So you heard about Dogecoin and want to know how to mine on your computer?
You might have gained interest with Elon Musk’s recent tweet to put a literal dogecoin on the Moon, or you reasonably might hear it from your friends.
Whatever the purpose is, let me tell you, Dogecoin has mounted as one of the most tangible cryptocurrencies, and who knows might deflate the value of Bitcoin as well.
That seems pretty far enough, but anything is feasible in the crypto world.
Before you get overwhelmed, let me walk with you in brief about Dogecoin, how you can mine, and websites where you can sell or trade these cryptocurrencies.
Fair enough, Let’s roll!
Dogecoin is an open-source digital currency invented by software engineers Billy Markus and Jackson Palmer.
The coin sprang to almost 300 percent in value within 72 hours of its inception.
It officially launched on December 6, favored by the Shiba Inus dog breed from the Doge meme, as its logo branded by Jackson Palmer.
The sudden spike in growth happened when Bitcoin and other cryptocurrencies were spinning on Chinese Bank decision to forbid Chinese banks from investing in the bitcoin economy.
Time-lapse to July 2020, the other contribution of the price spike is also because of a TikTok trend, aiming to get the Dogecoin price to 1 dollar.
At this time, the market capitalization rose to over 50 billion dollars, making it the fifth-highest valued cryptocurrency.
Today, this cryptocurrency is no joke, having popped in value, and gained over 5000% in 2021.
So how does Dogecoin work?
It runs on blockchain technology like that of other major cryptos, like Bitcoin and Ethereum.
The blockchain network utilizes cryptography to keep all the transactions safe.
Though used for payments and online purchases, it is not yet an adequate store of value because of no lifetime cap on the tally of Dogecoins created by mining.
Should I invest/buy-in Dogecoin?
Millions of new Dogecoin are released on the market every 24 hours.
There is no lifetime limit on the quantity of Dogecoins that can exist.
So, there is a slender reason to hold it for the long term.
Also, the rise in the value of Bitcoin, which has a lifetime cap, slows down many people not satisfyingly investing in Dogecoins.
Buying any cryptocurrencies involve risk, and that it goes with Dogecoin.
The consistent flow of new coins onto the crypto market sets frequent pressure on the coin’s value.
The best strategy is to buy few coins and being familiar with the system of this cryptocurrency.
Many of those who bought Dogecoin this year has been well rewarded.
However, it is best to abstain from sinking more than a token amount of coins from your hard-earned money in any cryptocurrency.
Platforms for mining Dogecoin
You can use your computer devices, running Microsoft Windows, Linux, iOs, and Android smartphones to mine.
I believe that you have a stable internet connection and supporting gadgets.
Below is the step-wise approach to mining Dogecoins on your computer.
How to Mine Dogecoin?
Go to unmineable.com to download the mining software.
Go to downloads and right-click on the download link.
Click on “save link as” and save it to your desired folder.
Extract the downloaded WinRAR file from your desired folder.
Click on the Unmineable.exe software, and click continue to install it on your computer.
Select your preferred mining hardware (based on your computer hardware)
Select Dogecoin in the filter tab.
Enter your wallet address (if you already have one).
If you don’t have a wallet address, follow the further instructions below to get a wallet address.
Dogecoin Mining Wallet
Go to Wallets
Click to download your wallet
I recommend downloading the Dogecoin Core, as it works and sync by downloading it on your computer, also it provides good usability.
After downloading the Dogecoin core, install it on your computer.
Go to File, and click on “Much receiving addresses” to get your wallet.
Click to copy your wallet address.
Go to Unmineable, and paste your wallet address to start mining Dogecoins.
WEBSITES TO SELL YOUR DOGECOINS
Started in 2011, the Oldest and largest Bitcoin exchange in the world, Kraken is consistently labeled one of the best sites to buy and sell crypto online.
It offers excellent service, low fees, varied funding options, and definite security measures.
If you are new to investing, it would all appear overwhelming.
People need to begin making their cash work for them and that is a comprehensible and rational thought.
However, you have to be sensible about your funds.
There are lots of due diligence and groundwork that goes into understanding the monetary markets earlier than one should begin investing and it is for their greatest as properly!