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Data from the mining calculator CoinWarz website demonstrates that mining dogecoin is more lucrative than mining bitcoin. The mining sector’s profitability has fallen as a result of the market’s falls during the last year. This is demonstrated by the fact that many miners have filed for bankruptcy while others are still fighting to keep the lights on. Given the current low rates, it appears to be more beneficial to mine the meme coin than the original bitcoin.
According to the CoinWarz mining profitability chart, although bitcoin’s mining profitability has remained mostly unchanged over the past 14 days, Dogecoin has been increasing. This is also accurate despite the fact that Dogecoin miners paid more for electricity than Bitcoin miners did.
According to the chart below, BTC miners pay $7.22 for power, whereas DOGE miners reportedly pay $8.22. However, there were sizable profit margins for both digital assets. The mining difficulty for the two assets varied greatly across the two-week period, with DOGE seeing a higher increase.
Surprisingly, Dogecoin does not have the best profit margins for miners. That honour comes to Verge, which gives miners XVG coins in exchange for their contributions. As a result, DOGE now has a network hashrate of 529.90 TH/s, placing it in second place.
The third-ranked Peercoin (PCC) and the fourth-ranked Bitcoin Cash (BCH) were included before Bitcoin, which came in fifth place. Despite a 13.5% decline from its all-time high hashrate of 317.6 EH/s on January 7, Bitcoin still holds the title of network with the highest hashrate at 274.73 EH/s.
In terms of investment profitability, bitcoin is likewise falling behind dogecoin. 57% of all DOGE investors, according to data from IntoTheBlock, are making money. 53% of all Bitcoin owners are now making money. In contrast, 37% of investors in BTC are losing money compared to 35% of those in DOGE.
Players in the bitcoin market nevertheless support both digital assets despite the differences in their profitability. Following the weekend, an upward correction maintained dogecoin and bitcoin in the green.
At the time of writing, Bitcoin had risen beyond $17,200 after growing by 1.54% over the previous 24 hours, while Dogecoin had risen by 4.2% over the same period, putting it in a comfortable position above the $0.74 price level.
