Dogecoin traded above $0.50 for the first time ever today, soaring 8,400% year to date, and its miners are literally on the moon.

Monthly revenue for DOGE miners in April eclipsed $78 million, a 9,200% increase from a year ago. April dogecoin revenue equaled roughly one day of bitcoin mining revenue, which is quite a feat.

  • From January 2017 to January 2021, average DOGE mining revenue was $1.3 million, according to data from Coin Metrics.
  • February 2020 was the first time DOGE monthly revenue topped $10 million.
  • Transaction fees represented more than 1% of total revenue for the first time in over four years.
Dogecoin monthly mining revenue since January 2017

A tsunami of mainstream and celebrity attention helped fuel DOGE’s rally.

  • An unending stream of dogecoin tweets from Elon Musk helped.
  • Mia Khalifa also joined the meme coin hype train.
  • Even formerly outspoken Bitcoin critic Mark Cuban posted a long Twitter thread that addressed dogecoin’s price and utility, referring to the coin as “a joke” that “is now legit.”

Dogecoin merged mining

Where Dogecoin’s hashrate comes from is quite interesting. A handful of Compass clients are among the ranks of miners supporting the Shiba Inu blockchain. Estimates from 2019 show Litecoin merged-mining pools like F2Pool, Poolin, ViaBTC and others generate nearly 90% of it.

Learn about merged mining.

Dogecoin’s hashrate hasn’t spiked along with its price, however. Despite the coin’s meteoric rise, growth in hashrate has been steady but moderate.

Dogecoin's price and hashrate since May 2020

Thanks to the recent price surge, DOGE mining revenue now exceeds revenue from its parent chain, as Castel Island Venture’s Nic Carter observed. But modest hashrate growth suggests that mining profits aren’t juicy enough to motivate a large amount of hashing power to move to Dogecoin, leaving existing miners to enjoy the windfall on their own.