How Do You Mine Dogecoin?

Dogecoin differs from Bitcoin's proof-of-work protocol in several ways, one of which is by using Scrypt technology. The altcoin has also a block time of 1 minute, and the total supply is uncapped, which means that there is no limit to the number of Dogecoin that can be mined. You can mine Dogecoin either solo, or by joining a mining pool. A Doge miner can mine the digital currency on Windows, Mac or Linux, and with a GPU. As of 2014, you can also mine Litecoin in the same process of mining Dogecoin, as the processes were merged.

What Is Dogecoin?

Dogecoin (DOGE) is based on the popular "doge" Internet meme and features a Shiba Inu on its logo. The open-source digital currency was created by Billy Markus from Portland, Oregon and Jackson Palmer from Sydney, Australia, and was forked from Litecoin in December 2013. Dogecoin's creators envisaged it as a fun, light-hearted cryptocurrency that would have greater appeal beyond the core Bitcoin audience, since it was based on a dog meme. Tesla CEO Elon Musk posted several tweets on social media that Dogecoin is his favorite coin.

What Can Dogecoin Be Used For?

Dogecoin has been used primarily as a tipping system on Reddit and Twitter to reward the creation or sharing of quality content. You can get tipped Dogecoin by participating in a community that uses the digital currency, or you can get your Dogecoin from a Dogecoin faucet. A Dogecoin faucet is a website that will give you a small amount of Dogecoin for free as an introduction to the currency, so that you can begin interacting in Dogecoin communities.

How Can You Buy Dogecoin?

You can sell or buy Dogecoin at any exchange that offers the digital currency, store it on an exchange or in a Dogecoin wallet, and tip Dogecoin in any communities that accept Dogecoin. For the latest list of exchanges and trading pairs for this cryptocurrency, click on our market pairs tab.

 

Elon Musk and Dogecoin

The success of Dogecoin is closely intertwined with Elon Musk's passion for it. Musk began tweeting about Dogecoin in early 2021, sharing a Lion King DOGE meme. That kickstarted a furious DOGE rally — with temporary dips — that culminated in Musk's appearance on Saturday Night Live. 

After the SNL appearance, DOGE crashed despite Musk's promises to moon its price. In the following months, Musk seemed to lose interest, and the price of DOGE has tumbled over 70% from its all-time high. However, Musk still yields power over Dogecoin, as occasional tweets indicate.

Dogecoin Foundation and Board of Advisors

In 2014, a not-for-profit foundation was formed by members of the Dogecoin team to provide support, advocacy, trademark protection and governance for the cryptocurrency project. However, the foundation was dissolved over time. After several years of being inactive, the foundation was relaunched in 2021 with a “renewed focus on supporting the Dogecoin Ecosystem, community and promoting the future of the Dogecoin Blockchain.” In addition to some of the original core team, the project now has some seasoned industry players as part of its board of advisors.

According to the foundation’s website, members of the board will meet monthly to discuss issues relating to Dogecoin. In regards to its advisors, the group is made up of Dogecoin founder Billy Markus, the project’s core developer Max Keller, Ethereum founder Vitalik Buterin and Elon Musk as represented by the head of the Musk’s family office, Jared Birchall. Members of the Board of Advisors will function in various capacities. While Keller will serve as the project’s technical advisor, Markus will be in charge of the community and memes. Meanwhile, Buterin will function as the blockchain and crypto advisor for the foundation, and Birchall will represent Elon Musk as legal and financial advisor. As a first assignment, the Board of Advisors will be working to secure three-year funding that would allow it to employ a small, dedicated staff to work on Dogecoin full-time. Up until now, the work on the ecosystem has been done by volunteers.

Doge is the native cryptocurrency of dogecoin, a parody cryptocurrency based on a viral internet meme of a Shiba Inu dog. At first, the crypto project was created purely as a mockery of other cryptocurrency projects that were being launched at the time. The cryptocurrency is essentially a direct copy of Litecoin’s code and can be used to transfer value over the internet like all other digital assets. Doge was never designed to have any real-world utility beyond being a simple blockchain-based payment system; however, it quickly amassed a diehard community of fans who found and developed new use cases for it. Those included a third-party online tipping service, which led to doge becoming a leading tipping coin on social media platform Reddit and crowdfunding charitable causes using dogecoin

 

Elon Musk frequently uses his Twitter platform to express his views on Dogecoin, which has led some to claim that his actions amount to market manipulation because the price of Dogecoin frequently experiences price movements shortly after Dogecoin-related tweets released by Elon Musk. Nevertheless, because cryptocurrencies are not regulated like stocks, these actions are not illegal.Musk and his promotion of Dogecoin have been criticized by Dogecoin co-founder Jackson Palmer, who called Musk a "self-absorbed grifter". Musk's first Dogecoin-related tweet occurred on December 20, 2020. Musk tweeted 'One Word: Doge'. Shortly after, the value of Dogecoin rose by 20%. This was followed by a series of Dogecoin-related tweets by Musk in early February 2021 captioned 'Dogecoin is the people's crypto' and 'no highs, no lows, only Doge'. Following these tweets, the value of Dogecoin rose by roughly 40%. On April 15, 2021, the price of Dogecoin rose by more than 100% after Musk tweeted an image of Joan Miró's 'Dog Barking at the Moon' painting captioned 'Doge Barking at the Moon'. The price of Dogecoin rose by 11% on May 20, 2021, shortly after Musk tweeted a Doge-related meme. In May 2021, the price of Dogecoin was up 10% in the hours after Musk tweeted a Reddit link for users to submit proposals to improve the cryptocurrency. On December 14, 2021, Dogecoin spiked more than 20% after Elon Musk said that Tesla will accept the currency as a means of payment for Tesla merchandise.

While the price of Dogecoin is volatile, this volatility has its benefits. It allows cryptocurrency day-traders, those being traders who enter and exit a trade within one day, to trade off this volatility and benefit from the extreme swings in Dogecoin's value. Additionally, while the cryptocurrency may have begun as a "joke", it was in September 2021 the 10th-largest cryptocurrency in the world, with a market capitalisation of USD $26 billion. Larger coins included Bitcoin, Ethereum, Cardano, Binance Coin, Tether, and XRP. Dogecoin uses relatively little energy for transactions compared with some other cryptocurrencies (0.12 kilowatt-hours per transaction (kWh)). In comparison, Bitcoin uses 707.6 kWh and Ethereum uses 62.56 kWh. Mark Cuban has stated of Dogecoin that, "Doge has 'deterministic inflation' meaning the amount of inflation is defined. There is no uncertainty as to the amount of created and it's inflation percentage. Which could allow it to grow as a valid payment mechanism. The unknown is whether enough people will use it this way."

Dogecoin.com promotes the currency as the "fun and friendly Internet currency", referencing its origins as a "joke." Software engineers Billy Markus and Jackson Palmer launched the satirical cryptocurrency as a way to make fun of Bitcoin and the many other cryptocurrencies boasting grand plans to take over the world. With the help of Reddit, the site became an instant hit. Within two weeks, Dogecoin had established a dedicated blog and forum, and its market value has reached $8 million, once jumping to become the seventh largest electronic currency in the world. Dogecoin is based on Scrypt algorithm, and the transaction process is more convenient than Bitcoin. Dogecoin takes only 1 minute to confirm, while BTC takes 10 minutes.

Dogecoin is an open-source peer-to-peer digital currency. It was forked from the Litecoin blockchain in late 2013 by two software engineers, Billy Marcus and Jackson Palmer. Initially, Dogecoin functioned just as a joke-crypto with a once-popular meme image of the Shiba Inu dog as a logo, and overall DOGE is backed by its meme nature. Dogecoin claims that it’s different from other cryptocurrencies more specifically because of its “amazing, vibrant community”.

Dogecoin utilizes the Scrypt technology, possesses a block time of one minute, and has an unlimited supply. DOGE is widely used for tipping on both Reddit and Twitter for quality content. Overall, Dogecoin’s history is full of significant events, including multiple scam complaints and pyramid scheme allegations. However, there were bright sides too. One of the most well-known facts is that Dogecoin enjoys the broad support of celebrities – an incomplete list of entrepreneurs and media stars includes Elon Musk, Snoop Dog, Mia Khalifa, Mark Cuban, Soulja Boy, and Angela White. Of course, such close attention affects both the price and adoption of the DOGE. 

On January 14th, 2022 Elon Musk announced that Tesla merchandise is now buyable with Dogecoin. The Tesla website states that DOGE is the only digital asset that is accepted by the company. Eligible products are marked with a Dogecoin symbol next to the “order” button and priced as such.

What is Dogecoin Doge (DOGE)

 

Dogecoin is a cryptocurrency forked from the Litecoin blockchain. DOGE was created as a satire of cryptocurrency culture in 2013 and takes its name from the Shiba Inu Doge meme. The project was founded by Billy Markus and Jackson Palmer, based on the idea that a comedic coin would receive more mainstream attention than a serious project like Bitcoin. Since its creation, a large community of fans including Elon Musk has rallied around and supported the coin. Dogecoin uses a Proof of Work consensus mechanism that requires dedicated mining equipment to mine new coins. The supply of Dogecoins is unlimited to discourage hoarding, reward miners, and keep transaction fees manageable. This does, however, mean that the coin is inflationary. Although it started as a joke, Dogecoin has become increasingly popular with investors among other major cryptocurrencies.

Dogecoin (DOGE) was founded by software engineers Billy Markus and Jackson Palmer, and was launched in 2013. Dogecoin was created to make digital currency more fun, friendly, and approachable. Similar to bitcoin, dogecoin is a digital currency that can be used for peer-to-peer transactions. There is currently no hard cap on the total supply of DOGE.