Although Dogecoin is often referred to as a “joke” cryptocurrency, having no real purpose other than being funny or a meme token, it is nevertheless one of the most popular cryptocurrencies, with a market cap that places it frequently within the top 10. As such, it’s considered by many to be one of the best cryptocurrencies to invest in.
Given its popularity, some cryptopians may be interested in mining Dogecoin but aren’t sure how long it takes. In this article, you’ll learn about the time it takes to mine one Dogecoin as well as the factors affecting mining times.
What Is Dogecoin?
Dogecoin (DOGE) is an open-source, peer-to-peer cryptocurrency. Dogecoin uses the Shiba Inu dog’s face from the “doge” meme as its logo. It’s also widely known as the first-ever “meme coin” and “dog coin.”
Dogecoin was initially intended to be a satirical project. On December 6, 2013, software engineers Jackson Palmer and Billy Markus unveiled Dogecoin as a meme. That comedic initiative ended up ranking among the top 10 crypto assets in the world, boasting a market cap that has topped $80 billion at its peak.
In 2021, Internet pop culture and persistent promotion from famous investors such as Elon Musk, CEO of Tesla and SpaceX, and Mark Cuban, owner of the Dallas Mavericks, helped Dogecoin become more well-known than ever. As a result, there is now substantial interest in Dogecoin price predictions as well as in mining Dogecoin.
What Is Dogecoin Mining?
Dogecoin mining is the process of validating transactions on the blockchain and earning DOGE as a reward. It makes use of a technology that generates new blocks for a decentralized ledger and facilitates network participation.
This process involves “mining” coins through a Proof-of-Work (PoW) algorithm, which uses specialized, powerful computers to compete for the opportunity of adding new blocks to the blockchain ledger that contains pending transactions. The Dogecoin blockchain operates similarly to that of other digital currencies like Bitcoin and Litecoin.
The creators derived Dogecoin’s code from Luckycoin, which is derived from Litecoin. Initially, they used a randomized block mining reward, but they switched to a static reward in March 2014. Similar to Litecoin, Dogecoin uses the Scrypt hashing algorithm. Due to their similarities, it is possible to mine Litecoin and Dogecoin simultaneously, thanks to merged mining.
Still, Dogecoin’s implementation differs from Litecoin in several ways. For instance, Dogecoin has a 1-minute block time compared to Litecoin, which has a block time of 2.5 minutes. Bitcoin has a block time of 10 minutes.
What is Dogecoin Cloud Mining?
Cloud mining can also be used to generate Dogecoin. It’s a hands-off method of mining that enables users to invest through a mining firm. A data center leases computing resources to miners in exchange for a monthly or yearly fee. Based on the computing power bought, they mine Dogecoin at the data center through a mining pool and then distribute it to each participant.
Cloud mining can be a wise option for those who don’t want to invest in mining equipment or who want first to dip their toes into the space. Mining gear can be hired from someone else without users ever having to see it. Advantages include outsourcing maintenance to the equipment’s owners, as cloud miners only pay for the mining resources they’re using. A maintenance fee is often applied.
Cloud mining for Dogecoin is simple and inexpensive, but it may also be risky. Generally, you must sign an agreement to lease the equipment, which may be valid for up to a year. Unfortunately, if Dogecoin’s value declines after you sign the agreement, you will still be responsible for paying your lease, and you might even lose money doing so.
How Long Does It Take to Mine One Dogecoin?
The amount of hash power a miner contributes to the network ultimately determines how long it takes to mine one Dogecoin. Since each block has a set reward of 10,000 Dogecoin, it is impossible to mine only one Dogecoin. Assuming that you are successful, mining any DOGE will always take one minute.
In particular, the Dogecoin network awards a block reward of 10,000 Dogecoin for every block added to the network’s blockchain. The block time is one minute, which means that the chain adds 1,440 blocks daily, or one new block on average per minute. In total, 14,400,000 Dogecoin are mined each day (the block reward multiplied by the number of blocks mined every day).
How long it takes to mine one Dogecoin will depend on the hashrate being used on the cryptocurrency’s network. As one DOGE has a relatively low value, most miners with extensive operations can expect to mine one Dogecoin in very little time.
You can mine Dogecoin with different types of mining rigs, including ASIC miners, GPU, or even CPU. However, mining Dogecoin with ASIC miners is the most efficient method because this equipment is specially designed to mine cryptocurrencies using DOGE’s hashing algorithm. Because they are made for that sole purpose, ASIC miners are known to be a lot more energy-efficient and powerful than CPU and GPU.
How Long Does It Take to Mine One Dogecoin with a GPU?
How long it takes to mine 1 Dogecoin with GPU largely depends on the exact GPU itself. A popular GPU for crypto mining, such as the NVIDIA GeForce RTX 3060 Ti, can mine 1 Dogecoin in 9.6 hours, based on this Dogecoin Mining Calculator.
This GPU has a hash rate of around 60MH/s after optimizing everything, and it has a low 200W TDP (Thermal Design Power) making it easier to manage the heat output and maintain a high level of efficiency.
Mining cryptocurrency with a graphics processing unit (GPU) is probably the most well-known method since building a mining setup with GPUs is reasonably affordable and effective. A typical Dogecoin mining rig would consist of a motherboard, a processor, and a rig frame that holds the GPUs. Dogecoin miners typically use one or more GPUs for their mining process.
When mining with GPUs, it is crucial for miners who seek a continuous income stream to join a mining pool. Otherwise, a solo miner may take a very long time to solve a puzzle and collect a block reward.
How Long Does It Take to Mine One Dogecoin with a CPU?
Based on a Dogecoin Mining Calculator, an average computer processing unit (CPU) with a hash rate of 20 kH/s and around 100 Watts of power consumption will need at least 1,325 days to earn one Dogecoin. The mining time could be lower for more powerful CPUs, but not considerably. All in all, it is clear that a CPU is no longer efficient for mining Dogecoin.
Dogecoin CPU mining is the practice of running hashing software on a personal computer without a GPU. About five or six years ago, using your current CPU to mine Dogecoin if you had a reliable PC and didn’t want to spend any additional money was a reasonable choice.
Now, CPU mining is typically not advisable. Though Dogecoin uses fewer resources than Bitcoin, it still has the potential to damage your CPU by overheating it.
Using the CPU on your PC to mine Dogecoin is also not profitable. It is highly challenging to make a profit, and the only result will be an overheated device. However, you will want CPU-specific mining software, such as CPU Miner, if you decide to continue with CPU mining.
How Long Does It Take to Mine One Dogecoin with an ASIC?
The latest ASIC mining equipment allows you to mine an average of seven Dogecoin per hour per ASIC. Application-Specific Integrated Circuits, or ASICs, are specialized hardware components used for cryptocurrency mining. Due to its greater computational capability, ASIC mining can generate more Dogecoin than CPU and GPU mining.
In contrast to GPUs and CPUs, ASICs are far more specialized and costly, and therefore more challenging to set up. But because ASICs are specifically created to hash very well, ASIC mining is the most efficient method to mine Dogecoin.
Managing ASIC miners can be challenging due to their high cost, noise, resource requirements, and potential for extreme heat. Also, take note that mining Dogecoin requires an ASIC that is Scrypt-compatible. DOGE can be mined at the same time LTC is mined.
Also read: How Long Does it Take to Mine 1 Litecoin?
An ASIC miner’s cost and power consumption are directly correlated with the hash rate since 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 that suits your needs.
Is Dogecoin Mining Profitable?
Dogecoin mining can still be profitable. However, although it sounds worthwhile, Dogecoin miners shouldn’t anticipate making fortunes overnight. How you mine Dogecoin will significantly impact how profitable it is.
In general, solo mining may not be the best idea because the cost of the equipment and electricity will likely significantly outweigh any earning, unless miners set up a significant operation. Even if you decide to pool mine Dogecoin, its low value compared to other cryptocurrencies might significantly reduce earnings.
Investing in the most effective hardware, like ASIC miners, and joining a mining pool would definitely help you boost your chances of success. In addition, you might also want to consider crypto mining versus crypto trading and whether mining is more profitable overall.
As you can see, the answer to how long it takes to mine one Dogecoin is not as cut and dry as you might think. It depends on several factors, including the difficulty of the mining process and the hash rate of your mining rig. While one minute is the average, it could take a bit longer or shorter depending on these factors.
Featured image via Unsplash.