shiba inu

How to Mine Shiba Inu

Shiba Inu (SHIB) became a crypto sensation after rising by over 17 million percent in the first 15 months of its existence.

The “Dogecoin killer’s” phenomenal growth has left people wondering when to buy it and even how to mine Shiba Inu.

DailyCoin describes how SHIBs are made and how to mint them in the most common ways.

What Exactly Is SHIB?


Shiba Inu (SHIB) is a decentralised meme token created in 2020 by unknown founder “Ryoshi” on the Ethereum network. The emblem for the ERC-20 standard token is a Shiba Inu.

SHIB has been dubbed the “Dogecoin killer” as a result of this, as well as its meme token nature. The classic meme token, Dogecoin, is seven years older than SHIB; yet, both tokens were created for the same reason: sheer amusement.

The founders of SHIB also wanted to see how it would feel to build a truly decentralised and community-driven coin. This means that its development potential is heavily reliant on community expansion rather than utility growth.

SHIB’s creators, on the other hand, created an ecosystem around the token that includes two additional tokens (LEASH and BONE) and a decentralised exchange called ShibaSwap, where tokens may be traded, staked, or put in a liquidity pool.

How to Mine for Gold Shiba Inu 


Shiba Inu (SHIB) is a standard ERC20 token that does not have its own blockchain. It’s built on the Ethereum blockchain and hosted there.

SHIB, like Bitcoin (BTC) and Ethereum (ETH), cannot be mined using a classic proof-of-work (PoW) method that adds newly produced transaction blocks to the blockchain and pays miners with money.

Only ERC20 tokens can be minted. In most cases, the process involves smart contracts, programming, and other development-related tasks. However, for individuals who want to manufacture a completely new token, this is a viable option.

Minting takes a different form for people who just wish to raise their SHIB holdings: staking or liquidity pools.

The Shiba Inu Token: How to Stake It


Staking, in a nutshell, is the process of locking your tokens on smart contracts in exchange for high-yield profits. They’re usually referred to as an annual percentage yield (APY), and they differ depending on where the token is held.

SHIBs may be staked directly on ShibaSwap, the company’s decentralised exchange, or through centralised crypto exchanges like Binance or Crypto.com.

On ShibaSwap, how do you stake a Shiba Inu?


1. Connect your wallet


Assume you have SHIB tokens in your bitcoin wallet already. Scanning a QR code will connect it to the ShibaSwap exchange.

How to Mine Shiba Inu

ShibaSwap now supports the desktop wallets MetaMask, CoinbaseWallet, Ledger Live, Infinity Wallet, Encrypted Ink, and Wallet 3.

2. Change to a Shiba Inu

How to Mine Shiba Inu


If you don’t have any SHIB tokens in your wallet, you’ll need to do this step. Swap your chosen tokens for Shiba Inu in this situation (SHIB). In the Swap area, you may choose from a variety of cryptocurrencies. Simply input the number of tokens you wish to exchange and click “Approve.”

3. Place a stake in SHIB

How to Mine Shiba Inu


On the DEX interface, go to the “Bury SHIB” option and input a sum or pick how much of your balance you’d want to stake (25 percent, 50 percent, 75 percent, or 100 percent). To confirm token locking for a set amount of time, click “Approve.”


How to buy Shiba Inu on a centralised exchange


At the time of writing, Binance, one of the largest crypto exchanges, offers to stake SHIB with a 5.25 percent APY.

Here’s how you can use Binance to stake your Shiba Inu tokens:

1. Create a Binance account.


2. Purchase Shiba Inu tokens if you don’t already have them.


3. Select “Binance Earn” from the “Finance” menu box.


4. In the search tab, type SHIB or scroll down to discover the Shiba Inu token.

Shiba inu stake binance
  1. Select how long you want the tokens to be locked and hit “Stake.” Keep in mind that APYs rise as time goes on. APY is changed daily on Binance depending on on-chain staking incentives.
  2. Decide how much SHIB you wish to bet. The sum cannot be less than 1,000,000 SHIB tokens on Binance. Then check the box to indicate that you’ve read and agree to the Binance Staking Service Agreement. Your SHIBs have been staked and are now creating new currencies.
binance shib staking binance

Interest on SHIB tokens is calculated in proportion to the number of tokens the holder has staked. After the locked tokens are redeemed at the conclusion of the predetermined staking term, they are credited to the holder’s wallet.

How to Mine Shiba Inu

How to Use Liquidity Pools to Mine Shiba Inu


Liquidity pools help the DeFi ecosystem by allowing trading on decentralised exchanges (DEXs).

Liquidity miners are token holders who deposit their assets in pooled liquidity pools. They provide liquidity for a particular DEX, allowing other traders to trade against it. It’s significant because of traders on DEXs trade against the decentralised liquidity pool rather than against one another.

For placing their tokens into the pool, liquidity providers are paid. They usually get proportional profits on transactions based on their part of the pool.

How to fund the ShibaSwap liquidity pool with SHIB

1. Connect your wallet


To begin, open the ShibaSwap exchange and add your bitcoin wallet to it, just like you would with staking.

2. Switch the tokens


Choose the “Trade” option to swap your selected tokens for Shiba Inu if you don’t have any SHIB tokens in your wallet (SHIB). Then choose from a variety of cryptocurrency alternatives, enter the number of tokens you wish to trade, and confirm your decision.

3. Assist with liquidity


Select the “Add Liquidity” area by pressing DIG. Choose a Shiba Inu token-inclusive liquidity pool (or liquidity pair). This is the pool where your tokens will be kept until you redeem them with your prize. Decide how many tokens you want to lock in the pool, then click “Supply” and confirm your decision.

After everything has been authorised, you may start supplying liquidity and earning passive revenue by locking your tokens into the liquidity pool. You must, however, complete the last step to get those returns on ShibaSwap.

4. File your tax returns


On the ShibaSwap interface, go to the WOOF area. Locate and open your liquidity pool (liquidity pair), then confirm your decision to stake your tokens. ShibaSwap will be able to spend your tokens and create real-time returns at the pace you specify.

The exchange allows you to claim 33% of your returns immediately, with the remaining 67% locked up for 6 months.

ALSO READ: Important Things To Know About Bitcoin Mining

2 thought on “How to Mine Shiba Inu (SHIB)”
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