Over time, cryptocurrencies have become more and more popular. If the miner doesn’t yet have the right ventilation system installed, crypto mining farms, especially those housing Application-specific Integrated Circuits (ASICs), can be warm and noisy.
However, Goldshell, a Chinese crypto mining company, came up with a solution to this through its series of mini-mining models that are quiet, small, and take up less electricity compared to other mining equipment. They are profitable because they can earn between $2 to $5 daily with only about 200W of power and an Internet connection.
What is the Goldshell Mini Doge?
The Goldshell Mini Doge miner by Goldshell runs on the Scrypt algorithm with a maximum hashrate of 205 MH/S and maximum power consumption of 220W. Its Scrypt algorithm allows the mining of Dogecoin(Doge) and Litecoin(LTC) in a process known as merged mining.
Merged mining is whereby a miner can mine two or even more cryptos simultaneously without interfering with the mining performance. Usually, the miner can simultaneously mine several blocks on multiple chains. Hence, you can mine both coins and, depending on the pool of choice, receive the pay for both coins.
Goldshell has released the Goldshell Mini Doge and Goldshell Mini Doge Pro, an improved version of the initial model.
Here are the specifications;
|Size||150mm x 175mm x 84mm|
|Input voltage||100V – 240V|
|Interface||Ethernet / WIFI|
|Temperature||0 – 35°C|
|Mineable coins||Auroracoin (AUR), Emerald (EMD), Litecoin (LTC), Gulden (NLG), Verge (XVG), Florincoin (FLO), GameCredits (GAME), Einsteinium (EMC2), Dogecoin (DOGE), Viacoin (VIA) and others.|
Miner requirements and purchasing the equipment
The Goldshell Mini Doge is a mini version of big equipment that require loads of electricity. However, note that the mini-doge miner needs about 240V, so you need a power supply with a Gold rating above 600W. You will also need a stable ethernet or WIFI connection to power the miner.
Miners can purchase the miner through Goldshell’s official webshop—the Goldshell MINI doge pro version costs between $300 and $699. However, you can only purchase crypto from the website, which does not support fiat or PayPal.
Setting up the Goldshell Mini Doge and making a profit
Even though the miner comes with no manual, several guides and tutorials are available at your disposal. Here is what you should into when you get your first Goldshell Mini Doge:
The first step is to connect the miner to your Ethernet cable or WIFI, then power it up. You can choose the Goldshell custom PSU or any other PC PSU with over 600W Gold standard.
The mining pool selection comes next. Depending on the fees and rewards, you can identify the best pool suited to your preference on miningpoolstream. Some of the pools you can use from there are f2pool and dxpools, which reward both LTC and DOGE when you get to the minimum payout threshold.
After setting up, the next step is to confirm you have the latest firmware. You can check this on the Goldshell github page to ensure it is updated and has no bugs or connection issues.
You can check the miner status by entering the miner’s IP address in your browser. The information gives you the hashrate, fan speed, and temperature.
Goldshell Mini Doge Status Page. Source: Goldshell
Goldshell Mini Doge Profitability
Let’s say a Goldshell Mini Doge has a hashrate of 205 Mh/s and power consumption of 220W. At an electricity cost of $0.08 /kwH, the profitability will be $0.12 every 24 hours. Hence, 0.0022 LTC and 3.66 DOGE are mined every 24 hours.
However, you must reach a specific threshold to cash out on the interests.
Factors that affect the profitability
Several factors affect the profitability of the Goldshell Mini Doge:
Mining difficulty is the computation power needed to mine a block on a crypto’s blockchain. The higher the mining difficulty, the higher the computation power needed. Hence, it can cause lower profitability.
The crypto price of the LTC and DOGE mined impacts profitability. If the price of the crypto drops by a huge percentage, it cuts the profits that the miner would have otherwise gained.
When the electricity costs are high, they maximize the expenses while minimizing the revenue. Hence, it would be best to calculate the profitability you could gain based on the electricity costs.
Mining pool fees
Different mining pools have different price charges for their services. Hence, first, inquire about the fees and determine whether the charges still allow you to make a reasonable revenue.
The hashrate is the rate at which the device performs mathematical calculations needed to mine the crypto. A higher hashrate leads to higher profitability allowing to mine more blocks in a shorter time.
How to store the Goldshell Mini Doge
Since the miner can keep the Goldshell Mini Doge in small spaces, here are some tips for finding the best spot for it that will minimize risk:
- Choose a cool, dry place: You should first consider keeping the equipment in a cool, dry place to avoid overheating. Also, avoid storing the equipment in an area with high humidity, such as garages, since it can lead to corrosion.
- Storage case: You should also consider a storage case to keep dust and scratches off the miner. There are hard and soft cases designed for mining equipment specifically.
- Avoid direct sunlight: Direct sunlight causes damage to the performance of the device; hence it’s best to consider.
- Avoid magnetic fields: Magnetic fields such as motors and speakers tend to interfere with the performance, damaging it.
Benefits of the Goldshell Mini Doge
Here are some of the benefits of owning the Goldshell Mini Doge
One of the biggest benefits of the Goldshell Mini Doge is the ability to mine Litecoin and Dogecoin since they use the same mining algorithm called Scrypt. This ability allows a miner to have the flexibility to switch between the two based on the mining difficulty and the crypto market conditions.
Meanwhile, you can maximize the profits by choosing the crypto you will mine and the times to do so instead of buying other equipment for each crypto, which can become inefficient and costly.
No additional equipment needed
You only need a little equipment when you purchase the Goldshell Mini Doge. The single purchase comes with all you will need for mining which comes in handy for novice miners who need to gain the expertise and knowledge to run complex mining equipment.
Miners using the equipment do not need a cooling system, ASIC boosters, or other mining equipment like those used in larger mining setups. Hence, the Goldshell Mini Doge is convenient, efficient, and affordable for mining.
The Goldshell Mini Doge has a compact and sleek design, making it easier to store and transport. That comes in handy for miners with limited space. However, despite the size, it is powerful enough for mining cryptos, specifically Dogecoin and Litecoin. In addition, its minimalistic design also saves on power and cooling expenses. In addition, its interface is quite easy to navigate.
The Goldshell Mini Doge firmware has simple software with a web-based control panel with a user-friendly interface that makes operation easier. The software also has real-time monitoring ability on the device’s performance; hence you can adjust the settings accordingly.
The mining equipment is also comprehensive such that you do not need additional software tools for mining.
Goldshell Mini Doge vs. Bitmain Antminer L3+
The Goldshell Mini Doge has the flexibility that no Scrypt Algorithm miner provides. It is quiet and small and does not need additional equipment to run. In addition, they can be stored in small spaces in just an apartment, making them efficient.
The Bitmain Antminer L3+ has a higher hashrate hence making it more efficient. Also, to match the hashrate, one would need to purchase around three mini miners, which eventually cost more than one used Bitmain Antminer L3+. However, even though it will cost you less money at the start, managing costs will pile up in the long run.
In addition, the mini miner is less noisy, 12 times less than the Bitmain Antminer L3+. The Mini Doge is best for mining beginners, and the miner can run it in small spaces, even in an apartment. On the other hand, the Bitmain Antminer L3+ is a valid option for those with large spaces that provide the necessary power and cooling systems.
The Goldshell Mini Doge is an easy-to-use and efficient mining equipment that serves both novice and experienced miners. It can mine both LTC and DOGE, has simple software, a minimalistic design, and requires no additional mining equipment.
The miner is also sleek and small, making it easy to store and transport from one place to another. Hence, if you are looking for efficient and reliable mining equipment, the Goldshell Mini Doge is worth the purchase.