Dogecoin miners’ revenue has increased by 4,500% since the beginning of 2021

Recent data show that in addition to Dogecoin investors, the miners of this marginal cryptocurrency have also benefited from Dogecoin fluctuations. According to the data, the revenue of Dogecoin miners has increased by 4,500 percent since the beginning of this year.

According to CoinDesk, the daily income of Dogecoin miners on April 26 reached $ 3.6 million; ByteTree data show that at the beginning of 2021, this was $ 77,000. In other words, from the beginning of this year to last week, we saw a growth of 4.575% in the daily profit of Dogecoin miners.

These estimates are based on the fact that miners rely heavily on cash to continue their operations and sell their currencies immediately after extraction.

Miners receive a cryptocurrency fee for processing transactions. Their other source of income is block rewards.

Chris Morris, director of information technology at Byte Terry, said:

Transaction fees have risen, but prices have fallen.

I think a lot of people who had Dogecoin a few years ago forgot about their currencies, and that has led to less currency in the market than expected.

Some market experts believe that the current Dogecoin jump is a bubble that may burst; Because only 98 addresses hold 65% of the Dogecoin in the cycle. In addition, Dogecoin price fluctuations are heavily influenced by the occasional humorous tweets of Elon Musk, CEO of Tesla and SpaceX.

Galaxy Digital CEO Mike Novogratz had previously described the Dogecoin price jump as a sign of speculation on the network.

It should not be forgotten, however, that the acceptance of Dogecoin in practical matters is increasing every day; The Dallas Mavericks Basketball Club, CovCare Pharmaceutical Distribution Company and some other companies support this cryptocurrency as a method of payment.

Dogecoin mining, on the other hand, is dependent on LightCoin, and LightCoin miners mine Dogecoin at the same time as extracting this cryptocurrency.

Dogecoin miners’ revenue has increased by 4,500% since the beginning of 2021