Dogecoin mining profits are higher than bitcoin, according to data from mining calculator website CoinWarz. With the downturn in the market over the past year, the mining industry has been making gains when it comes to profits. This is proven by many miners going bankrupt while others continue to struggle to keep the lights on. With the low price, it seems more profitable to mine meme coin than OG bitcoin.
Dogecoin profitability is 480% higher than Bitcoin
The mining profitability chart from CoinWarz shows that while mining profits have remained average for bitcoin over the last 14 days, Dogecoin has been on the rise. This is also despite Dogecoin miners recording higher electricity rates than bitcoin.
The chart below shows that while DOGE miners reportedly pay $8.22 for electricity, BTC miners pay $7.22 for electricity. However, the profit margins are huge for both digital assets. The mining difficulty for the two assets over the two-week period was very different, with DOGE seeing an increase in higher difficulty.
DOGE mining profitability higher than BTC | Source: CoinWarz
Surprisingly, Dogecoin is not the coin with the highest profit for miners. However, the title goes to Verge which rewards miners with XVG tokens for their contributions. This puts DOGE in second place with a network hashrate of 529.90 TH/s.
Bitcoin appeared fifth on the list with Peercoin (PCC) placing third on the list and Bitcoin Cash (BCH) snagging fourth place. But bitcoin still maintains its position as the network with the highest hashrate at 274.73 EH/s, a 13.5% drawdown from the all-time high hashrate of 317.6 EH/s recorded on January 7.
BTC, DOGE Investor Profitability
When it comes to investor profitability, bitcoin also comes behind dogecoin. Data from IntoTheBlock shows that a total of 57% of all DOGE investors saw a profit. Meanwhile, 53% of all BTC holders are now profitable. Alternatively, there were 37% of BTC investors who lost compared to DOGE’s 35%.
Despite the disparity in profitability, both digital assets continue to enjoy the support of crypto market participants. In the last day, both dogecoin and bitcoin were in the green from the rally that closed the weekend.
DOGE trending above $0.07 | Source: DOGEUSD on TradingView.com
Bitcoin is currently up 1.54% in the last 24 hours trending above $17,200 at the time of writing this while dogecoin saw a 4.2% gain in the same period pushing it to a comfortable position above the $0.74 price level.