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According to crypto analytics platform CoinWarz, the Dogecoin (DOGE) meme token is much more profitable to mine than Bitcoin (BTC).
According to the analytics platform, the electricity costs are slightly lower for mining BTC compared to DOGE, but the profit margin of mining DOGE is significantly higher than mining BTC.
At the time of writing, electricity costs to mine DOGE are $8.22 per day and $7.22 per day to mine BTC, according to CoinWarz. But DOGE miners profit $12.94 per day, compared to only $3.58 profit per day for BTC miners, making the token even more than 261% more profitable to mine than king crypto.
Source: CoinWarz
DOGE is the second most profitable token to mine, according to CoinWarz.
At the time of writing, DOGE is valued at $0.0891, an increase of almost 10% in the last 24 hours after a rally with the broader crypto markets.
The most profitable token to mine is Verge (XVG), which pays miners $33.38 in profit per day after $8.22 in electricity fees. Bitcoin Cash (BCH) ranks as the fifth most profitable token to mine with $3.36 in daily profits. Litecoin (LTC) ranks sixth at $1.80 per day in mining profits.
Meanwhile, Ethereum Classic (ETC) and Monero (XMR) are losing money to miners, trading in the red at $0.26 and $0.32 per day, respectively.
The majority of DOGE investors sit on profits. According to blockchain analytics firm IntoTheBlock, 61% of DOGE holders are profitable in their investments while 35% are not.
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