Share this article
BTC
$94,377.89
+
0.70%ETH
$1,809.48
+
1.85%USDT
$1.0004
-
0.00%XRP
$2.2140
+
0.82%BNB
$602.55
-
1.24%SOL
$151.00
-
2.20%USDC
$0.9999
-
0.00%DOGE
$0.1847
+
0.88%ADA
$0.7250
+
0.33%TRX
$0.2458
+
0.88%SUI
$3.5282
-
4.58%LINK
$15.05
-
0.77%AVAX
$22.53
+
0.33%XLM
$0.2922
+
2.63%SHIB
$0.0₄1453
+
2.59%LEO
$9.0585
-
1.98%HBAR
$0.1946
-
0.63%TON
$3.2331
-
0.24%BCH
$363.97
-
0.60%LTC
$87.05
+
2.23%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menuConsensus
- Back to menu
- Back to menu
- Back to menu
- Back to menuWebinars & Events
Dogecoin Miners Revenue Up 4,500% This Year
Daily miner revenue has risen above $3 million this week.
The dogecoin (DOGE) army is not the only one making a killing this year. Miners responsible for generating the Shiba Inu-themed cryptocurrency may also be laughing their way to the bank.
- The daily revenue of dogecoin miners rose to a record high of $3.6 million on April 26, marking a 4,575% rise from the New Year's day tally of $77,000, blockchain data provided by ByteTree shows.
- Revenue estimates assume miners, who operate predominantly on cash, sell their coins immediately.
- Miners receive newly created coins and transaction processing fees as a reward for mining blocks and processing transactions on the distributed ledger.

- The price of dogecoin has rallied by 7,000% this year, sending miner revenue skywards.
- The meme-based cryptocurrency reached a record high of 45 cents on April 18 and was last seen changing hands near 32 cents, up nearly 20% rise on a 24-hour basis.
- Data provided by Coin Metrics shows a 60-fold increase in daily transaction fees this year alongside several brief spikes in the number of daily transactions.
- However, transaction fees brought in just $23,200 or 0.64% of the total miner revenue of $3.6 million on April 26.

- "Transaction fees have risen, but price overwhelms," ByteTree CIO Charlie Morris said.
- "The market has been squeezed higher. I suspect many people who owned it a few years ago have forgotten, leading to tighter supply than perceived," Morris added.
- Some observers fear the ongoing price rally is a bubble that can burst easily as 98 wallets are holding nearly 65% of all coins. Besides, the cryptocurrency is heavily influenced by Tesla and SpaceX CEO Elon Musk’s usually humorous tweets.
- Bitcoin bull and CEO of Galaxy Digital Mike Novogratz recently called dogecoin's rally a sign of speculative retail frenzy.
- However, DOGE's real-world adoption is gaining traction with the Dallas Mavericks basketball team, medical supplier CovCare and several others adopting the cryptocurrency as a payments alternative.
Also read: Dogecoin Spikes on Elon Musk’s SNL Tweet
Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
