What Is Shiba Inu ($SHIB)?
Here is how South Korean crypto exchange Korbit described this meme-based cryptocurrency when it announced on November 23 that it was going to list $SHIB:
“SHIB is inspired by Dogecoin. Last August, anonymous developer Ryoshi developed the motto “Experiment in decentralized governance”. Although it claims to be a Dogecoin killer as much as it benchmarked Dogecoin, there are a few important differences except that it is a meme coin with a pet dog as its mascot.
“First, since ShibaInu is an Ethereum-based ERC-20 token, it can be easily integrated with the Ethereum ecosystem and can be used in a variety of ways. A decentralized exchange (DEX) called ShibaSwap is in operation, and in addition to this, a ShibaInu incubator that sponsors artists, and an NFT collection that can be purchased with ShibaInu tokens have also been launched.
“Second, unlike Dogecoin, which operates on its own mainnet, forked from Litecoin, ShibaInu benefits from the security-verified Ethereum network.
“Third, ShibaInu was distributed evenly using Uniswap’s liquidity pool. As a result, Etherscan confirms that token holders are well decentralized.“
In a recent interview with Benzinga, Dinho talked about how he got into crypto mining. Apparently, during the pandemic, he set up a 12 GPU mining farm, bought eleven Helium Hotspot miners, started mining Kadena ($KDA) using an ASIC miner, and got into staking. He also set up a TikTok channel, where he talks about crypto.
On October 25 — i.e. three days before $SHIB’s price hit an all-time high of around $0.00008616 — he bought 2.5 million $SHIB for $100. Then, he did a few calculations, and figured out that he could earn a similar amount of $SHIB if he used one or two old laptops (that he had lying around his home) for mining $SHIB.
According to Benzinga’s report, here is how much $SHIB Dinho is currently able to mine with his two old Windows-based laptops:
“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.“
Per data by CryptoCompare, currently (as of 7:00 p.m. UTC on December 6), $SHIB is trading around $0.00003539, down 0.56% in the past 24-hour period.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.