Cryptocurrencies have become increasingly popular over the past few weeks, but most people would admit to knowing very little beyond bitcoin and Ether.
This article will introduce dogecoin, one of the many alternatives, before focusing on dogecoin mining.
What is Dogecoin?
Dogecoin is a P2P (peer to peer) cryptocurrency that was launched in December 2013.
Originally launched as a joke coin with the image of the dog from the meme with the same name, Dogecoin unexpectedly gained popularity and reached a market capitalisation of $308 million by December 2017.
Dogecoin has about 100 billion coins in circulation and while it not used in commercial application to the degree that Bitcoin is, it has popularity as a cryptocurrency used for tipping people on the Internet.
Currently a crowdfunding effort is in place to create a gold coin with the Doge image on, which will be sent to the moon, resulting in the phrase “To the Moon” being used to express the unexpected growth of the currency.
Like other more mainstream cryptocurrencies, Dogecoin is anonymous, decentralised and a secure form of making Internet payments. Dogecoin sees its community of users as fun and friendly and is linked to the Dogecoin foundation (http://foundation.dogecoin.com), which raises funds for charities and supports non-profit organisations. The Shibu Inu dog, the Dogecoin logo, is a small Japanese dog which became famous for memes on Tumblr in 2005 after a teacher posted pictures of his adopted dog with logo’s.
To start using Dogecoin as a currency, users will need to download a wallet, buy some Dogecoins and then they are set to start trading. Dogecoin is currently one of the most popular cryptocurrencies alongside Bitcoin, Litecoin and Ether, but unlike Bitcoin, Dogecoin continuously adds coins to the market instead of having a limited supply.
This means the value of Dogecoin is far lower than that of Bitcoin and the value will continue to drop as more coins come into circulation.
Dogecoin Mining Software
Dogecoin is simple to mine and all that is needed to get started is a PC, access to electricity and the Internet and one or more graphics cards. The more CPU you have the more successful your mining will be and even though it is possible to mine without a graphics card, the results will be slower.
As Dogecoin is based on Litecoin, the same hardware requirements as used when mining Litecoin is ideal. A CPU with a minimum of 200 KH/Sec is recommended if you want to see good mining results. For details on the changes made to Dogecoin that affect miners and the most effective way to accommodate these changes, visit http://investaltcoins.com/how-to-mine-dogecoin-2017/
Dogecoin Mining Pool
There are many pools that miners can join to mine Dogecoins. The benefits of using a dogecoin mining pool versus solo mining is the combined processing power of the miners in the pool results in more completed transactions and a faster generation of revenue.
There are pools that focus only on Dogecoin and those that mine for multiple cryptocurrencies such as Bitcoin, Litecoin and Dogecoin. In a recent poll on bitcointalk.org the most popular pool for mining Dogecoins is doge.poolerino.com with almost 30% of the votes.
For tips on mining Dogecoin, watch the following videos:
Dogecoin Mining 2018
There is much speculation about the value of Dogecoin into 2018 and beyond. With the release of additional coins into the market the price is expected to drop, but there is allot of positive commentary about the future of the coin. For some additional reading on the predictions of Dogecoin, the following sites have some interesting debates on the subject.