The mining being discussed here is digital mining through complex mathematical algorithms. What is Dogecoin mining?īefore we get to Dogecoin mining, you have to know that mining cryptocurrencies is not the same as mining coal or petroleum underground like they do in the Middle East. Dogecoin has no supply limit, of which around 129 billion Dogecoins are currently circulating as of May 9, 2021.
There are market caps for each cryptocurrency. This limit of supply is meant to make sure that their prices will not get too low, which is what happens for fiat currency like the USD if the government keeps on printing the money without proper control or monitoring. This system of peer-to-peer exchange and transfer of information makes the whole structure almost impossible to hack and bring down.Ĭryptocurrency has limited supply, hence the hype. It is built on top of a huge network of computers or nodes that confirm the transactions. Moreover, Dogecoin cannot be found in a single particular computer system. Crypto currencies are free from any regulations set by any government and bank institutions. The attraction of cryptos is that it is not under any private corporations, multinational enterprises or the government’s control. Just like other cryptocurrencies, Dogecoin is powered by a decentralized finance system called blockchain technology. It’s actually one of the top crypto currencies at the moment – not bad for something that started out as a joke.
#Dogecoin mining dogecoin core software#
First started as an internet meme from 2 software engineers Billy Markus and Jackson Palmer to mock crazy fans of cryptocurrency, Dogecoin has now officially become a part of the big family.
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