Litecoin (CRYPTO:LTC) and Dogecoin (CRYPTO:DOGE) saw a sharp spike in hash rate on Sunday after a Mining company revealed that the two coins generated a triple profit when mining Bitcoin (CRYPTO:BTC) on its own.
What happened
Litecoin’s hash rate rose from 1.48 petahashes per second to a new all-time high of 1.7128 PH/s, representing a 15% increase, according to Coinwarz.
Similarly, Dogecoin’s hash rate first surpassed the 2.52 PH/s barrier on Sunday, before retreating to 1.58 PH/s at the time of writing.
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Why is it important
As is well known, hash rate is a measure of the computing power used to solve complicated cryptographic puzzles on a Blockchain network.
Typically, hash rates increase when more miners, i.e. more computers and mining equipment, join a network. In turn, this could occur when the price of the Cryptocurrency rises and mining activity becomes more profitable.
According to BitInfoCharts, Litecoin mining profitability hit a nearly seven-month high of $0.346 for every 1 gigahash per second of computing power, or hash rate, invested.
Dogecoin’s profitability per unit of 1 GH/s hash rate has also increased significantly over the past month.
Profitability likely increased as both LTC and DOGE gained value in recent weeks. While LTC soared 69% on the month, DOGE grew an impressive 107%.
These readings come after the mining company’s revelation BIT Mining Limited (NYSE:BTCM) last week that expanding into Litecoin and Dogecoin caused its profits to triple from mining Bitcoin alone.
The company said it had mined 84,485 LTC and more than 227 million DOGE as of November 27.
Litecoin and Dogecoin price movement
At the time of writing, LTC was trading at $125.91, down 4.46% in the last 24 hours, according to data from Benzinga Pro. DOGE was changing hands at $0.4352, down 4 .35% down.
Photo courtesy of Shutterstock
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