Is Shiba Inu mining still profitable in 2024; 2022 wasn’t really a good year for crypto traders around the world, but it didn’t deter them from investing in new coins in 2024. The crypto assets that are getting all the hype in 2024 arememe coins. After Dogecoin gained prominence and gave meme coins publicity, other meme coins were created. One of the few meme coins that have successfully imitated Dogecoin is the Shiba Inu memecoin which is currently ranking 12th amongst the top 20 cryptocurrencies with the highest market capitalization in the world.
It is no wonder that people want to know if mining Shiba Inu is still profitable in 2024. In this article, you will learn everything about Shiba Inu, its profitability status, and how to mine them.
What is Shiba Inu?
Shiba Inu is a decentralized ecosystem whose key element is the ERC-20-standard SHIB token. SHIB features the same dog, which became a meme and aimed to imitate the popular Dogecoin. The project started in August 2020, and its creator is a person or group of people under the pseudonym Ryoshi. The creators position the project as the “Dogecoin killer.”
The community of the project’s followers has more than half a million members, but no leader, and its members call themselves the ShibArmy.
The maximum possible number of tokens was issued immediately upon the project’s launch. As such, creating new SHIB tokens, hence mining them in the usual sense of the term is impossible. However, there are ways to work around this limitation.
There are currently two main ways to obtain SHIB tokens besides purchasing them: staking and mining other coins with an automatic exchange for Shiba Inu tokens.
Is Shiba Inu mining still profitable in 2024?
The answer can be yes or no, depending on who you ask. All cryptocurrency depends on demand and supply, and Shiba Inu is not excluded. If the demand for Shiba Inu increases in the coming years, the value of Shiba Inu will increase. However, if it doesn’t, the value of Shiba Inu will reduce or become static. Crypto analysts are very skeptical about Shiba Inu’s future, but it is a risk that anyone can take if they are up to it.
How to mine Shiba Inu
Shiba Inu cannot be mined in the same way you mine Bitcoin and Ethereum through the proof of stake or proof of work algorithm that easily adds newly created transaction blocks to the blockchain and rewards miners. Ethereum-based tokens can only be minted, usually involving a smart contract. There are several platforms that support the mining of Shiba Inu tokens, and they usually involve the same processes as you’ll find below.
- First of all, get a crypto wallet that supports Shiba Inu so you can be credited.
- Get a good personal computer. Shiba Inu can be minted through a central processing unit or graphics processing unit. The graphics processing unit is preferable.
- Visit your platform of choice for minting Shiba Inu after downloading and installing.
- Select Shiba Inu from the list of cryptocurrencies listed.
- Enter your wallet address in the space provided and press start.
- Once you start minting, you can select your preferred minting capacity by going to settings.
Where to trade Ethereum for cash and get paid instantly
The best place to trade Ethereum for cash in Nigeria and Ghana is Astro Africa. Astro Africa is one of the best digital trading platforms in Africa. It was created to help Africans enjoy crypto trading without the worry of getting scammed. Astro Africa is packed with all the necessary features you need to trade Ethereum successfully and get paid immediately. Some of the features include a rates calculator, responsive customer services, incentives like referral bonuses for every trader you refer, a simple and intuitive user interface, good exchange rates, and swift transactions. To become a registered user, visit the Astro Africa website or download our mobile app, create an account, set up your transaction pin, add a bank account to get credit, and trade Ethereum for naira or Cedis with ease.
