How to Mine Shiba Inu Coin?

Shiba Inu is one of the most incredible success stories the cryptocurrency market has produced in recent years. The SHIB token, which was launched in July 2020, remained obscure until the spring of 2021, when it showed a major price rally. SHIB began rising again in the second half of 2021, peaking at a market capitalization of $43.5 billion in October 2021. 

While the price of SHIB has corrected significantly since then, it’s still the 13th largest crypto asset by market cap and commands a market cap of about $6.7 billion at the time of writing. The Shiba Inu project has a dedicated community, and often captures the interest of new entrants into the crypto market. There’s many questions people have about Shiba Inu, and there’s also some common misconceptions about the token that are floating around. 

For example, if you’re wondering how to mine Shiba Inu, the short answer is: you can’t. This is because SHIB is an ERC-20 token issued on the Ethereum blockchain, and such tokens are not mineable. Cryptocurrencies that can actually be mined are cryptocurrencies that utilize a Proof-of-Work consensus mechanism—examples include Bitcoin, Litecoin, Monero and Ethereum Classic.

How to earn Shiba Inu tokens?

However, there are ways for you to earn rewards on your SHIB token holdings, which might be something you’re interested in if you’re wondering about Shiba Inu mining. In this article, we’ll showcase the best ways that you can use your SHIB token holdings to earn additional rewards.

If you’re investing in SHIB over the long term, these methods can be useful to passively grow your SHIB stack without taking on too much risk. While Shiba Inu likely won’t reach a price of one cent, the project is developing products like Shibarium, which could help SHIB over the long term.

Stake your SHIB using ShibaSwap

ShibaSwap is a DeFi platform created by the Shiba Inu project. One of the features offered by ShibaSwap is staking of Shiba Inu ecosystem tokens, which includes SHIB, LEASH and BONE. This feature is called “Bury”, but don’t get spooked—it’s simply a reference to the habit many dogs have of burying food and other objects they find especially valuable. 

If you want to stake SHIB in this way, you should hold your SHIB in your own Ethereum wallet, for example MetaMask. You will use this wallet to connect to the ShibaSwap platform. 

You can access ShibaSwap’s SHIB staking feature by going over to the ShibaSwap front end and selecting “Stake Tokens” under the “Bury Section”. 

Then, select “Bury SHIB” to stake your SHIB tokens and begin earning rewards. After staking, you will receive xSHIB tokens, which will represent your share of the staking pool. Please note that staking rewards are paid weekly. In addition, only 33% of rewards can be claimed immediately, with the remaining 67% having a 6-month locking period.

Use SHIB passive income services on centralized exchanges

Another way to use your SHIB holdings to earn additional SHIB rewards is to deposit them in various passive income products offered by cryptocurrency exchanges. In such products, the exchange will deploy your SHIB tokens into various DeFi opportunities or lend them out to

One example of a major crypto exchange where you can earn yield on your SHIB tokens is Binance. The exchange provides a variety of passive income products for crypto investors under the “Binance Earn” banner. 

At the time of writing, users can deposit their SHIB into the Simple Eearn product on Binance to earn yield. This covers both flexible and locked products. Flexible products offer lower yield, but you can withdraw your tokens and accumulated rewards at any time. Locked products, on the other hand, offer higher yields, but require the tokens to be deposited for the full duration for any rewards to be earned.

You can also use your SHIB tokens to provide liquidity on Binance Liquid Swap and earn a portion of the transaction fees users pay to swap between tokens. At the time of writing, Binance Liquid Swap features the SHIB/USDT and SHIB/BUSD liquidity pools. 

Earn SHIB Yield on Binance

The two ways of earning SHIB we have covered in this article each have different risks associated with them. When it comes to staking SHIB on ShibaSwap, you have to be mindful of smart contract risks. Sometimes, smart contracts deployed on the blockchain have bugs and vulnerabilities, which hackers can exploit to steal funds.

Meanwhile, the risk of depositing SHIB into products offered by centralized cryptocurrency exchanges is that you have to trust the exchange to manage your funds responsibly and keep them safe. 

Shiba Inu “mining” services

There exist services that allow users to “mine” cryptocurrencies like Shiba Inu, which otherwise can’t be mined. However, these services simply allow users to use their mining hardware and connect to a mining pool for a cryptocurrency that can actually be mined, and then convert the mining rewards to SHIB or another cryptocurrency that can’t be mined. 

If you can’t mine another cryptocurrency profitably, you will still be unprofitable if you exchange the mining rewards for SHIB or another token. So, these services usually don’t provide that much actual utility.

There’s also services that claim they’re mining Shiba Inu through cloud technology, but we recommend you to be very cautious. So far, we haven’t yet found any such service that actually explains how the rewards are generated and we have found reviews from many users of “Shiba Inu cloud mining” apps complaining about issues with withdrawing rewards.

If your long-term Shiba Inu price prediction is positive and you want to grow your SHIB token stack, the best idea is probably to just stake it using ShibaSwap. 

The bottom line—You can’t mine Shiba Inu, but you can still earn with your SHIB

While it’s not possible to mine the Shiba Inu coin, there’s still opportunities to use your SHIB tokens to earn rewards passively. The two main ways of doing so are staking SHIB on ShibaSwap, or using products offered by centralized exchanges like Binance. 

We’d generally recommend users from services that are advertising themselves as “SHIB mining” opportunities, as they tend to not be very useful. This is especially true when it comes to “cloud mining” opportunities for SHIB, which don’t actually explain how the supposed rewards are being generated. 

If you’re also looking to explore other meme coins similar to Shiba Inu, check out our list of candidates for the next meme coin to explode.