How to mine Dogecoin – Instructions for 2022

Dogecoin has come a long and difficult way since its emergence as a joke cryptocurrency around a viral meme on the Internet. However, what was not long ago a frivolous project designed specifically to be “as funny as possible” is now one of the top 15 largest and most popular crypto-assets with a market capitalization of over $20 billion and a huge army of fans.

Dogecoin’s meteoric rise in 2021, driven by Internet culture and permanent support from Ilon Musk, has led to excitement and interest not only in buying the coin, but also in mining Dogecoin.

Last year, for example, the Dogecoin network attracted a record number of miners. And despite the truly, not dare we say it, colossal success, Dogecoin mining is still much less competitive than Bitcoin mining. However, there are advantages here – new blocks in the Dogecoin blockchain are discovered much faster and the rewards are much higher.

How is the Dogecoin situation on the market right now? Is it profitable to mine the cryptocurrency today? What are the ways to mine the coin? How easy is it and what does it take? Talk about everything you should know about Dogecoin cryptocurrency mining in 2022.

Dogecoin – Situation for February 2022

Dogecoin has experienced seemingly everything in the past year: both sharp ups and relative stability; both absolute all-time highs and dramatic drops. The year 2021 started for the cryptocurrency at $0.0057, and in early May, the asset reached its peak value – the price of one coin was a record-breaking $0.68 to this day. However, the cryptocurrency could not help but be affected by the spring crash of the crypto market, and from the second half of May, Dogecoin quotations began to decline. Then the rate continued to fluctuate, but globally, the coin was relatively stable in the second half of last year.

What do we have today? Dogecoin entered year 2022 rather confidently – the price of the asset was $0.17 on January 1. According to the results of the first month of the new year, the minimum value of the coin is $0.12, while its maximum value is $0.2. At the moment of writing this article (February 8, 2022) Dogecoin’s price is $0.15.

The cryptocurrency’s total market capitalization at the beginning of 2022 was $22.6 billion, and as of February 8, that figure is $20.6 billion

Is it profitable to mine Doge today

Dogecoin mining in 2022 doesn’t just still make sense. Rather, it makes even more sense than before. And the reason for that is last year’s meteoric rise in the coin’s value on exchanges and its popularity among investors. Dogecoin mining is now even more profitable. So how much can you earn by mining Dogecoin?

A miner’s profit depends on four factors: electricity costs, processing power, the current Dogecoin exchange rate, and the reward per block. The most important of these parameters are electricity costs, which vary greatly depending on geographic location. The other variables are the same for all miners. Therefore, miners tend to set up their equipment in places where energy costs are relatively low, which makes their mining business more profitable.
Analyzing the most profitable GPUs, we can conclude that they bring from $0.25 to $2 per day, depending on the current rate of cryptocurrency. It takes 1-2 years to amortize a GPU, depending on the specific model. Newer Nvidia processors also provide half the hash rate of previous models, deliberately making them less attractive for mining in order to make them available for other uses. To summarize, we can see that buying a GPU solely for the purpose of mining Dogecoin at the current price level looks pretty unattractive. But for those who have a powerful GPU, it can be a good way to earn some extra dollars.

Things are much better when mining with the latest models of ASIC miners. They make about $5-10 dollars a day if you are mining Litecoin and Dogecoin at the same time, and they will pay for themselves in about 1 year.

Let’s take a detailed look at all available types of Dogecoin mining and analyze the features and benefits of each.

Popular types of mining

Dogecoin mining used to be much easier because there were very few users online. And that meant that everyone could mine the cryptocurrency themselves. However, as the coin grew in popularity, the mining process became increasingly difficult, forcing miners to group together and create “mining pools.”

A mining pool is an association of participants who mine a digital asset by grouping together their computing power. The remuneration is divided between the miners in proportion to the amount of computing power they have allocated.

So, today there are three key approaches to Dogecoin mining:

• Individual mining;
• pool mining;
• Cloud mining.

The last method differs significantly from the other two. Let’s take a closer look at it.

Cloud mining of Dogecoin

Dogecoin can also be mined by cloud mining, which is not actually mining as such. Dogecoin cloud mining involves renting computing power and paying a monthly or annual fee. The coin is mined centrally through a mining pool, and you are then rewarded, the amount of which depends on your tariff – how much processing power you pay for. The more you pay, the more power the cloud mining companies use to mine.

This method is great for those who have the funds to mine, but don’t want to buy and install expensive equipment. You can use the ready-made capacity at an agreed upon rate and make a profit.

But here we have to consider that almost all contracts have a time limit, which means that you can suffer losses, if Dogecoin exchange rate becomes lower than the operational and electric costs of its mining.

Nevertheless, it can also be as efficient as a pool, and most importantly, it does not require expensive installations. Anyone who decides to go into cloud mining should only have a Dogecoin wallet.

Another problem that a potential user may encounter is that most cloud mining services offer unprofitable rates or do not pay remuneration according to the stipulated terms.

Today, there are many platforms offering cloud mining services, but not all of them are equally reliable and profitable. Let’s consider proven and worthy services that you can trust.

Cloud mining services

Genesis Mining

An online cloud mining company allows you to mine Dogecoin with no maintenance fees. You can also mine Bitcoin or other lucrative cryptocurrency and get paid in Dogecoin. Earnings can be converted using an automated trader. The minimum contract price ranges from $28 for 2 MH/s to $2,400 for 200 MH/s.

ViaBTC

ViaBTC also allows you to mine Dogecoin directly through the Litecoin pool. The platform offers lifetime contracts, a minimum payout of 1 Dogecoin with no fees, and pricing plans from $5.90 per 1 MH/s.

NiceHash

NiceHash also allows you to mine other coins in the cloud and get paid in Dogecoin. The service provides the ability to rent hashing speeds and direct them to Dogecoin mining pools. The platform allows hash rates to be traded on a trading platform.

Bitdeer

Bitdeer offers cloud hash rates for mining various coins and a hash rate marketplace where you can buy and sell hash rates.

Miningrigrentals

This is a peer-to-peer marketplace where you can buy or rent mining equipment such as L3 and use it to mine Dogecoin. You can then direct the hashrate to mining pools to mine Dogecoin.

Mining with ASICs

An ASIC is a computing machine designed to generate hashes. ASICs are much more powerful than GPUs and, expectedly, more expensive. These mining devices provide excellent performance at a relatively affordable cost.

The Best ASIC Miners

Bitmain Antminer L7

With a 9,500 MH/s hash rate, this is the best machine for profitable Dogecoin mining, although it can mine a total of 34 Scrypt coins (including Emerald, Florincoin, Litecoin and Verge).

The miner costs about $17,000. It can only be purchased from vendors AsicMarketPlace, AKMiner, BT-Miners and Print Crypto, and it consumes up to 3,425 watts of power. It can be connected to AntPool, Easy2Mine, and LitecoinPool mining pools for cryptocurrency mining.

You can also join cloud mining services that apply it for mining and then rent a hashing rate or setup. Generates up to $146 in daily income.

Bitmain Antminer L7 9160 Mh.

This miner provides a hashing speed of 9.16 Gh/s and its power consumption is 3,225 watts. It allows you to make $94.56 daily profit at an electricity cost of $0.01 per kWh.

It can mine other Scrypt coins such as Litecoin, DGB and EMC2, Florin, Verge and others. The cost of the device is $18,000.

Scrypt BW L21 Scrypt Miner

The miner provides a hashing speed of 550 MH/s, consumes about 950 watts of power and costs $2500. It allows you to mine all Scrypt coins, not just Dogecoin. The device can also connect to Litecoinpool and other pools where you can mine Dogecoin. Daily profit with this miner is $5.53 with an efficiency of 1,727 J/Mh.

Bitmain Antminer L3+.

This device is also considered one of the best for Dogecoin mining with a daily yield of about $4.64 at an electricity cost of $0.1 per kWh. It was released in 2017, produces 504 MH/s, consumes 800 watts of power and can mine more than 30 other coins. It only supports the Scrypt mining algorithm. The cost of the device is $1700.

Goldshell Mini Dode DogeCoin LTC Miner Scrypt

The miner provides 185 MH/s hashing speed, consumes 233 watts of power and can generate up to $2.11 per day with an efficiency of 1.259 J/Mh. The device costs $1399.

CPU and GPU miners

CPU miners are computer processors. You can also use your PC to mine Dogecoin. However, it is important to understand that mining is a very resource-intensive process, so be prepared for possible processor overloads and device overheating.

GPU miners – video cards. Although computer processors have enough power to withstand the load of coin mining, a much better solution is to mine Dogecoin on a video card. Video cards are more powerful and optimized.

The best software for Dogecoin mining

While you can use CPU and GPU miners, they will not always be cost-effective. ASIC mining software that allows the Scrypt algorithm is preferred.

MultiMiner

MultiMiner is a GUI application that runs on Windows, OS X and Linux. It allows you to easily switch between GPUs, ASICs, FPGAs and between mining cryptocurrencies such as Bitcoin, LTC and Doge. The miner uses the bfgminer engine, automatically loaded by the software, to detect your mining devices and then presents a user interface that allows you to select a coin to mine. You can also connect to pools.

Cost: free.

Awesome Miner.

This is another ASIC miner that allows you to set up any mining pool for Doge ASIC mining. You just need to connect the rigs or ASIC to a power source, select a pool, find the IP address of the ASIC, log into the ASIC web interface and enter the mining pool information. Works with Windows, Linux and other operating systems. Allows you to make a profit when mining multiple coins.

Cost: free and paid versions at $2 per miner per month.

CGMiner

CGMiner works as a multi-threaded miner with multiple FPGA, CPU, GPU and ASIC pools for Doge, Litecoin, BTC and other coins. The software uses a command line interface and allows you to set up different pools for Dogecoin mining. It also works on Linux, Mac and Windows. Since it is a command line tool exclusively, it can be difficult to install for newbies who prefer to use the graphical interface in MultiMiner or the web interface in Awesome Miner.

Cost: free.

CudaMiner .

This software is said to work best with Nvidia products. It allows you to automate mining with minimal setup and intervention. The desktop application comes with a web console that allows you to remotely manage and optimize your ASICs. Works on Windows, Linux or CudoOS. Provides autotrading functionality, can be used to manage mining farms, suitable for Dogecoin mining on PCs, GPUs and ASICs.

What else is important to consider

Let’s take a look at additional parameters to consider when choosing a miner.

Coolers. Cryptocurrency mining can cause the device to overheat, so it is critical to set up a cooling unit and monitor its temperature.

Noise. Be prepared for the fact that ASIC mining devices can be very noisy. You may want to consider a cool place with good soundproofing.

Memory capacity. Consider the fact that you will need a good amount of storage to save the necessary data.

Step-by-step instructions for mining

Get your mining equipment

Regardless of whether you are going to mine on a CPU, video card or ASIC, you need a mining rig. Buy mining equipment or check to see if your CPU/GPU is suitable for mining coins. To mine Dogecoin as profitably as possible, you need to get ASIC machines designed for Scrypt-based mining. You can buy them from official manufacturers or resellers.

Install the software/update the drivers

Download and install the appropriate software (CPU, GPU or ASIC) needed to run ASIC or CPU/GPU miners and update the GPU driver (if needed).

Join a mining pool

Join a suitable Dogecoin mining pool by creating an account.

Connect your devices to the pool

If you have an account with a mining pool, use it to connect your mining machines to one of the pool’s servers to be able to mine Dogecoin.

Set up a Dogecoin wallet

To receive income from block rewards, you need to register a payout address in your pool account. If you don’t already have a Dogecoin wallet, create one.

Start mining

Once everything is set up, your mining pool account settings track your hash rate, income, and payouts. Most mining pools provide you with a dashboard or even an app to track your mining activity. When you have mined some Dogecoin and received a reward per block, you can cash it into your personal wallet through your mining pool account.

Can you mine Dogecoin from your phone

Although it is possible to mine Doge cryptocurrency from a smartphone, this method definitely cannot be called efficient and profitable. Using the limited computing power of mobile devices will not be justified, because the performance of smartphones is too small for coin mining. These devices are not designed for such loads and will fail very quickly. And you won’t make any money anyway.

Conclusions and Conclusion

Not long ago, Dogecoin mining was not that popular and profitable. However, today it is exactly that. And the growth of the cryptocurrency and the strengthening of its position in the market contributed to this.

Dogecoin mining is much easier than Bitcoin. But it is also less profitable. However, your income depends on your hardware, software, energy costs. Dogecoin mining is not profitable with CPUs (computer processors), and with GPUs (video cards) your income will be very low. ASIC and cloud mining sites, on the other hand, are very profitable.