lang
December 5, 2024

Dogecoin Mining Profits Are Soaring: Here’s Why

Dogecoin Mining Profits Are Soaring: Here’s Why

Have you heard? Dogecoin mining is getting crazy profitable! Just look at the recent spike in DOGE’s price. This meme-inspired cryptocurrency has been gaining traction, and miners are cashing in, thanks to some serious ASIC tech. Let’s dive into how this price hike is changing the mining game and what hardware is making it happen. Plus, what’s the deal with renewable energy in this whole picture?

The Price Surge

To kick things off, the crypto landscape has flipped upside down with Dogecoin (DOGE) surging nearly 186% in price since November 5, 2024. Seriously, that’s wild. DOGE’s market value is sitting at about $0.40, a peak we haven’t seen since May 2021, according to CoinMarketCap.

With this price increase, the economics behind Dogecoin mining have also drastically improved. Miners using Application-Specific Integrated Circuits (ASICs) are seeing some serious returns.

Currently, the Bitmain Antminer L9 17.6Gh is the reigning champ, not just for DOGE but across the whole crypto market. This beast is pulling in around $57 a day in net profit, assuming you’re paying $0.10 per kWh for electricity. This is a standard number used by Whattomine to gauge profitability.

Let’s talk specs. This bad boy has a hash rate of 17.60 GH/s (Gigahashes per second) and consumes 3,260 watts. You’re looking at a $13,500 investment if you want one of these. It’s energy-efficient, too—185.23 J/GH (Joules per Gigahash) is pretty mind-blowing.

If you’re not ready to drop that much cash, there’s a more basic version of this ASIC, with a lower hash rate of 16 GH/s and higher power consumption of 3,360 watts, that still makes the top three. It brings in about $52 a day on average.

Other ASICs to Consider

Let’s not forget about the VolcMiner D1. This one was specifically designed for mining Dogecoin and similar coins based on the Scrypt algorithm. It came out in November 2024.

This one’s priced at $13,000 for a version that delivers 17.00 GH/s, bringing in about $54 a day. The second-best in terms of profitability among DOGE miners.

Then there are a couple of models from ElphaPex, the DG1+ and DG1, with hash rates of 14 GH/s and 11 GH/s respectively. They bring in about $43 and $32 a day. Not too shabby.

And yeah, these ASICs can also mine Litecoin (LTC), but let’s be real, LTC mining isn’t bringing in the same profits these days. Whattomine data confirms that. 

Oh, and if you’re dealing in cryptocurrency on Nicehash, you might see an uptick of $2 to $3 more a day.

Yeah, the Dogecoin mining scene is looking pretty good right now.

Going Green with Mining

On top of all this, Dogecoin mining could actually be more sustainable than some other coins, especially when it’s powered by renewable energy. Here’s what you need to think about:

First off, the Scrypt mining protocol doesn’t need as much power as others, like Bitcoin. So, it’s totally doable to run these rigs on solar panels or wind turbines.

Benefits of Renewable Energy

Using renewable energy means a much smaller carbon footprint, which is a win. It also lets you mine off-grid, helps with mining economics, and gives you the chance to sell back excess energy to the grid.

Industry Efforts

There are initiatives focused on making Dogecoin mining sustainable. Energy Plug Technologies Corp. is teaming up with Greenwood Energy Corp. and Malahat Battery Technologies to set up a mining operation powered by solar energy and heat storage systems.

Community Support

The Dogecoin community is advocating for renewable energy and is pushing for sustainability. They’re even running eco-crowdfunding campaigns and making sustainability content.

Energy Consumption Comparison

Let’s not kid ourselves. Dogecoin consumes energy, but it’s way less than Bitcoin. You’re looking at about 0.12 kWh per transaction for DOGE, compared to Bitcoin’s 707 kWh.

So yeah, if you’re interested in Dogecoin mining, it can be a sustainable investment, especially with renewable energy backing it up. Lower energy needs and community support make it a more eco-friendly option compared to many other cryptos.

Previous Post Next Post
Alina Garaeva
About Author

Alina Garaeva: a crypto trader, blog author, and head of support at Cryptorobotics. Expert in trading and training.

More articles
Alina Tukaeva
About Proofreader

Alina Tukaeva is a leading expert in the field of cryptocurrencies and FinTech, with extensive experience in business development and project management. Alina is created a training course for beginners in cryptocurrency.

Launch Your Crypto Trading Journey with the CryptoRobotics App

Access the full functionality of CryptoRobotics by downloading the trading app. This app allows you to manage and adjust your best directly from your smartphone or tablet.

phone

Need Assistance on the Platform?

Schedule a personal onboarding session with our manager. He will assist you in setting up the bots, understanding the products, and answer all your questions.