Cryptocurrency market made a strong start to 2023. A new study reveals that the most profitable altcoins with this momentum are as follows…
Which altcoins are more profitable?
According to data from IntoTheBlock, Dogecoin investors are more profitable than Shiba Inu as we move forward in the new year. According to the report, at the time of writing, 56% of Dogecoin investors are guaranteed earnings. On the other hand, only 26% of Shiba Inu investors manage to protect their money.
However, this week has given strength to the overall market and memecoins, thanks to rising positive US inflation figures. Both memes are trading at +15% compared to last week in the coin.
Dogecoin (DOGE)Additionally, the activity of Dogecoin is increasing this week. Crypto payment processor BitPay shared numbers that showed DOGE as the fourth most used crypto payment in December 2022. Thus, Dogecoin is trailing behind only Bitcoin, Litecoin, and Ethereum. On the contrary, SHIB anxiously awaits the arrival of the Shibarium layer-2 update, with the protocol potentially offering major support to the Shiba Inu. As Kriptokoin.com, we have included the explanations of the lead developer Shytoshi Kusama in this article.
Dogecoin is 261% more profitable than Bitcoin in one fundamental direction
In addition to IntoTheBlock data, Dogecoin is much more profitable for mining than Bitcoin (BTC), according to crypto analysis platform CoinWarz. According to CoinWarz’s report, mining BTC costs less than Dogecoin. However, the profit margin for DOGE mining is significantly higher than for BTC mining.
According to CoinWarz, the electricity cost for DOGE mining in January was $8.22 per day. BTC mining, on the other hand, earns about a dollar less. However, DOGE miners are making a profit of $12.94 per day compared to the profit of only $3.58 per day for BTC miners. This makes Dogecoin 261% more profitable to mine than Bitcoin.
According to CoinWarz, DOGE is the second most profitable token for mining. The most profitable token for mining is Verge (XVG), which pays miners a daily profit of $33.38 after electricity costs of $8.22. Next, Bitcoin Cash (BCH) comes in fifth at $3.36 per day. Litecoin (LTC), one of the most established Bitcoin forks, ranks sixth in mining profits at $1.80 per day. Next up are Ethereum Classic (ETC) and Monero (XMR). Ethereum Classic is gaining $0.26 daily, while Monero is in the red at $0.32.
In the overall picture, the majority of DOGE investors are currently satisfied with the mining and price increase. SHIB, on the other hand, gained momentum thanks to the Bugatti Group NFT collection, which it recently launched.
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