Shiba Inu Coin is a meme cryptocurrency that is quite popular in the narrow circles of crypto investors. In this article, we will analyze how to mine Shiba Inu. The data in this article is taken from the buidlbee website.
Shiba Inu: pros and cons of cryptocurrency
There are a number of good reasons why purchasing a Shiba Inu token (SHIB) is a good investment:
- Many experts and financial analysts make positive forecasts for the future;
- All currencies created on the basis of the Ethereum blockchain enjoy credibility among traders;
- Shiba Inu has attracted the attention of many famous personalities. Even Elon Musk is constantly watching him;
- ShibaSwap, the official platform, is scheduled to be launched in the near future.
Shiba Inu has only one significant drawback, which is common to all Memes coins. The fact is that cryptocurrencies based on various memes are very unstable. They are not backed by real value, so their value is highly questionable. Today the price may be one; tomorrow, another.
How to mine Shiba Inu?
Shiba Inu coins can be mined using a regular computer. And mine one block in less than 10 minutes. People who are not very advanced in programming can become the owner of this currency – on ordinary information portals, you can get a Shiba Inu coin for completing simple tasks, for example, for entering characters from an image, the so-called captchas.
There are several ways to mine Shiba Inu coin:
- Solo mining;
- Pool for Shiba Inu coin;
- Using cloud mining.
This type of mining is independent. However, at the moment, this method is unpopular due to its low efficiency. They were used at the very beginning of the creation of mem coins. In order to mine on your own, you need powerful equipment, which is accompanied by high energy consumption.
Usually, beginners in the field of crypto mining are engaged in such mining. The mining profession takes place on the video card or processor. It is better to do mining on a video card. It is safer since current video cards are several times more powerful than a processor. Examples of good graphics cards are Nvidia and ATI.
Pool for Shiba Inu coin
Those who have been mining for a long time, the so-called progressive miners, make a choice towards large pools. What is needed for this type of mining?
- First, you need to run one of the programs (Cudaminer for Nvidia or CGMiner 3.72 for ATI GPUs);
- The next step is to introduce a pool for SHIB;
- Then we enter our personal data and the parameters you need;
- Finding a pool on the Internet is not difficult. However, to avoid block openings, we advise you to choose large pools.
How it works?
- To begin with, of course, you register on one of the services (such as AntPool or F2Pool);
- Then you create Worker;
- Enter your username and password;
- Then you set up the withdrawal of funds to the Shiba Inu Coin wallet, making this process automated;
- Well, the last action, of course, is to start mining Shiba Inu Coins.
Cloud mining Shiba Inu Coins
If the applicant for the extraction of Shiba Inu Coin has the funds, but there is no objective desire to purchase and configure expensive equipment or mess with video cards, you can successfully engage in cloud mining with a charming dog. Simply put, to rent ready-made facilities that will ensure the production of income.
There are enough services that provide this service, so it is important to find a proven and reliable one. So, we find a service, create an account, and select a tariff and capacity. You can pay for the service monthly, or you can pay in advance. Having paid and indicated the Shiba Inu coin wallet, all that remains is to monitor the increase in the amount in it.
Is it profitable to mine cryptocurrencies?
Unfortunately, in the current realities, when electricity around the world is very expensive, mining becomes almost unsustainable. For example, if we take Norway as an example, then it will never be profitable to mine a Shiba Inu coin there. You will always be in the red due to electricity bills.
The electricity that is “wasted” by mining is converted into heat, so the miner can function as a decent heater in the winter and possibly the only heater that makes you money.
Risks and possible problems
Risks with this currency are no different from all other currencies. The popularity of the Shiba Inu coin is growing, and it is possible that soon this coin will overtake dogecoin in popularity.