The crypto mining industry becomes more competitive as time passes due to the increasing popularity of cryptocurrencies and number of new miners joining the industry. It has come to a point where it is almost compulsory to join a mining pool if you hope to obtain any profit from the activity. This, of course, is the same for Dogecoin (DOGE) mining. Before going into the best Dogecoin mining pools for the new year of 2019, it is probably more appropriate to introduce briefly what exactly is Dogecoin and how to mine the altcoin.
Best Dogecoin Mining Pools for 2019: Introduction to Dogecoin
Dogecoin is a cryptocurrency introduced based on the ‘Doge’ meme featuring a Shiba Inu dog. The altcoin was launched back in December 2013 by Billy Markus in the hopes of reaching a larger demographic than Bitcoin (BTC). The meme currency quickly became a favourite and developed its own online community. By January 2014, it reached a capitalization of $60 million.
Dogecoin’s initial coin production was considered fast compared to other cryptocurrencies. It had 100 billion circulating coins by mid-2015 and a yearly coin production of 5.256 billion since then. Sadly, as much as users love the altcoin for its origin meme, the currency has few mainstream commercial applications and is mostly use as a digital tip for users who provide interesting or valuable content.
To know more about Dogecoin , click here to view the complete PDF of Dogecoin Whitepaper.
Best Dogecoin Mining Pools for 2019: How to Mine Dogecoin
Crypto users who are familiar with Litecoin (LTC) probably know that the currency utilises a cryptographic algorithm called Scrypt which is different from some of the more famous cryptocurrencies such as Bitcoin (BTC) which utilises the SHA-256 algorithm. The SHA-256 is generally considered to be more complex compared to Scrypt, while providing a greater degree of parallel processing. DOGE, like LTC, uses the Scrypt algorithm.
It is already common knowledge that for BTC miners that wish to make a profit from the industry, it is compulsory for them to utilise multiple ASIC (Application-Specific Integrated Circuit)hardware, which are machines made specifically for mining BTC or other SHA-256-based cryptocurrencies. In contrast, the way Scrypt was designed made it more difficult to construct custom machines similar to ASIC hardware for the algorithm, thus making it easier for investors who only own GPUs (Graphic Processing Units) or CPUs (Central Processing Units) to participate and compete in the network as miners.
There are manufacturing firms that introduced and sell Scrypt ASICs, which do give anyone who owns them an edge over others. However, it is most probably more profitable if the owner utilises the high-quality mining rig to mine LTC. In fact, DOGE is usually mined alongside LTC as an ‘additional income’, as ‘merged mining’ is possible for the two coins. Merge mining is a process where low hash powered cryptocurrencies, in this case DOGE, have their network hashing power increased by ‘sharing’ the high hashing power used to mine more popular coins, in this case LTC. To put it simply, miners will be able to mine LTC and DOGE simultaneously without drops in their hashing power.
Best Dogecoin Mining Pools for 2019: Choosing a Dogecoin Mining Pool
There are several aspects that you need to consider when choosing a Dogecoin mining pool such as its security, server location and hashing power capacity. Additionally, you will also need to take note of how the pool calculates and distributes rewards for its ‘workers’, as well as the type of fees accepted by the Dogecoin mining pool.
Flexibility may also be something you want to investigate while choosing a Dogecoin mining pool if you wish to have the option of switching to a more profitable coin in the future. Payment methods and forms offered is also significant to deciding which Dogecoin mining pool is the best choice for you.
Best Dogecoin Mining Pools for 2019: List of Best Dogecoin Mining Pools
Finally, a list of the best Dogecoin mining pools for 2019 is provided below to aid you in the process of becoming a DOGE miner. Take note that the ordering of the list does not imply the superiority of a mining pool over another.
1 Best Dogecoin Mining Pools for 2019: Multipool
Multipool is one of the Dogecoin mining pools that offers pool mining for cryptocurrencies of different cryptographic algorithms, including Scrypt-based LTC and Verge (XVG), SHA-256-based BTC andDigiByte(DGB), X11-based Dash (DASH) and many others. Additionally, no withdrawal fees will be needed if the autopay feature is used and the minimum thresholds of blocks mined are met. The pool also allows merge mining, significantly boosting your profits which could be paid to you in the forms of other coins such as DOGE itself.
2 Best Dogecoin Mining Pools for 2019: Litecoinpool
This Dogecoin mining pool is one of the most reputable ones due to its long history in the mining industry. Many miners have chosen this pool for its security and mining-wise flexibility. The pool pays in LTC and features a pay-per-share (PPS) method, where miners get paid for each valid contributed share. Additionally, the mining pool also allows for merge mining, which is a feature almost compulsory for DOGE miners to earn any significant profits.
Link to Litecoinpool
3 Best Dogecoin Mining Pools for 2019: Prohashing
Like Multipool, Prohashing is a Dogecoin mining pool that allows miners to not only mine several kinds of cryptocurrencies, but also get paid in coins according to their preferred choices, including DOGE. The pool features a PPS system like Litecoinpool and pays directly to your crypto wallet or even your bank account if you hope so. While no withdrawal fee and minimum pay out threshold is required, miners must pay a flat fee of 4.99% to the mining pool. A bonus feature of the mining pool is an algorithm that allows you to switch your device’s mining power to the most profitable coin automatically, maximising the rewards that you will earn.
4 Best Dogecoin Mining Pools for 2019: 1CoinPool
This Dogecoin mining pool is smaller compared to others and features a Proportional Pay Per Share payment structure (PPPS), where miners are paid according to their percentage contributions to each block found. Currently, Scrypt-based coins that can be mined using the pool are DOGE and LTC. The pool’s official site claims that they find an average of three blocks per week and do not require any fees to be paid. Reward coins are paid automatically and directly to the miners’ wallets as well.
Best Dogecoin Mining Pools for 2019: Conclusion
If you are a miner that plans to get Scrypt-based ASICs or already owns them, you might prefer Dogecoin mining pools that allow merge mining and gain more profits by mining both LTC and DOGE without sacrificing any hashing power. Most mining pools stated above also allows you to mine other altcoins easily as well if you happen to find the rewards of mining other coins more attractive to that of the meme coin.
Leave a Reply