Solo mining has become increasingly difficult as worldwide interest in cryptocurrencies has grown. More and more people are now looking to mining pools to help improve their mining capability.
But with so many available, how do you decide which is best?
In this article we’ll cover some of the top Dogecoin mining pools for 2018, and the pros and cons of each.
Quick recap on Dogecoin
Dogecoin is one of the altcoins that launched following the success of Bitcoin which sparked a global interest in cryptocurrency.
Dogecoin was originally launched as a joke coin with the image of Doge, famous from online meme’s, as its logo. Dogecoin had unexpected success and now boasts a market capitalisation of over $2 billion and is popular among investors and miners.
Dogecoin is currently the third most popular cryptocurrency after Bitcoin and Litecoin in terms of volume of transactions.
Mining for Dogecoin
As with other cryptocurrencies, Dogecoin mining requires the miner to have an appropriate mining rig.
Dogecoin is based on Litecoin so the mining rig needs to be able to mine script-based coins. However, as the number of miners participating in resolving blocks has increased dramatically over the past few years, it has become increasingly difficult for solo-miners to compete for transactions to complete, resulting in the rising popularity of mining pools, where miners combine their CPU power to complete transactions more effectively and generate revenue faster.
Before joining a mining pool it is important that miners research the security of the pool as well as the manner in which they calculate rewards.
Some mining pools focus only on specific cryptocurrencies and some allow for multiple currencies to be mined. Before you start mining for Dogecoin, calculate the possible profitability with this mining calculator.
Pools will also use a variety of payment methods, such as PPS+ vs PPLNS, so be sure you fully understand how you get paid before you start.
Check out the full article on how to mine dogecoin.
Dogecoin Mining Pools
For miners interested in mining Dogecoin, here is a list of the Dogecoin mining pools and the benefits and constraints of each:
- Prohashing: ( https://prohashing.com/). This is one of the few mining pools that will actually pay out in Dogecoin. Most the pools will covert the coins generated into Bitcoin or Litecoin. With about 16000 miners active on the site, Prohashing merge mines for coins and then pays directly into your bank account.
- Multipool: (https://www.multipool.us/dashboard/pool/doge). With over 13 million Dogecoins paid out, this pool offers a variety of different altcoins as well as Bitcoin and Litecoin for mining and payment.
- Hashfaster: (http://doge.hashfaster.com/) is a multicoin mining pool that keeps miners anonymous. Payouts are made every two hours if the balance is high enough or alternatively on a Sunday. With about 775 active miners, this is small pool that focuses on the less well know script based altcoins. Just over 10,000 Dogecoins have been mined on this site.
- 1Coinpool: (https://1coinpool.com/). Using a PPPS (proportional pay per share) model, this pool offers miners Dogecoin, Zcash, Ethereum and Litecoin mining pools.
- Aikapool: (https://aikapool.com/doge/index.php?page=login). A mining pool that offers free registration and has about 45 active miners. Miners are rewarded on a PROP system (proportional) where there is no risk to the pool operator as the system pays only when a block is found.
Final Thoughts: Dogecoin Mining Pools
Although the above list does not cover all the pools available for mining Dogecoin, these are the pools that have the most mentions. For more information on the currency, the story behind the coin and the meme and for details on how to get started and download a wallet, visit the Dogecoin website on http://dogecoin.com/.
If you’re interested in learning about how you can profit from trading crypto currencies, you might want to consider enrolling in a crypto currency trading course.