To get an idea how profitable your Dogecoin mining might be you can use a mining profitability calculator such as this one, which will also let you compare other Scrypt based coins to know which one is currently the most profitable to mine. Pools that mine a variety of cryptocurrencies can provide some flexibility for miners, allowing them to switch to a more profitable coin if necessary. You might also look into whether the pool is specific to Dogecoin, or if it also allows mining other crytpocurrencies. That reward is then split between the members of the mining pool, allowing the pool members to generate revenue in a faster and more consistent manner.īefore you join any mining pool, and this includes Dogecoin mining pools, you should investigate to see how the pool calculates rewards for its members, what fees the pool takes, how secure the pool is, where the pool servers are located, and how much hashing power the pool holds. Rather than mining Dogecoin directly you are able to “merge” mine, which lets you mine both Litecoin and Dogecoin without any decrease in your hash rate.īecause the difficulty of mining Dogecoin has increased so much in 2018 the only way to really compete is to join a Dogecoin mining pool.Ī mining pool simply combines the hashing power of all the members, making it far more likely for the pool to be able to solve a block and receive the block reward. In fact, these days most Dogecoin mining is simply a by-product of Litecoin mining.
Litecoin is another cryptocurrency using the Scrypt algorithm, and while this makes Dogecoin different from Bitcoin, it is also similar because it still uses Proof of Work as its consensus mechanism, and this means anyone wishing to mine Dogecoin needs a computer capable of doing so.īecause Dogecoin is based on the Scrypt algorithm the Scrypt ASIC miners used for Litecoin can also be used to mine Dogecoin, however this isn’t too common since mining Litecoin with the expensive ASIC rigs is often more profitable. Mining Dogecoinĭogecoin is different from Bitcoin because it uses the Scrypt algorithm.
Because it remains popular within the cryptocurrency ecosystem, it is also popular with miners. In January 2018 Dogecoin hit its highest all-time level with a market cap of over $2 billion. I will continue doing these tests and posting the results.It’s interesting to note that Dogecoin, which began as a joke, is now the 37th largest coin by market capitalization, and has a market cap of more than $430 million. The initial test I did with NBMiner because for some reason Nicehash no longer allows me to mine with Trex on my gtx 1660 Super, even though it was only a few days ago. I made myself a very detailed spreadsheet that even calculates the price of BTC and ETH in real time for reliability. I have not discounted any fees for the platform software, since I believe that this is already automatically discounted in the amount that the platform indicates as "pending payment".
So far I can give you my results, after 22 hours of mining simultaneously with NBminer:
#Best coin mining pools software
I have been mining with super with one in Nicehash and another in Ethermine and I plan to continue doing these tests on other platforms / pools and with various mining software (Fucking task).
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