How Mine Dogecoin DOGE

We seem to be answering this about twice a day lately, because nobody ever reads before posting. Mining is DEAD! Its a competitive, zero-sum game. There is currently 30 TH/s of Scrypt ASICs chasing the LTC/Doge/etc merged rewards. That's 30,000,000,000,000 Hashes. Say 1 MH/s is going to cost you $100, just to pluck a number out of thin air.

To have a shot at HALF the rewards, you would need to spend $3 BILLION, and you would double the hashpower to 60 TH/s in the process. Except everybody else would also rush out and buy more as well. This is a game you just can't win. I've seen my 1 LTC per 8 days decline to 1 LTC per 3 YEARS over the last 12 months. Even though the price has gone up, or rather because of it, that's really made it a pointless excercise. Depending on when you started and your costs, if you were making great value. As soon as you paid off your ASIC miner(s).

You should have got financing for a solar w/ power brick solution to null your electrical costs. Depending on your scale and how long you mined for before the revenue decrease, you may have been able to pay off most if not all of your solar solution. You then would be mining profitably still until you could upgrade your mining equipment and repeat the cycle but this time with your salvage amount for your old miners if any with at least their depreciation write off AND your solar solution would be paid off or mostly paid off. Depending on your scale/time mining. Treat mining as a proper business and you lower your risk. • • • • • • •. Because you're complaining and saying how mining isn't profitable and you're calling it a zero-sum game I'm not having any problems, I'm making profit and not seeing negative cash flows.

But your view based on your experience, as you've expressed it, considering the increased barrier to entry and general decrease in profit per watt, claiming it's not profitable is still symptomatic of not adapting or not managing correctly (risks, plan of action, contingencies, etc). I mean, if I'm wrong please explain.

What did you plan before you started and how did it progress? • Target annual revenue • initial capex for your mining business and what type and number of miners acquired for that budget • total monthly operating costs • Date of entry • average monthly revenue or profit after operating costs • What did you do to adapt to market changes that affected your operations?

I'm not here for opinions or about sharing opinions. I'm here for facts. I think you can appreciate that given a quick glance at your reddit activity. I agree that opinions are like arseholes, lets just discuss facts about this. And let's assume you're the expert, so. What happened in your situation?

• • • • • • •. Who says I'm complaining? What on earth gave you that idea?????

Using WhatToMine you can check, how profitable it is to mine selected altcoins in comparison to ethereum or bitcoin.

I'm just stating facts. • It is not possible to mine Dogecoin anymore. The reason is the massive hashpower which LTC provides to secure our blockchain. • LTC rewards have reduced dramatically. Far more than the value has increased. To the point of pushing ROI far out into never-never-land. I do not generally go anywhere near discussions of other coins, though I do observe that they follow similar paths, where being profitable attracts masses of miners which drives up difficulty which reduces rewards and ultimately makes them unprofitable.

But given that these questions are always from people thinking they can CPU mine Doge, that's all moot. The simple answer is, Doge mining is dead. • • • • • • •. Let's qualify this (as I was attempting to get from you with the bullet points I asked for answers from). Let's look at that right now • one Antman L3 • at 500MH/s • 13 cents a watt • round up to 900 watts of usage What is your current revenue per day for that unit from LTC? Even if you round down to $15 profit per day to per unit. 100 units is $1500 a day.

~$46,500 a month profit. How Do You Mine A Emercoin EMC here. That's more than enough to cover financing for a constant green power solution (solar + power bricks). Making 0.062785149 LTC in profit (LTC you don't liquidate) per unit a day is about $15 a day right now (check the math please). This is a no brainer.

It's still very profitable especially if your solar solution was paid off already. Let's say you pay $3K per unit. With coin appreciation, you'll break even in less than 6 months. If coin doesn't perform well, maybe 9 months or more. Assuming ~$150K for your solar solution, assuming good performance and you day trading to diversify and insure high daily performance. You've broken even on rigs and solar in ~ 10 months if you liquidate everything and assuming when you liquidate values are at a high point (would be pointless to liquidate on low points). Sure it's more complicated than that, but averaging out.

What did you see for yourself? Here's what I think. I think most of you people that are reddit warriors saying cryptomining BTC, LTC, etc aren't profitable, aren't actually running a proper large scale mining business as you have a lot of time on your hands to be able to reddit. I'm small scale preparing to go large scale, so I have the time to verbal dance with you right now. Show me real numbers that's contrary to what I've typed above.

• • • • • • •. I just checked the numbers and came up with 8 bucks/day nett. Call it a year to break even. Given that the hashpower recently tripled in a matter of weeks, you can bet that the returns will drop drastically over that time. But you're right, we're not running large-scale farms. Though I know people who do, in the wilds of China next to hydro dams with basically free power and rent, and workers who cost peanuts to keep it all running.

They make money, yes. But this is still a zero-sum competitive game, and if you were to replicate the entire pool of miners, you would halve the rewards for everyone. • • • • • • •. I appreciate that you're meeting me halfway here, thank you.

Yes good points. Although I would disagree that it's a zero-sum game IF you adapt.

Right this minute is the wrong time to open up a large mining business from scratch if using current miners. New tech is comimg that is more effecient, when that tech is vetted and orderable, then it would be the perfect (as can be) time to scale. Pretty sure Zero sum assumes you do not adapt to market changes. And not adapting.

Is a major mistake many businesses make. Look at Toys-r-us for example. Yea it's more than simply just changing your business strategy because uncertainty plays a part in the decision making. If you have the heart to be aggressively efficient and as ahead of the curve as you can get, cryptomining as a business is profitable if you stay on your toes. I find it exhilarating and rewarding even at a small scale. It's still risky. Open a store front with some random service or sales business and you're going to have a ton of operating risk to deal with as well.

The difference, a dumb person can run a mom and pop business with a SBA loan and stay open even with negative cashflow for a while. If a dumb person tries to start a large scale cryptomining business. Without help. How Bitcore BTX Miners Work.

I think it would end really. Really badly. Just my 2 cents. So I guess my whole motive here. Is to try to let people know that it's worth pursuing at the right scale if you're an entrepreneurial spirited person.

Regardless of what random internet people are claiming. Which seems oddly mostly negative. As if spreading misinformation to keep new potential miners from entering the market. I mean if PoW dies and all that's left is PoS.

This whole mining business market is over. And that's okay.

What's important is seizing opportunity when it's available and having an exit strategy such as liquidating and doing IP development of some kind. • • • • • • •.

× CHOOSE AN ONLINE WALLET: Online wallets are the quickest and easiest way to use Dogecoin, but lack the security of storing your wallet on your local computer. We recommend you only store a small amount of Dogecoin in an online wallet at any time. There are several browser-based wallets available to choose from: • • • Note: These online wallets are not owned or maintained by Dogecoin or the Dogecoin Foundation. While we think the entities behind them are trustworthy - please use at your own risk.

× LEARN MORE: Dogecoin is a fun, new and rapidly growing form of digital currency. This form of digital currency is called 'cryptocurrency'; a type of digital currency. Cryptocurrency is completely anonymous, decentralized, and extremely secure. Dogecoin is used with a wallet on your computer, your smartphone, or a website. You can use it to buy goods and services, or trade it for other currencies (both other cryptocurrencies or traditional currency like US dollars).

One of the most popular uses for Dogecoin is 'tipping' fellow internet-goers who create or share great content. Think of it as a more meaningful 'like' or upvote, with real value that can be used all across the internet. It is very easy to start using Dogecoin. • Step 1: Get A Wallet. • Step 2: Get Some Dogecoin.

• Step 3: Use Your Dogecoin. • Step 4: Stay Up-to-Date. More information in the guide below. × GET DOGECOIN: There are numerous amounts of ways to get Dogecoin. You can buy them, trade for them, get tipped, 'mine' them, and more.

They are surprisingly endless! You can get tipped Dogecoin by participating in. If that's not your style, the easiest way to have your first Dogecoin is to get them from a faucet. A Faucet is a website which gives you a small amount of Dogecoin for free to introduce you to the currency! All you need is your Dogecoin address.

Here are a couple Dogecoin faucets: • - Enter your address to get some free Dogecoin. • - Same as Dogefaucet.

You can also get Dogecoin by 'mining' it. Mining is when you use your computer to process Dogecoin transactions by other people, and in return you get Dogecoin. Mining is intended for advanced users only, as it requires a lot of technical knowledge to do.

If you are interested,. Note: These online faucets and exchanges are not owned or maintained by Dogecoin or the Dogecoin Foundation. While we are satisfied they are trustworthy, reliable services - please use at your own risk. × STORES: You can shop for goods online with Dogecoin.

Dogecoin is safe during checkout, because you don't put down any sensitive bank information! Just send your Dogecoin to the address specified by the merchant, and then you'll have your item processed and ready for delivery in an instant! Here are some businesses that accept Dogecoin: • Note: These online shops and business directories are not owned or maintained by Dogecoin or the Dogecoin Foundation. While we are satisfied they are trustworthy, reliable services - please use at your own risk. Both wallets have their advantages and disadvantages. MultiDoge is a light wallet, so it only needs to 'skim' through the blockchain before it becomes usable.

This is done quickly. But the wallet should only be for normal use.

It cannot be used to mine Dogecoin, as the wallet will become slow and unresponsive if used this way. Dogecoin Core on the other hand, downloads the entire blockchain.

Its initial sync is significantly slower compared to MultiDoge, and it takes up a lot more space. But this comes at an advantage. It is safe to mine Dogecoin with this wallet, as it will be able to handle the transactions from payouts. It will also help maintain the Dogecoin network. Both wallets have their advantages and disadvantages. MultiDoge is a light wallet, so it only needs to 'skim' through the blockchain before it becomes usable. This is done quickly.

But the wallet should only be for normal use. It cannot be used to mine Dogecoin, as the wallet will become slow and unresponsive if used this way. Dogecoin Core on the other hand, downloads the entire blockchain.

Its initial sync is significantly slower compared to MultiDoge, and it takes up a lot more space. But this comes at an advantage.

It is safe to mine Dogecoin with this wallet, as it will be able to handle the transactions from payouts. It will also help maintain the Dogecoin network. Both wallets have their advantages and disadvantages. MultiDoge is a light wallet, so it only needs to 'skim' through the blockchain before it becomes usable. This is done quickly. But the wallet should only be for normal use. It cannot be used to mine Dogecoin, as the wallet will become slow and unresponsive if used this way.

Dogecoin Core on the other hand, downloads the entire blockchain. Its initial sync is significantly slower compared to MultiDoge, and it takes up a lot more space. But this comes at an advantage. It is safe to mine Dogecoin with this wallet, as it will be able to handle the transactions from payouts.

It will also help maintain the Dogecoin network.