Dogecoin Mining and Different Methods

Dogecoin Mining and Different Methods

If you have any interest in the cryptocurrency market, there is no way that you have never heard about Dogecoin before. Launched in 2013, Dogecoin is the funniest and most phenomenal cryptocurrency in the market. With its mascot, a Shiba İnu dog, the coin has attracted lots of traders recently and is ranked as the seventeenth-largest coin in terms of market cap. Besides fun, Dogecoin offers some other things to its followers and one of them is easy mining. Many people have shown great interest in Dogecoin mining which requires less equipment and energy than Bitcoin mining. Below, you can find important points about Dogecoin mining. 

Solo vs. Mining Pool

A mining pool simply refers to a group of miners who share their computing power to increase the probability of winning the race to confirm a transaction. If you mine in a pool, you have to pay a fee and the reward will be divided equally between the members. Solo mining is much cheaper and the reward will be all yours; however, you may not mine any single block for a long time if you go solo due to the increasing level of competition. As a beginner, pool mining may be a better choice despite the costs.

Dogecoin Cloud Mining

Cloud mining is mining without actual mining! What you do is rent the server and computer power from a data provider for a fee. After Dogecoin mining happens at the center, you get your share from the revenue. 

For that process, you have to get a Dogecoin wallet and choose a provider, e.g. Eobot, Nice Hash, and Genesis mining. They all provide Scrypt-based cloud mining services in general. The advantages of this system are that it is cheaper than building your own operating system and does not require any high level of skills. On the contrary, it is risky that you have to pay the rent until the end of the period. If the Dogecoin price crashes, your rental fee becomes even higher than the value of Dogecoin you get.

SEE ALSO: Why is DeFi Different?

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