[ad_1]
Miners meme cryptocurrency Dogecoin enjoys the benefits as the price has risen to an all-time high according to new figures.
Although the price Dogecoin has dropped to last week, analyst firm ByteTree data show that miners took a record $ 3.6 million on April 26, up 4575% from the turn of the year.
Although the sharp rise in transaction contribution factors into the equation, the rise in mining producers ’incomes is mainly due to the rise in the value of Dogecoin. Since January 1, the price of Dogecoin has risen by about 6,500% when riding on the rims of a Bitcoin bull ride.
“Transaction fees have risen, but the price exceeds,” said Charlie Morris, ByteTree CIO. “The market has been squeezed higher. I doubt many people who owned [Dogecoin] forgot a few years ago, which led to a tightening of supply. “
Dogecoin mining
Dogecoin, released in 2013 by IBM developer Billy Markus and Adobe data scientist Jackson Palmer, was supposed to satinize the online frenzy surrounding critical currencies at the time.
Since then, however, it has become a cult symbol embraced by faithful and ever-increasing Followers. The currency has also been adopted by many celebrities such as Snoop Dogg, Gene Simmons and especially Elon Musk.
Last week, for a short period of time, before the online community meant “DogeDay”The brand even jumped from Cardano, XRP and Tether to become the world’s fourth largest cryptocurrency.
As with Bitcoin and other digital currencies that use work experience (PoW), Dogecoin miners earn both transaction fees and newly minted coins in exchange for validating online transactions.
With the simultaneous rise in transaction fees and the price of the coin itself, Dogecoin’s mining operations have become more profitable than ever.
However, every fan of Dogecoin has an equally passionate skeptic. Some experts argue that the extreme appreciation of the coin is completely out of all feasible real value, influenced by the actions and desire of prominent social media figures for cash in a bullfight.
Others suggest that there is a cryptocurrency balance uncertain, almost 65% of Dogecoin tokens are held by only 98 wallets (the largest wallet owns 28%). Concentrating supply in just a few hands creates a situation where sales can see Dogecoin’s price collapse on its own, wiping out billions of dollars from the market and sinking mining revenues at the same time.
Through CoinDesk
[ad_2]