NEW!Incredible offer for our exclusive subscribers! Read More
Other

Dogecoin Miners Revenue Up 4,500% This Year

1 Mins read

The dogecoin (DOGE, +18.74%) army is not the only one making a killing this year. Miners responsible for generating the Shiba Inu-themed cryptocurrency may also be laughing their way to the bank.

Источник: cryptonews.net

  • The daily revenue of dogecoin miners rose to a record high of $3.6 million on April 26, marking a 4,575% rise from the New Year’s day tally of $77,000, blockchain data provided by ByteTree shows.
  • Revenue estimates assume miners, who operate predominantly on cash, sell their coins immediately.
  • Miners receive newly created coins and transaction processing fees as a reward for mining blocks and processing transactions on the distributed ledger.

  • The price of dogecoin has rallied by 7,000% this year, sending miner revenue skywards.
  • The meme-based cryptocurrency reached a record high of 45 cents on April 18 and was last seen changing hands near 32 cents, up nearly 20% rise on a 24-hour basis.
  • Data provided by Coin Metrics shows a 60-fold increase in daily transaction fees this year alongside several brief spikes in the number of daily transactions.
  • However, transaction fees brought in just $23,200 or 0.64% of the total miner revenue of $3.6 million on April 26.

  • “Transaction fees have risen, but price overwhelms,” ByteTree’s CIO Charlie Morris said.
  • “The market has been squeezed higher. I suspect many people who owned it a few years ago have forgotten, leading to tighter supply than perceived,” Morris added.
  • Some observers fear the ongoing price rally is a bubble that can burst easily as 98 wallets are holding nearly 65% of all coins. Besides, the cryptocurrency is heavily influenced by Tesla and SpaceX CEO Elon Musk’s usually humorous tweets.
  • Bitcoin bull and CEO of Galaxy Digital Mike Novogratz recently called dogecoin’s rally a sign of speculative retail frenzy.
  • However, DOGE’s real-world adoption is gaining traction with basketball team Dallas Mavericks, medical supplier CovCare, and several others adopting the cryptocurrency as a payments alternative.

Also read: Dogecoin Spikes on Elon Musk’s SNL Tweet

Related posts
Other

Cointolab blocked more than 10 thousand wallets from Russia

1 Mins read
The Cointolab platform said it has blocked more than 10,000 wallet addresses associated with Russian individuals or entities that it believes are…
AltcoinsBTCCryptoETHMiningOtherStock

Bitcentr launched the largest aid campaign!

1 Mins read
Ukraine is at war, war for our freedom but also for European freedom and democracy. People of Ukraine are in a big…
Other

Cryptexby with Bitfinex will start a trading giveaway for Telegram users

1 Mins read
In this paragraph, Bitfinex with Friends of Cryptexby.com are starting with Top crypto giveaway. After that From 0.001 tо 0.25 bitcоin and…
Power your team with InHype

Add some text to explain benefits of subscripton on your services.

Leave a Reply

Your email address will not be published. Required fields are marked *