All About BTC, LTC, ETH mining as well as other alternative crypto currencies
Some really good news for people mining and trading DOGE, one of the best so far crypto currency exchanges for people based in Europe – Kraken has added DOGE to EURO trading (DGE/EUR) and DOGE/BTC though they call it DGE/XBT, along with DGE/LTC, NMC/DGE and USD/DGE. Kraken are famous for their really fast service for Depositing and Withdrawing using SEPA transfers in EU and they are really setting up a high standard to other exchanges especially if you compare them to MtGox that are the benchmark for SLOW deposits and withdraws and other various issues as we’ve seen. Of course the Kraken exchange is not that big as MtGox and since DOGE trading is really new there the volume can be low at first but in just a few days things will probably get moving quickly as more people start trading DOGE there. And while this happens you can register and get your account verified in order to lift the initial restricting limits that you have set at the exchange.
We have passed the 100000 block mark being discovered on the DOGE network and what that does is halving the mined number of coins per found block between 0 and 1 million previously to 0 to 0.5 million for the next 100000 blocks before the next halving of the reward. The result of the reward halving per found block for DOGE is that the current profitability is pretty much in half than before and it is lower that LTC at the moment due to the difficulty remaining the same and the exchange rate going a little lower than in the previous day. So it will be wise to move to another alternative crypto coin for the moment and even mining directly Litecoin will be more profitable than for DOGE at this particular point in time. What can bring DOGE back on the scene is reduction of difficulty, or less people mining it, or increase inn the exchange rate now that the rewards per found block are less. We’ll hack to see what will happen, but for now think about switching your scrypt miners temporary to another crypto currency that offers better profit and LTC or mine directly LTC.
After a momentary drop in price the DOGE price is on the rise again kicking the profitability back to double that of the LTC, even though the Litecoin difficulty has been recently adjusted from 3,998 down to 3,130 (-21.71%) thanks to the rise of the DOGE. We may see yet another drop in LTC difficulty in another 3 days if the profitability of the DOGE continues to be good and thus the profitability of the LTC mining could get better as well. The big question mark at the moment is how things will go in the next few weeks due to the Chinese New Year holidays that are just about to start and the concerns are not only about LTC prices (it has dropped a bit already), but also for the BTC and other cryptos as well.
Meanwhile the DOGE could secure even better position becoming closer to securing a good market position after the LTC. With the current price 5 DOGE coins trade for about $0.01 and a lot of people that mined DOGE coins at lower difficulty and haven’t sold them yet are hoping for further increase in the price to about 1 DOGE per 1 US cent to realize good profit with the hundreds and even millions of coins they have already mined. However it is up to you if you mine now and sell now, or mine and wait for even higher price as the interest in DOGE remains high. But the answer to the question if you should mine DOGE now instead of LTC directly at the moment is HELL YES due to the much higher profitability!