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Published on July 2, 2021
Written By Werner Vermaak
Mining Dogecoin had for a long time been largely unprofitable due to the memecoin’s ridiculously low value. Yet having traded at just $0.0024 on 1 July 2020, DOGE now fetches a staggering $0.27 a coin. Somehow this meme project, created in 2013 as a joke, has become the most valuable punchline in the world, worth almost $40 billion in market cap as of June 2021. Nobody had taken the “doggy coin” seriously in its early years – least of all its co-creators Billy Markus and Jackson Palmer. So when Elon Musk started praising Dogecoin’s virtues in December 2020, almost everyone in the crypto space initially took it as a joke.
However, after several months of pro-Dogecoin tweets – not only from Musk but from other celebrities, including Mark Cuban and Snoop Dogg – as well as a DOGE mention when Musk hosted Saturday Night Live, crypto community members are starting to believe that the self-proclaimed “Dogefather” could be taking the meme coin more seriously than other crypto projects. Musk’s confirmation of his working relationship with Dogecoin developers has only reinforced this perception. These developments go some way to explain why DOGE is holding strong in its support level despite currently bearish market conditions, which is great news for DOGE miners.
This guide will explain how you can start earning your own DOGE through mining and take advantage of its current popularity and high price. It’s important to do your research and to remember that there is a high risk involved due to the volatility of DOGE’s value. Bearing this in mind, let’s dive into DOGE mining and how it works.
What Is a DOGE Miner?
A Dogecoin miner is the hardware that participant nodes in the Dogecoin network use to carry out the mathematical calculations needed to check and validate incoming transactions on Dogechain, the coin’s underlying blockchain.
How Dogecoin Mining Works
Dogecoin miner nodes determine which transactions to include in the Dogechain, validating them and incorporating them into “blocks” that will be recorded chronologically (and immutably) on the shared ledger, which is viewable by all network participants.
To recap, these miner nodes are using their hardware to calculate the complex mathematical puzzles that are an integral part of the transaction validation process. For their efforts, they earn block rewards denominated in DOGE. The Dogechain releases 10,000 DOGE per minute, which are rewarded to whichever node confirms incoming transactions quickest.
What are the Best Dogecoin Miners Out There?
There are several types of Dogecoin miners. In fact, you can start mining Dogecoin via the computer or laptop you’re using right now. Unlike Bitcoin, Dogecoin’s mining system is not very compute-intensive, which allows entry-level computers to mine DOGE and still make a profit.
Dogecoin can be mined using various types of hardware, including:
computer processors (CPUs)
graphics cards (GPUs)
ASIC miners
CPU Miners
Although it’s possible, it’s not ideal to use your personal or work computer for mining (unless it is truly powerful), since the process tends to overwork its components, especially its CPU. This can make the computer prone to overheating and reduce its lifespan over time.
GPU Miners
While CPUs are powerful enough to handle the stress of mining DOGE, GPUs are more suitable, as they are more powerful and better optimized. If you prefer to mine with a GPU, three of the best to consider are:
ASUS RX Vega 64
Nvidia GeForce GTX
SAPPHIRE Pulse Radeon RX 580
Scrypt ASIC Miners
Dogecoin runs using a Scrypt algorithm, which happens to be the same as Litecoin’s (and a lot less difficult than Bitcoin’s SHA-256 encryption). Scrypt ASIC miners are therefore the optimal hardware for mining DOGE, as they are specifically designed for the sole purpose of mining cryptocurrencies that use Scrypt algorithms. If you can afford it, consider buying an ASIC miner, as it is more profitable than a GPU. The top ASIC miners for Dogecoin are currently:
Bitmain Antminer L3
BW L21 Scrypt Miner
Innosilicon A2 Terminator
Other Things to Consider When Choosing a Miner
It’s important to note that whichever method you choose to mine Dogecoin, you should also take your setup – including storage needs and temperature control – into consideration.
As an overview, keep in mind the following:
Coolers. Mining can cause overheating, which reduces the lifespan of your hardware. Establishing cooling setups for your mining device is important. Note that cooling requirements vary depending on the device but GPUs tend to require cooling more than other miners.
