How to Mine Dogecoin [2023]

Paigambar Mohan Raj
Source: Exodus Wallet

Dogecoin (DOGE), the original memecoin, is one of the most popular cryptocurrency projects. The token follows a Proof-of-Work (PoW) consensus model, which requires miners to validate transactions and secure the network. To increase security, Dogecoin (DOGE) employs Scrypt mining contracts, whereas other Proof-of-Work networks, like Bitcoin (BTC), use the SHA-256 algorithm. Scrypt makes it possible to mine new Dogecoins more quickly and with less energy.

With that said, let’s see how one can mine DOGE in 2023.

Different ways to mine Dogecoin

There are three ways to mine DOGE. These include solo mining, cloud mining, or mining pools.

Solo mining:

In the beginning, mining DOGE solo was a great strategy because there weren’t many other users, and rewards were easily earned. The likelihood of becoming the first to solve the mathematical puzzle drastically decreased as more people entered.

A person can join the Dogecoin network as a single node and utilize their mining rig, or computer, to crack transaction blocks to engage in solo DOGE mining. A computer must have a powerful GPU (Graphics Processing Unit) to perform lucrative mining activities.

To start mining cryptocurrencies, you must have software after selecting your hardware equipment. The CPUMiner from Pooler is a simple-to-use mining program to start mining Dogecoin on CPUs. Software solutions for GPUs include the widely compatible EasyMiner, CudaMiner, and CG miner. Many miners utilize the MultiMiner program to mine Dogecoin. While CGMiner and EasyMiner are highly recommended for ASIC.

An advantage of solo mining is that miners do not need to share their rewards with anyone else.

Nonetheless, there are some drawbacks. Firstly, mining gear is expensive. However, the infrequent and inconsistent payouts of individual Dogecoin mining are its main faults. Moreover, a miner without a powerful machine may never receive a block reward. Miners would have to wait weeks or months before receiving a block reward, even with powerful mining gear.

Cloud mining:

Cloud mining is a way to escape the costs of expensive mining gear. Using a subscription method, individuals rent computational power, and DOGE is mined through a mining pool. Incentives are distributed according to the quantity of computational power rented.

Scrypt mining contracts are less common at reputable cloud mining firms like Genesis Mining and Eobot. However, you may still find them on sites like Nicehash that sell hashing power.

Mining pools:

One of the easiest methods to mine Dogecoin is to join mining pools. A mining pool is a collection of people that pool their computing resources to mine cryptocurrencies. Depending on how much processing power each participant contributes to the pool, the benefits from mining are distributed among them all.

Mining pools could be the only viable way for miners without powerful rigs to receive rewards. Rigs with insufficient hash power will, of course, generate very little revenue in any mining pool. However, you’ll at least have some money coming in regularly. On the other hand, solo mining without a powerful setup will probably result in no rewards at all.

Some popular mining pools are Aikapool, Prohashing, Multipool, etc.

Estimates of mining profitability will always vary greatly. The main factors will ultimately depend on the market price of DOGE, the difficulty of the mining process, and the specifications of your rig. To increase your chances, you can choose to mine alone or join a pool. A potential alternative for people who don’t want to spend a lot of money on mining equipment is to join cloud mining pools.