Dogecoin mining is proving particularly profitable. While the price of the cryptocurrency has seen a real spike in recent months, the community has become considerably richer.
Not only those who invested in it, but also those who helped create it are enjoying their moment of glory. According to Coindesk, miners' income has literally skyrocketed, reaching peaks of 10 million dollars. Your job is to mine blocks and validate transactions on the blockchain. To earn money, they immediately mine and sell coins.
As prices have risen, so have transaction costs. And miners have benefited since then, driven by the FOMO that overwhelmed Dogecoin, the number of transactions has increased significantly.
Rising Dogecoin Price and Profit for Miners
Dogecoin has seen an incredible price increase. Fueled by Elon Musk's tweets and growing curiosity around a project that started as a joke, DOGE went from being worth a few thousandths of a dollar to growing to a record high of more than 40 cents.
Unlike Bitcoin and other cryptocurrencies, Dogecoin mining is much easier, although it requires a lot of computing power. In reality, it is an operation in the hands of a few mining farms. But for those who want to try, it is possible to participate in mining pools or cloud mining.
The future of Dogecoin
Dogecoin has started to rise in price again and is currently worth 30 cents. However, the cryptocurrency remains in the grip of volatility. After gaining 220% in 24 hours for the past few days, it has seen sharp excursions up and down.
A tweet from the CEO of Tesla, who proclaimed himself Dogefather, helped raise its price again. The same tweet also explicitly referenced an event: Saturday Night Live on May 8, when Elon Musk himself will host the show. Analysts and fans hope that the CEO of Tesla will speak on this occasion about Dogecoin and that his words will help to raise the price of the cryptocurrency again. It only remains to wait a little less than 10 days.