Dogecoin, once just a meme, is now being seriously mined for profit by small businesses, according to chatter at the Mining Disrupt conference in Florida.
While Bitcoin mining, often backed by big public companies and even figures like former President Trump, dominated discussions at the event, Dogecoin and Litecoin held their own. Their proof-of-work systems mean real earnings for those who deploy machines to support their networks.
Launched in 2013 as a tongue-in-cheek crypto, Dogecoin, championed by Elon Musk, has matured into a viable digital asset. Miners, from individuals to larger firms, are increasingly looking to Dogecoin to pad their bottom lines.
Vendors at the conference pointed out that “merged mining”—running machines that simultaneously mine multiple proof-of-work cryptocurrencies—is a common tactic to maximize returns. Payne Cong, Head of Business Development at ElphaPex, confirmed that mining Dogecoin and similar assets is about boosting revenue.
Alan Martinez from hardware maker JSBIT stated that miners using their “silent machines” could pull in approximately $750 monthly mining Dogecoin. He also noted interest from publicly traded Nasdaq firms.
Currently, CoinWarz data indicates a single machine can net around $5.83 daily mining Dogecoin. For comparison, Bitcoin mining yields about $9.41 per machine daily. However, BIT Mining reported in December that Dogecoin was actually the more lucrative cryptocurrency for them at that time.
As Bitcoin mining becomes more challenging and less profitable for smaller players, Dogecoin presents an appealing alternative. Its popularity surged thanks to endorsements from Elon Musk on X, who has lauded its tokenomics, particularly its constant issuance of 10,000 new coins per minute, which Musk argues makes it more suitable for everyday transactions than Bitcoin.
Martinez shared an example of a coffee shop chain mining Dogecoin at six locations, treating it as a profitable side venture that also utilizes heat recapture.