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 October 10, 2021
(in U.S. dollar cents per day for one Megahash/s)
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BitInfoCharts. (October 11, 2021). Mining profitability of Dogecoin per day from October 2014 to October 10, 2021 (in U.S. dollar cents per day for one Megahash/s) [Graph]. In Statista. Retrieved May 28, 2022, from https://www.statista.com/statistics/1201806/dogecoin-mining-profitability/
BitInfoCharts. "Mining profitability of Dogecoin per day from October 2014 to October 10, 2021 (in U.S. dollar cents per day for one Megahash/s)." Chart. October 11, 2021. Statista. Accessed May 28, 2022. https://www.statista.com/statistics/1201806/dogecoin-mining-profitability/
BitInfoCharts. (2021). Mining profitability of Dogecoin per day from October 2014 to October 10, 2021 (in U.S. dollar cents per day for one Megahash/s). Statista. Statista Inc.. Accessed: May 28, 2022. https://www.statista.com/statistics/1201806/dogecoin-mining-profitability/
BitInfoCharts. "Mining Profitability of Dogecoin per Day from October 2014 to October 10, 2021 (in U.S. Dollar Cents per Day for One Megahash/S)." Statista, Statista Inc., 11 Oct 2021, https://www.statista.com/statistics/1201806/dogecoin-mining-profitability/
BitInfoCharts, Mining profitability of Dogecoin per day from October 2014 to October 10, 2021 (in U.S. dollar cents per day for one Megahash/s) Statista, https://www.statista.com/statistics/1201806/dogecoin-mining-profitability/ (last visited May 28, 2022)
