The mining of Dogecoin became increasingly profitable in 2021, reaching the highest revenue figures since early 2018. This follows after a surge of activity in the cryptocurrency due to comments from Tesla CEO Elon Musk, who remarked on Twitter that people should invest in this digital currency. During the mining of cryptocurrencies, a computer is trying to solve complicated logic puzzles to verify transactions in the blockchain. When this process is completed, the miner receives cryptocurrency as a block reward. The underlying dynamic is that machines with more computing power - or hashrate - are likely to solve more puzzles, and therefore mine more cryptocurrencies. Whether a miner can make money with this depends on various costs such as electricity consumption during this process, transaction fees or whether the hardware used is efficient or not.
Mining profitability of Dogecoin per day from October 2014 to August 25, 2024
(in U.S. dollar cents per day for one Megahash/s)
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BitInfoCharts. (August 26, 2024). Mining profitability of Dogecoin per day from October 2014 to August 25, 2024 (in U.S. dollar cents per day for one Megahash/s) [Graph]. In Statista. Retrieved December 21, 2024, from https://www.statista.com/statistics/1201806/dogecoin-mining-profitability/
BitInfoCharts. "Mining profitability of Dogecoin per day from October 2014 to August 25, 2024 (in U.S. dollar cents per day for one Megahash/s)." Chart. August 26, 2024. Statista. Accessed December 21, 2024. https://www.statista.com/statistics/1201806/dogecoin-mining-profitability/
BitInfoCharts. (2024). Mining profitability of Dogecoin per day from October 2014 to August 25, 2024 (in U.S. dollar cents per day for one Megahash/s). Statista. Statista Inc.. Accessed: December 21, 2024. https://www.statista.com/statistics/1201806/dogecoin-mining-profitability/
BitInfoCharts. "Mining Profitability of Dogecoin per Day from October 2014 to August 25, 2024 (in U.S. Dollar Cents per Day for One Megahash/S)." Statista, Statista Inc., 26 Aug 2024, https://www.statista.com/statistics/1201806/dogecoin-mining-profitability/
BitInfoCharts, Mining profitability of Dogecoin per day from October 2014 to August 25, 2024 (in U.S. dollar cents per day for one Megahash/s) Statista, https://www.statista.com/statistics/1201806/dogecoin-mining-profitability/ (last visited December 21, 2024)
Mining profitability of Dogecoin per day from October 2014 to August 25, 2024 (in U.S. dollar cents per day for one Megahash/s) [Graph], BitInfoCharts, August 26, 2024. [Online]. Available: https://www.statista.com/statistics/1201806/dogecoin-mining-profitability/
