The year 2023, among other things, was the year of meme cryptocurrencies' surge. The price of Dogecoin and its many imitators has grown many times over. The most successful Dogecoin emulator at the moment is Shiba Inu, which is currently ranked 12th among cryptocurrencies by market capitalisation. It's not surprising that many people would like to know how to mine the Shiba Inu coin.
What is Shiba Inu?
Shiba Inu is a decentralised ecosystem whose key element is the ERC-20-standard SHIB token. 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.
We'll tell you more about the Shiba Inu ecosystem, we'll answer the question "How much Shiba Inu can you mine in a day?", and we'll talk about the SHIB token in this article.
Shiba Inu token's characteristics (as of 11/04/2024)
Name | Shiba Inu |
Ticker | SHIB |
Token standard | ERC-20 |
Market rank | 12 |
Current price | $0.00002768 |
Market cap | $16,312,449,324 |
Daily trading volume | $566M |
Circulating supply | 589,289,410,812,691 SHIB |
Total supply | 589.534T SHIB |
All-time high | $0.00008845 (28/10/21) |
All-time low | $0.000000000082 (01/09/20) |
Website |
It features the same dog which became a meme, and aims to replicate Dogecoin's success of turning a joke into a money-making machine. — Susannah Streeter, Senior Investment and Markets Analyst at Hargreaves Lansdown
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Key points you need to know
Before proceeding with the description of how to mine the Shiba Inu token, we'll mention a few important points.
- The maximum possible number of tokens was issued immediately upon the project's launch. As such, creating new SHIB tokens and, hence, mining them in the usual sense of the term is impossible. However, there are ways to work around this limitation.
- The number of SHIB tokens in circulation is almost two times lower than their maximum number. The main reason for this is that when the project was launched, the creators sent 50% of the tokens to Ethereum creator Vitalik Buterin. Vitalik, in turn, donated part of these tokens to charity and sent 90% of the remaining tokens to an inaccessible address, thus burning them.
- 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. In this article, we'll focus on the second method.
Mining the Shiba Inu coin
Can Shiba Inu be mined? Since it's impossible to mine the Shiba Inu coin itself, the most convenient and easiest way to get it through mining is to use the unMineable mining pool.
How to mine the Shiba Inu coin on a PC
One frequently asked question is, "How do I mine Shiba Inu coin?" To do that, you need to possessseveral things to start mining the Shiba Inu coin on your PC:
- A PC or laptop with 64-bit Windows
- An internet connection
- A Shiba Inu wallet
Mining Shiba Inu on Windows
Can Shiba be mined on a Windows PC? Yes. The unMineable pool has its own miner programme, which includes miners for both GPUs and CPUs. To start using it, follow these steps:
- Go to unMineable.com and click the 'Download' button on the main page.
- To download the ZIP archive with the app, click the green 'Download' button. If the mining files are removed or blocked by your antivirus programme, you'll probably have to download the Main version instead. In some browsers, file downloads may be blocked because miners are considered malware by default.
- Unzip the downloaded archive, open the resulting folder and launch the app. Before you do, you may need to add the app to the list of excluded files in your antivirus software.
- After starting the app, click the 'Continue' button, select which hardware you want to use for mining — CPU or GPU — and then click the 'Next' button. Please note that if you want to mine via GPU, you'll need at least 6 GB of VRAM for Ethash mining and 3 GB for Etchash or Kawpow mining.
- Select Shiba Inu from the dropdown list of cryptocurrencies, enter your Shiba Inu wallet address and click 'Start'.
- After you start mining, you can open the settings in the bottom-righthand corner and select the mining intensity.
- To check your statistics on unMineable, you need to enter your SHIB wallet address in the search box.
Mining Shiba Inu on macOS
It is possible to mine Shiba Inu (SHIB) on a Mac, whether an M1 or an Intel-based one. However, mining on a Mac may not be as profitable as on a PC due to the less powerful GPUs on Macs. To mine SHIB on a Mac, you should have the latest Mac operating system, download and install mining software, such as CGMiner or MacMiner, and join a mining pool, such as Slush's Pool or Eligius.
Unlike Bitcoin, it is impossible to mine SHIB on its own, so the easiest way to obtain it is through an unmineable pool. Smaller cryptocurrencies like SHIB can still be generated with a personal computer's CPU or GPU, although the potential profitability may vary.
How to mine the Shiba Inu token with a mobile device
We are often asked: "Can I mine Shiba Inu on my iOS or Android devices?" We have the answer in the following section.
How to mine the Shiba Inu coin on Android or iPhone
Since mobile mining apps are banned from both Google Play and Apple App Store, the app developers have no plans to create a mobile version of their app. For this reason, it's not possible to mine Shiba Inu tokens on mobile devices.
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Is Shiba Inu mining profitable?
It really depends on many variables. When calculating mining profitability, the following should be considered:
- First and foremost, the price of electricity in your region
- The price of your mining hardware
- The current state of the crypto market and its fluctuations
- How long you are going to hold the mined coins before selling
The current profitability of mining can be estimated using online calculators such as those on minerstat.com and whattomine.com. This will help you understand whether it makes sense to mine Shiba Inu in your particular case.
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Shiba Inu Cryptocurrency Mining Risks
Cryptocurrencies are known for their high volatility, and Shiba Inu is no exception. Shiba Inu cryptocurrency mining also involves certain risks and precautions.
Price changes are significant risks you should be aware of when mining Shiba Inu crypto. Keeping a close eye on your mining operations and setting up strategies according to the price changes is one of the most proven ways of securing yourself and your funds when mining SHIB or any other cryptocurrency.
The security of your mining device is an aspect that cannot be left without proper attention. Ensure your mining device is malware-free. Some of the proven methods to ensure your Shiba Inu mining device is malware-free include but are not limited to the following.
- Use a trusted wallet. Zengo is one of the safest mining wallets on the market.
- Ensure that you always download mining software from a trusted source.
- Running a malware scan before you start mining should also be a wise move. Use a reliable antivirus program to ensure your device does not contain viruses or other malware.
- Monitor your device for any unusual activity. If you notice anything unfamiliar, stop mining the exact moment until you determine what went wrong.
- Keeping your software up-to-date is one of the best recommendations for protecting your mining device against threats.
In addition to monitoring Shiba Inu pricing and the security of your SHIB mining device, you should regularly monitor market operations. This way, you can protect yourself against price changes affecting your chance of winning a reward. Watching price changes and market operations is a time-tested way to manage your mining operations more effectively.
Shiba Inu Mining Future
Although Shiba Inu mining doesn’t directly involve mining SHIB, the process of mining Ethereum and exchanging it for SHIB sounds like an alluring opportunity for crypto enthusiasts to engage with the cryptocurrency ecosystem.
As the cryptocurrency paradigm continues to evolve, so do the Shiba Inu mining methods. Analysts forecast the SHIB coin price to continue rising in 2024-2030, making Shina Inu mining an attractive investment opportunity.
Besides, Shiba Inu mining strategies can be impacted by the shift towards proof-of-stake (PoS) consensus mechanisms in Ethereum 2.0 and many other cryptocurrencies.
The Shiba Inu community is expected to experience an eventful 2024. The release of new projects and initiatives could boost and affect Shiba Inu pricing.
Besides, the chief developer of Shiba Inu has proposed to reduce the crypto supply. More specifically, a radical plan to burn 99.9% of the SHIB supply has been proposed. Such radical actions will increase the value of each token, making Shiba Inu mining more profitable.
We also expect the future to bring new and innovative crypto-mining approaches, which should open up new opportunities for SHIB mining.
Of course, we shouldn’t forget the approaching Bitcoin halving event, which will bring many changes to the crypto market. Since Shiba Inu operates on the Ethereum blockchain, Bitcoin halving will not directly affect SHIN mining. Some analysts forecast that the coin may hit the ambitious $0.001 price target after the Bitcoin halving. This is because the halving event often leads to a bullish market trend, potentially increasing the value of many cryptocurrencies, including Shiba Inu.
Let’s see what the future brings. At StormGain, we keep a close eye on the market movements and provide you with the latest crypto news, guides, and price predictions, helping you steer across the complexities of the cryptocurrency market. Stay tuned for more!
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