Mining

Cryptocurrency networks need computational power to run securely. The world’s most powerful blockchains are supported by millions of computers around the world. Unlike paper money, Bitcoin and other cryptocurrencies are produced mathematically and held digitally. The people who voluntarily offer their computing power to secure these cryptocurrency networks are called miners.

Bitcoin has a public ledger which is called the blockchain. The process of mining adds new transactions to this public ledger. Why? Well, Bitcoin users need this process because it means that every transaction is securely confirmed and verified while all the users making use of the Bitcoin network has full access to the blockchain – in other words, the Bitcoin ledger. Mining also helps the network figure out which transactions are fair and legit, eliminating any transactions that try to spend money a second time.

Hash rates
Perhaps the key aspect of your mining kit choice is this: the hash rate that your mining hardware can sustain. Hash rate is basically the number of crypto calculations that your mining hardware can perform every second. It’s easy to see why a higher hash rate will help you mine coins more quickly – simply because more calculations per second mean that you solve the crypto math required to mine a coin much more quickly. As a result you can quickly complete a block and get your reward for doing so.

Did you know that Dogecoin (DOGE) was intended as a joke? The creators made DOGE as a mechanism to enable users to tip each other for fun social media content. Despite the fact that DOGE set off on a whimsical foot, it’s become one of the most popular cryptocurrencies out there.

A mining rig, you are better off choosing ASIC hardware Your choice of Dogecoin mining pool – we will list some below The right software configuration Mining Dogecoin can be profitable There are a couple of reasons why mining Dogecoin instead of another coin is a good idea. First, transactions on the Dogecoin blockchain happen quickly so it means that DOGE mining pools tend to make payouts every 24 hours.

How to mine Dogecoin
DOGE is based on the Scrypt hashing algorithm and for that reason the best way to mine it is using something like the Antminer L3++ as this device makes use of ASICs. Furthermore, you should seriously consider joining a mining pool when mining DOGE coins because it is simply the best way to maximise profits.

Cryptocurrencies don’t have a central government or other so-called ‘middlemen’ that decide about the future of the system. – They are in fact digital, borderless democracies in which miners vote with their computing power to reach order and consensus.

HOW IS BITCOIN KEPT SECURE
The only way to not create money out of thin air or corrupt it, is to burn real energy. This is called Proof-Of-Work. Today, bitcoin is the most secure computer network on the planet and it’s practically impossible to break it! The reason for that is hash power, the umbrella term used for the computing power that miners provide to the bitcoin network and similar cryptocurrency networks. Due to the rapid growth of the ecosystem, mining operations today are mostly running with specialized high-performance computers that function most efficiently set up in large data centers.

WHAT ARE THE INCENTIVES FOR MINERS
It all comes down to trust: Miners keep the blockchains trustworthy and are rewarded for their efforts. As miners, we are processing and verifying the transactions of the cryptocurrency ecosystems and keeping their public transaction history (blockchains) maintained and secure. For this, the mining community is rewarded with the networks’ transaction fees and newly created coins. It’s a win-win situation! When you start mining with us, you are getting your share of this reward.

THE BIG VISION OF CRYPTO CURRENCY
To keep the integrity (and values!) of all cryptocurrency ecosystems intact, miners keep the networks safe and its authority decentralized by keeping each other constantly in check. This allows both a healthy growth and a fair distribution of currency units to all crypto-citizens!