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How does Dogecoin mining work? - YouTube
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so something that is very interesting to
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me is that I've gone in and met with two
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miners two cryptocurrency miners in my
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life one was in China and one was in
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America can one of you explain how I
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believe it's Litecoin and Dogecoin have
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now there's like merged mining right can
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one of you explain how that works and
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what it means there's a technology
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called auxiliary proof of work or aux
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power it was something that was
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introduced otherwise known as merged
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mining back in the day Dogecoin had this
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problem where it got through its block
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rewards really quickly so it kind of
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mined out its initial 100 billion really
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quickly it was becoming not really
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profitable to to mine Dogecoin alone a
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lot of people were freaking out like
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what do we do to maintain the kind of
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future existence of of the security of
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the of the network and Charlie Lee
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actually came into the Dogecoin
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community and I think it's all probably
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documented on Reddit somewhere and was
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like I think you should merge mine with
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Litecoin you should Implement aux power
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and this save you know he had I think he
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had a bit of a savior complex at the
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time he was like oh we'll come in and
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Litecoin we'll save it and the reason
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it's able to do that is that Litecoin
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and Dogecoin are both on the same script
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caching function essentially what
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happens then
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is that these miners that are have these
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mining operations you know they Generate
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random numbers every so many minutes
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instead of submitting that to just one
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network they submit it to two and they
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stand a chance to get the reward for
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both of them right so like why wouldn't
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you you're doing the work anyway there's
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actually other script coins now that are
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all within this kind of big
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thing although it's funny that now I
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think Dogecoin is probably the the
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leading reason that people are mining
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rather than uh than like I'm not sure I
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haven't looked at the profitability but
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well my point was going to be that when
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I was in China they were mining Bitcoin
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and Litecoin this was in 2018 they're
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mining Bitcoin and Litecoin I was
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surprised that they had Litecoin miners
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but they were all about it and then when
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I went to the American it was a very
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small just like an individual but he was
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mining Litecoin Dogecoin he was telling
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me that he would win these mostly
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Dogecoin I think but then he would
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instantly sell that Dogecoin out into
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Litecoin and then would sell that
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Litecoin into usdc or tether or whatever
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and then would sell that into actual US
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dollars so this is the it's similar to
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the way you said it you started which is
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like okay I'll use my PayPal to buy the
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Linden cash to then buy the feather coin
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and this is like okay oh mind the
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Dogecoin sell that into Litecoin sell
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the Litecoin into a stable coin and then
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I'll exit to Fiat it's just like
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incredible to me like so insane but I
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guess what I'm saying is that Litecoin
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and Dogecoin are like people are
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genuinely mining these cryptocurrencies
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still it's kind of like
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I don't know I it it's hard for me to
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imagine I can only imagine for you how
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you're how you feel about that you know
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I've met a lot of miners in my life and
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I I think they're actually incredibly
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simple people not not not intellectually
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but I I think that their motives are
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very simple to read you know can I get
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electricity at a cost that is lower than
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what I'm going to rape by burning that
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electric like that's that's all they do
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Day Day in day out and so while there
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are probably a very tiny Slither of
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people with probably negligible hash
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rate who like mine Dogecoin or something
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because they just think it's cool or
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they do it for Giggles I think the
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majority of all mining hash power is
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people that are driven by one thing
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which is which is profit probably the
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number one problem I have in the
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cryptocurrency industry is profit
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maximalist but
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yeah like maybe you're right ultimately
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that's the only thing keeping the entire
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industry going is profit maximalism
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right it's not like gold where you're
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mining it and maybe you can use it for
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electronics or something this is
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strictly a profit play and if there's no
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profit they're not going to do it
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anymore oh yeah the whole industry is
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that everything about it is profit
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maximalism any kind of dressing around
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that is is simply a veil to obfuscate
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the fact that it is just profit
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maximalism like that I actually saw a
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really interesting thing this morning on
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coin market cap the video today was
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um this guy and he's like are you sick
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of huddling your nfts why don't you lend
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them out and get yield on nfts and I'm
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like
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uh
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uh that completely blows up the whole
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like well we're helping Starving Artists
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or it's really about having ownership no
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it's not no it's not it's it's it's
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about making a book
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