Dogecoin Mining Profitability 480% Higher than Bitcoin Despite Higher Electricity Rates

• Dogecoin mining profitability is 480% higher than Bitcoin.
• Dogecoin miners are reportedly paying $8.22 for electricity while Bitcoin miners are paying $7.22 for electricity.
• Despite the higher electricity rates, Dogecoin miners still have higher profit margins.

In recent years, the mining industry has been hit hard with multiple miners going bankrupt and others struggling to keep the lights on. With the market seeing declines over the past year, mining profitability has taken a significant hit. However, according to data from the mining calculator website CoinWarz, Dogecoin mining profitability is actually higher than that of Bitcoin.

Dogecoin’s profitability has reportedly increased in the past two weeks, while Bitcoin’s profitability has stayed mostly flat. This is despite the fact that Dogecoin miners are paying higher electricity rates than Bitcoin miners. According to the chart from CoinWarz, Dogecoin miners are paying $8.22 for electricity, while Bitcoin miners are paying $7.22. Despite the higher electricity rates, Dogecoin miners still have higher profit margins.

The mining difficulty for both assets during the two-week period was vastly different, with Dogecoin seeing a greater difficulty increase. This means that it is more profitable to mine the meme coin than the OG Bitcoin. Interestingly, Dogecoin is not the coin with the highest profit margins for miners. That title belongs to Verge, which rewards miners with XVG tokens for their contributions. This puts Dogecoin in the second position with a network hashrate of 529.90 TH/s.

Overall, the data from CoinWarz clearly shows that Dogecoin is more profitable to mine than Bitcoin. Despite the higher electricity rates, Dogecoin miners are still able to make more profit than Bitcoin miners. This is a testament to the resilience of Dogecoin and its popularity amongst miners. As the mining industry continues to struggle, it looks like Dogecoin may be one of the few coins that remain profitable and attractive to miners.

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