There is no denying that Dogecoin (CCC:DOGE-USD) is having an unprecedented year of growth, with DOGE prices multiplying many times over in just a few days. Dogecoin holders may be the winners on the surface, but Dogecoin miners are the ones really winning right now. And with some companies turning toward Dogecoin mining, investors have a chance to get in on it.
In the midst of Dogecoin mayhem, many on Wall Street have focused on the gains of the buyers and holders.
But for the miners, the money is turning out to be equally, or even more, lucrative. Revenue for Dogecoin miners is up 4,500% this year as the crypto rockets upward. Mining the coin brings in as much as $3.6 million in revenue every day.
Since mining Dogecoin is so quick compared to other cryptos, hobbyists can mine their own DOGE and sell it immediately for a profit. And even with rising transaction fees, the rapid hike of Dogecoin prices makes the payments negligible to miners’ bottom lines.
Dogecoin Miners’ Revenue Attracts New Players
Not all Dogecoin miners are hobbyists. There are large crypto mining operations who are now turning business toward the altcoin. Ebang International (NASDAQ:EBON) is one such company. Before the Dogecoin explosion of April even happened, EBON was pivoting toward DOGE.
Back in February, the company announced it would expand mining operations to include DOGE and Litecoin (CCC:LTC-USD). Just over a week ago, another company joined Ebang as a harbinger of the coming DOGE mining wave. Hello Pal (OTCMKTS:HLLPF) is signing a definitive purchase agreement to acquire Dogecoin mining assets.
Speculative investors should pay attention to these two companies. DOGE is a lucrative investment for crypto fans, but Dogecoin mining could be a power play for those who hope to cash in on this huge, meme-driven revenue boost. Although there are risks (as evidenced by short reports), Ebang is also drawing praise as a company with strong demand for its crypto mining capacities.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article.