Cryptocurrency mining is something that has been around for years. For most retail investors, buying and selling a coin Is the only way to profit in the world of decentralized finance. Well Entrepreneur Hai Dinho thinks differently here’s why. Crypto mining is the process of validating equations within a pool of other miners and each validation processed by the computer, you get rewarded in the form of cryptocurrency. This form of mining is called “proof of work” but in the world of Defi there are countless ways of contributing to the blockchain for rewards such as “proof of coverage” and “proof of stake” which each has its pros and cons.
During the pandemic, Hai Dinho told Benzinga his crypto mining journey from building a 12 GPU mining farm (proof of work), owning 11 helium hotspot miners (proof of coverage), KDA Mining with an ASIC (a small computer device that is solely for mining cryptocurrency) and to staking cryptocurrencies. Hai Dinho built an audience on the social media platform TikTok and has a loyal crypto mining community behind him. Despite crypto regulations with the FEDs, Entrepreneur Hai Dinho figured out how to transform crypto mining into a business under one of his LLCs.
Hai Dinho told Benzinga that he knew Shiba Inu was a speculation but has his eyes on it due to seeing similar characteristics to dogecoin. The token is up 74,314,968. 49% since the start of the year, and its value peaked last month after rumors that Robinhood pushed to raise shiba inu the list of cryptocurrencies available on the investment platform.
On October 25th, 2021 two days before Shiba Inu hit it’s all time highs, he purchased 2.5 million Shiba for about $100. “But then I did the calculations to exploit it. I’m going to succeed in almost the same amount, about 1.5 million Shiba Inu In 4 months on a very old laptop” Dinho said. With his mining experience to build out a whole crypto mining farm, Dinho had two old laptops laying around with different specifications one with a NVIDIA gpu built in which is an ideal base for mining crypto. Both laptops are mining Shiba as we speak.
Hai Dinho used the website unmineable.com which he mentioned to us is beginner friendly, based for windows computers and laptops. Unfortunately the software is not currently available for Mac OS users. The software takes a small mining fee of 1% which is the industry average for mining any cryptocurrencies. The application is capable of running while the computer is in sleep mode, but not when the device is turned off. Once the application is installed, It will detect your device’s specifications in order to have enough space to operate efficiently. These components mainly are determined on the RAM space, CPU and GPU.
Once the software is downloaded, you will be brought up the welcome screen of picking which coin you would like to select. There are many coins you can pick such as Cardano, Dogecoin, Binance Coin. Next a wallet would need to be set up on an exchange that supports that coin. In our case, Shiba Inu is listed on the popular exchange Coinbase. You will also have two options to mine either GPU or CPU but all depends on what the software can detect on your device. Dinho’s GPU miner was recorded at 22.8 m/h, which would produce at current time at about 12,271 Shiba consistently on a daily basis or 368,136 Shiba per month according to unmineable.com. His CPU based laptop is on another mining pool (RandomX) which has a recorded performance of hash rate of 3594 hashrate that garners 2052 Shiba daily or 61,568 Shina a month according to the website.
Even if a single SHIB is worth next to nothing, Dinho points to today. As with dogecoin, he expects SHIB to continue to gain popularity, thus expanding its value.
“Earlier this year, Elon Musk was talking about dogecoin. And to be fair to you, I didn’t think Doge was going to do anything with it,” Dinho said. “But it’s crazy how a lot of millionaires did in 2021. “. So, with Elon Musk suddenly mentioning Shiba, I feel like it may reflect the same thing Dogecoin did”.