You have full reign to check out this technology now and dive into the origins of crypto. Old school Proof-of-Work may eventually be seen as a relic of a technological past. Proof-of-Stake operates on having mining power based on tokens a user owns and doesn’t need the vast computational power of older generation blockchain mining. This is meant to tackle many of the problems of Proof-of-Work, like the power needed to validate blocks.
The newer protocols like Cardano, Polkadot and upcoming Ethereum 2.0 will function with a Proof-of-Stake model. Mining DOGE this way, for the average person, is impractical. By mining LTC, you are given DOGE, which is the ‘most direct’ way to mine DOGE, although you would need to have incredible resources in order to do so. While mining for other coins isn’t as notorious for energy consumption, you should still keep in mind your electricity bill when trying to mine.ĭogecoin, since it’s merged with Litecoin, uses Auxiliary Proof-of-Work, meaning that it uses the Proof-of-Work validation of LTC for its own blockchain. Though the climate change impact is often overblown, the Bitcoin network, which is the oldest technology, still requires as much power as a casino city like Las Vegas. They are rewarded for this work with cryptocurrency tokens.Īs you can imagine, this requires a lot of electrical power, since the computational work required to solve the algorithms is immense. Miners are, essentially, auditors, verifying network legitimacy. This process is called Proof-of-Work, and this is how many of the older cryptocurrency networks, like Bitcoin and DOGE, have functioned. This allows miners to create new blocks, or data where the network is recorded. Mining, in the crypto world, is using your computer to solve complex algorithms, namely cryptographic hash puzzles.
A Brief Intro to Cryptocurrency MiningĬryptocurrencies, like their mineral counterparts in gold and silver, are subject to be mined. When a mining program has the option to mine for DOGE, it makes it so that you mine another currency, like Ethereum, which is then exchanged for DOGE automatically. When you do mine, you are usually mining for something else and that cryptocurrency is converted into DOGE.Īlthough you’re not directly mining for doge, it’s more convenient than having to go to an exchange and trade. Now, it is virtually impossible to directly mine Dogecoin, as a price paid for the network’s security. To protect itself from a 51% attack, Dogecoin (DOGE) merged with Litecoin (LTC). So although you may profit somewhat, don’t expect to become the next Dogecoin millionaire through mining unless you’ve invested in a good rig.Īnother problem is that, nowadays, you can’t directly mine Dogecoin. Even so the ones who make a huge profit mining cryptocurrency have entire rigs dedicated to mining. About Mining Dogecoin (DOGE)ĭogecoin is 1 million times easier to mine than Bitcoin. Realizing that the processing power needed for Bitcoin is so extensive that there are mining facilities needed for it, you turn to the most lucrative meme of all time. Seeing the jaw-dropping price of Bitcoin, perhaps you’ve fancied the idea of Bitcoin mining and wondered if you could generate a whole Bitcoin from your computer. If you’ve delved deeper into cryptocurrency than the darling memecoin, you’ve probably heard of cryptocurrency mining. Being a funny and sincere coin, not tied to any institutions or businesses, Dogecoin has become attractive to the mainstream. From being pumped by Reddit users to Twitter mentions by self-proclaimed Technoking Elon Musk, Dogecoin looks as if it’s here to stay. If Dogecoin’s goal was to bring cryptocurrencies to a wider audience, it’s done just that and more.
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