What is the Shiba Inu Coin
Shiba Inu coin, commonly known as The Shiba token, adapts its name from a breed of Japanese hunting dogs. It is this dog that is depicted in the logo. The self-proclaimed ‘Dogecoin killer’ is a decentralized cryptocurrency created in August 2020 by an anonymous person or person under the pseudonym “Ryoshi.” There are close to 400 trillion tokens in circulation.
The coin has had a good run. As in the past week alone, the cryptocurrency made a mighty surge by 216%, making it the 20th biggest crypto in the world. Its price today is 0.00002659 US dollars, comprising of a trading vol. of 3,724,323,548.78 US dollars.
How Do You Mine the Shiba Inu Coin?
There are two universally accepted ways of acquiring cryptocurrency. You either purchase it or mine it. When it comes to purchasing it, you get the coin on several exchanges such as Binance, Coinbase, Crypto com and other exchanges.
Yet, when it comes to mining, you get to earn cryptocurrency as a reward for solving complex mathematical problems. And this is the main purpose of crypto mining- to verify a transaction and show proof of work.
In this article, we will look at how Shiba Inu Mining.
Shiba Inu Mining
Step 1: Get a wallet
The Lumi wallet and Atomic wallet are among the few free wallets with SHIBA INU token support. They are both desktop and mobile-oriented; hence you can access them while still on the move. And they support over 1000 and 300 coins, respectively.
For this article, we will work with an atomic wallet.
Atomic Wallet Website Screenshot
Once you have downloaded the software for your Mac, enter your name and password to register. You will be provided with a 12-word back up and head on to the wallet.
Step 2: Get a miner
For a mining program, we will use the xmrig that can be found on Github.
Once on the page, scroll down to assets, select the compatible version for your device, and download it.
Step 3: Find a pool
Our pool of choice is unMineable, an automated system that allows you to mine coins with your G.P.U. This platform is most recommended as it allows you to mine coins that are not normally mineable, like Dogecoin, Ave, Polygon, Lite Coin, and Shiba Inu.
On the landing page, select the Shiba Inu token. And then select Etchash or Kawpow algorithm for you G.P.U or RandomX for your C.P.U
Step 4: Configure the miner
Now you need to configure xmrig to mine to the unMineable.com pool and tell the pool that we want to be paid in Shiba Inu tokens.
You will find Xmrig configuration in a file called config.json. Open config.json via a text editor. And scroll down to the ‘pools’ header. Once there, replace the pool address with an unMineable pool address.
unMineable Pool Address
On the next line that says user, type “SHIB”: Your Atomic Wallet address.Your name
Step 5: Start mining
Run the downloaded xmrig, which should automatically connect to the UnMineabe.com pool, and the mining starts.
Step 6: Earnings
To receive payment for the mining, paste the Atomic wallet address to UnMineable.com. Then click on the magnifying glass.
The payout threshold is 700,000 Shiba Inu tokens.
Ultimately, we have two Shiba Inu Mining techniques: cloud mining and hardware mining. Hardware mining will require you to lease or purchase mining rigs while, as discussed above, cloud mining will mainly deal with the software.
In reality, both are generally expensive and time-intensive. Therefore, if you do not realize profits immediately, exercise patience and read more on this topic.