Dogecoin has officially switched to auxiliary proof-of-work (AuxPoW) mining.The update now enables litecoin miners to process transactions, while providing an additional layer of security to the decentralized network.The altcoin’s switch to auxiliary proof-of-work, also known as merge mining, has been in the works for some time.The move was announced this August after months of serious and, at times, passionate debate within the dogecoin community.The merge mining concept was suggested in April by litecoin creator Charlie Lee.Dogecoin creator Jackson Palmer told CoinDesk that AuxPoW was necessary as the gradual decline in price had removed some of the incentive for miners to mine dogecoin.Further, any resulting network hashrate drop could have created the conditions for potentially malicious transactions to be fraudulently committed and confirmed.“One of the harsh realities of proof-of-work based cryptocurrencies is that their security is reliant on mining being profitable for those dedicating their hashing power to the network.

By enabling AuxPoW, we're no longer competing for people's hashrates with other scrypt-based coins.” The hard fork that enables AuxPoW kicked in at block 371337.While some during the merge mining debate felt that other options were more viable, the community itself has largely come together in support of the AuxPoW initiative.bitcoin ios libraryFor example, many in the dogecoin community turned the day leading up to the AuxPoW launch into a kind of celebration, hosting giveaways on both the altcoin’s subreddit as well as its official IRC chatroom.bitcoin hardware singaporeReddit user GoodShibe, who writes a daily column entitled “Of Wolves and Weasels” on the dogecoin subreddit, said that the fork represents the work of many individuals, both inside and outside of the DOGE community.cheapest bitcoin mixer

“This, of course, is all thanks to our incredible, hard-working dogecoin dev team and the gentle, and sometimes not-so-gentle, prodding of our litecoin friends – including litecoin creator Charlie Lee – who continued to try and win us over despite our Shibe pride (my own included).” Subreddit moderator TheLobstrosity echoed what many others remarked upon, in that by solving the security question for the time being, dogecoin has more room to grow.bitcoin a ponzi schemeThe mod noted that it was broad support for the fork’s purpose that made the changeover that much easier, adding that “shibes have embraced the change and optimistically await the results.” Peoplma, another subreddit moderator, told CoinDesk that the event is a great example of how communities can come together on certain issues despite the belief that coins are in open competition with one another, saying: “I think this will be good for both the [dogecoin] and [litecoin] communities, and hopefully will foster some goodwill.bitcoin to sek history

Despite occasional inter-coin drama, hopefully we realize we are all part of the same larger crypto community.” One question remains – Where does the nine month-old altcoin go from here?Initiatives utilizing dogecoin continue to grow and develop today.bitcoin kurs googleAn effort to raise money for flood relief in Kashmir has raised 1.7 million DOGE so far.ethereum long term investmentThe funds will be used to provide fresh water and medicine to affected areas.bitcoin inr valueGrassroots donation drives like this are proof that dogecoin, despite its challenges, continues to be a vehicle for good causes.bitcoin billionaire levelsGoodShibe suggested that, as always, it's up to the community to figure out what dogecoin does with what some have called its second wind.

One of the ideal outcomes would be that the added security and merge-mining with litecoin actually encourages more mining and participation from those outside of dogecoin circles.Adding that “it’s an exciting time to be a shibe”, GoodShibe explained: “We have access now to a much larger potential pool of hash power to ensure our long-term survival, but we must continue to work on building our DOGEconomy and encouraging the slow, steady, stable growth of our coin in order win it.In short, the more our coin is worth, the more people who will be inspired to mine it.” Palmer suggested that some litecoin miners might find themselves becoming fans of the meme-themed cryptocurrency, joking: “I think we all know that litecoiners are going to convert to shibes pretty quickly.” The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.Mining cryptocoins is an arms race that rewards early adopters.

You might have heard of Bitcoin, the first decentralized cryptocurrency that was released in early 2009.Similar digital currencies have crept into the worldwide market since then.Today, there is very much a digital gold rush where people can make a small profit by investing a few hundred dollars in equipment, and then spend months mining for digital coins before any return on their investment sets in.Litecoins, Dogecoins, and Feathercoins are three Scrypt-based cryptocurrencies that are the best cost-benefit for beginners.At the current value of Litecoins, a person might earn anywhere from 50 cents to 10 dollars per day using consumer level mining hardware.Dogecoins and Feathercoins will yield slightly less profit with the same mining hardware but are becoming more popular daily.Is It Worth It to Mine Cryptocoins?As a hobby venture, yes, cryptocoin mining can generate a small income of perhaps a dollar or two per day.In particular, Litecoins, Dogecoins, and Feathercoins are very accessible for regular people to mine, and a person can recoup $1000 in hardware costs in about 18-24 months.As a second income, no, cryptocoin mining is not a reliable way to make substantial money for most people.

The profit from mining cryptocoins only becomes significant when someone is willing to invest $3000-$5000 in up-front hardware costs, at which time you could potentially earn $50 per day or more.Now, there is a small chance that Litecoins, Dogecoins, or Feathercoins will jump in value alongside Bitcoin at some point.Then, possibly, you could find yourself sitting on thousands of dollars in cryptocoins.Note: the emphasis here is on 'small chance', with small meaning 'slightly better than winning the lottery'.If you do decide to try cryptocoin mining, definitely do so as a hobby with a very small income return.Think of it as 'gathering gold dust' instead of collecting actual gold nuggets.If your objective is to earn substantial money as a second income, then you are better off purchasing cryptocoins with cash instead of mining them, and then tucking them away in the hopes that they will jump in value like gold or silver bullion.How Cryptocoin Mining WorksThis brief tutorial below is written for beginning miners who want to keep up-front costs to less than a thousand dollars.

This tutorial focuses on mining 'scrypt' coins, namely Litecoins, Dogecoins, or Feathercoins.The whole focus of mining is to accomplish three things:Provide bookkeeping services to the coin network.Mining is essentially 24/7 computer accounting called 'verifying transactions'.Get paid a small reward for your accounting services by receiving fractions of coins every couple of days.Keep your personal costs down, including electricity and hardware.The Laundry List: What You Will Need to Mine CryptocoinsYou will need 10 things to mine Litecoins, Dogecoins, and/or Feathercoins.A free private database called a coin wallet.This is a password-protected container that stores your earnings and keeps a network-wide ledger of transactions.A free mining software package made up of cgminer and stratum.A membership in an online mining pool, which is a community of miners who combine their computers to increase profitability and income stability.Membership at an online currency exchange, where you can exchange your virtual coins for conventional cash, and vice versa.

A reliable full time internet connection, ideally 2 megabits per second or faster speed.A hardware setup location in your basement or other cool and air-conditioned space.A desktop or custom-built computer designed for mining.Yes, you may use your current computer to start, but you won't be able to use the computer while the miner is running.A separate dedicated computer is ideal.Tip: Do not use a laptop, gaming console or handheld device to mine.These devices are not effective enough to generate income.An ATI graphics processing card (GPU) or a specialized processing device called a mining ASIC chip.The cost will be anywhere from $90 used to $3000 new for each GPU or ASIC chip.The GPU or ASIC will be the workhorse of providing the accounting services and mining work.A house fan to blow cool air across your mining computer.Mining generates substantial heat, and cooling the hardware is critical for your success.Personal curiosity.You absolutely need a strong appetite for reading and constant learning, as there are ongoing technology changes and new techniques for optimizing coin mining results.

The most successful coin miners spend hours every week studying the best ways to adjust and improve their coin mining performance.Why Not Mine Bitcoins?If you had started mining Bitcoins back in 2009, you could have earned thousands of dollars by now.At the same time, there are plenty of ways you could have lost money, too.Now, Bitcoin mining is reserved for large-scale operations only.Over the past five years, the mathematical difficulty of discovering Bitcoins has grown far beyond what a regular individual can achieve at home.The current up-front investment and maintenance cost to mine Bitcoins is no longer worth it for small-scale consumers.Unless you are willing to spend tens of thousands of dollars on industrial hardware and rent an air-conditioned office to house your hardware, there is no profit in mining Bitcoins.You are better off purchasing cryptocurrency with your regular money, and tucking it away in the hopes it will further climb in value.Litecoins and Dogecoins are the popular digital currencies that are still within the grasp of consumer-level users with hobby budgets, with Feathercoins being a good third option that is gaining traction.