Dogecoin is based around a popular internet meme Doge, a picture of the famous Shiba Inu. This picture surfaced in the year 2010; however, in 2013, this meme became even popular with the creation of Dogecoin.
Dogecoin has accumulated a large community since then, and it is the 30th largest cryptocurrency in terms of market cap, with a market cap of 411 million, at the time of writing. Not bad for an internet meme.
It is arguable if this coin has any utility at all. You could say DOGE is the most valuable meme. However, in terms of speed, technology, privacy, there are far superior cryptocurrency out there. Some prominent cryptocurrency exchanges have chosen not to list Dogecoin as a cryptocurrency on their exchange, as it does not meet the criteria for a cryptocurrency. However, this does not mean you shouldn’t own Dogecoin.
Dogecoin can shoot to the moon from time to time. This happens when newbies enter the cryptocurrency world. When newbies go to CoinMarketCap to decide which coin they must invest in, they see Dogecoin and go “OMG Dogecoin is priced so low. What if DogeCoin becomes the next Bitcoin. I can become a millionaire overnight”.
Any smart investor knows that it is not possible for Dogecoin to become the next Bitcoin, and it is priced so low because of the circulating supply. Newcomers into the crypto world would not understand this, and that is why you see DogeCoin suddenly gain and plummet in value from time to time. And this is exactly why, as a smart investor, you must own some DogeCoin. So you can profit from these sudden price movements. If you look at the price history of DogeCoin, this is evident.
The quickest way to own DogeCoin is to buy some from a cryptocurrency exchange. Here are some of the cryptocurrency exchanges that allow you to buy DogeCoin:
If you want to mine DogeCoin instead, you must own an ASIC. Dogecoin uses Scrypt hashing algorithm. So you must look for ASICs that support this algorithm. No! It is no longer profitable to mine DogeCoin with a CPU or the most powerful GPU.
Check out the list of ASICs below that support mining of DogeCoin:
|ASIC||Hash Rate||Power Consumption||Efficiency||Price||Profit|
|Innosilicon A6+ LTC Master||2.2 GH/s||2100 W||954.55 W/GH||Check Price||Check|
|Innosilicon A6 LTCMaster||1.23 GH/s||1500 W||1219.51 W/GH||Check Price||Check|
|Innosilicon A4+||620 MH/s||750 W||121 W/MH||Check Price||Check|
|Innosilicon A4||280 MH/s||520 W||1.86 W/MH||Check Price||Check|
|Antminer L3++||580 MH/s||940 W||1.62 W /MH||Check Price||Check|
What is the Best Hardware to Mine DogeCoin?
Best is a very subjective word. However, what most people refer to as the best is the most profitable one. So we assume that you also want to find the most profitable mining hardware for DogeCoin.
The most powerful ASICs are usually the most expensive ASICs out there. So you must choose an ASIC that also falls within your budget. Once you know how much you can afford to spend on an ASIC, you can then find the most profitable ASIC for the money.
If your favorite ASIC is not listed on the table above, you can find the profitability of that ASIC using a mining calculator. However, you would need to know the following information:
- Hash rate of the ASIC.
- Power consumption of the ASIC.
- Electricity fee in your area.
- Pool fee.
- Price of DogeCoin.
- All other costs associated with mining and mining hardware.
Enter this information on a DogeCoin mining calculator and check the profitability of an ASIC.
Alternative Ways to Mine DogeCoin
If you can’t afford an ASIC or if electricity is too expensive in the area you live in, don’t lose hope. You can still mine DogeCoin without having any of those. The way you do that is by buying hash power. You would need to buy hash power from a service like Nicehash or MiningRigRentals and allocate that power to mine DogeCoin. You can check out our guide here.
Dogecoin is a cryptocurrency based on a meme. However, if you look at the price history of DogeCoin, you will see the sudden price peaks and drops. If making money is your goal, maybe DogeCoin is a good investment.