• Dogecoin’s profitability is 480% higher than Bitcoin’s
• Dogecoin miners are paying $8.22 for electricity, while BTC miners are paying $7.22
• Verge currently has the highest profit margins for miners
Dogecoin is currently the second most profitable cryptocurrency to mine, behind only Verge. This is according to data from the mining calculator website CoinWarz, which shows that Dogecoin’s profitability is 480% higher than that of Bitcoin. This is despite Dogecoin miners reportedly paying higher electricity rates compared to Bitcoin miners, who are paying $7.22 for electricity.
The mining profitability chart from CoinWarz shows that while the mining profitability has stayed mostly flat for Bitcoin over the last 14 days, Dogecoin has been seeing a rise. This is in spite of the fact that Dogecoin miners have been recording higher electricity rates compared to Bitcoin miners. This is likely due to the fact that the difficulty for mining Dogecoin has been increasing over the same period, while the difficulty for mining Bitcoin has stayed mostly flat.
The chart also shows that Verge currently has the highest profit margins for miners, rewarding them with XVG tokens for their contributions. Dogecoin is in the second position with a network hashrate of 529.90 TH/s.
This news comes as the mining industry has taken a hit due to market declines over the past year. This has been evidenced by multiple miners going bankrupt while others continue to struggle to keep the lights on. With prices so low, it looks like mining Dogecoin is currently more profitable than mining Bitcoin, which could be an attractive option for miners looking to maximize their returns.
It remains to be seen if this trend will continue in the long-term, but it is clear that Dogecoin is currently the most profitable altcoin to mine. With the mining industry in a state of flux, Dogecoin’s current profitability could be a major draw for miners looking to maximize their returns.