If you’re into cryptocurrency at all, you’ve likely heard of Dogecoin. Between Reddit speculation and Elon Musk’s Twitter interest in Dogecoin, the price has risen considerably in 2021. How much? Enough to dust off a few ASIC rigs, mine Dogcoin and hopefully watch the prices continue to rise!
To mine Dogecoin, there’s a few things to know. First Dogecoin uses an algorithm called Scrypt. It’s the same algorithm used by Litecoin. That also means that Dogecoin can be mined with ASIC miners designed for Litecoin because the Scrypt algorithm is the same, whether mining Dogecoin or any other Scrypt-based coin. So, to be clear, you shouldn’t be looking to build a GPU Mining Rig (or build a CPU mining rig like our Monero mining rig build). You need to use an ASIC.
- Dogecoin uses the Scrypt algorithm
- The miner we’ll be using can mine Scrypt at over 500 Mh/s
- Dogecoin can be bought and sold on several exchanges and using numerous wallets
- There are several trustworthy Dogecoin mining pools
Is Dogecoing mining profitable in 2021?
At the time of writing this, it absolute is. Using older ASIC hardware that can be purchased for ½ the price of a top-end Nvidia GPU, you can (as of today’s calculations), and living in a state where electricity ins’t through the roof, you can profit.
Here’s how the calculation on What To Mine’s Dogecoin profitability calculator worked out today (calculations were made on May 5, 2021). We’ll be using multiple Antminer L3+ mining rigs. The L3+ is an ASIC, meaning it does one thing and does it relatively well: Mining the Scrypt agorithm.
For the profitability calculation we need to know a few things.
- Our Dogecoin ASIC miner can mine Dogecoin’s Scrypt algorithm 504 Mh/s
- When mining it will consume 800 watts of power
- The price of Dogecoin was $0.62 when this article was last updated (May 5, 2021)
- Electricity costs $0.10 / kWh where we are located
We plugged all that information in, and the result is…
- $0.43 an hour …
- $10.31 a day…
- $72.16 a week…
- $309.28 a month in profit
And, we don’t have just one Antminer L3+. We have several! Of course, use the calculator over on What to Mine to get up-to-date profitability. As you know, things change fast, and Dogecoin might be a posterchild for it.
Where to get a Dogecoin Mining Rig (ASIC)
If you have an L3, L3+ or L3++ laying around, we’re pretty sure you’ve dusted it off already and it’s mining away. If you don’t have a Dogecoin mining ASIC, you might want to know where to find one.
Your best bet is actually getting them second-hand. When we last checked, we found dozens of Scrypt mining L3 variants.
Here are’s the difference between the Dogecoins-mining L3’s that are out there:
|Antminer L3||Scrypt||250 Mh/s||400W||Unk|
|Antminer L3+||Scrypt||504 Mh/s||800W||75dB|
|Antminer L3++||Scrypt||580 Mh/s||940W||76dB|
Our estimates above with the miner we have, an L3+. Looking at the numbers, the L3++ is the better one to get if you can find one and the price makes sense.
Important tips when shopping for L3 Dogecoin ASIC miners:
- Purchase an L3+ or L3++ as opposed to the original Antminer L3
- Look for a seller who has a good reputation and positive feedback
- Ensure the ASIC unit is verified to be in full working order, achieving it’s Mh/s
- Make sure your purchase includes the Bitmain power supply
Next up: Setting up an L3+ or L3++ for Dogecoin mining
Mining with a Bitmain Antminer ASIC like the L3+ or L3++ is easy. The setup is straightforward. Yes, you will be doing things you’ve likely not done before, but it isn’t hard, it’s just different. In Part 2 of this guide we’ll assume you’ve got your L3+ or L3++ and are ready to set it up! Stay tuned!