To mine Dogecoin profitably, nowadays you usually need: What you Need to Mine Dogecoin for Profit Generally, mining in a mining pool is still the way to mine Dogecoin for most miners, with a crucial difference in equipment: nowadays, all miners mining Dogecoin and other Scrypt coins profitably do so using specialized hardware called Application-Specific Integrated Circuits (ASICs), in particular ASIC miners built specifically for Proof of Work cryptocurrencies using the Scrypt algorithm. Since then, miners can mine Litecoin and any other classic Scrypt crypto and contribute also to the Dogecoin network, receiving the mining rewards from multiple blockchains at once for the same amount of work. The most popular cryptocurrency using Scrypt was, at the time, Litecoin. Then, in 2014, Dogecoin was modified to allow merged mining with other cryptocurrencies sharing the same Proof of Work algorithm (called Scrypt).
Mining revenues were split with the mining pool and with all the other miners following a set of rules established by the mining pool operators. Soon enough, the total mining hashrate of the network had grown so much that the likelihood of a miner finding a block while mining solo had been reduced drastically.įor this reason, mining pools for Dogecoin miners - the equivalent of those already existing for Bitcoin, Litecoin, and other PoW cryptocurrencies - were created, and people joined them to combine their hashing power with the hashing power of hundreds and then thousands of other miners. A miner only needed a computer with enough disk space and a gaming GPU - and this was enough to mine Dogecoin. Mining Dogecoin used to be much simpler in the early days. Check these Dogepedia articles to understand what miners do, how they interact with nodes, and why mining pools come into play when it comes to mining: Miners and mining are at the center of Dogecoin’s Proof of Work consensus mechanism.
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