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Dogecoin all-time miner revenue hits $1 billion milestone

Dogecoin all-time miner revenue hits $1 billion milestone
Jordan
Major
7 months ago
2 mins read

Dogecoin (DOGE) cryptocurrency miners set a new all-time revenue record in November 2021, according to the most recent statistics from the data analytics website CoinMetrics.

Notably, on November 13, 2021, total all-time miner revenue surpassed $1 billion for the first time, as cryptocurrency miners continued to reap the benefits of the popular memecoin cryptocurrency.

Dogecoin has seen a significant increase in mined income this year, with the total amount presently standing at $1.08 billion as of the latest data recording from the site on December 9.

Doge/ All time miner revenue in USD. Source: CoinMetrics

The chart above reveals the sum of USD value of all miner revenue, including fees and newly issued native units. It is worth mentioning that the total revenue of Dogecoin mined on January 1 was $108 million. Still, as the asset gained popularity and attracted public attention, the revenue mined has increased tenfold since then.

Dogecoin price and market cap

Interestingly, the total mined income for Ethereum is presently $18 billion, which is eighteen times the amount of revenue generated by Dogecoin. However, Ethereum’s market capitalization is $477 billion, more than 21 times the amount of revenue generated by Dogecoin’s, which is $22 billion.

Doge and ETH/ All time miner revenue in USD. Source: CoinMetrics

In addition, the growth in miner revenue really started to gain traction and surge during April and May, which coincides with the jump in the price of DOGE in the wider market, as investors began to take note of the asset around this time. As a result, this suggests that miners viewed this as a chance to profit from the coin’s increasing popularity.

Doge YTD price chart. Source: CoinMarketCap

Currently, Dogecoin is now trading at $0.168, down 0.94% in the past 24 hours and up 1.06% over the previous week. The cryptocurrency has been on a downward trend since achieving an all-time high of $0.7004 on May 8, according to CoinMarketCap statistics,

Dogecoin in the top 10 Google news searches

As a consequence of growing inflation and economic concern, the cryptocurrency market has seen an extraordinary increase year-to-date, resulting in Dogecoin being among the top ten trending news-related terms on Google Search in the year 2021. 

Most notably, celebrities like Elon Musk, the CEO of Tesla (NASDAQ: TSLA), who had pushed the memecoin via his Twitter account, had a role in its meteoric rise in the year 2021.

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Jordan Major
Author

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.

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