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. Crypto mining is the process of validating equations within a pool of other miners, and with each validation processed by the computer you get rewarded with cryptocurrency. This form of mining is called “proof of work” but in the world of DeFi there are countless ways of contributing to the blockchains for rewards such as “proof of coverage” and “proof of stake” which each has its pros and cons.
Hai Dinho told Benzinga about his crypto mining journey. During the pandemic, he built a 12 GPU mining farm, acquired 11 helium hotspot miners (proof of coverage), began KDA Mining with an ASIC (a small computer device that is solely for mining cryptocurrency), and staked cryptocurrencies on proof of stake networks. 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 an investment in Shiba Inu was purely speculative –– but he 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 on the list of cryptocurrencies available on the platform.
On October 25th, 2021, 2 days before Shiba Inu hit 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 earn the same amount of tokens, about 1.5 million Shiba Inu, in 4 months from mining with a very old laptop” Dinho said. Dinho had 2 old laptops laying around, one of which with a NVIDIA gpu built in, making it an ideal base for mining crypto. Both laptops are mining SHIB as we speak.
Hai Dinho used the website unmineable.com which he mentioned to us is beginner friendly. Unfortunately, the software is not currently available for Mac OS users. Once the application is installed, it detects 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.
Dinho’s GPU miner was recorded at 22.8 m/h, which would produce about 12,271 Shiba Inu tokens on a daily basis. His CPU based laptop is on another mining pool (RandomX) 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 compares the community behind the token to that of Dogecoin. 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 what transcribed, and I wouldn’t rule out the possibility of this happening with SHIB. I feel like it may reflect the same thing Dogecoin did.”
