Dogecoin News Today: Qubic Considers Dogecoin Mining After Monero Hashrate Takeover Driven by $2.3M Daily Earnings Potential

Qubic, a controversial artificial intelligence-focused crypto project, has announced plans to potentially mine Dogecoin (DOGE) following its recent control of a significant portion of Monero’s (XMR) hashrate [1]. The decision was revealed on August 17, when Qubic founder Sergey Ivancheglo shared a Discord screenshot showing the community voted to prioritize Dogecoin for the upcoming mining season. Ivancheglo had previously invited the Qubic community to choose the next ASIC-enabled proof-of-work (PoW) blockchain for the network, with Dogecoin receiving the most votes—approximately 301—surpassing all other options combined [1].

The move is driven by the lucrative nature of Dogecoin mining, with estimates suggesting that the network could generate daily mining profits of up to $2.3 million [1]. This figure is derived from a combination of Dogecoin’s issuance rate—approximately 1,440 blocks per day with 10,000 DOGE per block—and an average price of around $0.16. At its current network hashrate of 2.93 PH/s, miners are estimated to earn about $21 per day per unit of mining power [1]. Cross-checking these figures with a revenue-per-hash estimate of $1.08 per GH/s and a total network hashrate of roughly 2.6 PH/s further supports the projection of daily earnings in the range of $2.3 to $2.8 million [1].

The potential profitability of Dogecoin mining has attracted major players in the space. Notably, Bitcoin miners like BIT Mining have already expanded into Dogecoin, capitalizing on its growing popularity and market position. Dogecoin, initially launched in 2013 as a lighthearted meme-based cryptocurrency, has grown into a top-10 asset by market capitalization, exceeding $33 billion [1]. This growth has been significantly influenced by public figures such as Elon Musk, who has frequently mentioned the coin on social media [1].

However, transitioning to Dogecoin mining is not without challenges. Qubic emphasized that preparations will take several months, and the network will continue mining Monero in the interim. The recent Monero network takeover, which allegedly involved a 51% attack, prompted Kraken to temporarily suspend XMR deposits [1]. Qubic’s strategy of leveraging PoW blockchains to redirect energy consumption toward AI applications is a key differentiator. The project claims to convert mining energy into productive computation, advancing artificial intelligence research and supporting its long-term goal of achieving Artificial General Intelligence (AGI) [1].

While the financial incentives for mining Dogecoin are substantial, the broader implications of Qubic’s activities remain under scrutiny. The project’s controversial approach—repurposing PoW resources for AI—raises questions about the ethical use of computational power and the sustainability of blockchain networks. Ivancheglo has stated that the current focus is on redirecting “useless” PoW toward AI, but he has declined to elaborate further [1].

Analysts caution that the profitability of Dogecoin mining is subject to fluctuations in price and hashrate. Although the network-wide earnings are not publicly disclosed, estimates based on available data suggest that miners earned between $841 million and $1.025 billion over the past 12 months [1]. These figures are gross and do not account for operational costs or electricity expenses, which can significantly affect net profitability [1].

Qubic’s activities highlight the evolving landscape of blockchain mining, where AI and computational efficiency are increasingly intertwined. As the project moves forward with its plans to mine Dogecoin, the broader crypto community will be watching closely to see how this unconventional approach unfolds [1].

Source:

[1] Dogecoin’s $2.3M daily mining profits lure Qubic after Monero network takeover — https://cryptoslate.com/dogecoins-2-daily-mining-profits-lure-qubic-after-monero-network-takeover/