There are two ways to mine Dogecoin; solo (on your own) or with a Dogecoin mining pool.
Note: The Dogecoin pool is the name given to a group of users who share their processing power to increase their chances of getting rewards by verifying transactions.
Dogecoin Mining: Solo or Pool?
When you mine as part of the Dogecoin pool, you have to pay a fee. Also, when the pool finishes the transaction in one block, only a small part of the total reward will be given to you. However, pools complete block mining much more often than solo miners. So, even if shared, you have a better chance of winning a prize. In this way, you will have a stable Dogecoin resource.
If you want to mine solo, you run the risk of waiting too long to confirm a transaction because there is so much competition. You can wait weeks or months to earn your first block reward! However, when you win, the whole prize will be yours. You don’t need to share or pay any fees.
My suggestion for beginners would be to join a Dogecoin pool. This way, you won’t have to wait too long to get your first block reward. You also become part of a community, which Dogecoin is exactly what it is!
What Do I Need to Get Started with DOGE Mining?
Before you start mining Dogecoin, you should have some basics. These:
- A PC with either Windows, OS X or Linux operating system
- Internet connection
- A Shiba Inu puppy (joke😅)
You also need a place to store the Dogecoins you earn. You can download a wallet by going to Dogecoin’s homepage.
Note: Wallet is like an e-mail account. It has a public address for receiving / sending Dogecoin and a private key to access it. Your private keys are like the password that protects your e-mail. Private keys are very important and should be stored in a safe place.
There are two types of wallets: Light wallet and full wallet. In Dogecoin mining, you need a full wallet. This is called the Dogecoin Core.
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