Dogecoin (DOGE) is the official internet meme crypto. The project’s symbol, a Shiba Inu dog, has helped to onboard many people to crypto. The coin has received support from big names like Elon Musk and Vitalik Buterin. These are great people in the world of cryptocurrencies, and so we will like to know how many Dogecoins are mined in a day. Let’s Go!
About Dogecoin (DOGE)
Dogecoin was launched in 2013 by Jack Palmer and Markus. Since then, it has grown massively. The aim of building the coin was to make crypto less serious. This vision has matured today because many new young and old investors have joined the crypto train because of Dogecoin.
Dogecoin was created in the same way as Bitcoin. The only difference between the two is their supply and hashing algorithm. Otherwise, both of the cryptocurrencies use Proof of Work (PoW). Dogecoin uses Scrypt, while Bitcoin uses the SHA-256 hashing algorithm.
What is Cryptocurrency Mining?
Mining blocks for crypto coins uses a lot of energy. This energy consumption increases greatly when miners increase. Hence, raising the difficulty of mining one block. Bitcoin mining has the greatest mining difficulty of all cryptocurrencies. Presently Dogecoin mining difficulty.
Mining is a term which to refers to the extraction of coins from solving complex math problems. When a computer gets the answer (hash), then that computer receives the coins in the block (block reward). That entire process comprises ‘cryptocurrency mining.’
Dogecoins are Mined Per Day?
So, how many Dogecoins are mined per day?
DOGE mining adds over 14 million DOGE to the market every single day by miners. This number roughly translates to 10,000 DOGE per minute. This rapid production is due to the hashing algorithm. Dogecoin uses Scrypt, which is much easier to compute than Bitcoin’s SHA-256.
Dogecoin circulating supply is also massive at about 140 billion. The total number of Dogecoins is infinite. However, due to mining difficulty, the circulating supply will increase by about 5 billion tokens every year at the current mining rate.
A new block on the Dogecoin is mined every 1 minute and 3 seconds. Each block has 10,000 Dogecoins. Unlike BTC, Dogecoin does not have a halving mechanism. Therefore, the blocks will always produce 10,000 coins. According to Bitinfocharts, in the last 24 hours, 13,630,000 coins have entered into circulation. With a 10,000 DOGE reward per block, it amounts to approximately 1360 blocks.
Is Dogecoin Mining Profitable with Such a Supply?
Dogecoin mining is profitable. With 1 Giga Hash per second (GH/s), you can get $8.885 per day worth of DOGE. A GH/s is perhaps the lowest hash rate in crypto mining. 1000 GH/s equal 1 TH/s. For example, the Antminer S9j packs 14.5 TH/s (14500 GH/s), which means the miner rakes nice profits after removing expenses.
Conclusion
The Dogecoin community is fast progressing from a meme community to a serious business community. Elon Musk has speculated about DOGE as a form of payment in the retail business. Additionally, he has plans to put the meme currency on the moon. What started as a meme has now gained the attention of billionaire corporations. This goes a long way t show that in crypto, nothing is impossible.