine One Dogecoin? The coin’s governance rules specified that there would be no more halving after that date. The last reward halving occurred in January 2015. Before January 2015, the miner’s reward was halved quite frequently - once every 100,000 blocks, which worked out to about once every 69 days. However, halving did apply in the early years of the coin’s operation. Unlike Bitcoin mining, Dogecoin doesn’t use reward-halving in its current mining mechanism. The miner’s reward for each solved block is 10,000 DOGE (about $700 as of the time of writing). Miners try to solve a computational puzzle by using the hashing power of their computers in the race to add a new block of transactions to the chain. The Dogecoin mining process is quite similar to that of Bitcoin or other proof of work (PoW) blockchains. In short, knowing how to mine Dogecoin might be the safest route to profitability for a crypto miner in 2022. It also has a lower mining difficulty - as measured by the hash power required to solve a new block - than Ethereum, Litecoin, Bitcoin Cash or just about any other mineable cryptocurrency in the top 100 by market cap. The coin is the only mineable cryptocurrency among the top ten cryptos, aside from the leading duo - Bitcoin and Ethereum.ĭogecoin is considerably faster and easier to mine than Bitcoin. Importantly for crypto miners or those considering this trade, Dogecoin is among the most profitable coins to mine.ĭogecoin was launched in December 2013 as a fork of Luckycoin, and boasts both Bitcoin and Litecoin in its lineage. Yet, against the backdrop of jokes, memes and skepticism, Dogecoin has not so quietly risen to the top ten cryptocurrencies by market cap. Few cryptos have attracted more controversy, hype and humor than (Elon Musk’s beloved) Dogecoin (DOGE).
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