Although Dogecoin is often considered a kind of crypto joke, with no real purpose other than to be amusing, it is still one of the most popular cryptocurrencies, with a market cap that regularly sits in the top 10. Hence, it is considered by many to be one of the best cryptocurrencies to invest in.
With its popularity, some cryptocurrency miners are interested in mining Dogecoin but are not sure how long it will take. In this article, you will learn about the time it takes to mine a Dogecoin as well as the factors that affect mining time.
What is Dogecoin?
Dogecoin (DOGE) is an open-source cryptocurrency. Dogecoin uses the face of the Shiba Inu dog from the meme “doge” as a symbol. It is also widely known as “meme coin” and “dog coin”.
Dogecoin was originally intended to be a satirical project. On December 6, 2013, software engineers Jackson Palmer and Billy Markus announced Dogecoin as a meme. That humorous initiative eventually ranked among the top 10 crypto assets in the world, boasting a market cap that had reached $80 billion at its peak.
In 2021, Internet pop culture and sustained promotion from well-known investors like Elon Musk, CEO of Tesla and SpaceX, and Mark Cuban, owner of the Dallas Mavericks helped Dogecoin become more popular than ever. As a result, there is now considerable interest in Dogecoin price predictions as well as Dogecoin mining.
What is Dogecoin mining?
Dogecoin mining is the process of validating transactions on the blockchain and earning DOGE as a reward. It uses technology that creates new blocks for a decentralized ledger and facilitates network participation.
The process involves “mining” cryptocurrencies through a Proof-of-Work (PoW) algorithm, which uses powerful, dedicated computers to compete for the opportunity to add new blocks to the blockchain ledger containing pending transactions. The Dogecoin blockchain works similarly to other digital currencies such as Bitcoin and Litecoin.
The creators took the Dogecoin code from Luckycoin, which is derived from Litecoin. Initially, they used random block mining rewards, but they switched to static rewards in March 2014. Similar to Litecoin, Dogecoin uses the Scrypt hashing algorithm. Due to their similarity, it is possible to simultaneously mine Litecoin and Dogecoin with merged mining.
However, mining Dogecoin is different from Litecoin. For example, Dogecoin has a block time of 1 minute, and Litecoin has a block time of 2.5 minutes. Bitcoin, on the other hand, has a block time of 10 minutes.
What is Cloud Dogecoin Mining?
Cloud mining can also be used to create Dogecoin. It’s a bespoke mining method that allows users to invest through a mining company or a data center that leases computer resources to miners in exchange for a monthly or annual fee. Based on the purchasing power, they mine Dogecoin at the data center through a mining pool and then distribute it to each participant.
Cloud mining can be a wise choice for those who don’t want to invest in mining equipment or who are entering the space for the first time. Mining equipment can be rented from someone else. The biggest advantage is that outsourcing is that cloud miners only have to pay for the mining resources they are using.
Cloud Dogecoin mining is simple and inexpensive, but it can also be risky. In general, you must sign an agreement to lease equipment, which can be valid for up to one year. Unfortunately, if the value of Dogecoin decreases after you sign the agreement, you are still responsible for paying your lease, and you may even lose more money than the Dogecoin mined.
How long does it take to mine a Dogecoin?
The hash power that miners contribute to the network will determine the time it takes to mine a Dogecoin. Since each block has a certain reward of 10,000 Dogecoins, it is not possible to mine just one Dogecoin. Assuming that you succeed, any DOGE mining will always take a minute.
In particular, the Dogecoin network awards a block reward of 10,000 Dogecoins for each block added to the network’s blockchain. The block time is one minute, which means that the chain adds 1,440 blocks daily or on average adds one new block per minute. In total, 14,400,000 Dogecoins are mined per day (block rewards multiplied by the number of blocks mined per day).
How long it takes to mine a Dogecoin will depend on the hash rate used on the cryptocurrency’s network. Since a DOGE has a relatively low value, most miners with extensive operations can expect to mine a Dogecoin in a very short time.
You can mine Dogecoin using different types of mining rigs, including ASIC miners, GPUs, or even CPUs. However, mining Dogecoin with an ASIC miner is the most efficient method as the device is specifically designed to mine cryptocurrencies using DOGE’s hashing algorithm. Because they were created for that single purpose, ASIC miners are known to be a lot more energy efficient and powerful than CPUs and GPUs.
How long does it take to mine a Dogecoin with a GPU?
How long it takes to mine 1 Dogecoin using a GPU largely depends on the GPU itself. A popular GPU for cryptocurrency mining, such as the NVIDIA GeForce RTX 3060 Ti can mine 1 Dogecoin in 9.6 hours.
The GPU has a hash rate of around 60MH/s after optimizing everything, and it has a low TDP of 200W (Thermal Design Power), which makes it easier to manage the heat output and maintain a high level of efficiency.
Mining cryptocurrencies using a graphics processing unit (GPU) is probably the most well-known method because building a mining setup with a GPU is affordable and highly efficient. A typical Dogecoin mining rig will consist of a motherboard, a processor, and a rig frame containing the GPU. Dogecoin miners typically use one or more GPUs for their mining process.
When mining with GPUs, it is important for miners to find a constant source of income to join the mining pool. Otherwise, a solo miner can spend a lot of time-solving a puzzle and collecting block rewards.
How long does it take to mine a Dogecoin using a CPU?
Based on the Dogecoin Mining Calculator, an average computer processing unit (CPU) with a hash rate of 20 kH/s and power consumption of about 100 Watts would require at least 1,325 days to earn a Dogecoin. Mining times may be lower for more powerful CPUs, but not significantly. Overall, it’s clear that CPUs are no longer efficient for mining Dogecoin.
CPU Dogecoin mining is the operation of running hashing software on a personal computer without a GPU. About five or six years ago, using a CPU to mine Dogecoin wasn’t a bad choice if you had a healthy PC and didn’t want to spend any extra money.
Currently, CPU mining is not recommended. Even though Dogecoin uses fewer resources than Bitcoin, it still has the potential to damage your CPU due to overheating.
Using the CPU on your PC to mine Dogecoin is also not profitable. It is difficult to make a profit, and the only result received is just an overheating device. However, you must use CPU-specific mining software, such as CPU Miner, if you decide to continue CPU mining.
How long does it take to mine a Dogecoin with ASIC?
The latest ASIC mining equipment allows you to mine an average of 7 Dogecoins per hour per ASIC. ASIC application-specific integrated circuits are specialized hardware components used to mine cryptocurrencies. Due to its higher computing power, ASIC mining can generate more Dogecoin than CPU and GPU mining.
In contrast to GPUs and CPUs, ASICs are more specialized and more expensive, and harder to set up. But since ASICs are specifically designed to have very high hashes, ASIC mining is the most efficient method to mine Dogecoin.
The management of ASIC miners can be difficult due to their high cost, noise, resource requirements, and extreme heat resistance. Also, be aware that Dogecoin mining requires an ASIC that is compatible with Scrypt. DOGE can be mined at the same time as LTC.
The cost and power consumption of ASIC miners directly correlate with the hash rate as the price will increase in direct proportion to the hash rate. Miners must try to strike a balance between these variables while choosing Dogecoin mining hardware.
Is Dogecoin mining profitable?
Mining Dogecoin can still be profitable. However, while it may seem worthwhile, Dogecoin miners shouldn’t predict how much reward they’ll make overnight. How you mine Dogecoin will significantly affect that level of profitability.
In general, mining alone may not be the best idea as the cost of equipment and electricity will likely be much higher than the return unless miners set up a scale operation. Even if you decide to mine Dogecoin, its value compared to other cryptocurrencies can significantly reduce earnings.
Investing in the most efficient hardware, like ASIC miners, and joining a mining pool will definitely help you increase your chances of success. Alternatively, you can also look at cryptocurrency mining versus cryptocurrency trading and whether mining is more profitable overall.
As you can see, the answer to how long it takes to mine a Dogecoin is not as difficult as you might think. It depends on a number of factors, including the difficulty of the mining process and the hash rate of your mining rig. Although a minute is average, it can be a little longer or a little shorter depending on these factors.