The profitability of Dogecoin Mining is higher than that of Bitcoin, here is the difference

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The profitability of mining Dogecoin is actually higher than bitcoin, according to data from mining calculator website CoinWarz. With the market having experienced declines over the past year, the mining industry has taken a hit when it comes to profitability. Witness the bankruptcy of several miners while others continue to struggle to keep the lights on. With such low prices, it seems that it is more profitable to mine the meme coin than OG bitcoin.

The profitability of Dogecoin is 480% higher than that of Bitcoin

CoinWarz’s mining profitability chart shows that while mining profitability has remained virtually flat for bitcoin over the past 14 days, Dogecoin has seen an increase. This is also despite Dogecoin miners seeing higher electricity rates compared to bitcoin.

The graph below shows that where DOGE miners would pay $8.22 for electricity, BTC miners pay $7.22 for electricity. However, profit margins were significant for both digital assets. The mining difficulty for the two assets over the two-week period was significantly different, with DOGE seeing a higher difficulty increase.

DOGE mining profitability higher than BTC | Source: CoinWarz

Curiously, Dogecoin is not the coin with the highest profit margins for miners. Instead, that title belongs 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) ranking third on the list and Bitcoin Cash (BCH) taking fourth place. But bitcoin still maintains its network position with the highest hashrate at 274.73 EH/s, down 13.5% from its record hashrate of 317.6 EH/s recorded on January 7.

BTC, DOGE Investor Profitability

When it comes to investor profitability, bitcoin also comes in behind dogecoin. Data from IntoTheBlock shows that a total of 57% of all DOGE investors see profits. Meanwhile, 53% of all BTC holders are currently in profit. Alternatively, there are 37% of BTC investors at a loss compared to the DOGE 35%.

Despite the disparity in their profitability, the two digital assets continue to enjoy support from crypto market players. Over the past day, dogecoin and bitcoin are in the green after an upward rally that closed the weekend.

DOGE trending above $0.07 | Source: DOGEUSD on TradingView.com

Bitcoin is currently up 1.54% in the past 24 hours to top $17,200 at the time of this writing, while dogecoin has seen gains of 4.2% over the same period. , which pushed it to a comfortable position above the $0.74 price level.

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet Featured Image from TechSpot, chart from TradingView.com

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