Dogecoin miners suffer major losses
According to recently released CryptoRank data, DOGE mining revenue has dropped significantly over the past year. Year-over-year statistics show a 76% decline in Dogecoin mining profitability, while the price of memecoin has fallen by the same 77%. This performance puts DOGE in first place among the five least profitable mining options. The other participants in descending order are: Grin (GRIN), Digibyte (DGB), Vertcoin (VTC) and Verge (XVG).
Even though DOGE is the best among the worst in mining profitability, it still hits the top three in recent daily mining revenue with $1.07 million, giving in only to such crypto giants as Bitcoin (BTC), $33.9 million, and Ethereum (ETH), $23.2 million. In this case, DOGE declared itself as the worst among the best.
Mine, or not mine
It is not the usual case where such bad data is exposed to the crypto community. Of the 15 coins listed at the top, only Bitcoin (BTC) shows a positive return, but even that looks ridiculous compared to the opportunities offered by the crypto market – just 5.1% per year.
Things are so bad for miners that the second highest yield after Bitcoin (BTC) shows Zcash (ZEC) with -18.7% p.a. The further down the table, the bigger the gap, with Ethereum (ETH) closing the top three with -43.6% annual profitability.
It seems that miners should think about changing their activity and look for income in other segments of the crypto market; if not, there is a chance that the market itself will make that choice for them.
