What are the best Dogecoin miners in 2023?
What are the best Dogecoin miners in 2023?
Since its launch in December 2013, Dogecoin (DOGE) has grown into a large online community. It has garnered mainstream interest, notably after Twitter owner Elon Musk publicly endorsed the meme coin in 2021.
The coin hit an ATH of $0.70 and an ATH market valuation of approximately US$90 billion on May 8, 2021. It was a nearly 141,000% rise from its 2013 launch price and momentarily pushed the coin into the top 10 cryptocurrencies in the world.
According to Coinstats, the current value of DOGE is $0.086937. There are approximately 138 billion DOGE in circulation, and DOGE miners add 10,000 more per minute.
Dogecoin mining interests many people, but only some have the know-how to start the endeavor successfully. In this article, we’ll go over the fundamentals of Dogecoin mining, including what you’ll need for the process and the many forms of mining you can practice. Let’s get started.
What is Dogecoin mining?
Dogecoin mining is the process of authenticating blocks of transaction data by solving complicated mathematical problems and adding the validated blocks to the Dogecoin network. Each block you successfully validate yields rewards through brand-new DOGE tokens.
Once you mine a block, the system broadcasts the information to all the other DOGE miners on the network. By updating the records, you protect the Dogecoin network from double transactions. Furthermore, any crypto ecosystem must have mining since it keeps the network decentralized and secure.
You’ll need purpose-built computer systems commonly known as “application-specific integrated circuit” (ASIC) miners to solve the complex mathematical problems that comprise the DOGE mining process.
However, unlike Bitcoin (BTC), which also uses ASIC mining equipment, Dogecoin is relatively energy-efficient to mine. Because of this, you may do it in the comfort of your home.
Dogecoin mining does become increasingly challenging over time. Still, since the token uses the Scrypt algorithm, you could also mine Litecoin (LTC), Viacoin (VIA), and other Scrypt-based cryptos to increase your earnings.
Dogecoin mining methods
You can approach the Dogecoin mining process in several ways, including ASIC, GPU, and CPU mining. You can use mobile devices to mine DOGE using apps like Dogeminer.
ASIC mining for DOGE
Dogecoin mining requires a Scrypt-compatible ASIC, as we have already mentioned. Although this method of mining is incredibly efficient, ASIC mining can be challenging because of the high cost of the rigs, the noise, the resource requirements, and the potential for extreme heat.
Notwithstanding, you can buy Antminers such as the L3+ and L7. You could also get the Innosilicon A2 Terminator if you want an excellent Dogecoin ASIC miner without spending a fortune.
GPU mining for DOGE
Graphic processing units, or GPUs, are handy tools for mining DOGE. However, they can occasionally become scarce because they are also used for video games, which drives their cost.
But since DOGE doesn’t need a lot of processing power, you can start your career as a DOGE miner with straightforward and reasonably priced GPUs like the Nvidia GeForce GTX 1060, the Sapphire Pulse Radeon RX 580, or the ASUS RX Vega 64.
Nvidia GeForce GTX 1060 GPU. Source: Yaoota
Unfortunately, ASIC mining has significantly skewed the scales in favor of those using such miners. Regular GPUs cannot match an ASIC miner’s computing capability. It’s one of the reasons GPU mining is no longer profitable.
CPU mining for DOGE
You can also use your current central processing unit (CPU) to mine Dogecoin if you have a reliable PC and don’t want to spend additional money. Nonetheless, this method is not necessarily profitable, even if DOGE mining is less resource-intensive than BTC. Furthermore, it can damage your CPU by overheating.
But if you are willing to take the risk, you could use the AMD Ryzen 9 3950X processor. It provides a reasonable CPU hash rate of up to 19.9 kh/s, which makes CPU mining profitable. Your outlay for this gear will be between $500 and $700.
Is Dogecoin mining profitable?
There are no guarantees that you’ll make money from mining Dogecoin. Whatever you earn will need to outweigh the costs of electricity and mining hardware. Additionally, low Dogecoin prices may significantly reduce your revenue.
Another element influencing the profitability of mining a cryptocurrency is its supply. Dogecoin once had a finite amount of 100 billion coins; however, halfway through 2015, every last one had been mined. Every year since then, 5 billion DOGE tokens have been released into circulation. As a result, mining the coin can be profitable because the supply is relatively limited, but there is a high demand for it. Mining DOGE in a pool is generally preferable to do it alone.
The best way to determine whether you’ll turn a profit or not is to use a dogecoin mining calculator like Whattomine. The website offers up-to-date data on network difficulty, exchange rates, block rewards, and the market value of DOGE.
Dogecoin mining calculator. Source: Whattomine
To estimate your potential daily returns, you must enter your hash rate, power cost, mining pool fees (if any), and hardware cost. But keep in mind that calculations are based on mean values, so there’s a possibility the final results could differ.
What is the best Dogecoin mining equipment?
Now that we’ve explained what Dogecoin mining is, identified the various mining methods, and highlighted the prospect of profit, let’s look at the best Dogecoin mining equipment money can buy in 2023.
Remember that we’ll primarily consider ASIC mining as the most efficient and profitable method among those mentioned above.
Bitmain Antminer L7
Antminers have developed a reputation as effective and dependable Dogecoin mining machines. Bitmain’s L7 model, which debuted in November 2021, is reputed to combine performance and affordability.
Bitmain Antminer L7. Source: Coin Mining Central
It uses the BM1489 chip with a 9500 mega hashes per second (MH/s) hash rate and a 3425W power consumption. The ASIC mining rig supports the Scrypt algorithm and is compatible with several cryptocurrencies, including LTC, Novacoin (NVC), DigiByte (DGB), BitConnect (BCC), Verge (XVG), and Netcoin (NET).
Although this model consumes a lot of electricity, it’s also quite efficient. It has a reported energy efficiency of only 0.36 j/MH at 3,425 W for the 9500 MH/s output.
Regarding security, the Antminer L7 uses NeoScrypt and SHA-256 algorithms, which allow it to withstand brute-force attacks. It’s also capable of peer-to-peer (P2P), local, and pool mining.
Convenience and maintenance
Dogecoin miners usually use the machine in large mining farms because of its strong technical and service support. Additionally, if the Antminer L7 has a short circuit, it has a smart power switch system that can kick in safely and swiftly to minimize damage to the miner.
Profitability and return on investment
As per data from Whattomine, three models of the Antminer L7, the 9500MH, 9160MH, and 9050MH occupy the top spots regarding DOGE mining profitability.
Antminer L7 3-month profitability. Source: ASIC Miner Value
The Antminer L7 has multiple times the hash rate and functionality of other competitors. Regarding return on investment (ROI), data from asicminervalue.com shows that the Antminer currently makes about $31 per day and $931 per month as profit. Therefore, on average, the payback period is about 12 months. So, if you want to buy Antminers, the L7 could be an option.
Innosilicon A6+ LTC Master
Innosilicon’s A6+ LTC Master, released in 2019, is a Scrypt-based miner with a reported maximum hashrate of 2.2 GH/s and power consumption of approximately 2100 W.
Innosilicon A6+ LTC Master. Source: ASIC Miner Value
Despite a decent noise level of 82 dB, the miner has an efficiency of 0.955 j/MH. The device weighs 9310 g and operates at 12 volts. It acts optimally in the 5–45 degrees Celsius temperature range and efficiently in the humidity range of 5–95%.
Convenience and maintenance
The A6+ has one of the highest noise levels on the market, 82 dB, meaning the device cannot be installed in residential areas. Innosilicon built the machine to be efficient in operation but not quiet.
The manufacturer offers a 180-day parts warranty for any miner you buy directly. It’s also a hardy unit best suited for data centers, and as long as it’s kept in a conducive environment with adequate cooling and dust filters, it will require very little maintenance.
Innosilicon A6+ LTC Master 3-month profitability Source: ASIC Miner Value
As seen in the chart above, high energy costs have been eating into LTC Master’s profitability recently. As per asicminervalue.com, at current estimates, the device generates about $2234 in a year. However, depending on your location, more than 97% of that income could end up paying for your rig’s electricity consumption.
Goldshell released its LT6 Litecoin/Dogecoin miner in January 2022. It has a maximum hash rate of 3.35 GH/s and uses 3200 W of power. The unit can mine 0.057 LTC and 107 DOGE per day.
The machine can also mine several other Scrypt-based coins, including Auroracoin (AUR) and DigiByte (DGB). You can expand the miner’s capabilities by joining mining pools such as Poolin, AntPool, and NiceHash.
Goldshell LT6. Source: ASIC Miner Value
The unit reportedly runs more efficiently than previous Goldshell models, saving energy and power. Its operating efficiency has been improved to 0.955 j/Mh, and its power efficiency has increased by 24.6% using a new high-performance computing chip.
Operating the miner under ideal circumstances would be best to function well. This calls for an interior temperature of 0–35 degrees Celsius and a relative humidity of no more than 65%.
At the current price of DOGE, asicminervalue.com estimates the LT6 brings in about $9.49 per 24 hours, which translates to about $3,416 annually. However, power usage may affect your profits, assuming electricity costs $0.12 per kWh.
BW L21 Scryptminer
The BW L21 Scryptminer is another good ASIC mining rig. Its Chinese manufacturer made it available at the beginning of 2018, and it features a 950W power draw and a maximum hashrate of 550Mh/s.
Like the other miners on our list, the BW L21 can mine several scrypt algorithm-based coins apart from DOGE. It also has a user-friendly interface and low power usage, making it an affordable option for new Dogecoin miners.
BW L21 Scryptminer. Source: ASIC Miner Value
The unit has a high efficiency of 1.727 j/Mh, allowing miners to generate more coins more quickly. Its low power consumption enables even casual hobbyists to finance their monthly electricity costs easily.
For this reason, the BW L21 is often recommended for beginners, as it offers a more inexpensive mining option than other ASIC miners.
The unit can be profitable due to its low power usage. However, it also depends on the price of mineable coins and the cost of electricity in your area. Data from asicminervalue.com indicates that the BW L21 Scryptminer can earn you about $1.51 per day, or $543 per year. Of course, these figures can change depending on DOGE’s market value.
As we’ve seen, mining DOGE involves a lot of planning and uses a lot of resources. Despite this, most miners do it for love rather than financial gain. However, when appropriately mined, it can be profitable; just be careful and know what you’re getting into before you spend thousands of dollars to buy Antminers.
Overall, a positive price change can make Dogecoin mining worthwhile. The Dogecoin community seems determined to keep using the cryptocurrency, meaning its demand will remain strong.
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