Dogecoin has implemented a blockchain with a proof-of-work (PoW) algorithm based on Scrypt, which ensures that standard bitcoin mining hardware cannot be used.
In 2014, Dogecoin switched from a random block reward to a standard block reward. The block time of Dogecoin is 1 minute, which means that a block mining reward of 10,000 Doge is made every minute.
Another unique aspect of this blockchain Protocol is the fact that there are no restrictions on coin production – the network can produce an infinite amount of Dogecoin.
Altcoin has established itself as one of the most convenient for transferring between exchanges.
What is mining?
Mining is the activity of creating new structures (new blocks in the blockchain) to ensure the functioning of cryptocurrency platforms. The creation of a new structural unit is usually rewarded with new (issued) cryptocurrency units and / or commission fees. Usually mining is reduced to a series of calculations with a search of parameters to find a hash with the specified properties.
In simple terms, mining is a way to earn cryptocurrency using the power of your equipment (whether it’s a personal PC or specialized mining farms).
Can I mine DOGE on Android?
Dogecoin is included in the list of influential cryptocurrencies. Dogecoin can be mined in 2 ways: independent mining through the power of your device and the Dogecoin mining pool.
Independent mining is when you use high computing technologies and power and all the profit goes to your wallet.
Pool mining – when you mine through a specific community. In this case, the calculation costs from you are much lower. Mining costs are lower, but profits are also reduced.
Mining in the Android app is also possible, but now it is much more difficult. A few years ago, Google banned direct mining of cryptocurrency from the phone. Exception: an application for managing mining. Dogeminer is one of these apps with an android version. For beginners, this is the best option, but do not count on instant superprofits.
If you want to make money on cryptocurrency, we advise you to pay attention to trading and the opportunity to make money on changes in the exchange rate of the currency. Study the market, follow the community, buy coins that will potentially increase in price and change them further to even more promising ones. This will give you more opportunities to earn money.
How do I trade coins?
If you have Litecoin (LTC) coins and want to exchange them for Dogecoin (DOGE). Or mining was successful and you want to exchange dogecoin to ltc, we will tell you how to do it in a few minutes on Godex.io.
Just go to the main page Godex.io and follow the instructions.
- Find DOGE in the “you send ” field and the number of coins you want to exchange. In the “you get” field, put LTC. Then confirm and click the “exchange” button.
- Enter your personal LTC wallet address in the “destination” field and click “exchange”.
- You will soon receive The dogecoin Deposit address. There you send the specified DOGE amount, and then get the transaction ID.
- As soon as the required DOGE amount is sent to the specified address, the conversion process will start.
- Godex.io will make an exchange at the most favorable exchange rate found. You will receive the specified amount of LTC to your wallet within a few minutes.
- Do you want to repeat the operation? Just click the “Restart exchange” button.
You need Godex.io if you want to exchange cryptocurrency profitably, quickly, safely and without registration. The platform provides an opportunity to exchange 200 + coins, which you can change without restrictions. Any questions or difficulties? Support team works 24/7 and is always ready to help you.