So, you have read up on Dogecoin and now you want to try and make your own? First things first, if you think that you will get rich off mining, this is highly unrealistic, however it can be a fun way to explore the coin and make some along the way. There are a couple of ways to mine Dogecoins. Below I will explain each for you to get started and you can read up further and decide the best route for you.
You don’t need much to get started with cloud mining, a wallet (have a look at How do I accept Dogecoins?) and some rented cloud scrypter, that is all.
Once you have a wallet, you can choose a cloud based mining pool which offer cloud mining for a fee. Most will be monthly and have a minimum term you have to commit, so make sure you properly research which ones suit you best. Some of the following websites offer Cloud Scrypt Mining pools: Eobot, nicehash, genesis-mining (currently closed for new users, but periodically check as they do open sometimes). Just be aware that if the price of the Dogecoin goes down, then you could be stuck with a contract that is less profitable than what you started with. However the opposite can also be true too!
Mining yourself can be an expensive business and to do it properly you will need either a purpose built ASIC-Scrypt Miner such as Antminer, Whatsminer or AvalonMiner. OR build your own rig to GPU or CPU mine coins. Both options will use up a lot of electricity and will be noisy, so expect higher bills and complaints about the noise from your housemates 😂
I won’t go into every component you need for your rig, as that can get tedious and I am sure I don’t need to tell you that you need a monitor, keyboard, mouse etc. Just the more important ones that can make or break your mining rig.
GPU mining tends to produce better hashrates (returns) than CPU mining, however there will also be a higher initial outlay cost involved with it.
If you are going to be doing GPU mining then the following components are recommended for adding to your rig:
- NVIDIA A100 40GB
- NVIDIA RTX 3090
- NVIDIA RTX 3080
- AMD Radeon VII
- NVIDIA TITAN V
This is obviously not an exhaustive list and will change as mining becomes more difficult and/or new components come out which are better and faster!
If you are going to be concentrating on CPU mining, then this is less of an importance and you don’t really need to be buying a high end GPU.
If you are going to be doing GPU mining then the cpu you choose is less important as the performance of gpu’s is less dependant on cpu’s when mining. However, if you are going to be doing CPU mining then this is more important. AMD components seem to be performing better at the moment when mining providing a higher Hashrate. The following components are recommended for adding to your rig:
- AMD CPU Threadripper 3990X
- AMD CPU EPYC 7742
- AMD CPU Threadripper 3970X
- AMD CPU EPYC 7551
- AMD CPU EPYC 7601
Nicehash has a good profitability calendar for most GPU/CPU’s which will allow you to estimate how much you can make (or lose) when using a specific CPU/GPU.
This is something that is a little more complicated to recommend as it comes down to your preference on component you are going to use to mine. However below is a few things to consider when looking at motherboards:
- Processor socket type – Intel and AMD use different socket types, so make sure you pick a motherboard that will suit your CPU.
- The number of GPU’s that you are looking to use – you will need to look at how many PCI-e x16 and PCI-e x1 connectors that the GPU supports.
PCI-e connectors are slots on the motherboard where you plug your GPU in. GPU’s are normally plugged into the motherboard via the PCI-e x16 connector, however can also be plugged into the PCI-e x1 slot too. You can use PCI-e x1 USB risers to connect multiple GPU’s to your motherboard as well.
You can also purchase PCI-e splitter cards which can turn your single PCI-e x1 slot into multiple one’s allowing you to use multiple GPU’s.
If you are going to be GPU mining then RAM is probably your least important component for mining. You can get away with just 8GB of RAM.
If you are going with CPU mining, especially with AMD processors then RAM is slightly more important, however not the be all and end all. The higher the amount of RAM you can justify the better it is for you in the long run. Just remember that you want to try and make a profit from this, so having the largest money can buy is usually not going to allow you to turn a profit.
To stop bottlenecks forming because of the speed of a hard drive then you will be best to avoid mechanical hard drives and opt for the speed of Solid State Drives (SSD). It won’t require a huge drive, so unless you are going to be using it for anything else other than mining, a 120Gb SSD will be more than sufficient.
Power Supply Unit (PSU)
This is an important component and which PSU you choose depends on the other hardware components you choose. GPU’s are the most power hungry and are what you need to focus on when figuring out how much power each needed. This is usually provided on the GPU suppliers website, add these together (if you have more than one GPU) and then add another say 100W for the other components of the rig. Once you have the total, multiply it by 1.2 and that should give you the generally accepted minimum power supply you will need.
3 GPU’s at 300W each ((300 * 3) + 100) = 1000 * 1.2) => min. 1200W PSU required.
You will also need to consider how many PCI-e power connectors the PSU has, as this will determine how many GPU’s your PSU can power. You can also link multiple PSU’s together with 24-pin ATX PSU splitters. This will allow you to power more GPU’s.
Remember, it may be cheaper to purchase multiple PSU’s and link them together than it is to purchase one huge PSU. However the opposite can be true too, always shop around to see what is the best deal. But most importantly MAKE SURE YOU CAN POWER YOUR RIG as this will obviously stop you from earning if you can’t power it properly.
The software you need will depend on the type of mining you decide to do (GPU or CPU), it will also depend on the operating system you use as well. Most mining software has both Windows 10 and Linux distributables.
NiceHash provide a good option for mining with GPU’s, this is for Windows 10 only – nicehash
LOLMiner this works on both Linux & Windows – lolMiner
T-Rex NVIDIA GPU Miner – This is optimised to work with NVIDIA GPU’s – trexminer
XMRig – This works well on Windows, Linux & Mac OSX – xmrig
There are a number of different mining pools that you can join:
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