Recently as of the 6th December a new crypto currency has popped onto the market and gained a huge following in a very short amount of time, it is one of the fastest growing crypto currencies. That currency is Dodgecoin.
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| WoW much coin |
With a market cap of 100 billion coins and over 13% of those already mined and with its biggest heist occurring on the on Christmas 2013 it also has tons of support in the reddit community. Dogecoin is gaining tons of attention and still growing strong.
Mining Dogecoin is similar to Litecoin since it also uses scrypt in its proof-of-work algorithm, meaning that you can configure cgminer to mine Dogecoins. Dogecoins currently get mined at a ridiculous speed, in only a few hours I've been able to mine 300 Dogecoins using a R9 270 graphics card. Ypool.net also support dogecoin with use of a proxy to work with their push through protocol.
The things that really
separates dogecoins from all the other is the community, the community
is extremely open and friendly and will constantly tip dogecoins to
other members. And becuase of this dogecoins makes it easier to get into
crypto currencies as a whole. It allows you to play around with it,
with very little risk to you and you can then test the waters. Since all crypto currencies
essentially work the same, you can transfer that knowledge to other
currency.
So
start mining play around with it the trading and get a general feel for
how crypto currencies operate. It all quite simple really, it just seems scary.
Mining Dogecoins
To mine dogecoin using ypool.net you first have to download cgminer, then go to ypool.net login and select dogecoin as you currency(at current coin mode), then click on "how dig coin" and select the "Dogecoin | Doge" tab and download the proxy.
Then setup a worker under the "Many workers" -> "Many worker" links
Extract and run the proxy and keep it running, then in your cgminer folder create a new .bat file inside that put the following:
cgminer --scrypt --fix-protocol -o localhost:8332 -u <login username>.<worker name> -p <worker password>
so that it looks something like this
cgminer --scrypt --fix-protocol -o localhost:8332 -u accountName.workerName -p workerPassword
Save and run the .bat file
DBSwVKhJax1DtUm7CKPZ3ZaRzmnGkX8aNM
Bit coins(Crypto Currency) have recently gained a lot of attention which has caused it's value to shoot through the roof and made early miners - people that get paid in bitcoins for compute power - scramble to find the coins they mined to cash in. Since the complexity and time it takes to mine bitcoins increases at regular intervals until 21million coins have been mined.
However for regular users mining bitcoins is no longer practical since ASIC (application-specific integrated circuit) for mining came along, these ASIC allows for far faster mining but can be costly, not to mention the power requirements it takes to mine a bitcoin with a decent setup is somewhat unpractical.
However there exists other Crypto Currencies such as LiteCoin, PeerCoin, PrimeCoin here a list of other crypto currencies. And one can always trade one crypto currency for another relatively easily.
So how do you mine crypto currencies? Well first you need a few things,
- Type of crypto currency you want to mine (LiteCoin, BitCoin etc..)
- Mining hardware (CPU, GPU, FPGA, ASIC)
- Not all coins can be mined with GPU, FPGA, ASIC
- Mining Software for that crypto currency
- Wallet to store you coins for that crypto currency
- An account at a pool
So lets work with Primecoins which at this moment can only be mined with cpu, the process to mine other coins are almost exactly the same and if lost reddit will most likely have a community that can help you out.
Step 1 - Mining software
Typically just google for primecoin mining software but as of now the most popular software is jhPrimeminer which you can get here
Step 2 - Get a wallet
A wallet is a program that will store you coins, you can get a wallet here
The wallet will take a while to update but you can start mining before it is done.
Step 3 - Create an account
Setup an account at ypool.net here your mining software will connect to and get job to compute they will then either store the money with them or payout into your wallet. Once there click on workers there should already be one. Add a password to it and click on update
Step 4 - Setup the mining software
Go to the folder where you extracted jhPrimeminer create a new .bat file which you can name mine.bat, inside that .bat file add the following:
start jhPrimeMiner.exe -o http://ypool.net -xpt -u <username>.<workername> -p <password>
eg.
start jhPrimeMiner.exe -o http://ypool.net -xpt -u jj.worker_1 -p badpass
Where username is you ypool account username, workername is the name your worker (found in the worker tab of ypool) and password is the worker password NOT you ypool password
Step 5 - Setup payment to you wallet
To get the money to go to you wallet you have to get your wallets address which can be found in the wallet under the Transactions tab and will look like a hash string of random characters. Copy this address right click -> copy address. Then in ypool go to account-> main options and put that address in there.
Now double click on the .bat file you created and presto.
