History of origin: what is Dogecoin?
Dogecoin is a cryptocurrency created on the basis of Luckycoin (and it was created on the basis of Litecoin) by the programmer Billy Marcus and marketer James Palmer, and initially the creation of the cryptocurrency in honor of the Internet dogme meme “Doge” was a joke based on what sharp tricks Bitcoin did in the 2013 year.
Billy and James wanted to create a digital currency that would be more familiar and easier for everyone, unlike the popular Bitcoin, whose history is related to drugs. For mining, dogecoin used the Proof-of-work model.
As in Luckycoin, the reward for each block was set randomly. In 2014, this was changed and a fixed block reward was introduced. The coin is not in the top ten in terms of capitalization or trading volume, but this does not prevent it from being one of the most popular coins.
Dogecoin at a Glance
Dogecoin is a decentralized digital currency, and one of the most popular uses is to pay to “Internet visitors” who receive a reward for their active actions that create or exchange content. When creating the coin, it was stated that the issue would be 100 billion coins, but subsequently, this restriction was lifted and 120 billion coins were already mined and the number continues to grow.
One of the main advantages over other popular coins is its transparency and user confidence since this representative of digital currency did not notice participation in “muddy” schemes.
How to mine Dogecoin
Mining dogecoin does not seem to be a difficult process, and it does not require a super-powerful computer to earn money to earn a dog, just an average computer (of course you can’t make much money from it, but you can try it for fun).
Dogecoin has the same algorithm as Litecoin, but with some changes: the creation of one Dogecoin transaction block occurs once a minute, unlike Litecoin, which takes 2.5 minutes to create a block of transactions. The complete confirmation procedure for dogecoin takes about 6 minutes, and lightcoin takes about 15 minutes (6 blocks are involved in the confirmation procedure). The mining complexity is recalculated every 240 blocks: this means that when the miner’s raid, the difficulty adjustment will be recounted and changed within 4 hours.
After the development of ASIC in 2014, working with the Scrypt algorithm, miners began to use them for Dogecoin mining, which instantly increased the difficulty of mining coins.
To create a wallet, you need to download the program on dogecoin.com
Please note that for mining you will need to download the version of Dogecoin Core, which after installation will start downloading 122 GB of information about the blockchain, and only after that you can start mining.
Mining on Coinpot, like on FaucetHub, works on the same principle: these services use the resources of your computer for mining, for this you will receive a certain amount of cryptocurrency, which will be calculated based on how powerful your computer is.
On the mining page, you can configure the desired number of threads for mining and select the processor load level. With a high load, you are unlikely to be able to use the computer in parallel for your own purposes, but we recommend that you do not set the settings with a CPU load of more than 50%, otherwise overheating is possible. Coins earned on mining will be automatically credited to your account.