Dogecoin, the meme that turned profitable, and now have a
Dogecoin, the meme that turned profitable, and now have a legit market position has been intriguing the world and grabbing everyone’s attention.
The unlimited supply factor has kept the prices fairly low, and it might be a good investment, but people always look for free stuff Don’t they?
The best thing about cryptocurrency is, it pays you for everything you contribute towards its network. And one way to earn any free cryptocurrency is through mining. So is it possible to mine Dogecoin for Free?
The answer is both YES & NO.
Let me explain,
Mining is a process of transaction verification since there is no centralized network of authorities taking care of the authentication process, the task falls on the shoulder of peers on the network.
So, YES you can mine dogecoin for free, so why NO?
Well, mining itself requires computational power known as Hash Rate or Hash Power. Since every transaction on the Blockchain network based cryptocurrency come with a 256-bit digital signature, which cannot be tampered.
In order to verify the transaction, the computer needs to run heavy code lines simultaneously, this process requires a ton of computational power.
So, in order to meet the Hash power demand to verify a block, your computer needs a specific set of hardware and software as a normal PC might overheat and consume a lot of energy and still might not fetch you the result.
The prerequisite for setting up a mining rig might be expensive, and a good CPU or GPU based mining rigs can easily cost you in upwards of $1,000.
Thus, the process of mining might fetch you free Dogecoin, but the initial cost of setting up a mining rig is costly, thus nullifying the free mining theory.
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How Can One Earn Dogecoins at Minimal Cost?
If you are passionate about mining Dogecoin and don’t want to spend a ton on setting up a mining rig, you can opt for Mining Pools instead.
Mining Pool is when a group of people mining the same cryptocurrency come together to generate shared Hash Power and divide the Block Rewards equally among themselves.
The distribution of reward is based on either the computational power you put in the pool or sometimes equally shared. The pool charges a small fee usually 1% of your reward and can prove to be more beneficial than individual mining.
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Is there No Way I can Earn Free Dogecoin?
If you are fairly new to the crypto realm and possible the meme connection has brought you to the Dogecoin and you have no funds to start the mining process, either individually or through a mining pool, you can still earn free dogecoins.
The crypto community is fairly new and thrive to gain any amount of attention they can gain. In order to promote their community, digital token creators distribute a certain amount for advertisement, in the form of Airdrops, Bounties, and Faucets.
Faucets are the best way to earn free Dogecoins and there are various websites offering the same. However, one must be careful as many faucets promising glittery return can be a scam.
Faucets basically pay you a free Dogecoin token for either answering a few questions or playing games. Since the market price of Dogecoin is fairly low, you might find faucets offering free Dogecoins.
Always remember, any website claiming to make you a crypto millionaire within a month or promising unimaginable free stuff might be a scam.
Anything which looks too good to be true has a bigger probability of turning out to be a facade. So make sure to do your research beforehand.
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Conclusion
Dogecoin has gained enough momentum and attraction to become one of the better-known cryptocurrencies in near future. A low price at the moment makes it a perfect choice for new entrants and long-term investors alike.
However, there is no such thing as free stuff, if anyone claims to provide you something for free, chances are there might be many “IFs & But” hidden between the line. You can mine free Dogecoin with your personal computer as well, but it won’t stand much of a chance in front of specialized mining rigs. So the best option for newcomers is to join a Dogecoin Mining pool to make profits at minimal input cost.
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