- Hai Dinho started mining SHIB after he spent $100 on some and realized he could get it for free.
- He downloaded free software on two old laptops he had laying around and began to mine.
- Dinho plans on holding his SHIB long term because he believes its value may catch up to dogecoin.
One of the most surprising developments in the crypto space this year might just be shiba inu’s (SHIB) price surge. The token is up a whopping 74,314,968.49% year to date, and its price peaked last month amid rumors of a push for Robinhood to add shiba inu to the list of cryptocurrencies available on the investing platform.
Hai Dinho, who attends community college part time, told Insider he knew shiba inu was highly speculative but decided to take a bet on it. On October 25, two days before the token hit a record high, he bought 2.5 million SHIB for about $100.
“But then I did the math for mining it. I’m able to achieve almost the same amount, around 1.5 million shiba inu within a four-month period on a really old laptop,” Dinho said.
Dinho had previously dabbled in mining ether. After he realized it was a fun project, it quickly became a hobby he wanted to expand on. He hadn’t heard of anyone else mining SHIB, so he decided to try it for fun.
He had two laptops lying around. One was a gaming PC he no longer used. It had a GPU chip, which made it a great base to mine many types of crypto. The other was a 5-year-old HP CPU-based laptop that didn’t have any special upgrades or additions. Both now mine SHIB.
How he set it up
Dinho used the website UnMineable, which allows users to download Windows-based software that can mine various types of crypto. The website doesn’t support MacOS.
The software is free to download and has a standard mining fee between 0.75% and 1%. The program can run while the computer is in sleep mode, but not while it’s turned off.
Once the software has been downloaded, it will detect a computer’s hardware. A rate will then pop up on the program’s dashboard, which can be keyed into the website’s calculator to determine how quickly the computer can mine tokens. Dinho’s GPU-based computer is part of the Etchash mining pool on ethereum’s network.
Dinho’s GPU miner has a hash rate of about 22.8, which could earn about 12,271 SHIB a day, or 368,136 a month, according to UnMineable. His CPU-based computer is part of a different mining pool, RandomX, and has a hash rate of 3,594. That translates to about 2,052 SHIB a day or 61,568 SHIB a month, according to the website.
Even though a single SHIB is worth next to nothing, Dinho isn’t focused on today. As with dogecoin, he’s hopeful that SHIB will continue to grow in popularity, which would effectively bring its value up.
“Earlier this year, Elon Musk was talking about dogecoin. And to be honest with you, I didn’t really think doge was going to turn it into anything,” Dinho said. “But it’s crazy how it made a lot of millionaires within 2021. And so with Elon Musk suddenly mentioning shiba, I feel like it can replicate the same thing dogecoin did.”