A few months ago, MicroStrategy CEO Michael Saylor claimed that Bitcoin did not have a better second. The latter extended to the preference of large investors and also to the field of digital Mining. However, on this last point some things changed, especially starting in November of this year.
Dogecoin, the most popular of the memecoins, is now presented as BTC’s great competitor in the field of the mining industry. This is the first serious competition since the departure of the Ethereum game with its change to PoS. Now, mining DOGE is much more profitable than mining any other digital currency within the crypto world.
This Friday, the price of the dog coin once again exceeded $0.43 after several days of profit-taking. In the last 30 days, the price of this memecoin achieves a performance of +157%. With such a rise, mining profitability experienced a considerable increase, which caused a substantial increase in hashrate.
Recently, the computing power of this network reached 1.58 PH/s, according to Coinwarz. Meanwhile, if the exchange value of the token continues to grow, so will the mining profitability and, with it, the hash power of the entire network. Thus, the incorporation of DOGE into the plans of the large Wall Street miners could not be ruled out.
The best Scrypt ASIC with DOGE beats the best Sha-256 ASIC with Bitcoin. Source: CoinWarz
DOGE at the forefront of digital mining profits
To get an idea of the advantages of choosing Dogecoin for digital mining, just look at the performance of the equipment. Like Bitcoin, DOGE works through the Proof-of-Work (PoW) consensus mechanism, but its algorithms are different. While the first works with the legendary Sha-256, the second works through Scrypt.
The latter means that equipment that mines DOGE cannot mine BTC, since they are not compatible. Under these circumstances, it is less risky for miners to choose Bitcoin ASIC equipment, considering that its volatility tends to be less compared to the puppy meme coin.
However, if the DOGE price forecasts at $2.6 are true, many miners are surely already analyzing the outlook. In any case, the comparison of the most recent Bitcoin and Dogecoin mining equipment is clear regarding the advantage of the latter in terms of profitability.
The Antminer L9 has a mining power of 16 GH/s. According to data from the CoinWarz calculator, these machines produce up to $62.33 dollars daily. The latter is calculated with the average rate of 2% of pool commissions and with an energy cost of $0.10 per kilowatt per hour.
For its part, the most advanced ASIC for mining Bitcoin, the Antminer S21E XP Hyd has a computing power of 860 TH/s. Under similar conditions, this equipment produces up to $23.63 per day.
Do you want to always be updated in the world of cryptocurrencies? Subscribe now to the CriptoTendencia WhatsApp channel! Here you will instantly receive the most relevant information about Bitcoin, Altcoins, DeFi, NFTs, Blockchain and the Metaverse.
Related
Crypto Keynote USA
For the Latest Crypto News, Follow ©KeynoteUSA on Twitter Or Google News.
