Dogecoin is a popular meme coin that has inspired many other animal-themed cryptocurrencies. DOGE paved the path for the numerous cats and dogs that are flooding the meme coin realm. Meme coins were primarily developed as a joke, as their name suggests. Meme coins, however, have been incredibly popular recently.
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Many users attempt to join the meme coin frenzy in an effort to blend in. With Dogecoin, the meme coin craze got started. The meme coin trend began with Dogecoin. It was followed by a number of coins attempting to impersonate the DOGE father.
Dogecoin in a Nutshell
Developed in 2013 by Billy Markus as a lighthearted joke based on the “doge” meme, Dogecoin features a Shiba Inu dog as its logo and was initially used for tipping content creators on platforms like Reddit and Twitter.
Initially, DOGE was developed as a playful online joke, and the original developer sold his coins before the coin gained popularity. DOGE was primarily used for tipping content creators on platforms such as Reddit and Twitter.
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However, its fortunes changed when Elon Musk began tweeting about it, expressing his support for the memecoin. As a result, DOGE became very popular and started rallying after every tweet.
While there have been some temporary dips, Musk’s tweets marked a turning point for DOGE, propelling it to greater heights. Currently, the Dogecoin Foundation manages the first memecoin.
How Does DOGE Mining Work?
DOGE utilizes a Proof-of-Work (PoW) consensus model, where miners play a crucial role in validating transactions and ensuring the network’s safety. In order to enhance security measures, Dogecoin (DOGE) incorporates Scrypt mining contracts, in contrast to Bitcoin (BTC) and other Proof-of-Work networks that rely on the SHA-256 algorithm. The use of Scrypt enables a faster and less energy-intensive mining process for generating new Dogecoins.
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How to Mine Dogecoin
Mining Dogecoin was an easier task earlier. However, the spike in the hashrate of the DOGE network has ramped up the requirement for more than a gaming GPU. For an average miner to make the process easier, mining pools were created where people combined their hashing power.
Currently, miners who engage in profitable Dogecoin and other Scrypt coin mining employ specialized hardware known as Application-Specific Integrated Circuits (ASICs). These ASICs are designed specifically for this purpose, enabling miners to optimize their operations and achieve desirable results.
Requirements to Mine
- A computer operating on Windows, Linux, or Mac OS.
- One or more ASIC miners specifically designed for mining Scrypt-based cryptocurrencies.
- Power supplies.
- An account with a mining pool.
- Access to cheap electricity.
- Dogecoin wallet to receive mining rewards.
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Mining Dogecoin as part of a pool
Visit the website of the mining pool and proceed with creating an account. During the registration process, it is important to carefully review and accept the rules, which often include information about the payout criteria. Enter the required account details, including the wallet address where the mining pool will send your mining rewards.
Follow the steps below to set up your ASIC mining setup:
- Connect the ASIC miners to the power supplies and also the Ethernet cable.
- Use a computer that is connected to the same network.
- Enter the IP of the ASIC miners in your browser address bar.
- Login using username and password which are found in the manual of the manufacturer.
- Enter the right configuration page for mining pools.
- Mining rewards will be sent to your wallet by the pools.
- Ensure to use renewable energy if available, as the mining process could consume more electricity.
- Keep your ASIC miners in a well-ventilated space to allow them to cool down.