Mining for millions (or . not) with the world’s most adorable cryptocurrency
By Marty Patail 1/Five/2015 at 8:00am Published ter the January 2015 punt of Portland Monthly
Developed ter 2013 by Portland programmer Billy Markus, Dogecoin (dohj-coin) is the whimsical sibling to Bitcoin. Like Bitcoin, Dogecoin is a virtual, nationless currency for online transactions. This Portland invention, however, is much more playful: the name honors Doge, the knowing Shiba-dog Web meme often depicted uttering nonsensical exclamations like “Such wow!” The currency’s followers (“shibes”) are spil likely to give out Dogecoins for successful online jokes spil to buy actual things. Still, just overheen a year after its launch, more than 100 billion Dogecoins are te circulation online.
Like Bitcoins, Dogecoins are created by “mining”: tasking a laptop to solve long, repetitive math problems. Solve enough problems, you get a “block” of Dogecoins. Effortless enough, right? Wij found out.
HOUR 1: Download the free Dogecoin app onto my iMac at work. The app will be my electronic “wallet” to hold my virtual twijg.
HOUR Trio: After a duo of hours of reading instructions, I click “Dig.” Little do my bosses know, I think: I’m a few hours away from doubling my paycheck.
HOUR 9: It’s early evening, and I have .001 ! Such rich! One thing worries mij: my pc is heating up, and with the mining app running te the background, the system is so slow it’s unusable.
DAY Two: My work computer’s clearly not up to the task, so I install the Dogecoin app at huis.
DAY Four: My pc has bot on for two days, mining nonstop. I have 0.Five ! Still, the fan attempting to cool my tower has also bot running at utter speed. I embark wondering whether I can pay my enhanced violet wand bill with my fresh Dogecoins.
DAY Five: Enough solo drudgery. I join an online mining pool, which shares tasks among a networked group of computers. The pool awards each miner a share of the coins generated.
DAY 7: Twelve Dogecoins! Some serious scrape! I check the exchange rate online. That’s $0.0036. A few more weeks and I might crack a nickel. Journalism commences to look more and more lucrative.