Last weekend, after a few weeks of reading up on it, I decided to start mining Dogecoins (Doge). If you have no idea what Doge or other crypto-currencies are, start here: http://en.wikipedia.org/wiki/Dogecoin
Doge is a form of crypto-currency based off of the Shiba Inu “Doge” internet meme. Doge has a strong culture surrounding it, one of friendliness and generosity not seen in other crypto-currencies (looking at you Bitcoin). Currently Doge is the 5th most valuable crypto-currency, trading at around 9% of one cent, yea, essentially worthless.
To get Doge you mine. No, mining doesn’t involve a Shiba Inu digging in front yard, though how awesome would that be? Here’s an overly simple explanation courtesy of Reddit:
“To simplify things the way bitcoin mining basically works for example is that your computer is sent some sorts of extremely complex mathematical problem, all the machines in the bitcoin network are sent the same problem, and the machine that solve said problem first is given some bitcoin as a reward. And to solve said mathematical problem quicker than anyone else requires a lot of computational power, which GPU’s are quite good for.”
Your video card determines how fast you are able to mine. I average 60kh/s with my Nvidia GeForce GTX 550 TI. 60kh/s isn’t great, but is decent. Mining 24 hours per day I make roughly 200 Doge. Using today’s value that is 18 cents. I imagine running my GPU card all day uses more than 18 addition cents of electricity. So why do I continue to mine Doge?
The community behind Doge is incredible. They are among the friendliest online groups I’ve come across. They helped send the Jamaican bobsled team to the Olympics and hold fundraisers for various charitable causes. All those who take part in Doge are constantly encouraged to tip other users, sending them small amounts of coin to generate interest and show thanks for quality content on Reddit.
Secondly, my second major in college was economics. And nothing excites me more than online currencies in their infancy. Watching them grow and develop into utility of exchange fascinates me.
If you’ve never heard of Crypto currencies, let alone Doge, I encourage you to check them out. There are literally hundreds of crypto currencies to choose from, all with communities there to help you out.