The Shib Coin cryptocurrency is a meme coin named after the Shiba Inu dog breed, runs on the Ethereum blockchain, and is an ERC-20 token. The project was launched in the summer of 2022 to become a DOGE coin killer. Recently, the cryptocurrency rate jumped by 75%, which caused increased excitement, capitalization increased sharply, and everyone rushed to trade the coin. Many began to wonder: “Is it possible to mine Shiba Inu?” In this article we will look in detail at all the subtleties in setting up Shiba mining.
Why did Shiba Inu choose the Ethereum network to operate? According to the founder of the project, this network is truly decentralized and secure, and has also proven itself very well for a long time.
The official website of the SHIBA COIN project is https://shibatoken.com/
Shiba's main goal is to create the best decentralized ecosystem (DECO) on the planet. The first step towards this will be the creation of the decentralized exchange Shiba Swap. On the exchange it will be possible to engage in profitable farming and mining liquidity through coins of the Shib ecosystem. Also, as part of the development of the ecosystem, the Shib team will release their NFT tokens and a new Bone coin.
Shiba inu (SHIB) rate.
At the moment, the rate of the SHIB cryptocurrency token in relation to USDT is 0.00003165 as of 10/07/2021.
SHIBA rate on Binance
You can track a more accurate real-time exchange rate on the popular Binance exchange.
Where and how to buy cryptocurrency correctly , read this detailed article.
How to choose the best time to buy
The SHIBA INU project has already gone beyond a simple experiment and plans to become a full-fledged decentralized ecosystem for cryptocurrency trading. According to many experts, the launch of DEX SHIBA Swap, which is already in the final stages of testing, will be a decisive factor for the growth of the coin’s value.
Launching your own useful project will most likely allow SHIB to overtake Dogecoin and a number of other cryptocurrencies. However, before purchasing, you should definitely study the current news background around the project and the price change schedule. Make sure that the price of the coin is justified at the current moment.
Shiba Inu wallet (SHIB, Shiba).
Before you start mining Shiba, you need to create a wallet to accumulate coins. Whatever one may say, the best option would be to register on the Binance exchange (if you haven’t created your account there yet) and generate an internal wallet for SHIB tokens on the ETH ERC-20 network.
In the Fiat and spot section you need to enter “SHIBA” in the search.
And click on “Enter”.
You will be redirected to a page with the wallet address. Choose the ERC-20 network and get the SHIB wallet address you need.
At your leisure, go through verification on the exchange.
The dog bites
Experts warn that you definitely shouldn’t give in to euphoria. The SHIB token has no value and its price is not based on anything. This is a very speculative instrument, so the risk of losing money is very high.
“This is all a scam, of course, and all this is very bad for the cryptocurrency industry in the long term. A lot of people will lose money. Losses will amount to billions of dollars, which will be sucked out of people’s wallets by those who are behind the current hype,” says Anti Danilevsky, CEO and founder of the KickEX crypto exchange.
But Maria Stankevich, director of business development for the EXMO cryptocurrency exchange, is sure that the Shiba INU coin is based solely on branding and marketing, and the token itself does not represent any value for the market.
“In general, the concept of the token itself seems strange to me - to repeat the success of the Dogecoin token, which started as a joke and is now worth astronomical money. I understand perfectly well when, for example, Cardano is called the killer of Ethereum, but when a coin that is worthless and carries no value is called the killer of another coin, simply by visually repeating the branding component, this is, to say the least, strange. The fact that Shiba INU was listed on major exchanges only tells us that the coin has a large budget and connections in the market. EXMO does not plan to list the coin,” commented Maria Stankevich.
Note that the daily trading volume of the SHIB token exceeded $20 billion (+223%), and the coin itself moved from 33rd line in CoinMarketCap to 17th within 24 hours.
Source: CoinMarketCap
Shiba mining.
Shiba is mined on video cards and processors. We will look at setting up mining specifically on video cards. And there are small pitfalls here. Since the token runs on the Ethereum blockchain, a minimum of 6GB of GPU video memory is required to connect to the ETHASH algorithm. But don’t be upset, you can mine on 3GB video cards using the ETCHASH (Ether Classic) and KAWPOW algorithms (Ravencoin is also mined on it). The RandomX algorithm works on processors like Monero (xmrig miner), but the profitability there is so-so. Although I personally did not take measurements after the course took off. I propose to start setting up Shiba mining by selecting a pool.
SHIBA mining pool.
I managed to find the largest, and seemingly the only one so far known to the general public, a pool that you can connect to in order to mine Shiba to your wallet in different ways - unMineable.
Pool servers and ports:
- Under ETH ethash.unmineable.com:3333
- Under ETC etchash.unmineable.com:3333
- Under Kawpow kp.unmineable.com:3333
- Under RandomX (On processors) rx.unmineable.com:3333
- Alternative port 13333
Setting up a miner from an unmineable pool.
The pool has its own miner program for Windows, which includes different miners for GPU and CPU.
You can download it from the official website (it will be transferred to Github) using this link.
A very convenient utility, before starting, add it to the antivirus exceptions, when starting, the program interface will ask you what you want to mine on (video card or processor), and will also ask you for the address of your SHIB wallet, which you have already created on the Binance exchange (I wrote above about it).
Click on “I have a referral code” and enter smqk-j2qc to pay 0.25% less commission.
All you have to do is configure the miner more precisely for your equipment, select the algorithm and intensity.
Choose an algorithm in accordance with the amount of video memory on your GPU, as I wrote about above.
Here is the Ethash SHIBA hashrate on GTX 1080.
I also decided to run SHIBA mining on the processor to see what the performance would be.
My stock Intel 8700k was loaded on 6 threads, as I understand it, all 6 cores are used in this way, but not logical threads.
The hashrate was as follows:
I have a good SVO from Corsair, so the percent didn’t get too hot.
To check the statistics on the pool, you need to enter your SHIB wallet address in the search.
Don't forget to enable automatic Shiba payments from the pool.
Setting up PoenixMiner for Shiba.
Let's consider another way to mine the Shiba cryptocurrency (in this case, still under Windows) using PhoenixMiner_5.6d.
You can download a ready-made, configured miner for ETHASH and ETCHASH with my batch files using this link. The password for the archive is “ miningfaq ”.
Tips for safe purchasing and storage
Ignoring basic security rules when purchasing and storing cryptocurrencies can lead to permanent loss of assets. The following easy-to-follow rules will help protect your cryptocurrency from intruders and cybercriminals:
- To work with cryptocurrencies, you should use separate accounts that have not previously designated a phone number and email address.
- Do not include personal information in your password. It is best if the password consists of a random alphanumeric value.
- Be sure to enable two-factor authentication. When used in combination with other security measures, it will provide maximum account protection.
- Be careful when visiting websites. Be sure to make sure that you are on the official website of the exchange by checking the site address in the search bar.
- Separate assets. It is recommended to store most coins in cold storage wallets, and only a small number of coins needed for daily use or trading can be left on an exchange or online wallet.
The Shiba Inu project already has its own quite impressive community, which even includes the creator of Ethereum himself, Vitalik Buterin. There are all prerequisites to assume that in the future the value of the coin and its popularity will increase, and along with it the list of exchanges where the coin is presented will be replenished. In the meantime, you can purchase SHIB mainly for the stablecoin USDT, and only Binance offers the sale of the coin for fiat and other cryptocurrencies.
Advantages and disadvantages of a wallet
cryptocurrency storage wallet
is a very convenient wallet, especially for novice users. However, like all products, it has both advantages and disadvantages.
Advantages of the Trust Wallet:
Convenient and simple interface, ideal for beginners.
It does not store private keys on its servers; they are located on the user’s side.
Supports a large number of tokens on the Ethereum and Binance blockchains.
You can directly trade on a decentralized exchange (DEX).
Possibility of additional earnings on staking and crypto lending.
There are few disadvantages compared to the advantages, but they still exist:
Only a mobile version has been developed; it is impossible to use Trust Wallet on a desktop.
Only Ethereum and Binance Smart Chain blockchain tokens can be stored (but only those added to the DEX).
There is no option to set up two-factor identification.
How to use Trust Wallet
Using Mobile Wallets
Once you create your Trust Wallet, you can start using it right away. The nice thing is that no verification is required, which ensures confidentiality and anonymity.
The application has three main sections: “Tokens”, “Finance”, “Collections”.
Section "Tokens"
The “Tokens” tab contains a list of cryptocurrencies, their amount in the account, as well as the current exchange rate:
“Tokens” section in Trust Wallet
Section "Finance"
The second section, “Finance,” provides the opportunity to passively earn money on cryptocurrencies, and also classifies tokens into groups. Please note that on iPhone, to access this section you need to go to Overview:
“Finance” section in Trust Wallet
Several functions are available in this section. One of the most popular of them is staking.
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Read the full article: Staking: how to earn passive income from cryptocurrency
Currently, staking is available for seven cryptocurrencies: BNB (BNB), Kava (KAVA), Cosmos (ATOM), Algorand (ALGO), Tezos (XTZ), Tron (TRX), Terra (LUNA).
Staking in the Trust Wallet app
APR
is the annual return as a percentage.
In order to start participating in the staking program, you need to click on the cryptocurrency, enter the number of tokens and confirm the action: Staking in the Trust Wallet application
Another function is a loan in cryptocurrencies, users can both receive a crypto loan and earn money by providing their own funds. Currently, only three cryptocurrencies are available under this program: Compound (COMP), Maker (MKR), Aave (AAVE).
Crypto loans in the Trust Wallet application
The remaining subsections in the “Finance” section (DeFi, Binance Smart Chain, etc.) only classify tokens and provide quick access to their purchase and transfer.
Section "Collections"
The last section, “Collections,” is still under development and simply takes the user to opensea.io, a marketplace for buying and selling NFT tokens.
The functionality of the Trust Wallet mobile wallet is discussed in detail in the video below:
Trust Wallet Review 2022
Cryptocurrency Shiba Token News from 12/07/2021
As of today, 12/07/2021, the altcoin had an upward move during which the asset price increased by more than +30% .
But due to the latest negative events and the fall of Bitcoin, SHIB was unable to gain a foothold above $0.00005 and went down again. For the last 3 days, the movement has been going exactly along (ABOVE) the upper border of the previously designated downward wedge (there is also a mirror support zone at $0.000033-35), and today we see an attempt to rebound upward.
If the buyer is able to bring the price above the trend again and gain a foothold above $0.00005, we can expect a strong movement in this altcoin, which has one of the highest volatility. ATN at $0.00008854 has room to grow.
Right now all attention is focused on BTC, but it feels quite comfortable and is already confidently back above $50k. In this regard, purchases are observed throughout the viola market, do not miss this opportunity!
What is Trust Wallet
Storing cryptocurrencies on
Trust Wallet
is a multi-currency wallet that works only as a mobile application for iOS and Android. There is no version for Chrome or any other browser. Trust Wallet is a hot wallet, but the application does not collect any personal data and access keys are stored on the user's side. The user can buy, sell, store, exchange, send cryptocurrencies, as well as earn money from staking and crypto lending.
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Related article: Bitcoin mobile wallets - convenient applications for paying for goods and services
The application supports a huge number of assets - 160,000 cryptocurrencies on 53 blockchains, including such popular ones as Ethereum (ETH, ERC20, ERC223), Binance Chain (BEP2), Binance Smart Chain (BEP20), Tron (TRC20) and others.
The Trust Wallet is developed based on the Kyber Network protocol, thanks to which the application is connected to various decentralized exchanges. This allows for instant exchange due to constant liquidity.
Trust Wallet is the product of two programmers - Viktor Radchenko and Maxim Rasputin, who began working on the application in the fall of 2017. In July 2022, they entered into a deal with Binance to sell the wallet, after which it became the property of the exchange.
Trust Wallet official website
Trust Wallet setup and security
Security of Trust Wallet
In the “Settings” section, which is located in the lower right corner, the application can be customized to your taste, and also, very importantly, set security settings to protect your funds:
“Wallets” section in Trust Wallet
Let's briefly look at each point:
- Wallets - a list of wallets connected to your account; you can create several wallets;
- Dark mode - switch from dark theme to light theme and vice versa;
- Security - allows you to set an access code, check using biometric indicators, change the public address (for Bitcoin and forks);
- Push notifications - can be turned on or off;
- General settings - change the fiat currency in which the current cryptocurrency rate will be displayed, as well as the balance status. Also here are the settings of the browser through which DEX is used, and here you can also clear its cache;
- Price notifications - you can set up a notification about changes in the rate of selected cryptocurrencies;
- WalletConnect - allows you to link Trust Wallet to other wallets that have end-to-end encryption. To do this you need to scan the QR code.
This section also contains a support center and a list of Trust Wallet social networks.
We should also talk about the “Security” section. To log into your account, you can set a 6-digit code, which consists of the following numbers:
Setting a secret code
You can also set up fingerprint access. Please note that only the owner of the phone can gain access in this way, as the fingerprint stored in the phone system is used:
Access to Trust Wallet using a fingerprint
Trading on the built-in DEX
Trading on DEX
In the DEX section, which is located in the bottom panel, there are two types of trading - exchange and exchange:
Trading on DEX
You can trade on DEX through Trust Wallet directly, without connecting third-party platforms, since the wallet works with Binance DEX, which belongs to the exchange of the same name.
The Exchange tab contains the interface of a regular cryptocurrency exchange and allows you to create buy and sell orders. However, it should be remembered that since this is 2P2 trading, conducting transactions requires paying a network commission, so you must have additional funds in your account.
Trading on DEX
It is also worth considering that the exchange built into Trust Wallet works exclusively with Binance Smart Chain tokens.
How to create a buy or sell order on DEX:
- Click on DEX on the bottom panel of your wallet.
- Go to the “Exchange” tab.
- Select a trading pair (default TWT/BNB).
- Enter the amount of token to sell/buy and the amount you want to sell/buy. You can also select an order from the order book.
- Confirm the transaction.
- The token will be credited to the wallet.
Using the Swap function, you can even more easily buy cryptocurrencies that are immediately integrated into Trust Wallet, as well as Ethereum through Kyber Network and BNB through Binance Chain, including all tokens running on these blockchains.
Swap function in Trust Wallet
How to make an exchange in Trust Wallet:
- Click on DEX on the bottom panel of your wallet.
- Go to the “Exchange” tab.
- Select a token to exchange and receive.
- Specify the amount to be exchanged in the cryptocurrency you are going to exchange (the amount will always be a multiple of 10). The wallet will show how many tokens you can buy with it.
- Confirm the transaction.
- The token will be credited to the wallet.
Cryptocurrency Shiba Token News from 05/11/2021
Dogecoin Shiba Token clone reaches out to Vitalik Buterin
The Shiba Token copycat coin put half of its supply into Buterin's wallet.
Shiba Token, a Dogecoin clone, contributed half of its supply to the wallet of Ethereum creator Vitalik Buterin. This move is an attempt to carry out coin burning, keeping prices high by taking part of the supply out of circulation.
Over the past week, the value of SHIB has increased by more than 1500%.
Ethereum creator Vitalik Buterin unwittingly accumulated 50% of the Shiba token supply over the past year. This week's donation attracted attention as the price of the token increased significantly.
Buterin's wallet used as a recording address
Despite the coin's obvious rise, much of the price increase for the Shiba token seems artificial. Over the past year, the project has sent 50% of its circulating market capitalization to the wallet of Ethereum creator Vitalik Buterin. His wallet now holds $13 billion of this coin.
Buterin's most recent deposit was 3.1 billion SHIB (Shiba), which is approximately $90,000.
The Shiba Token Project views this action as “coin burning,” a common strategy for increasing the value of new tokens.
Buterin is not associated with the project. However, he has full access to the uninvited donation and can sell the tokens, causing the market to crash and prices to decline.
Buterin has not commented on whether he is aware of the deposit and whether he intends to sell or hold the tokens, and after a year of ownership, a sale seems unlikely. However, the unusual situation makes the price of the coin unpredictable.
Despite the coin's obvious rise, much of the price increase for the Shiba token seems artificial.
Over the past year, the project has sent 50% of its circulating market capitalization to the wallet of Ethereum creator Vitalik Buterin. His wallet now holds $13 billion of this coin.
I bought the Shiba Token cryptocurrency for $25 as an experiment, now I have 716,147 coins . It will be interesting to see what happens to her.
For those interested, I bought it on the Binance crypto exchange. The coin is designated SHIB SHIBA INU.
What's the story behind SHIB?
According to the official website, SHIB was created as an "experiment in decentralized spontaneous community creation" by a developer under the pseudonym Ryoshi (meaning "fisherman" in Japanese).
Ryoshi claims that they are "nobodies" and "replaceable". They claim: “With SHIB, we made it very clear from the beginning that no one is held accountable. There is no one person in charge, no one person in charge, and no one entity has the keys to the kingdom.”
Ryoshi also claimed as of May 2022 that "to this day I have 0 SHIB."
Accordingly, Shiba Inu's "woofpaper" (whitepaper) poses the question: "What would happen if a cryptocurrency project was 100% community-driven?"
Along with SHIB, Ryoshi also created the Dogecoin killer token LEASH
, albeit in limited quantities, and BONE launched alongside the decentralized exchange ShibaSwap (DEX).
A total of 1 quadrillion SHIB were created, and the anonymous developers behind Shiba Inu sent about half of the total, just over 505 trillion SHIB, to Ethereum co-founder Vitalik Buterin's address. The reason, as Ryoshi explained, was that "there is no greatness without a vulnerable point, and as long as [Buterin] doesn't offend us, SHIBA will grow and survive."
Subsequently, Buterin burned SHIB 410.24 trillion—90% of his holdings—and donated the remaining SHIB to charity.
If you find a lot of this funny, you're probably not alone. But Dogecoin was long considered a joke cryptocurrency before it became the breakout coin of 2022, and the coin that was heavily promoted by Mark Cuban and Elon Musk.
Shiba Inu is already on a similar trajectory. At times, the cryptocurrency has been among the top 10 coins by market capitalization and even ahead of Dogecoin in the ranking, helped by listings on major cryptocurrency exchanges such as Binance and Coinbase.
