Did you Know That Litecoin Miners are Making a Killing From Merge Mining Dogecoin?
Dogecoin has rallied at a massive 262X in the last year alone.
In early April 2021, the coin rose to as high as $0.75 in some exchanges, its record high.
For this, the 'joke' coin is now valued billions and is in the top-10, flipping Cardano and other 'serious' projects.
Not surprisingly, this is crypto being crypto.
Amid this Dogecoin FOMO and excitement, Litecoin miners are making big money from mining Dogecoin? How? You may ask. Well, it is possible.
Through merge mining, public chains sharing the same consensus algorithm can be mined by the same gear without affecting overall mining performance.
Litecoin and Dogecoin both use Scrypt for hashing.
And Litecoin miners are dominant—just like Bitcoin miners are dominant in the SHA-256 category.
Therefore, looking at how DOGE has been racing to new all-time highs, data reveals that more Litecoin miners are merge mining DOGE.
They are making more money than they would when mining LTC.
In this case, they are, in reality, earning revenue from mining two high performant coins while concurrently making both networks more secure and censorship-resistant.