Ready to mime meme coins like Shiba Inu? Use UnMineable to start crypto mining in three easy steps for passive income.
Before 2020, Dogecoin (DOGE) was the only coin in the meme coin sector, but the arrival of Shiba Inu (SHIB) and other tokens gave it some competition. Meme coins have seen meteoric increases and fascinated investors and detractors. The surge in popularity of meme coins since 2023 has sparked interest among many users in mining cryptocurrencies. This article will explain to you how to mine Shiba Inu in easy steps.
How to Mine Shiba Inu (SHIB)
The most important aspect to understand about Shiba Inu is it has no defined mining process. All existing SHIB tokens were pre-mined and distributed among wallet holders.
Even though you cannot earn Shiba Inu directly through crypto mining, workarounds are possible to practically achieve the same desired result. You can use two ways to do it — mining and staking.
Here is how you can mine SHIB using other proof-of-work (PoW) blockchains.
1. Buy Hashing Power
You need to invest in a powerful computing device with strong hashing or hash power to participate in crypto mining. You can use a more outdated Graphics Processing Unit (GPU) or an Application Specific Integrated Circuit (ASIC). ASIC has better profitability because of higher hash rates and low consumption of electricity.
The best GPU brands are from NVIDIA while the best ASIC brands include Bitmain and Goldshell. Users are encouraged to do their own research before buying a mining rig. This is crucial because mining hardware has a tendency to become obsolete with time.
2. Join a Mining Pool
A crypto mining pool is a place where a group of miners pool their hashing resources and use them to have a larger share of the mining exploits. In the beginning of the Bitcoin network, individual miners survived and thrived but now all crypto mining networks involve mining pools. These pools improve payouts and automate processes.
The best mining pool for Shiba Inu is unMineable. It states on its website that all users need is a PC and a SHIB address to start mining there. However, for practical purposes, it is essential to get a more powerful GPU or ASIC. UnMineable allows users to mine other tokens that can then be automatically converted into Shiba Inu tokens. The pool lists detailed step-by-step processes before mining can start.
UnMineable charges a 1% regular mining fee for its services. This is comparable to other mining pools but if users have a referral code, it can drop to 0.75%.
3. Monitor the Markets and Withdraw to Your Cryptocurrency Wallet
When your mining setup is up and running, the first thing you need to provide is a valid Shiba Inu wallet address so you can detail your transactions and withdraw if needed. A secure wallet is crucial for mining operations.
One of the main reasons why a secure Shiba Inu wallet address is needed is because mining pools are not as secure as personal wallets. Much of the information related to these pools is public and vulnerable to cyber-attacks. Having a large amount of crypto in their coffers also compounds the risk of an online incursion.
Secure hardware wallet options include Ledger’s hardware wallets series, Coinbase Wallet, MetaMask and Trust Wallet. Ledger offers a physical hardware device that stores crypto in an offline setting called cold storage. The rest of these options are software-based. Two-factor authentication and strong passwords can help secure them.
How to Stake Shiba Inu (SHIB)
Staking is another way to earn passive Shiba Inu rewards. Staking is for proof-of-stake (PoS) blockchains the same way mining is for PoW ones. The process locks a user’s existing crypto as collateral in exchange for the opportunity to verify transactions as a validator and earn a reward. While SHIB has no mining mechanism, it can be used for staking on exchanges.
The best places for beginners to stake Shiba Inu and earn passive rewards include Binance, Crypto.com and ByBit. To stake coins, you create an account on these exchange platforms using your email address and then you can buy SHIB tokens with the payment system of your choice or transfer them to this wallet.
To stake Shiba Inu tokens, go to the earn section and select SHIB. Users can earn anywhere between 0.5% to 2% depending on the length of the locking period.
Most Profitable Cryptocurrency Miners
While mining pools like unMineable accept both GPU and ASIC mining, the latter is much more profitable for Shiba Inu mining. Here are some of the best ASICs available in 2024.
Goldshell Mini Doge PRO: This is a crypto miner designed for Dogecoin miners. Since Shiba Inu cannot be mined directly, the idea is to mine DOGE and then trade it for SHIB.
Antminer L7: This is a powerful ASIC miner that can be used to mine over 22 digital currencies. The idea here once again is that you mine other crypto out there and then swap them for SHIB.
What is the Best Cryptocurrency to Mine?
For the past two years, the best cryptocurrency for crypto mining has been Bitcoin. Its network has expanded worldwide, and it has posted one of the best returns. Bitcoin’s network difficulty has become so high that it can only be mined with ASICs.
Another popular digital currency to mine is Conflux (CFX). It is a PoW crypto launched in late 2020. This token offers decent mining rewards with relatively low overall competition.
BTC and CFX are digital currencies so they still pose a considerable amount of risk. Mining hardware can go obsolete with time and reduce your profitability considerably.
Should You Mine Cryptocurrency?
Mining cryptocurrency is a complex endeavor. Multiple factors are involved including the underlying network’s dynamic nature and your risk tolerance.
Ethereum mining, for example, was a major money spinner for miners till 2022. However, after the adoption of ETH 2.0 in 2022, it has done away with mining altogether. Only staking remains.
Then there is your risk tolerance. If you are willing to take the risk on CFX and mine it to hold it, it can give you great dividends. But, all crypto investments are risky and if you don’t wish to hold it, you can easily purchase the crypto directly from crypto exchange platforms.
Where to Buy Shiba Inu (SHIB) and Other Cryptocurrencies
Sum of median estimated savings and rewards earned, per user in 2021 across multiple Coinbase programs (excluding sweepstakes). This amount includes fee waivers from Coinbase One (excluding the subscription cost), rewards from Coinbase Card, and staking rewards. ³Crypto rewards is an optional Coinbase offer. Upon purchase of USDC, you will be automatically opted in to rewards. If you’d like to opt out or learn more about rewards, you can click here. The rewards rate is subject to change and can vary by region. Customers will be able to see the latest applicable rates directly within their accounts.
Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more
Many users still prefer to buy cryptocurrencies like SHIB from the spot market rather than mine them indirectly. For some users, learning how to mine Shiba Inu just isn’t worth the hassle because a lot of variables are involved including hashing power tussle and rising power costs.
Coinbase, Kraken and eToro are some of the best crypto platforms to buy Shiba Inu. Creating an account on these platforms is easy and takes less than one day to commence trading.
Frequently Asked Questions
What is the best way to mine Shiba Inu?
There is no direct way to mine Shiba Inu. However, miners can use pools like unMineable to indirectly earn SHIB coins.
How long does it take to mine 1 Shiba Inu?
Shiba Inu has one of the smallest unit prices. You can use a powerful ASIC miner on unMineable to earn 100,000 SHIB per day.
How to get a free Shiba Inu?
Numerous crypto betting and lottery platforms offer a promotion where you can free SHIB tokens on signups.
Is Shiba mining app real?
The Shiba Inu network doesn’t support mining. This means that all mining apps are third-party workarounds.
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About Anna Yen
Anna Yen, CFA is an expert crypto writer with over two decades of professional finance and writing experience in roles within JPMorgan and UBS derivatives, asset management, crypto, and Family Money Map. She specializes in writing about alternative investment topics ranging from derivatives to cryptocurrencies. Her work has been published on sites like the crypto exchange Bybit. After six years of personal experience investing in crypto, she prefers BTC, ETH, and SOL.