Mining Dogecoin | Understanding Crypto Mining

Mining Dogecoin, Understanding Crypto Mining Bottom Line

To understand Dogecoin mining, you first need to understand how cryptocurrencies work. Cryptocurrencies are peer-to-peer digital currencies. This means that they allow money to be transferred from one person to another without using a bank.

Every cryptocurrency transaction is recorded on a huge digital database called a blockchain. The database is stored across thousands of computers called nodes. Nodes put together groups of new transactions and add them to the blockchain. These groups are called blocks.

Each block of transactions has to be checked by all the nodes on the network before being added to the blockchain. If nodes didn’t check transactions, people could pretend that they have more money than they really do (I know I would!).

Confirming transactions (mining) requires a lot of computer power and electricity so it’s quite expensive.

Blockchains don’t have paid employees like banks, so they offer a reward to users who confirm transactions. The reward for confirming new transactions is new cryptocurrency. The process of being rewarded with new currency for confirming transactions is what we call "mining"!

It is called mining because it’s a bit like digging for gold or diamonds. Instead of digging with a shovel for gold, you’re digging with your computer for crypto coins!. Each cryptocurrency has its own blockchain. Different ways of mining new currency are used by different coins where different rewards are offered.

What is Dogecoin Mining?
Dogecoin mining is the process of being rewarded with new Dogecoin for checking transactions on the Dogecoin blockchain.

Mining Dogecoin is like a lottery. To play the Dogecoin lottery you have let your computer to do some work. This (Dogecoin mining) work involves the confirming and checking of transactions. The node (your computer) that solves the mathematical problem first wins Dogecoin. It can then attach the newly confirmed block of transactions to the rest of the blockchain. Mining Dogecoin is a lot faster than mining Litecoin or Bitcoin. The block reward is much higher too!. The Dogecoin has a lot less value than Bitcoin.

How to Mine Dogecoin
There are two ways to mine Dogecoin, solo (by yourself) or in a Dogecoin mining pool.

The best way to get Dogecoin is to mine Bitcoin and then convert your Bitcoin to Dogecoin. To mine bitcoin totally free with no special hardware is to use:


Mining Dogecoin | Understanding Crypto Mining

Mining Dogecoin, Understanding Crypto Mining Bottom Line

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