The Future Of Dogecoin: Is it worth investing in?

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DogeCoin is a cryptocurrency. Take out a banknote. How can you tell if the note is real or a forgery? Well, they guys who made it have some criteria you can use to check. A 1 dogecoin value graphics card stripe, maybe.

Or, take it to the bank and try to deposit it. If they accept it, it was real. Cryptocurrencies are also made of bits and bytes. These calculations are based on cyptography, hence bitcoins — and dogecoins — are called cryptocurrencies. The most popular is Bitcoin. Dogecoin is one of the newest. Dogecoin owners who call themselves Shibes hold and mine the currency in the hope that, like Bitcoin, it will be worth a lot one day. In this article, I want to lay out a few things shibes must do to make their dreams come true.

What kind of fuel do the laws of economics provide, 1 dogecoin value graphics card shibes on their way to the moon? Suppose you want to sell me a banana. Of course, you want to make some money, but does that mean you can charge the moon? Suppose, now, I want some Dogecoin. I could buy some at the market price, or I could mine some. Since Dogecoin is new, mining is cheap — a simple PC can net me a few hundred a week. If I had a good graphics card, I could get a lot more.

Hence, Dogecoin is cheap. Before Dogecoin can go to the moon, the cost of mining must go up. This will happen naturally over time, but it shows the first thing shibes must do to get their currency to the moon.

As the supply of mineable Dogecoins goes down, the cost of mining will increase. If I set up my own cryptocurrency tomorrow, and mined it all so that I held every one, nobody would be interested. Its value would be zero. For example, people use dollars to buy and sell real things. I sell my services as a mathematician, I can use the money to buy, say, chocolates. Dollars US and otherwise are an established medium of exchange. This confidence arises not so much because of a government promise, but because I observe that most businesses already accept dollars as payment.

Since dollars are so popular as a medium of exchange, most people count their money in dollars. Most societies have 1 dogecoin value graphics card default unit of currency that they count their money in. They judge their wealth or poverty based on the number of these currency units they have or owe. And this works for one main reason. They can be sure that their dollars today can still buy about the same amount of stuff next month or next year.

Prices in dollars are stable. Hence, I can also use dollars as a store of value — I can safely earn dollars this year, and keep the money to spend next year. If Dogecoin is 1 dogecoin value graphics card become a viable store of value, it must first become a widely used medium of exchnage, 1 dogecoin value graphics card perhaps a unit of account. Only then can Dogecoin owners be confident that the Dogecoins in their 1 dogecoin value graphics card will still have value next year.

The cost of mining places an upper bound on the price of Dogecoin that must be lifted. Its wide acceptance as a payment method places a lower bound that can be raised. For Dogecoin to reach the moon, both pieces must all into place. What, then, gives a currency value? 1 dogecoin value graphics card use currencies for three things.

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To mine Doge or other cryptocurrencies , your computer basically does hard math and is rewarded with coins. A more detailed explanation of what is going on can be found here. You will have upfront hardware costs and electricity costs but the mining process is free. We are just using gaming computers we already owned, but some people go out of their way to build mining rigs. We do not recommend using laptops or all in ones, like iMacs, as they are very closed systems.

It is harder for them to dissipate heat and they are more difficult to repair. The general goal is to get multiple powerful AMD graphic cards with bare-bones everything else to reduce electricity costs. Here is a comparison of specific card performance. Thanks to the mining craze, you will have to pay top dollar for the popular cards if you can even find them in stock but this site may help with your search. You can also mine with virtual servers such as Amazon EC2 , which have no upfront hardware cost but bill by usage.

However, they are more difficult to set up and we do not think these are cost effective anymore better to just buy Doge outright. In fact, a shibe named Grant Ammons wrote up his experience losing money. Here is a guide we found if you want to go this route anyways. It is important that the fan speed is also increased to maintain a target temperature range. Mining software like cgminer can control the fan in most cases, otherwise software like AMD's catalyst control center CCC can be used but it varies from card to card.

Sometimes even CCC will not have the required functionality. What is a good temperature? The fans will be very loud, so balance annoyance with mining power. Cgminer has a temperature reading and other software, such as Catalyst control center or gpu-z, will as well. The most popular software for mining is cgminer, cudaminer, and guiminer.

Download links are below. Mining rewards are random. You are basically searching for blocks, then solving and confirming the block for a reward. Currently the payout is up to 1,, coins per block, but over time the reward max amount is halved.

The first to find and confirm the block gets the full payout of that block and everyone else has to move on. From an overall long term view, if you are 0. But this is a theoretical long term view, and smart shibes will team up with other shibes then split the rewards more likely to find and confirm blocks, but split the block payout amongst the team.

It is better to get consistent and frequent payouts so team up. To team up with other shibes you can, 1: We went with option 1 but have heard good things about option 2. However I have read if your hash rate is low, joining a p2pool is not worth it not personally verified. To join a pool, select one from the following lists and sign up for an account. Larger pools are more consistent in payouts, but also consider fees or any other perks such as bonuses for finding a block. All the pools we tried have the same general interface.

If a pool is hacked or has malicious intentions, the attackers will surely try the usernames and passwords on other pools. Once you joined a pool, login to their web page. Select "my workers" on the left, which is usually under "my account". Once you've added your new worker, you should see it added to your list. You can always come back to this page if you forget.

Now go to "Getting Started", which is usually under "Home" or "Help". All the pools we've joined will have at least one stratum with a corresponding port number.

As we mentioned, we will be going through this process with cgminer 3. First, ensure you have the latest drivers for your graphics card by downloading them here. Once the SDK is installed, extract your downloaded cgminer file link in the software section to a location you can remember. Next, open up notepad and paste the following, replacing your-pools-stratum, port-number, web-login, worker-name, and worker-password with your information:.

Be sure to watch the temperature even with the fan settings, some cards do not respond to these commands. The max is 20, but test the waters before tweaking this. The higher you go the less responsive your computer gets, so don't set it high if you plan to actually use your computer when mining. Then save it as "whatevernameyouwant. This makes a Windows batch file which runs cgminer.

You can close notepad. Now run the batch file you created and it should work if it is in the cgminer It may complain about unsafeness or require permission to go through the firewall, but this is ok. Run it anyways and let it through! This is an example of what you should see if it is successful. Temperature indicates how hot your card is getting, hash rate is its performance, and HW is hardware errors. We want HW to be 0, so reduce the intensity ex: For some reason, some people get a blank window with no output.

If this occurs try closing the window, adding "-T" to your batch file which tells it to go into text mode , and rerunning the batch file. Below is what my CCC looks like. Pools often provide multiple stratums and you can join multiple pools. You will want to configure the cgminer so that it switches if the current stratum fails with --failover-only followed by -o and the alternative stratum information.

Once you have mined some coins, login to your pool's web interface and go to "edit account", usually under "my account". Give it an address to send coins, then configure automatic payouts.

You can also manually request payouts on the right. So you are happily mining Doge, now what? You can look at both your individual and pool's progress via the pool's web interface. We will add a summary of the dashboard information soon.

Toggle navigation dogecoin tutorial. Last updated on Jan 28, Needed to get the OS and program running. Go for low electricity usage. GPU graphics Usually handles video related tasks. Comes in two forms: Discrete cards are more effective at doing the mining calculations. Integrated are not very effective. Required just for the system to function. Go for minimum viable specs for low electricity usage.

Usually in the form of hard disk drives hdd or solid state drives ssd. SSDs are faster and have no moving parts better , but are more expensive. Go for minimal power usage with enough storage for the OS and mining program. Rated by their capacity and efficiency.

Ensure you pick one that is high quality to protect your expensive GPUs unexpected surges can damage your hardware. You also have to buy one with a high enough capacity for your rig. Mostly not needed for mining beyond initial setup.

Hardware enabling an internet connection IS required. Usually handles video related tasks. Temporary data storage data lost if power is cut. Used to save data even when power is turned off. Converts the power from the outlet into a more regulated form for the computer parts.

Do NOT download the latest version of cgminer 3. The latest versions removed support for graphic cards and are only for ASIC hardware.

The latest version you can get for Dogecoin mining is 3. While the page says Litecoin, Litecoin and Dogecoin are both scrypt based so it works with Dogecoin.

Easiest to setup, but may not be the most efficient.