According to data from mining calculator site CoinWarz, mining Dogecoin is actually more profitable than Bitcoin. The mining industry’s profitability has taken a hit as markets have fallen over the past year. This is evidenced by several miners going bankrupt, while others continue to struggle to keep the lights on. Due to the extremely low price, it seems more profitable to mine Memecoin than OG Bitcoin.
Dogecoin is 480% more profitable than Bitcoin
CoinWarz’s mining profitability chart shows that Bitcoin’s mining profitability has remained roughly flat for the past 14 days, while Dogecoin is on the rise. This is despite Dogecoin miners recording higher electricity bills than Bitcoin.
The graph below shows that DOGE miners are reportedly paying $8.22 for electricity, while BTC miners are paying $7.22 for electricity. However, the profit margins for both digital assets were huge. The mining difficulty of both assets during the two-week period was significantly different, with DOGE being more difficult.
DOGE mining profitability higher than BTC | Source: CoinWarz
Oddly enough, Dogecoin is not the coin with the highest profit margin for miners. Instead, that title belongs to Verge, which rewards minor contributions with his XVG tokens. This puts DOGE in second place with network hashrate of 529.90 TH/s.
Bitcoin ranked fifth on the list, Peercoin (PCC) ranked third on the list, and Bitcoin Cash (BCH) ranked fourth. However, Bitcoin remains the network with the highest hashrate at 274.73 EH/s, down 13.5% from its all-time high of 317.6 EH/s recorded on January 7. .
BTC, DOGE Investor Profitability
Bitcoin also lags behind Dogecoin when it comes to investor profitability. A total of 57% of all DOGE investors are profitable, according to IntoTheBlock data. Meanwhile, his 53% of BTC holders are now profitable. Also, 37% of BTC investors have suffered losses compared to 35% for DOGE.
Despite profitability disparities, both digital assets continue to enjoy support from crypto market participants.On the final day, both Dogecoin and Bitcoin turned green from the upward rally that closed out the weekend. I’m here.
DOGE trending above $0.07 | Source: DOGEUSD on TradingView.com
Bitcoin is currently up 1.54% in the last 24 hours and trending above $17,200 at the time of this writing, while Dogecoin is comfortably positioned above the $0.74 price level, up 4.2% over the same period. pushed up.
