The controversial AI-focused crypto venture Qubic has urged it might mine Dogecoin (DOGE), the most important memecoin, after finishing its present operations on Monero (XMR), the privacy-focused blockchain community.
On Aug. 17, Qubic Community founder Sergey Ivancheglo shared a Discord screenshot displaying that the neighborhood voted to focus on Dogecoin for the upcoming mining season.
This resolution adopted a proposal from Ivancheglo inviting the neighborhood to pick out which ASIC-enabled proof-of-work (PoW) blockchain the community ought to prioritize subsequent.
The choices included Dogecoin, Kaspa, Zcash, and different ASIC-mined cash. Dogecoin emerged because the clear winner, securing round 301 votes, greater than all different choices mixed.
If Qubic begins mining DOGE, it may acquire extra notoriety than throughout its Monero operations. Final week, Qubic claimed management of most of Monero’s hashrate, which led Kraken to temporarily suspend XMR deposits amid experiences of a 51% network attack.
Dogecoin mining
Dogecoin, launched in 2013 as a joke, has developed into a serious participant within the crypto market.
The coin gained widespread consideration after Elon Musk highlighted it a number of occasions on X (previously Twitter), serving to DOGE develop right into a top-10 crypto asset with a market capitalization exceeding $33 billion.
Nonetheless, mining DOGE could be removed from easy. Competitors within the house has intensified through the years, with main Bitcoin miners resembling BIT Mining generating vital income from Dogecoin mining.
In keeping with CoinWarz data, Dogecoin’s community hash charge at the moment stands at 2.93 PH/s, providing miners potential earnings of roughly $21 per day per unit of mining energy.
Resulting from this, Ivancheglo emphasized that preparations for mining DOGE will take months, with the Qubic pool persevering with to mine Monero throughout this era.
Dogecoin mining profitability
Whereas exact network-wide figures aren’t revealed, a back-of-the-envelope estimate suggests Dogecoin miners collectively earned within the ballpark of $0.84–$1.02 billion during the last 12 months.
Utilizing Dogecoin’s issuance math (≈1,440 blocks/day × 10,000 DOGE) and a mean value assumption of ~$0.16 implies roughly $2.304 million/day (≈$841 million/12 months).
Cross-checking with a revenue-per-hash snapshot of ~$1.08 per GH/s in opposition to an combination community hashrate close to ~2.6 PH/s (≈2,600,000 GH/s) yields about $2.808 million/day (≈$1.025 billion/12 months).
These are gross figures (charges are small, electrical energy and opex excluded) and can range with DOGE value and hashrate swings, however they body the dimensions of potential income Qubic is eyeing.
Qubic’s objective
Ivancheglo explained that his AI venture targets these PoW blockchains to redirect energy-intensive proof-of-work computations towards synthetic intelligence purposes.
In keeping with him:
“Plenty of electrical energy is burned for ineffective PoW, we’d like that electrical energy for AI. These phrases could also be laborious to get and I can’t reveal extra now, sooner or later they may ultimately click on.”
Notably, Qubic has developed a “helpful proof-of-work” system that turns crypto mining power into productive computation. As an alternative of fixing meaningless puzzles like conventional PoW, the community spreads duties throughout miners to advance synthetic intelligence analysis.
In keeping with the venture, this technique directs power towards real-world outcomes and helps practice AI fashions, which helps its long-term objective of making Synthetic Basic Intelligence (AGI).