How do you mine Dogecoin?

Discussion in 'Digital Currencies' started by TreasureHunter, Feb 12, 2021.

  1. TreasureHunter

    TreasureHunter Well-Known Member

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    Do you think it's worth mining Dogecoin at this time?
    A few years ago some people were still mining Bitcoin on laptops, but now that's over, entire "factories" are required.

    Is it technically possible to mine Dogecoin by using a laptop exclusively, without connecting to any online platform?

    Provided that you have a strong laptop and plenty of electricity, would Doge be one of those "easy to mine" coins?
     
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  2. 66rounds

    66rounds Well-Known Member Silver Stacker

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    Think you need specific kit unlike for Bitcoin
     
  3. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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  4. JohnnyBravo300

    JohnnyBravo300 Well-Known Member

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    There is unlimited supply of them, not limited like others.
     
  5. TreasureHunter

    TreasureHunter Well-Known Member

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    ^
    True, but they seem to have potential. Unsure whether it's worth mining and whether it can be done in the simplest way, through a laptop.
     
  6. 66rounds

    66rounds Well-Known Member Silver Stacker

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    As @mmm....shiney!'s link shows, you need a decent CPU and GPU combo plus an ASIC Scrypt miner. $2k-$3k all up
     
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  7. OZZIE_STACKER

    OZZIE_STACKER Member

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    Easier and cheaper just to buy some DOGE off an exchange
     
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  8. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

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    Interesting. even after the price has increased like 30 times?
     
  9. TreasureHunter

    TreasureHunter Well-Known Member

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    This is probably the most promising crypto. If it reaches 1 $, it will be tremendous.

    I came across some stats - not sure how reliable this is, on what it depends:
    https://www.statista.com/statistics/1201806/dogecoin-mining-profitability/

    3 $ a day is peanuts.

    Not sure if the electricity bill fits into the frame. If you have to pay a lot on the bill, it makes no sense mining an anyway dodgy asset.
     
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  10. TreasureHunter

    TreasureHunter Well-Known Member

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    So, a strong 2,000 $ laptop is not enough?

    Is there a mining software that can be downloaded? I saw some online "mining pools" and various online platforms that allow mining, but this sounds unreliable.
     
  11. Brendio

    Brendio Active Member

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    Mining most coins you are paying for electricity and hardware. Unless you have really cheap electricity, or can get the latest new-beaut mining chip before everyone else, you will probably pay more for the electricity and hardware than you would just buying the coins. When I looked into it almost a decade ago, calculations could show profitability if you assume prices will go up and the mining difficulty will not go up by more than that. But if you are assuming the price will go up, it is a lot more profitable and less risky and more liquid to just buy the coins. outright.
     
  12. OZZIE_STACKER

    OZZIE_STACKER Member

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    Give it a shot, you can search YouTube of how to mine and download the software and hook up to a mining pool. Run it for 48hrs and see what results you get.

    If DOGE mining is done by GPU I doubt a $2000 laptop will mine much, you will need a machine with a top tier graphics card which is 1-2k on its own, then you have to factor in the electricity price of running it 24/7.
     
  13. Brendio

    Brendio Active Member

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    Note that mining can become more profitable briefly after a strong price surge, but that attracts people like yourself to start mining it, and it then becomes less profitable again as the difficulty goes up.
     
  14. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

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    my wife told me to buy dogecoin a couple days ago. Thinking of throwing in one or two K. Coinbase doesn’t support and crypto.com website don’t work and the interface feels like one of those Alibaba sites.
     
  15. OZZIE_STACKER

    OZZIE_STACKER Member

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    Try Binance exchange, I'm pretty sure you can buy it from there.
     
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  16. SteelHand

    SteelHand Well-Known Member Silver Stacker

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    You can use Coinspot as well, it's an Australian based website and app and you can buy Dogecoin through it

    https://www.coinspot.com.au/
     
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  17. TreasureHunter

    TreasureHunter Well-Known Member

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    Is there a way to mine locally on your machine, without using any "mining pool"? Isn't there a "mining software" that works pretty much like a QT wallet (mining software that you just download and "hit it").
     
  18. TreasureHunter

    TreasureHunter Well-Known Member

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    Do you know a place where you can buy easily with a card directly? (not through exchanges)
     
  19. Brendio

    Brendio Active Member

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    Yes, you should be able to. That is akin to buying a lottery ticket. You have a one-in-a-billion chance of winning 10,000 DOGE, but willing probably end up with nothing. If you join a pool, you share the rewards and are more likely to get some at least a few DOGE.
     
  20. Jason1

    Jason1 Well-Known Member

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    if your new, its easier to buy and sell via an exchange.
    When I was messing around with cryptos years ago I Just submitted to the exchange thing as it was just easy and convenient
     
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