Shiba Inu Mining Myth Explained

Ever come across one of those “just bought my third villa mining Shib” kind of posts on social media? Quite inspiring, aren’t they? Except you can’t mine Shiba Inu. Period.

“Aah, shib… Why?”

Here’s the basic math broken down: a crypto token having a total supply of 1 quadrillion would need mining no more than a bicycle would gasoline. The thing is, mining crypto implies there would be new tokens being “mined” in the process, and subsequently added to supply. And guess what, Shiba Inu has so much supply, that, if the token was pegged to USD aka worth a dollar per token, it could easily blow the world’s GDP right out of the window!

That said, under the hood mining Shiba Inu has nothing to do with the mining at all, since it creates no new tokens. Instead, what happens is the miners simply commit their mining gear/computers to mining other kinds of crypto tokens, only to be exchanged for SHIB later on.  In essence, ‘mining’ Shiba Inu is just a fancy way to say, ‘I buy Shiba Inu with the money I make mining other crypto!”

Waste of time then - that right?

Consider it to be an alternate way for some crypto buffs to top up their wallets with extra Shibs. Nothing more, nothing less. Who knows, it might even beat buying from the crypto exchanges, given you’re sitting on proper mining gear and live near cheap power. In that case, it might be worth a try, if only for curiosity’s sake. However, if all you want is to just bag some Shib without all the blood and sweat of mining - crazy swings in hashrate, electricity bills, maintaining your hardware and other various technical sundries, - just buy the next big dip.

You’ll be none the worse for it.