Dogecoin mining profitability per day 2015-2024 | Statista (2024)

FAQs

How much does a Dogecoin miner make a day? ›

The mining of Dogecoin became increasingly profitable in 2021, reaching the highest revenue figures since early 2018. This follows after a surge of activity in the cryptocurrency due to comments from Tesla CEO Elon Musk, who remarked on Twitter that people should invest in this digital currency.

The current Dogecoin hashrate is 1.33 PH/s, representing the global Dogecoin network hashrate with a mining difficulty of 19.55 M at block height 5,375,301. View the Dogecoin hashrate chart for current and all time Dogecoin historical hashrates.

On May 6, 2015, Dogecoin briefly attained a price of $0.0000869, its lowest price since its creation. In early 2018, Dogecoin's price rose briefly but soon followed the same fate as other cryptos, as the crypto market collapsed following the bitcoin crash (also known as the 2018 cryptocurrency crash).

Typically, you can make a profit mining Dogecoin, according to most mining calculators. However, whether the mining is profitable largely depends on a number of factors, including the current price of DOGE, the costs of your hardware and electricity, and the mining method you select.

Crypto mining presents the opportunity for passive income by generating new coins and validating transactions. The most profitable cryptocurrencies to mine include Bitcoin, Ethereum, Ravencoin, Litecoin, ECOSECOS, Vertcoin, and ZCash.

If you invest $10,000 in Dogecoin today, you would need its price to rise to $14 to generate a millionaire-maker gain. However, the most bullish analysts expect Dogecoin to only reach $2 to $3 by 2030.

Antminer L7 Miners

With an amazing hash rate of 9500 MH/s, Antminer L7 miner is one of the best tools for Dogecoin mining. As the miner has a higher hash rate, the power consumption is also very high equal to 3425 watts. You have to pay heavy power bills every month to mine Dogecoins.

What is the best algorithm to mine Dogecoin? ›

Dogecoin Hashing Algorithm: Dogecoin uses the Scrypt algorithm, which makes its mining operations more accessible for the community and relatively energy-efficient in terms of computational power.

Bitmain Antminer S19 XP Hyd (255Th)

The machine is an updated version of the popular Antminer S19 Pro model and was released in October 2022. The Antminer S19 XP Hyd has a hash rate of 255 terahashes per second (TH/s), putting it ahead of most other mining machines in terms of hash rate.

If you'd bought one Dogecoin on May 4, 2016, it would have cost $0.000227. Back then, Dogecoin was used to tip people small amounts on social networks because it had such a tiny value. Today that same coin (at time of writing) would be worth $0.54 -- an increase of over 237,000%.

2024 Dogecoin Price Prediction

It predicts Dogecoin could reach a maximum price of $0.35, a minimum price of $0.083 and an average price of $0.215 by the end of 2024.

Dogecoin Features

Dogecoin has no maximum supply as in other cryptocurrencies such as Bitcoin. Dogecoin miners earn 10,000 DOGE per block, and each block is created every minute. It entails that 14,400,400 new DOGE tokens are created per day, which are then sold to the market or stored in miners' wallets.

Mining rewards - consisting of 10,000 Dogecoin per block plus transaction fees associated to the transactions included in the block - are awarded to the miner who discovers a valid Proof of Work for a new block before any other miner in the network.

The profitability of crypto mining in 2024 largely depends on the state of the crypto market. In recent years, the market has been relatively stable, with prices fluctuating within a narrow range. This has made mining less profitable than it was in the past.

A miner currently earns 3.125 Bitcoin (about $196,875 as of April 2024) for successfully validating a new block on the Bitcoin blockchain.