HOW MUCH MONEY did $5,000 of Crypto Mining Rigs Earn in 2020?!
DOGE mining turned out to be more profitable than Bitcoin Cash
DOGE cryptocurrency turned out to be even more protected from “51% attacks” than Bitcoin Cash network.
The price of the DOGE asset itself is poor.
Bitcoin and Ether network alone consume 99% of all commission payments in the entire cryptocurrency market.
At the same time, the cryptocurrency overtakes Bitcoin Cash even in terms of attack costs of 51% due to the fact that many miners left the BCH network after the April halving.
Analytical service Messari found that Bitcoin and Ethereum miners receive over 99% of all fees generated by the entire cryptocurrency ecosystem.
However, the centralization of the collection of fees is not an exclusively positive signal for all participants in the cryptocurrency community..
While for BTC and ETH miners, collecting fees is by far the main way to make money, for end users centralization affects more expensive use of the ecosystem..
“Outside bitcoin and ether, virtually every blockchain, virtually, can be used for free,” Messari analyst Ryan Watkins wrote on his page..
Especially noteworthy was the fact that the Dogecoin (DOGE) cryptocurrency has surpassed mining giants such as Bitcoin SV (BSV) and even Bitcoin Cash (BCH) in terms of profitability..
The amount of commission costs is directly proportional to the popularity of the cryptocurrency project. The more power spent on mining, the more secure the blockchain network.
At the time of this writing, the Dogecoin blockchain generates commissions in the amount of $ 265 per day. The top three in descending order include: Ethereum ($ 446.6 thousand), Bitcoin ($ 275.6 thousand) and Litecoin ($ 353).
Created as a parody memcoin, DOGE has proven to be 51% more resistant to attack than most other digital assets.
The cost of a 51% attack on Dogecoin is several times more expensive than on the Litecoin cryptocurrency project or the same Bitcoin Cash.
Earlier, the editorial staff of BeInCrypto wrote that the cost of destabilizing the Bitcoin Cash ecosystem is only $ 7,517 per hour. The day before the halving of the cryptocurrency, the same attack cost $ 22 thousand.
Promising but costly business
Cryptocurrency mining is an expensive business that requires hundreds of thousands of dollars in initial investment to create a profitable mining farm..
In the case of halvings, which are inherent in all projects based on the bitcoin blockchain, the situation becomes more complicated at times every four years..
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How halving Bitcoin halving cuts the number of new coins created and earned by miners in half. This happens roughly every four years and … Read more about mining and the cryptocurrency industry here..
Despite the profitability of mining DOGE cryptocurrency, in terms of price, the asset leaves much to be desired.
While many altcoins are posting double-digit and in some cases triple-digit gains, DOGE has continued to consolidate in the 25-34 Satoshi range since October last year..
At the time of this writing, the price of DOGE / USDT is $ 0.002459.
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