Shiba Inu (SHIB) has been the talk of the crypto space for some time now. According to CryptoBubbles, SHIB has grown by a massive 29,600,816% in the past year. This is amazing and by far the fasted growth in the history of cryptocurrency. Ryoshi, the core developer and founder of the Shiba Inu token, has created an ecosystem around SHIB that is growing at an exponential rate. The SHIB ecosystem now has two additional tokens, LEASH, and BONE, all with different use cases.
Shiba Inu Mining is Possible?
Yes. In June of 2021, Unmineable, an automated system that allows users to mine cryptocurrencies that are unmineable, announced they would be supporting Shiba Inu mining. Examples of other tokes supported by Unmineable include 1Inch, Chiliz, Matic (Polygon and Solana, among many others.
How Does Shiba Inu Mining on Unmineable Work?
To mine a cryptocurrency, it has to be using a Proof of Work consensus mechanism. However, SHIB and other tokens on Unmineable use other consensus mechanisms. SHIB, for example, is an ERC-20 token and does not have its own blockchain.
The Unmineable setup is actually mining four Proof of Work cryptocurrencies. These are Ethereum (ETH), Ethereum Classic (ETC), Raven coin (RVN), and Monero (XMR). After mining, these coins are seamlessly exchanges to the SHIB (or any other token of your choice).
What Do I Need to Mine SHIB?
Shiba Inu mining several key components:
Unmineable Miner Setup
You can get the Unmineable Miner setup at the Download page on the Unmineable website. Extract the file and set up the program on your computer. This setup is the fastest and easiest way to mine your favorite unmineable token.
CPU or GPU
This depends on your financial capability, as GPU costs are significantly higher than CPUs. Additionally, GPUs are more powerful and can be profitable in the long term when mining these tokens. There are four PoW algorithms on Unmineable. They include Ethash, Etchash, Kawpow, and RandomX. If you do not have a GPU, you might want to choose RandomX since the other three work best with GPUs. The determining factor is the complexity of the algorithm.
You must have sufficient electricity or at least be able to foot the bill. Mining consumes a lot of power, and your electricity bill will definitely go up once you begin the process. Also, if you can find alternative sources of electricity like solar or wind power, you can reduce the cost of mining and increase your profit margin.
To mine SHIB, you will need a wallet address. Unmineable recently added support for multi-chains. SHIB exists on Binance Smart Chain and also on the Ethereum blockchain. This means that you can cash out SHIB as a BEP-20 token or an ERC-20 token. A Metamask wallet is recommended because it will allow you to switch between the two chains freely without limitations.
How Much SHIB Can I mine?
For RandomX, it produces rewards every 6 minutes. Ethash is the slowest, producing rewards every 7 minutes. It is followed by Etchash at 4 minutes and finally Kawpow at 3 minutes. Nevertheless, the payout threshold for all SHIB tokens on the Ethereum chain is 2,000,000 SHIB. However, for the BSC chain, the threshold is lower at 500,000 SHIB.