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March 15, 2022

bybit, How to mine Shiba Inu (SHIB) Cryptocurrency?

Do you want to start mining Shiba Inu (SHIB)? Here is a guide for investors.

How-to-mine-Shiba-Inu-(SHIB)-Cryptocurrency How-to-mine-Shiba-Inu-(SHIB)-Cryptocurrency

How to mine Shiba Inu (SHIB) currency

The year 2020 is, among other things, the year meme cryptocurrencies emerged.

The price of Dogecoin and its many imitators has multiplied.

The most successful Dogecoin emulator right now is Shiba Inu, which is currently ranked 12th among cryptocurrencies by market cap.

It’s no wonder a lot of people want to know how to mine Shiba Inu coins.

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What about Shiba Inu?

Shiba Inu is a decentralized ecosystem whose key element is the ERC-20 SHIB standard token.

The project started in August 2020, and its creator is a person or group of people with the pseudonym Ryoshi. The creators position the project as “Dogecoin killer”.

The followers of the project are already more than half a million but they have no leader, and they call themselves ShibArmy.

We will tell you more about the Shiba Inu ecosystem and the SHIB token in our next article.

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Main things you should know about Shiba Inu (SHIB)

Before we continue telling you how to mine the Shiba Inu token, let’s see some important points.

The maximum possible number of tokens was issued immediately after the launch of the project.

Therefore, it is impossible to create new SHIB tokens and mine them in the usual sense of the term, although there are ways around this limitation.

The number of SHIB tokens in circulation is almost two times less than its maximum number.

The main reason is that when the project was launched, the creators sent 50% of the tokens to the creator of Ethereum Vitalik Buterin.

Vitalik, in turn, donated part of these tokens to charity, and sent 90% of the remaining tokens to an inaccessible address, burning them.

There are currently two main ways to get SHIB tokens other than buying them: staking and mining other coins in an automated exchange for Shiba Inu tokens. In this article we will focus on the second method.

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Mine Shiba Inu (SHIB) token

Since it is impossible to mine the Shiba Inu coin itself, the most comfortable and easy way to do it is to use the unMinable mining rig.

How to mine Shiba Inu coin on PC

You need several things to start mining Shiba Inu coin from your PC:

  • A 64-bit Windows PC or laptop
  • An internet connection

Minar Shiba Inu in Windows

The unMinable platform has its own mining program, which includes both GPU and CPU miners.

To start using it, follow these steps:

Go to unMineable.com and click the “Download” button on the main page.

To download the ZIP file with the app, click the green “Download” button.

If the miner files are deleted or blocked by your antivirus program, you probably need to download the main version.

In some browsers, file downloads may be blocked because they consider miners to be malware by default.

Unzip the downloaded file, open the resulting folder and run the application.

Before doing so, you may need to add the application to the antivirus software’s list of excluded files.

After launching the application, click the “Continue” button, select which hardware you want to use for mining (CPU or GPU), and then click the “Next” button.

If you want to mine using the GPU, you will need at least 6 GB of VRAM to mine Ethash and 3 GB to mine Etchash or Kawpow.

Select Shiba Inu from the cryptocurrency dropdown list, enter your Shiba Inu wallet address and click “Start”.

After you start mining, you can open the settings in the bottom right corner and select the mining intensity.

To check your stats on unMineable, enter your SHIB wallet address in the search box.

Mining Shiba Inu on macOS

Unfortunately, the unMineable mining app is only available for 64-bit Windows.

Still, Mac users can mine any other minable cryptocurrency and then exchange it for SHIB on a cryptocurrency exchange.

How to mine the Shiba Inu token from a mobile device?

Since mobile mining apps are banned on Google Play and the Apple App Store, the app developers have no plans to create a mobile version of their app. For this reason, you cannot mine Shiba Inu tokens on mobile devices.

Invest in Shiba Inu (SHIB) on Bybit

Is it profitable to mine Shiba Inu?

It depends on many variables. When calculating the profitability of mining, you should take into account the following:

  • First of all, the price of electricity in your region
  • The price of your mining hardware
  • The current state of the cryptocurrency market and its fluctuations
  • How long are you going to hold the mined coins before selling them

The profitability of mining at any given time can be estimated using online calculators such as those at minerstat.com and whattomine.com. This will help you understand if it makes sense to mine Shiba Inu for you.

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