The excitement around the dogecoin cryptocurrency pump has affected not only crypto traders, but also the mining industry throughout China.
Chinese cryptocurrency miners are targeting dogecoin (DOGE) cryptocurrency due to frequent pumps. This opinion on my Twitter expressed blockchain journalist Colin Wu.
Dogecoin began to attract the attention of Chinese miners. Ebang has developed the latest Litecoin and Dogecoin miner chip. Dogecoin mining mechanism is produced by mining Litecoin, and Dogecoin’s income has surpassed Litecoin. pic.twitter.com/RJ8KD269XH
– Wu Blockchain (@WuBlockchain) February 9, 2021
According to Ebang’s official press release, the projected chip allows DOGE and LTC to be mined simultaneously. This is the first time that Ebang has developed a chip specifically for a trending cryptocurrency. Synchronous mining support became possible thanks to the Scrypt algorithm, on which both cryptocurrencies operate.
Ebang claims that with the new chip, the company will be able to create ASICs that are superior to those on the market.
Adaptive mining
Ebang CEO Dong Hu said the company intends to focus more on mainstream ASICs in the future.
“… We are considering developing more mining chips that are compatible with multiple cryptocurrencies,” he added.
However, Ebang is far from the first ASIC manufacturer with DOGE and LTC mining machines. The cost of the latest Litecoin ASIC from Goldshell is ~ $ 2800. At the same time, the daily income from LTC mining is ~ $ 5, and the income from DOGE is ~ $ 7.7.
The release of Ebang’s dogecoin-focused mining chip is no coincidence. Over the past few weeks, the DOGE cryptocurrency has experienced a real boom in popularity.
In just the last thirty days, the cryptocurrency managed to set new records twice and grow tenfold.
However, not everyone is encouraged by the growth of DOGE. Mike Novogratz, a well-known supporter of cryptocurrencies, believes that the hype around cryptocurrency will not end well. The greed of investors and the lack of purpose for the dogecoin project will ultimately lead to a repeat of the GameStop stock scenario, he stressed.
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