Shiba inu coin (SHIB) Mining Guide
Shibu Inu cannot be mined but you can earn it using your mining equipment at specialized platforms and receiving payout in SHIB.
If you are keen on learning about mining the Shiba Inu coin and gaining the most return out of it, then you have come to the right place. This Traders Union article will give you a detailed guide along with the pricing trends of SHIB for you to make the right investment choices. So, keep on reading to learn more about SHIB.
You can mine SHIB on different platforms like unMineable.com. Mining requires a powerful computer. Shiba Inu can be mined via CPU or GPU, the latter being preferred.
What is the Shiba Inu coin (SHIB)?
Shiba was officially launched as a cryptocurrency in August 2020. The platform is a meme project dedicated to the Shiba Inu dog. The start-up is built on the Ethereum blockchain (ERC 20), and the consensus algorithm is Proof-of-Stake.
About 1 quadrillion tokens were issued at the time of launch, and they were distributed as follows:
About 50% of the tokens, or 505 trillion coins, were sent to Vitalik Buterin, the founder of the Ethereum platform. This could mean the transfer of the project management authority to him. By doing so, the developers tried to attract the attention of investors to the platform. Buterin decided to irrevocably burn 90% of the tokens from his share.
About 50% were transferred to the decentralized exchange Uniswap, and it was among the first exchanges that added the token to the listing. Most of them are currently blocked to maintain liquidity. The total supply of tokens (589 trillion) is in free circulation. it means no more coins will be released to potentially push down prices and only market demand will determine the coin's value.
The SHIB ecosystem consists of the decentralized ShibaSwap exchange. The ecosystem also includes the NFT art incubator, which offers artists from around the world who love shiba-inu dogs to create their own NFTs with them.
Who owns Shiba Inu coins?
The creators of the platform are unknown as are their true motives, including those that prompted them to transfer 50% of their assets to Buterin on a non-refundable basis. The founder is "RYOSHI," but whether it is one person or a group of developers is unknown. According to one version, "RYOSHI" mentions the participation of another very influential person in the project of whom contacts were made at the 2019 Ethereum DevCon Сonference in Japan. There is indirect evidence that this person is Vitalik Buterin, with whom an agreement was reached on the mandatory burning of the tokens after their transfer.
Crypto meme
Shiba was initially conceived as a project that would compete with one of the oldest Dogecoin meme coins. The startup was a kind of a response to the joke coin DOGE; the developers were going to focus on the decentralized exchange ShibaSwap, which was launched at the same time. "DOGE killer" - that's how the developers positioned the coin. Nevertheless, the SHIB token managed to become the second most popular meme coin. Today, the token is ahead of Cardano, Solana, and Kraken by the number of Twitter followers.
Where to buy Shiba Inu
How to mine Shiba Inu
The following is a step-by-step guide on how to mine the Shiba Inu coin on unMineable.com. The process should be similar on other platforms.
It's essential to understand that unlike Bitcoin and many other cryptocurrencies, Shibu Inu cannot be mined. This is because all 1 quadrillion SHIB tokens were minted when the network launched. No new SHIB can be created through mining.
Some websites may claim to allow you to mine SHIB or let you pay to rent hashing power towards mining SHIB. However, these services do not actually mine SHIB. They simply use your computing power to mine other cryptocurrencies, and then take the rewards from that and convert it to SHIB to pay you out. So you are not directly mining SHIB, just being paid out profits in the form of SHIB. But it can be a viable option of using your hardware if you expect the price of SHIB to rise in the future and aim to accumulate it with your equipment.
But pay attention, that If your hardware is not efficient or powerful enough to mine other cryptocurrencies profitably, then receiving rewards in Shiba Inu (SHIB) will not change that underlying unprofitability.
Step 1:
First, get a Shiba Inu wallet where your SHIB rewards will be collected once you have reached the threshold for payout.
Step 2:
Second, get a powerful computer. Shiba Inu can be mined through a central processing unit or a graphics processing unit, the latter is preferable.
Step 3:
Next, visit the website unMineable.com and on the main page, you will see the ‘Download’ tab that you should click on.
Step 4:
There, you will be able to see two download buttons; the one on the left will be in green, which should be clicked if a ZIP archive file is desired. If you have an antivirus program in which mining files are blocked, then you will be required to download the main version. Usually, miners are classified as malware in some browsers, due to which their download might be prohibited.
Step 5:
Launch the software by opening the generated folder after unzipping the downloaded files. You might need to add the application to your antivirus program's list of excluded files before starting your download.
Step 6:
Press the ‘Continue’ button after launching the software, then choose either CPU or GPU as the mining hardware, and proceed to the ‘Next’ button.
Step 7:
From the list of cryptocurrencies, select your preferred currency, which is Shiba Inu. Then enter the wallet address of Shiba Inu and press "Start".
Step 8:
Mining intensity can be selected once you start mining by accessing the settings in the bottom right corner of the application.
Step 9:
In the search box (as depicted in the image below) enter your SHIB wallet address to be able to see your unMineable statistics.
Best Shiba miners for 2024
Here are some GPUs generally considered suitable for mining on SHIB:
NVIDIA: RTX 3060 Ti, RTX 3070, RTX 3080, RTX 3090 (higher-end options with excellent hashrates).
AMD: RX 6600 XT, RX 6700 XT, RX 6800, RX 6800 XT, RX 6900 XT (competitive options with varying performance levels).
Additional tips for optimizing mining performance:
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Look for benchmarks and reviews comparing different GPUs to understand their hashrates and power consumption under mining workloads.
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Exploring the used GPU market can sometimes yield good deals on GPUs, but be cautious of the condition and warranty status.
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Use mining profitability calculators to estimate potential earnings based on the specific GPU and current market conditions.
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Carefully increasing your GPU's clock speed and memory frequency can boost hashrate. However, this increases power consumption and heat generation, so proceed cautiously and monitor temperatures.
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Lowering the voltage supplied to your GPU while maintaining performance. It can improve efficiency and reduce heat output.
How much can I make?
With new currencies coming in all the time, Shiba Inu has made its name and become popular amongst its peers. Take into account that the profitability of mining is largely influenced by the price of the coin.We will give some factors that may affect the value of the coin in the future.
Despite sluggishness, the volume supporting the downward channel has been on the lower side, indicating that investors are not in a rush to sell cryptocurrency.
Introduction of a platform known as ShibaSwap to lift cryptocurrency. Shiba Inu is introducing a new exchange platform with its currency called ShibaSwap. It is a brand-new decentralized cryptocurrency exchange (DEX) that will resemble UniSwap or PancakeSwap in terms of coin exchange methods. Although the platform has been operational for weeks, it is currently being examined to guarantee total security and transparency.
Investors are equally interested, and social media traffic is not declining. SHIB has been praised on multiple social media channels such as Telegram, Reddit, and more.
Shiba Inu coin staking as an alternative
Staking is an alternative method of mining cryptocurrency. As a result of staking, you can earn passive income by holding assets in your cryptocurrency wallet without selling them. You can earn a 3 to 5% annual percentage rate of return by staking Shiba Inu coins.
Staking is only for investors who are planning for the long term as the Shiba Inu coin might not be that valuable right now, but its value will increase eventually down the lane, owing to its popularity. Staking is a feasible option because earning interest on cryptocurrency is easier and is more environmentally friendly than crypto mining. Staking does not require you to purchase expensive equipment.
If you want easy ways to stake SHIB and other cryptocurrencies, then the best and most feasible way to do it is through cryptocurrency exchanges. Among the most popular and easiest-to-use cryptocurrency exchanges is Binance.
The following are step-by-step instructions for mining on Binance:
Step 1: Add funds to your Binance account so that you can purchase Shiba Inu coins or even deposit your other tokens.
Step 2: In the menu bar, look for the tab ‘Earn’ and click on ‘Staking’ under that tab.
Step 3: You will see a tab of ‘Locked Staking’ under which you can search for your desired coin, in this case, search for Shiba Inu and press ‘Stake’ to continue with your staking process.
Step 4: Next, determine the amount you want to stake and enter it. Press ‘Confirm’ to proceed with that amount.
Comparative table of crypto exchanges and SHIB staking rewards
| Binance | ByBit | Huobi Global | OKEx | Crypto.com | |
|---|---|---|---|---|---|
Tether (USDT) |
10.00% |
4.25% |
Up to 20% APY |
10.00% |
6.5% |
USD COIN (USDC) |
N/A |
5.50% |
Up to 20% APY |
12.00% |
6.5% |
Ethereum 2.0 (ETH) |
5.20% |
1.75% |
Up to 20% APY |
4.07% |
4% |
Binance Coin (BNB) |
10.00% |
N/A |
Up to 20% APY |
N/A |
3% |
Solana (SOL) |
1.50% - 14.79% |
0.58% |
Up to 20% APY |
12% |
4.5% |
Shiba inu coin (SHIB) |
2.00% - 15.79% |
0.55% |
Up to 20% APY |
5% |
3% |
Cosmos (ATOM) |
1.42% - 30.49% |
1.10% |
Up to 20% APY |
N/A |
5% |
Tezos (XTZ) |
2.00% - 8.67% |
N/A |
Up to 20% APY |
N/A |
N/A |
Polkadot (DOT) |
3.00% - 20.98% |
1.32% |
Up to 20% APY |
N/A |
12.5% |
Algorand (ALGO) |
1.00% - 8.24% |
5% - 10% |
Up to 20% APY |
N/A |
3% |
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How high can Shiba Inu coin (SHIB) go in 2024, 2025, and 2030
Prices are the most important aspect of any cryptocurrency to determine the purchase of that particular coin. For your convenience, the Traders Union has gathered long-term price predictions for the Shiba Inu coin that can help you decide on a purchase. Even though these predictions are very useful, they can also turn out to be inaccurate in some cases.
Shiba inu coin (SHIB) Price Prediction 2024
According to the Traders Union long-term price forecast Shiba Inu Coin (SHIB) can reach $0.000042312 by 2025, $0.0001861616 by 2030, $0.0006090262 by 2034.
| Year | Price in the middle of the year | Price at the end of the year |
|---|---|---|
| 2024 | $0.000036485 | $0.000042312 |
| 2025 | $0.000049068 | $0.000056904 |
| 2026 | $0.000065991 | $0.00007653 |
| 2027 | $0.000088751 | $0.0001029242 |
| 2028 | $0.0001193605 | $0.0001384216 |
| 2029 | $0.0001605266 | $0.0001861616 |
| 2030 | $0.0002158904 | $0.0002503668 |
| 2031 | $0.0002903488 | $0.0003367156 |
| 2032 | $0.0003904868 | $0.000452845 |
| 2033 | $0.0005251614 | $0.0006090262 |
| 2034 | $0.0007062838 | $0.0008190727 |
| 2035 | $0.0009498732 | $0.0011015617 |
Expert Opinion
Shiba Inu mining is effectively impossible as it was not designed to be mined. Services that claim to 'mine SHIB' are actually mining another coin and paying out in SHIB, so profitability depends also on the market rates of the coin being mined.
With consumer-grade gear, electricity costs often outweigh any crypto earned. Professional-grade mining rigs fare better but require substantial investment. For average users, it's difficult to justify the high upfront and ongoing costs of mining hardware just to earn a relatively small amount of SHIB over time.
By contrast, buying SHIB directly minimizes effort and risk. There's no expensive equipment or high electricity bills. Moreover, when you buy a Shiba Inu token, you have the flexibility to sell your holdings at any time if your investment thesis changes or if you need to liquidate for any reason. With mining, you're essentially locked into the process for an extended period to recoup your initial hardware costs and generate a profit.
I believe that for the vast majority of people simply looking to own SHIB, purchasing is the most straightforward choice.
FAQ
How long does it take to mine 1 Shiba coin?
To mine 1 Shiba coin you will need a computer. Shiba Inu can be mined via CPU or GPU, the latter being preferred (it takes about 10 minutes to mine one block).
How to mine Shiba Inu for free?
You can get Shiba Inu for free on the unMineable platform. Step by step instructions are in this article.
Is it profitable to mine Shiba Inu?
Mining Shiba Inu can be profitable. Using the available software, you become a member of one of the mining pools and earn up to 5% reward.
Can I mine Shiba Inu on my phone?
The possibility of mining Shiba Inu on mobile devices is not provided. To do this, you need a powerful computer.
Is Shiba Inu worth investing in?
Given its market cap, it might appear valuable, but its value is just for entertainment purposes. Shiba Inu cryptocurrency may enable you to gain money quickly, but it's not a safe long-term investment.
Will the mining of cryptocurrency damage my graphic processor?
It is rumored that crypto mining contributes to failures in the functions of the GPU, but it should be kept in mind that auxiliary fans are present in GPUs that prevent them from overheating harm. If the GPU is cleaned continuously, then crypto mining will not cause any damage to it.
What is a good hash rate for mining?
The hash rate is dependent on the equipment you are using, as well as the power source and its efficiency. If you have all the exceptional gadgets and tools required for mining, such as a suitable power source and hardware, then you can achieve the best hash rate of 10Th/s to mine Shiba Inu coins. Usually, GPU mining provides a greater hash rate.
Why is excessive electricity consumption related to mining?
A lot of carbon footprints are generated due to the mining of cryptocurrencies. This is because your computer is involved in solving mathematical equations that are very complex and use more electrical power than most people think.
Glossary for novice traders
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1
Broker
A broker is a legal entity or individual that performs as an intermediary when making trades in the financial markets. Private investors cannot trade without a broker, since only brokers can execute trades on the exchanges.
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2
Cryptocurrency
Cryptocurrency is a type of digital or virtual currency that relies on cryptography for security. Unlike traditional currencies issued by governments (fiat currencies), cryptocurrencies operate on decentralized networks, typically based on blockchain technology.
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3
Ethereum
Ethereum is a decentralized blockchain platform and cryptocurrency that was proposed by Vitalik Buterin in late 2013 and development began in early 2014. It was designed as a versatile platform for creating decentralized applications (DApps) and smart contracts.
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4
Investor
An investor is an individual, who invests money in an asset with the expectation that its value would appreciate in the future. The asset can be anything, including a bond, debenture, mutual fund, equity, gold, silver, exchange-traded funds (ETFs), and real-estate property.
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5
Bitcoin
Bitcoin is a decentralized digital cryptocurrency that was created in 2009 by an anonymous individual or group using the pseudonym Satoshi Nakamoto. It operates on a technology called blockchain, which is a distributed ledger that records all transactions across a network of computers.
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Team that worked on the article
Alamin Morshed is a contributor at Traders Union. He specializes in writing articles for businesses who want to improve their Google search rankings to compete with their competition.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).