Dogecoin is the hottest cryptocurrency on the planet at the moment. Based on the “Doge” meme and started as a “fun” alternative to Bitcoin, Dogecoin’s value has risen phenomenally this past week, and it is valued at $34 billion, according to CoinGecko, a market data site.
What is Dogecoin?
Dogecoin is a cryptocurrency which was launched in 2013.
Jackson Palmer and Billy Markus created Dogecoin as a joke, using the image of a Shiba Inu dog as its logo.
It has been positioned as the “fun” version of bitcoin.
After the Chinese government issued a ban on cryptocurrency trading, the value of it jumped by 300%, according to Investopedia.
Dogecoin’s market cap spiked along with other cryptocurrencies in late 2017, and it fell along with the others in 2018.
According to crypto data firm CoinMarketCap, it hit its peak value yet on April 13 at $0.09518 per coin.
Why is Dogecoin going up?
Elon Musk, the CEO of Tesla and SpaceX, may have contributed to the increase in valuation by tweeting “Doge Barking at the Moon” with a photo of a painting named “Doge Barking at the Moon” last week.
Since Coinbase, a digital currency exchange, made its Wall Street debut last Wednesday, there was renewed interest in cryptocurrencies last week. For a fleeting moment, Coinbase’s shares surged to $429, valuing the firm at more than $100 billion.
Where can I buy Dogecoin?
Buyucoin
BuyUCoin enables users to purchase Dogecoins without any difficulties.They have also succeeded in making the process as easy as possible. You just have to create a BuyUcoin account and pick the best platform from OTC, BuyUcoin EZ.
Binance
Binance is now one of the most popular trading sites for cryptocurrencies that allow you to purchase approximately 200 cryptocurrencies.This platform has been operational since 2017. The platform is well-known around the world, and it helps users to purchase their preferred cryptocurrency by using standard currencies and payment methods.Open the “Buy Crypto” option from the top navigation bar on the exchange’s website. Then choose your favorite mode of payment and purchase as many Dogecoins as you want.
Kraken
Users can also check out the Kraken trading platform.This platform was launched in 2011 and has since become the most popular cryptocurrency exchange platform. Users simply need to open the website, create an account, complete the account authentication process, and choose the “Buy Crypto” option from the top navigation bar.
How do I mine Dogecoin?
Dogecoin can be mined in three different ways. First, you could go solo. You will have to pay a lot of money on high-end appliances as well as utility fees. On the other hand, all of the benefits are yours.
Joining a Dogecoin mining pool, on the other hand, could be a better option. It would be easier for you to earn coins, but you will have to exchange them with others.
You may hire a group to mine Dogecoin on your behalf. However, cloud mining is a lot more risky. Here are some additional information to assist you in selecting one of these mining solutions.
Solo Mining
Some people use their computers to verify Dogecoin blocks. Solo miners can purchase or build their own Dogecoin mining rigs.
However, the price isn’t cheap. Some people invest about $500,000 in their mining equipment. This implies that you’ll have to learn how to make a computer as well.
Although there are less expensive pre-built models available, they do not have the same level of service.The Game Boy, an old gaming handheld, could mine cryptos, but you would only make money after a billion years or more!
You will be up against millions of other miners in this game. As a result, earning block rewards on your own becomes even more difficult. In 2021, the profitability of mining Dogecoin increased.
Meanwhile, you’ll have to pay exorbitant internet and electricity bills. The carbon footprint of Bitcoin alone is equivalent to that of entire countries!
Pool Mining
Joining a Dogecoin mining pool could make things a lot easier for you. It’s ideal for newcomers and those seeking higher yields on their investments.
They share hashing power to mine Doge much faster. The coins earned are also shared among the members. Solo miners could make more money, but it would take longer. Pool payouts are becoming more common.
Before you enter a Dogecoin mining pool, find out how the pool determines user payouts.You should also think about the pool fees.
Aikapool and Multipool are two of the best pools. Nonetheless, you should look at all of the available options on the internet. Choose the one that works best for you.
Cloud Mining
You could pay for cloud mining if you don’t want to invest in new technology. It’s a decent choice for those who don’t want to put in a lot of work into Dogecoin mining.
You just hire machines from a data center to mine for you. However, this can be very dangerous. Carefully choose the cloud mining provider.
Contracts for cloud mining are time-limited. During the deal, the price of Dogecoin can fall. This means you might not get a return on your investment. Worse, you’ll have to pay for electricity and other expenses.
All the mining methods have pros and cons, just like the cryptos. Make sure you learn all you can before getting into Dogecoin mining.
Requirements for mining Dogecoin
You’ll need a few things before you can start mining and, as a result, making Doge rain.
Hardware
To begin, you can use any Windows, Mac OS, or Linux system. Basic machines are great to experiment with, but scaling would necessitate more serious hardware, such as GPUs and ASICs.
Software
The software can differ depending on your operating system and hardware. Here are a few examples
- CPU Mining: cpuminer by Pooler
- GPU Mining: EasyMiner is a good place to begin.
- ASIC Mining: CGMiner and open source MultiMiner
Dogecoin Wallet
You will need a place to send the Doge that you have mined.You might start mining at this stage, but keep in mind that going it alone and mining Dogecoin solo is extremely difficult to make a profit, particularly one worth your time. Instead, join a Dogecoin mining pool to profit from some of the sweet synergy.
Mining Pools
You will need to join a pool that supports Scrypt mining; here are a few to get you started.
- Prohashing: X11, Equihash, SHA-256, and Scrypt mining pools.
- Multipool: Allows Litecoin and Dogecoin to be mined together.
Pro tip
Try mining other Scrypt coins and trading them for Dogecoin if Dogecoin is your only goal. With less hashing power, you will earn more Doge.
Conclusion
The future of Dogecoin, as well as the majority of the cryptocurrency sector, seems bright. However, with even the best possible values falling below $1, TikTok users and those hoping for Dogecoin to exceed $1 are likely to be frustrated.
Instead, those who want better luck with their savings should try PrimeXBT, which enables customers, along with crypt properties like bitcoin, Etherium, Ripplle, EOS, and Litecoin, to exchange CFDs with conventional assets like crude, gold, silver and stock indices. These five cryptocurrencies are at the forefront of market capital assets and are far more stable, with a higher long-term profitability. These coins may leave Dogecoin in its ashes, while the altcoin would only be a “joke” or “meme” coin.
PrimeXBT should be considered among those that are more profitable. Registration takes just one minute or less to begin and only requires a minimum 0.001 BTC deposit. Bitcoin can also be purchased by users directly from the dashboard and traded on one roof with more than 50 different trading tools.