The controversial AI-focused crypto venture Qubic has urged it could mine Dogecoin (DOGE), the biggest 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 group voted to focus on Dogecoin for the upcoming mining season.
This determination adopted a proposal from Ivancheglo inviting the group to pick 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 might achieve 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 reviews of a 51% network attack.
Dogecoin mining
Dogecoin, launched in 2013 as a joke, has advanced into a significant participant within the crypto market.
The coin gained widespread consideration after Elon Musk highlighted it a number of instances on X (previously Twitter), serving to DOGE develop right into a top-10 crypto asset with a market capitalization exceeding $33 billion.
Nevertheless, mining DOGE could be removed from easy. Competitors within the area has intensified through the years, with main Bitcoin miners reminiscent of BIT Mining generating vital income from Dogecoin mining.
In line with CoinWarz data, Dogecoin’s community hash fee presently stands at 2.93 PH/s, providing miners potential income of roughly $21 per day per unit of mining energy.
On account of 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 median value assumption of ~$0.16 implies roughly $2.304 million/day (≈$841 million/yr).
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/yr).
These are gross figures (charges are small, electrical energy and opex excluded) and can fluctuate with DOGE value and hashrate swings, however they body the dimensions of potential income Qubic is eyeing.
Qubic’s aim
Ivancheglo explained that his AI venture targets these PoW blockchains to redirect energy-intensive proof-of-work computations towards synthetic intelligence functions.
In line with him:
“A variety of electrical energy is burned for ineffective PoW, we’d like that electrical energy for AI. These phrases could also be arduous to get and I can’t reveal extra now, sooner or later they are going to finally 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 line with the venture, this methodology directs power towards real-world outcomes and helps practice AI fashions, which helps its long-term aim of making Synthetic Normal Intelligence (AGI).
