Did you know that there are an estimated 4 million Dogecoin owners around the world as of 2022? Dogecoin is a great currency that you should consider if you’re looking to start investing and creating a diverse portfolio. Like with Bitcoin and other cryptocurrencies, you have some great and effective ways to earn Dogecoin.
Using cryptocurrency as a side hustle is proving a great way to supplement your income in a hurry, and there are a number of ways that you can use your skills and knowledge to make a profit. The good news is that you’re in the right spot to learn the answer to, “How do you earn Dogecoins?”
Keep reading this article to learn more today!
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One of the cheapest ways to start making money from Dogecoin is to start learning how to mine it. It’s a good idea to do your research to find out the hardware and software that you’ll need in order to start this as your side job. Here’s a closer look at the steps that you should take when you set out on your Dogecoin mining career.
Set Up Your Digital Wallet
The first step if you’re set on mining Dogecoin is to set up a digital wallet. Make sure that you’re choosing a crypto wallet that is compatible with Dogecoin before you move forward with this side hustle. If you’re worried about the security of your investments then it is best to use a cold storage wallet.
A cold storage wallet is great if you want to keep your crypto safe until you’re ready to sell or trade it. Hot storage wallets are great if you’re looking for flexibility in exchange for security. Once your wallet is set up you’ll need to look at the mining pool that you wish to join.
Choose Your Mining Pool
Mining solo is a viable option, but you’ll have a much easier time getting started if you join a mining pool rather than setting out on your own. The hardware required for solo mining is on the expensive side, and that’s not considering the amount of money that you’ll need to power the system.
A mining pool is perfect if you’re mining Dogecoin as a side hustle because it will keep your expenses down. You will get a better feel for the mining process, and you’ll have extra time to start growing your mining skills to see if it is a sustainable way to make money and earn Dogecoin.
You can search online for mining pools that you can join to start earning Dogecoin. Aikapool is a great option if you’re looking to maximize your earnings while learning more about mining cryptocurrency.
Make sure that you’re looking at the mining fees and the payment system that the pool uses before signing on. The pool hash rate and the time per block are also key to look at if you want to make the most of earning Dogecoin as a side hustle.
Set Up the Hardware and Software
It’s wise to have some money available to take care of getting your hardware and software set up if you’re committed to finding ways to earn Dogecoin playing games and mining. Renting the hardware from someone else is a great option if you’re looking to get your feet wet without putting forth the necessary capital to build your own rig.
Mining pools are a great option if you want to save money on your startup fees. Be prepared to set up an account with the mining pool, and you’ll need to connect your digital wallet to store all of the Dogecoin that you earn with your mining efforts. Some pools will even let you mine Dogecoin while earning another form of crypto like Bitcoin.
Another option that you can use to earn Dogecoin is to invest your surplus income in it with the hope that it will continue gaining value. You need to know the best tips for investing in Dogecoin if you want to start investing in cryptocurrency as a side hustle.
Here’s a closer look at the steps to take if you want to invest in Dogecoin for your investment portfolio.
Determine Your Budget
You’ll need to decide how much of your cash you’re willing to invest in Dogecoin before you get started. It’s best to avoid investing more than 30 percent of your available investment cash in Dogecoin. Taking this route will make it much easier to diversify your investment portfolio.
Choose an Exchange
It’s also important to choose a cryptocurrency exchange to use in order to purchase the Dogecoin that you’re investing in as a side hustle. You can start by opening an account on the crypto exchange that you choose to use. Make sure that you read plenty of online reviews in order to choose a reputable crypto exchange.
Look at using apps like Robinhood if you’re not comfortable signing up for a crypto exchange yet. One thing to remember is that many apps will not allow you to transfer your Dogecoins off of the app.
Place an Order
After you’ve transferred money onto your crypto exchange account, all you’ll need to do is find Dogecoin on the exchange. You can trade your cash as a way to earn Dogecoin and start growing your investment portfolio. It shouldn’t take long for your order of Dogecoin to go through and arrive in your digital wallet.
You will love the fact that Dogecoin doesn’t have trading hours. You can earn Dogecoin any time of the day throughout the year.
Take Steps to Earn Dogecoin Today
Learning how to earn Dogecoin is a big step in the right direction for your side job as an investor. You can earn Dogecoin by playing games, or by joining a mining pool and setting up your mining rig. It’s also a great option to invest in Dogecoin and other forms of cryptocurrency as a way to make a profit and diversify your portfolio.
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