Beginner’s Guide to Dogecoin Mining

[evonax]

As we already know that Dogecoin AKA meme crypto coin was influenced by a meme. Since it came on the market it is gaining profit day by day, it never went down. It gained the popularity in less time and its market value is increased by $64 billion by this year. Of course, Dogecoin is preferable by investors and marketers.

Dogecoin is using the same technology as Bitcoin. These cryptocurrencies are using Blockchain but their outcomes are different, Bitcoin’s block time is 10 minutes whereas Dogecoin’s block time is 1 minute. Dogecoin is faster than bitcoin. The experts and developers are trying to cut down the block time of the Bitcoin while cryptocurrencies like dogecoin are trending.

Not only Investors, Miners are also taking interest in the Dogecoin Mining. Now let’s understand what is mining. Dogecoin is decentralized peer to peer cryptocurrency which allows transaction from one individual to another without any help or authority of bank. This crypto coin transaction recorded in a digital ledger that is commonly known as Blockchain. The Blockchain is a combination of thousands of computers in the network where each computer is called a node. And when any new transaction occurs the transaction is added to every node and hence the Blockchain.

The transactions are checked by all the nodes before confirming any transaction and if they don’t use Blockchain then the users will pretend that they have a currency which they actually don’t have. After all the nodes have confirmed the transaction, then only the transaction can be fully secured. The confirmation process requires a lot of computer power and electricity which is quite expensive. Therefore, the cryptocurrencies offer rewards to the nodes by giving them crypto coins. Hence this process is called mining.

There are two types of Dogecoin Mining. The sole mining and The pool mining. The sole mining only includes single miner, whereas pool mining includes multiple miners.

If you want to check out the requirements of Dogecoin mining you can check the given link.

https://www.evonax.com/blog/2018/04/27/ ... ecoin.html