Dogecoin has enjoyed huge media traction as one of the largest cryptocurrencies by market cap.
This peer-to-peer coin started as a sarcastic meme coin in 2013 and risen in popularity in the last couple of years. It’s safe to say that Dogecoin has been more popular than normal recently. Several individuals took advantage of the buzz to sell their Dogecoin holdings, while others ended up deciding to invest in it.
However, since its huge rise in value, the number of individuals searching for “how to mine Dogecoin” on Google is increasing rapidly.
This is because a lot of individuals want to get their hands on DOGE without having to buy it through a cryptocurrency exchange.
As an alternative to purchasing Dogecoin on exchanges, you could relax and let your iPhone do the work for you by mining the cryptocurrency for yourself.
History of Dogecoin
Jackson Palmer and Billy Markus collaborated to create the cryptocurrency known as Dogecoin in 2013. However, Dogecoin started as a satire of the bullish cryptocurrency community, the joke was well accepted by the crypto community on Twitter, so Jackson went on to build a website for it. Dogecoin focuses on making crypto more accessible and entertaining.
Previously, the founders utilized Doge to raise money for humanitarian causes and sports contracts. Over the last few years, even more businesses have begun to accept Dogecoin as payment and are discovering its many other applications.
Although there have been some modifications made, the blockchain that underpins both Dogecoin and Litecoin is the same.
Litecoin is also a prominent cryptocurrency. During the controversial crypto price burst of 2017, Dogecoin witnessed a substantial increase in its price.
Even though it dropped much of its pace in 2018, a massive number of people still support the cryptocurrency, and it clinched an all-time high of about $0.7 in 2021.
Going through this guide, you’ll learn everything you need to get started with mining Dogecoin on your iPhone, what software you’ll need, the different methods of mining Dogecoin, and much more.
The mining process for Dogecoin entails validating and uploading financial activities to the blockchain.
When a miner completes a hash, they get rewards which include a certain number of freshly minted Dogecoins.
Mining is a crucial component of the technology of every cryptocurrency since it contributes to the blockchain’s continued decentralization and ensures that it remains safe.
There are several differences between the mining process for Dogecoin and other currencies. Just like Litecoin, Dogecoin utilizes the Scrypt algorithm. Since they are so close in terms of design, it is also feasible to mine both of them simultaneously.
The Scrypt algorithm used by Dogecoin means that mining consumes very little power. Rather than demanding a nuclear collider, you can now mine at your own convenience.
It seems obvious that mining DOGE should be as accessible as possible, given the currency has always been about bringing people together.
Mining of Dogecoins becomes ever more challenging over time. In order to make extra money, DOGE miners simultaneously mine Litecoin (LTC) and other Scrypt-based currencies.
One may also generate income by mining Dogecoin by joining a mining pool in case the above recommendation isn’t your cup of tea.
Ways to mine Dogecoin
Cloud mining has to be the approach with the least amount of complexity. This method allows you to purchase into a mining company without any involvement from you.
With cloud mining, instead of purchasing your own machinery, you lease it from a bigger mining company. They’ll do the mining while keeping a portion of the profits, plus they’ll often pay for the electricity used.
Cloud mining is one of the most convenient ways to mine DOGE since it enables you to mine Dogecoins online from the comfort of your own home.
You may avoid the costs of purchasing and maintaining mining equipment altogether by renting it from a third party. In this arrangement, you will never have direct contact with the rented machinery.
To put it simply, what you have to do is make a payment to a significant mining company so as to receive a portion of the earnings generated by any of its mining units.
The cloud mining of Dogecoin, although simple and very inexpensive, carries with it the potential for significant financial loss. Rental agreements often range from one month to one year in length.
In addition, let’s assume that the demand for Dogecoin drops shortly following your rent, the company will compel you to renew, and you may end up incurring a loss rather than a profit.
Rookie miners might consider pooled mining if they want to maximize their returns. Each participant contributes their hashing power to the collective effort.
If a block is successfully validated, the payouts are distributed to the miners in accordance with their shares in the block.
Joining a Dogecoin mining pool is something you should look into doing when you are just starting off.
There is a significant amount of hashing power available, particularly ASICs, and also the demand is high. Pooling modest hashing power may help you thrive over bigger mining projects.
How to Mine Dogecoin on iPhone?
To get started with mining Dogecoin on iPhone, you need to get a few things ready.
1. Dogecoin mining hardware
Mining on an iPhone is typically not recommended due to the device’s diminutive size and compactness.
Iphones are everyone’s ideal phone for everyday usage, but they’re a headache for cryptocurrency mining due to inadequate heat dissolution.
Because of this, you’ll need a high-end iPhone with the best chipset.
2. Dogecoin Mining Apps for iPhones
3. Mining Pools. Here are a few outstanding Scrypt mining pools:
4. Crypto Wallet
Miners must get a Dogecoin wallet in order to begin mining DOGE. You will use it to store all of the DOGE rewards after you have achieved the minimum required amount for payment.
Here’s how to go about mining Dogecoin on iPhone:
- Get a high-end iPhone for the mining process
- Set up your iPhone device
- Download and install the required software.
- Join a mining pool, and connect your devices
- Finally, start mining Dogecoins
Step 1: Get a high-end iPhone for the mining process
Mining Dogecoin or any cryptocurrency on an iPhone is an intensive task that requires a capable device.
To handle the mining operations perfectly, ensure your iPhone runs on at least 4GB RAM, 64GB ROM device, and Quad Core processing chip.
Also, ensure your battery capacity and battery health is perfectly fine before mining.
Step 2: Set up your iPhone device
To ensure your iPhone device is working maximally for the mining operation, you need to make a few adjustments to your settings.
Firstly, disable low power mode from battery settings. Also, enable background app refresh in Settings > General.
Finally, enable automatic download in App Store > Settings.
Step 3: Download and install the required software
In order to begin mining Dogecoin, you need to install the proper mining software: as we’ve already discussed above.
Check your App Store and search for any of these apps. For paid ones, you can navigate to their website and subscribe for mining pools if subscription.
Step 4: Join a mining pool, and connect your devices
Register in a mining pool that satisfies your requirements and has required frequencies compatible with your equipment’s capabilities, then use that account to mine dogecoin.
Payment addresses for Dogecoin mining must be registered with your mining pool account in order to receive your earnings.
Step 5: Finally, start mining Dogecoins
And that’s it; you’re off to a good start. Your mining pool’s dashboard or app will show you your hash rate, earnings, and payment.
You can immediately transfer your Dogecoins to your own wallet based on the pool you choose.
Is Dogecoin Mining Profitable?
The amount of profit you can make from Dogecoin mining generally depends on a lot of things. One of them is your mining equipment and software.
Generally, mining is perfect on a high-end PC device. Therefore, using mobile devices like the iPhone can be minimally profitable. In addition, it can heat up your device causing subsequent damage.
Even if you’re using powerful high-end devices, you need to consider electricity, equipment, and software as costs of starting your mining operations.
Still, mining on an iPhone can supplement your income source.