Dogecoin (DOGE) miners reached a new revenue record in November 2021, according to data from CoinMetrics.
Doge Had It Coming
Since its humble origins in 2013, Dogecoin has come a long way. The digital currency, which began as a meme-inspired joke, has become the ninth-largest cryptocurrency globally, with a $31 billion market worth and global popularity. Additionally, over the last nine months, its phenomenal growth has drawn a record number of miners to its network.
Mining Profitability Compounds Annually
When Doge miners mine, they are rewarded for adding blocks to the network. They get 10000 Doge for their efforts. Bitcoin miners would feel jealous of the rewards per block going to Doge miners. According to BitInfoCharts data, mining a single Dogecoin was profitable at 0.19 US cents in January. By late June, this amount had risen to 1.6 cents. Despite a drop to 1.51 US cents last month, Dogecoin mining profitability has increased nearly 700 percent per year to date.
Miners will be delighted that they all contributed to crossing the $1 billion mark. Last month, November 13, was the first-time miners broke into the nine zeroes category, expanding the profit potential miners can take home.
Dogecoin’s mined revenue has increased significantly this year, with the total currently standing at $1.08 billion as per the site’s most recent data recording on December 9.
Mining Revenue In 2021 Has Been Outstanding
The figure above summarizes all miner revenue in USD terms, including fees and freshly issued native units. It’s worth noting that Dogecoin generated $108 million in income on January 1. Early in the year, several people aped into the hype of the crypto asset. The digital asset gained popularity, meaning that serious investors pulled the strings behind the scenes. Now, the widespread popularity of the crypto asset has contributed to the massive mining rate of Doge. From all indications, it is this; mining rate revenue for Doge will continue to increase.
Interestingly, Ethereum’s total mined revenue is currently $18 billion, doubling Dogecoin’s mining aggregate. While Dogecoin has a market valuation of $22 billion, the market capitalization of Ethereum sits at $477 billion.
Additionally, miner revenue growth accelerated and peaked in April and May, coinciding with a spike in the price of DOGE in the broader market as investors began to take notice of the asset. Miners likely rallied to take profit from the growing popularity of the coin.
Doge Declines Amid Mining All-Time Mining Revenue
Dogecoin is currently trading at $0.168, down 0.94 percent over the last 24 hours. Last weekend, the coin gained 1.06 percent. Since reaching an all-time high of $0.7004 on May 8, according to CoinMarketCap statistics, the cryptocurrency has been declining.
It is unbelievable that a joke meme coin created eight years ago just for laughs would become a valuable crypto asset. But that was what Doge exactly did. The Doge community had everything to do with it. However, Doge changed remarkably to an investment on the back of Elon Musk’s tweet.
