dailyhodl.com
According to crypto analytics platform CoinWarz, meme token Dogecoin (DOGE) is vastly more profitable to mine than Bitcoin (BTC).
Per the analytics platform, the electricity costs are slightly less to mine BTC than DOGE, but the profit margin for mining DOGE is signifcantly higher than mining BTC.
At time of writing, the electricity costs to mine DOGE is at $8.22 per day and $7.22 per day to mine BTC, according to CoinWarz. But DOGE miners are profiting $12.94 daily compared to just $3.58 in profits per day for BTC miners – making the meme token over 261% more profitable to mine than the king crypto.
DOGE is the second most profitable token to mine, according to CoinWarz.
At time of writing, DOGE is valued at $0.0891, a nearly 10% increase in the last 24 hours after rallying with the broader crypto markets.
The most profitable token to mine is Verge (XVG), which is paying miners $33.38 in profits daily after $8.22 electricity costs. Bitcoin Cash (BCH) ranks as the fifth most profitable token to mine at $3.36 daily profits. Litecoin (LTC) ranks sixth at $1.80 per day in mining profits.
Meanwhile, Ethereum Classic (ETC) and Monero (XMR) are losing miners money, running in the red at $0.26 and $0.32 per day, respectively.
The majority of DOGE investors are sitting on profits. According to blockchain analytics firm IntoTheBlock, 61% of DOGE holders are profitable in their investments while 35% are not.
Generated Image: Midjourney