An altcoin that only started as a meme/joke coin in 2013, is gaining traction as one of today’s most speculated coins. Apart from its price rallying upwards by extreme percentages, Dogecoin sets itself apart as a profitable altcoin for miners. The original design of Dogecoin was inflationary, and this is the main factor in the mining benefits of the coin.
Dogecoin Value has Grown , Posting High Percentage Spikes Over the Past Few Weeks
Unlike Bitcoin, whose mineable limit is within a total supply of 21 million Bitcoins and only 6.25 Bitcoins per block reward (currently); Dogecoin’s mineable coins are unlimited and its blockchain pumps at least 10,000 Dogecoins into circulation every 10 seconds.
The value of the digital coin has grown and last week saw a 50% spike. Dogecoin has recorded the highest single day gain since 2017 and according to google trends keyword search metric, “How to Buy a Dogecoin? “It rose from a score of 25 to 100. Therefore recording the highest possible popularity for a google search over the last one year. As a result, the performance has warmed up the cryptocurrency community including miners and traders.
Factors to Consider Before Mining a Digital Coin
While the surging price of a coin is not the motivating factor surrounding a spike in the interest of the miner. Dogecoin has emerged as the favorite altcoin for crypto miners, given its high mining rewards that beat some of the leading coins, such as Bitcoin SV and Bitcoin Cash. Some of the factors miners consider before choosing a coin to mine are block reward, cryptocurrency price, equipment efficiency, halving and block generation duration. All these factors seem to be aligned in favor of Dogecoin. For instance, the altcoin has a block generation time of 60 seconds, and a block reward of 10,000 coins.
The coin’s scrypt protocol sets Dogecoin’s mining equipment apart, compared to other coins; because its equipment is affordable and efficient.