“How to mine Dogecoin on UnMineable” is a Google search query that is skyrocketing in popularity as more people seek to easily acquire DOGE without buying it on a cryptocurrency exchange.
Instead of buying Dogecoin with your hard-earned money, you can get comfortable and allow your standby hardware to mine DOGE rewards for you.
The term “crypto mining” might sound a little intimidating but put your chisel, pickaxe, and shovel away because the only entity that will transpire here is your PC. To mine cryptocurrency, you will need a solid GPU.
Can you mine cryptocurrency on older hardware? In most cases, yes, but what’s the point? You will be paid a pittance unless you want to selflessly contribute to the DOGE network to operate at a loss.
•Dogecoin uses the same protocol as Bitcoin, called proof of work.
•To start mining DOGE, you will need a Dogecoin wallet.
•Once you’ve earned a minimum of 30 DOGE, unMineable will send your Dogecoin straight to your Wallet.
What is Dogecoin Mining?
Cryptocurrency mining is all about earning digital currency rewards – appreciation tokens and monetary incentives if you will – for solving crypto equations with your hardware. To help you understand how it works, let me use Bitcoin as an example.
Bitcoin works on a blockchain: a digital database of transactions distributed and duplicated on a peer-to-peer network of computers.
Each “block” of a blockchain is filled with Bitcoin transaction data (for example, Pete sent Christina $ 500 in BTC) until it grows to a size of one megabyte.
Then, it’s up to Bitcoin miners to check each block to make sure it’s valid and correct.
SEE ALSO: Dogecoin Mining Essentials: How to Mine Dogecoin on PC
SEE ALSO: 5 Best Software For Mining Dogecoin
SEE ALSO: How to Mine PanCake on UnMineable
Now, this is where it gets interesting. Each block comes with a complex math problem (the cryptographic equation I mentioned earlier) that is extremely difficult to solve. The Bitcoin miner who solves this complicated puzzle first earns all transaction fees and scores BTC rewards.
In other words, having extraordinary material is like having Sheldon from the Big Bang Theory series on his team of mathematicians.
On the other hand, if you join the Bitcoin network with low-power interns, it’s like having Penny as a teammate; it will take him some time – a very, very long time – to solve the math problems that will be presented to him.
Dogecoin uses the same protocol as Bitcoin, called proof of work. However, it is much less power-hungry than BTC, which generates a shocking amount of heat and energy.
Dogecoin relies on an algorithm called Scrypt, which is less complex than Bitcoin’s SHA-256 algorithm. Thus, Scrypt requires fewer resources, which allows miners to strike Dogecoin on less powerful computers.
Risks Associated With Dogecoin Mining
Before you get into Dogecoin mining, you need to know what you are getting into. The first factor you need to take into account is that cryptocurrencies are extremely volatile.
You can mine 300 DOGE in a week, which is worth $60 as of this writing. The following week, your precious DOGE might only be worth $5. Here are some other concerns you should take into account:
•Increased wear and tear on your equipment: Mining requires your laptop to run continuously for hours and hours, which can affect the life of your system’s internal components.
•Electricity: Laptops with powerful GPUs usually don’t have the best battery life, which means you’ll have to leave them plugged in all day. Think about the impact this will have on your electricity bill. This can affect your profitability (unless you selflessly wish to put your resources at the service of the Dogecoin blockchain, even if you are trading at a loss, help verify transactions and maintain its integrity).
•Energy consumption: Dogecoin, according to data from TRG Datacenters, is less taxing for the environment than Bitcoin and Ethereum. DOGE uses 0.12 kWh of energy per transaction, while BTC and ETH waste 707 kWh and 62.56 kWh per transaction, respectively. Still, mining isn’t exactly eco-friendly, so you might want to keep that in mind.
How to Mine Dogecoin
To start mining DOGE, you will need a Dogecoin wallet, which will collect all of your DOGE rewards once you reach your payout threshold.
1. Go to the official website of unMineable and click “Download”.
2. Install the beta-miner software of unMineable (click on the green button).
3. Extract the file (I recommend that you put it in an easily accessible place like a folder on your desktop).
4. Double-click on the “unMineable Miner 1.1.0-beta” file, which will launch the unMineable desktop application.
SEE ALSO: How To Accept Dogecoin As A Payment System On A Website
How to Start Mining Dogecoin With UnMineable?
You will need to download another software called PhoenixMiner, which works in conjunction with unMineable:
1. Download the PhoenixMiner software here (“PhoenixMiner_5.6d_Windows.zip”).
2. Extract it to the same folder where the UnMineable application is located.
3. Find the PhoenixMiner.exe file and note where it is located
4. Relaunch the unMineable application and click “Continue”.
5. Click “Graphics card (GPU)” and click “Next”.
6. Click “Update miner file location”, which will ask you to locate the PhoenixMiner.exe file. Once you have found and selected it, click “Open”.
7. Click on “Next”.
8. Select Dogecoin as the cryptocurrency you want to mine
9. Enter your Dogecoin wallet address, which you can find by typing “Dogecoin” in your Wallet and click on “Receive”.
10. Click “Start”, and the app will start mining Dogecoins immediately.
Once you’ve earned a minimum of 30 DOGE, unMineable will send your Dogecoin straight to your Wallet. And that’s all! Your Dogecoin mining journey has begun. Now you can track how many DOGEs you can earn per day and see if it’s worth it for you.
Start mining with unMineable
SEE ALSO: 6 Best Dogecoin Wallets for Safe Storage
Frequently Asked Questions (FAQS)
1. How long does it take to mine 1 Dogecoin?
2. What’s unMineable?
UnMineable is a service/mining pool that allows you to mine using your CPU or GPU in exchange for various coins.
3. Will Dogecoin reach $100?
It would be nearly impossible for Dogecoin to reach $100 but crazier things have happened in crypto.
Dogecoin is far from being the same coin. One of the first cryptocurrencies, what started out as a joke created an army of millionaire crypto enthusiasts. Will Doge reach $1 soon? Crazier things have happened in crypto.
If you want to add a passive income stream and more bills to your pockets, the approach described in this article is easy to implement and risk-free.
Full disclosure? I hold doge.
And someday, maybe you’ll be sitting at your desk, pausing while you look out the window. Relax, take a sip of your coffee. Then you get a notification on your screen.
“Doge gets to $2”
You are delighted. What a surge in prices, you cry! You jump for joy. You are on the moon. And it all started here.
Convert and Withdraw Crypto to Fiat Using Crypto.com: Step-by-Step Guide
Although many people may still be unsure about investing in cryptocurrencies, this sector is undoubtedly expanding steadily without any backdown. One of the main benefits of this digital currency is that transactions may be carried out without the restrictions imposed by governments that apply to fiat money. The truth is that regulations are frequently blamed ...
Buy Pancat Cryptocurrency – (Read This)
The rate of universal adoption of cryptocurrency is increasingly on the rise as the day goes by. To this effect, there are approximately over 420 million crypto users worldwide, which equates to about an average of 4.2% of crypto ownership rates on a global scale. More cryptocurrencies are being unveiled with time and one such ...
How Will Cardano Change The Crypto Landscape in 2023
Cardano is a decentralized PoS blockchain founded in 2015 and has positioned itself as a viable alternative to Bitcoin’s PoW which makes it energy-efficient (0.01% of Bitcoin) while shunning the crypto-mining algorithms. Cardano presents more opportunities for hodlers and investors through staking which makes the PoS mechanism sustainable and environmentally friendly. Exploring Cardano Future The ...