Dogecoin Started as a Joke, But DOGE Mining Is Getting Serious

Elon Musk’s favourite cryptocurrency made a comeback on the finish of final yr as retail buyers flooded again into the market to snap up Dogecoin. The coin was launched as a joke in 2013, however has endured through the years and remained distinguished.

However simply how severe is the enterprise of mining the O.G. meme coin? People are actively shopping for the machines to take action, in keeping with distributors at this yr’s Mining Disrupt convention in Fort Lauderdale, Florida. 

Although the convention was closely centered on the established enterprise of Bitcoin mining—which is headlined by main, publicly traded corporations and backed by President Trump—cash like DOGE and Litecoin (LTC) additionally require proof-of-work mining and reward miners for supporting every chain.

In truth, the machines that mine such various PoW cryptocurrencies usually mine them on the identical time—technically dubbed “merged mining”—which lets them enhance their earnings. Distributors mentioned that miners of all stripes, from solo individuals all the way in which as much as public firms, are exhibiting curiosity so as to earn a bit of additional money.

“Mining DOGE or LTC may help miners maximize income,” mentioned Payne Cong, head of enterprise growth at ElphaPex.

And Alan Martinez from {hardware} maker JSBIT informed Decrypt that whereas the miners may probably earn $750 monthly mining DOGE on simply one of many practically silent machines, huge mining firms are additionally exhibiting curiosity in snapping up the cash makers. 

“We’re speaking with massive corporations—listed on the Nasdaq—who’re ,” he mentioned.

Working example: Final yr, the Nasdaq-listed VivoPower (VVPR) introduced that its subsidiary Caret Digital would begin mining Dogecoin and Litecoin.

Knowledge from CoinWarz reveals that proper now, miners could make income of $5.83 per day mining DOGE with one machine. Mining Bitcoin with one machine can, on common, reap operators rewards of $9.41 per day. 

Public American miner BIT Mining mentioned in December that mining DOGE was a much bigger money cow for the corporate than the orange coin. Mining Bitcoin is turning into more and more troublesome for smaller gamers as mining issue will increase and the worth of the most important digital asset takes successful. 

DOGE gained a cult following after Tesla boss and now Trump advisor Musk began speaking concerning the coin on X (previously Twitter). Earlier than that, the asset was largely seen as an enormous joke—however then it began to realize substantial worth.

Musk not too long ago praised the coin’s tokenomics. DOGE has an uncapped provide with 10,000 new cash minted each minute, and the tech billionaire has argued that this makes it good as a forex, as an alternative of Bitcoin, which is essentially touted as a “digital gold.” With its restricted provide, Bitcoin is seen by many as a retailer of worth relatively than a coin that is value spending like money.

However big-time miners aren’t getting caught in significantly—at the least not but. Martinez informed Decrypt that thus far, small companies had been the most important clients, reminiscent of homeowners of cafes and workplace buildings.

He cited an instance of an unnamed espresso store chain that he mentioned was mining Dogecoin at six of its websites, “nearly” like a aspect hustle, profiting from the warmth recapture as nicely. 

“Don’t flip in your heater—flip in your miner,” he mentioned of DOGE mining’s further advantages. “When was the final time a heater paid you?”

Edited by Andrew Hayward