Dogecoin (DOGE) miners set a new revenue record in November 2021, according to the latest statistics from CoinMetrics. Dogecoin mining revenue reached $1 billion.
Dogecoin miners have reached a new milestone, generating over $1 billion in total revenue as of Nov 13, 2021, according to Finbold. This became possible because cryptocurrency miners continued to take advantage of the popular meme cryptocurrency, which is energizing the community with positive emotions.
Dogecoin has seen significant growth in mining revenue this year, with a total of $1.08 billion at the time of the last data log from the site on December 9. It is worth noting that the total revenue of DOGE mined on January 1, 2021, was only $108 million. Nevertheless, throughout this year, the cryptocurrency has secured the support of influential people, such as Vitalik Buterin and Elon Musk, who attracted the attention of a wider circle of people to it. As the asset became popular and attracted public attention, mining increased tenfold during this time.
By comparison, the total revenue from Ethereum mining is currently $18 billion, which is eighteen times the amount of revenue generated by Dogecoin. Ethereum has a market cap of $477 billion, which is more than 21 times the revenue Dogecoin earned, at $22 billion.
The most active growth in revenue for Dogecoin miners began to pick up steam in April and May, which coincides with a jump in the price of DOGE in the broader market. This suggests that miners saw this as a chance to profit from the coin's growing popularity.
Dogecoin is currently trading at $0.17, up 1.06% from the previous week but still declining further from its high. The cryptocurrency market has grown significantly since the beginning of the year, placing DOGE in the top 10 most popular news-related terms in Google searches in 2021.
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Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.