From the initial Meme to now being in the top ten by market capitalization, Dogecoin is not only a legendary journey from a joke to innovation but also a vivid interpretation of the PoW spirit of "everyone can mine, and profits are fairly distributed."
On the evening of August 26, Rhythm BlockBeats invited Ben Weng, Vice President of Product at mining machine manufacturer ElphaPex, Payne Cong, Business Head, Paphy Cai, representative from ViaBTC mining pool, Denny Xing, Vice President of Business Development at HashHouse, and Song, a core member of the Dogecoin community, to discuss the long-term potential and future opportunities of Doge mining under the theme "From Joke Coin to Innovation-Driven: Decoding the Transformation of the Doge Mining Ecosystem."
Rhythm BlockBeats: Welcome everyone to today's Space. We will discuss the long-term development of Dogecoin mining, exploring various dimensions from hardware to community, and from finance to culture. First, let's have each guest introduce themselves.
Ben Weng: Hello everyone, I am Ben, from the San Francisco Bay Area. Before joining ElphaPex, I worked as a software development engineer at several tech companies, with over a decade of development experience. By chance, I got into Crypto and was deeply attracted by its decentralized and distributed technology. Now at ElphaPex, I mainly handle product management and roadmap-related work.
Payne Cong: Hello everyone, I am Payne Cong, currently responsible for business development and sales at ElphaPex. My background is similar to Ben's; I have worked at several large tech companies in the Bay Area, including Tesla, TikTok, and Postmates, in various roles before entering the crypto industry. I believe that both the crypto market and the mining industry are at a great moment right now. I look forward to sharing some topics about Dogecoin mining with you today.
Denny Xing: Hello everyone, I am Denny, currently the Vice President of Business Development at HashHouse. HashHouse is a provider of one-stop mining solutions, with products including oil-cooled/water-cooled systems in containers or factory-style setups, transformers, distribution cabinets, smart PDUs, etc. So far, we have delivered about 400 megawatts of solutions globally, with clients mainly in North America, Africa, and Australia. Before joining HashHouse, I focused on the crypto mining industry, including mining pool firmware, equipment financing, and the operation and power management of large mining projects in North America.
Song: Hello everyone, my name is Song, and I am currently an independent developer in the Dogecoin community, currently in South Korea. I heavily invested in Dogecoin in 2016 and entered the Dogecoin Asian community in 2018/2019, participating in ecosystem development ever since. Currently, I am mainly developing a smart contract language for Dogecoin on L1. Similar to Ethereum's Solidity, I believe the UTXO model also needs a similar development language. This language is called Cardity, which is expected to be released this year, making it easier for developers to create applications on UTXO. Its core logic is derived from concepts like Ordinals and inscriptions.
At the same time, I am also promoting a project called cardipool, aimed at building a decentralized PoW mining pool. Compared to existing centralized mining pools that lack transparency, cardipool hopes to make the process of power access, block production, and hashing completely open and transparent, allowing everyone to participate in the construction of the mining pool. Two or three years ago, the Cardity protocol began development, which is the largest ecological protocol on Dogecoin L1 and the first protocol with DEX and ecosystem. Currently, this ecosystem is entirely built on Dogecoin and does not rely on EVM or other chains.
Paphy Cai: Hello everyone, I am Paphy. I entered the PoW mining industry in 2017 and have been involved in mining pool-related work for many years. In 2020, I joined the ViaBTC mining pool, which is currently ranked third globally among Bitcoin mining pools and has long been the number one in Litecoin and Dogecoin mining pools.
Rhythm BlockBeats: Thank you for the introductions. Let's officially start. First, I want to discuss that Dogecoin has been around for over ten years, evolving from an early "joke coin" to maintaining considerable hash power and community activity today. What are your thoughts on the current enthusiasm for Dogecoin mining? Compared to a few years ago, what are the key changes in the hash power structure and mining ecosystem?
Ben Weng: As we all know, Dogecoin was created in 2013 as a light-hearted joke. At ElphaPex, we see it as a fun and lively token, with a very popular community atmosphere and an adorable image that is more easily accepted by the public.
Additionally, Dogecoin has a history of over ten years and uses a PoW consensus mechanism, with its security tested through long-term practical experience. Compared to Bitcoin, Dogecoin's hash power concentration is not high, which gives small and medium miners an advantage in participation, unlike Bitcoin, which is highly concentrated in large institutions. This is an important difference we observe in the hash power structure and ecological dimensions.
Payne Cong: I believe the enthusiasm for Dogecoin mining has significantly increased over the past two years for several reasons. First, there is the price factor. As the price rises, Dogecoin has attracted more attention from retail and institutional investors, and the market's focus on it continues to grow.
Second, there is the long-term support and participation of the community. For example, Elon Musk, as the biggest KOL, has consistently publicly supported Dogecoin; on the developer side, the Dogecoin Foundation and community developers like Song have promoted the emergence of more applications, including Layer1, Layer2, and payment functions, which have brought more use cases and increased the coin's popularity.
Third, the mining threshold is relatively low. Compared to Bitcoin, Dogecoin has lower electricity cost requirements and a smaller scale of hash power, making it friendlier to small and medium miners, with less intense competition than the Bitcoin network.
Fourth, there is increased institutional interest. In recent years, institutions, including Grayscale, have launched Dogecoin ETFs, and some publicly traded companies have begun to incorporate Dogecoin into their financial strategies, with family offices and hedge funds also entering the mining field. The introduction of these funds and ways of doing things has brought more liquidity, accelerated the industry's pace, and promoted the development of the mining ecosystem. Overall, as more institutions participate, the hash power structure of Dogecoin is gradually becoming institutionalized. This brings new rhythms and vitality to the mining ecosystem and continues to elevate the overall industry enthusiasm.
Rhythm BlockBeats: Coin stocks are undoubtedly the hottest narrative right now. Recently, several publicly traded companies in the U.S. have purchased large amounts of Dogecoin. What are your thoughts on the dislocation between traditional financial institutions "holding coins" and "mining"? Does this mean that Dogecoin has entered a new cyclical node?
Ben Weng: Regarding the relationship between holding coins and mining, I personally believe they are complementary. In our discussions with many mining machine clients, we find that they often participate in mining because they have relatively cheap or even free energy.
For example, in some areas where electricity costs are low, or during low-demand periods, the power grid may provide extremely cheap or even free electricity. In such cases, clients can mine not only to help regulate the power grid but also to convert low-cost electricity into a financial asset. From this perspective, mining is not an option that excludes holding coins; rather, they coexist and work together.
Some clients have also proposed an interesting viewpoint: they believe Dogecoin can actually serve as a medium for electricity storage and consumption. When electricity is cheap in a certain area, it can be converted into tokens through mining; in other areas where electricity is expensive, these tokens can be sold to convert back into electricity. This effectively builds a cross-regional electricity value conversion mechanism. Therefore, I believe both roles are very important in the entire ecosystem and form a positive complementary relationship.
Payne Cong: For institutional investors, they often focus on how to make their companies more attractive to investors, whether retail or institutional. One important way to do this is to tell a good "story"—having both Treasury (holding coins) and Mining (mining). The two are actually complementary, and for large publicly traded companies, they should coexist.
Essentially, it comes down to "doing the right thing at the right time." For example, when the coin price is low, choosing to increase investment in coins and mining machines. Buying coins falls under Treasury management, which is understandable for long-term optimistic and faith-driven investors. Mining and purchasing mining machines, on the other hand, bring cash flow assets to publicly traded companies. In an IPO or secondary market, such assets can create a multiplier effect in valuation, thereby enhancing the overall company valuation and positively impacting stock prices.
When the market is favorable, different companies will adopt different strategies. For instance, some companies choose to hold the mined tokens long-term (HODL); others may cash out immediately, converting the mined tokens into USDT or USDC to pay for electricity or purchase more mining machines. Different strategies will form a diversified combination of Treasury and Mining, leading to richer gameplay.
This also suggests that Dogecoin may have entered a new cyclical node. In the future, there will be more institutional investors, more institutional funds, and more publicly traded companies participating. From the perspective of funds and enthusiasm, this will have a positive impact.
Recent news also confirms this trend. For example, companies like Dogehash Technologies have backgrounds more rooted in traditional finance. Although they are not experts in the mining field, they see the growth space and potential in this track. Such companies bring not only funds but also an understanding of the capital market and resource control capabilities. Their entry point is simple: not just participating in mining but maximizing the release of company valuation in the capital market. This influx of traditional financial power may disrupt the original mining landscape, but this disruption is positive, as it can drive further development of the industry.
Paphy Cai: I checked the data today and found an interesting phenomenon: the time required for the entire network's Litecoin hash power to double has shown a clear trend of shortening. In the recent cycle, it took only 10 months to go from 1.2P to 2.4P; in the previous cycle, it took about 21 months to go from 600T to 1.2P; and even earlier, it took about 44 months to go from 300T to 600T. It can be seen that the doubling time for the three cycles has almost halved sequentially. This indicates two issues: on one hand, the rapid iteration of equipment technology is driving hash power growth; on the other hand, user participation is also continuously increasing.
The second point is about coin stocks. With the development of the industry, Dogecoin mining has gradually attracted the attention of traditional finance. For traditional financial institutions, they often enter using the methods they are most familiar with. Initially, the most common path is to hold coins directly, which carries less risk and allows for faster entry. However, as their scale expands and strategies deepen, they gradually incorporate mining into their operations. Mining can establish closer connections with different resource segments and achieve more stable and sustainable Dogecoin growth at a lower capital cost. As for whether this means entering a new cyclical node, I believe that different roles and individuals at various supply chain stages will have their own perspectives.
Denny Xing: From my experience, the ecology and community of Dogecoin have roughly gone through three stages. The first stage was the early ecology of Litecoin and Scrypt algorithm mining, participated by retail investors and a few pioneers. At that time, the mining pool's slogan was "Mine Litecoin, Get Dogecoin." As Dogecoin developed, the slogan gradually changed to "Mine Dogecoin, Get Litecoin," and Litecoin mining also experienced rapid growth.
The second stage was when KOLs and public figures in the market began to endorse Dogecoin, enhancing its market recognition. Dogecoin gradually evolved from participation by retail investors and niche miners to broader acceptance by more miners.
The third stage is when institutions began to intervene on a large scale. Whether through establishing Treasuries or publicly traded companies making large-scale investments and mining, it reflects a key term—"breaking out of the circle." The prosperity of the Dogecoin ecosystem is a manifestation of its transition from cyclical speculation to long-term value investment. This means it is not only accepted by retail investors but is also gradually recognized by mature investors and institutions. Therefore, we can view the current moment as a new node in Dogecoin's development: it has moved from niche to mainstream, becoming an emerging and widely accepted asset.
Song: Recently, I have interacted with many coin stock companies, most of which are willing to establish Dogecoin reserves. I have also promoted this to some publicly traded companies and friends' companies. Many companies initially hope to attract large Dogecoin holders to entrust their coins to them in order to gain returns in the stock market. However, there are still relatively few that are truly willing to invest real money to purchase Dogecoin. In contrast, they are more inclined to first design corresponding product structures to attract these large holders' coins.
I previously mentioned on Twitter that the POS mechanism is not very suitable for the "coin stock" model. POS is more like a financial game that requires continuous innovation, and in recent years, Ethereum's pace of innovation has slowed, with limited breakthroughs after DeFi, ultimately relying on the "coin stock" model to support its value. In the POS model, capital costs will continue to decrease, similar to early liquidity mining, which relies more on users' tokens to produce new tokens. This is different from the POW model. In the POW models of Bitcoin and Dogecoin, mining involves real costs such as energy, chips, and labor, making it difficult to have a mechanism that "creates tokens out of thin air" to reduce costs. This is also why I believe Dogecoin is particularly suitable for the "coin stock" model—among the top ten cryptocurrencies by market capitalization globally, only Bitcoin and Dogecoin meet this condition.
Additionally, I believe that the future development of coin stock companies will also require ecological support. Simply relying on issuing more stocks and raising funds from the market cannot be sustained in the long term. The value growth of Bitcoin can depend on national-level recognition, but Dogecoin needs to rely on more application scenarios and ecological construction. It does not need to rebuild an EVM chain like Ethereum but rather needs to expand the use cases of tokens, such as in payments, development languages, and ecological support, to promote the use of Dogecoin in more scenarios.
From my discussions with these companies, in the medium term, they will not only explore the coin stock model but will also gradually invest more resources in ecological construction. I believe this is the key to future development. After all, fiat currency is unlimited, while cryptocurrency is limited. Regardless, establishing reserves for limited crypto assets is an irreversible trend. Therefore, we should not only focus on the "coin stock" model itself but also pay attention to whether these companies are genuinely purchasing Dogecoin and whether they are making investments in ecological construction.
Rhythm BlockBeats: From an external perspective, mining is a field that has long become a red ocean, with high barriers for major players and a stable ecosystem. Why did you choose to refocus on Dogecoin mining at this time? How does ElphaPex understand the space for "telling a new story"?
Ben Weng: As you mentioned, the mining industry has gradually entered a red ocean, so why do we still choose to focus on Dogecoin? From our perspective, there are several reasons.
First, while most people are focused on Bitcoin and Ethereum, Dogecoin mining has a certain degree of differentiated competition. It is not as intense as Bitcoin mining, which may present some blue ocean opportunities. Second, Dogecoin's inflation model is different from that of Bitcoin. Bitcoin has a fixed issuance amount and cannot be increased; whereas Dogecoin has a fixed annual issuance, which is closer to a real-world currency model. This means mining can continue, and miners can have clearer expectations for long-term income.
Additionally, in terms of energy utilization efficiency, Dogecoin mining is more efficient than Bitcoin mining in certain cases. For the same amount of electricity, measured from the perspective of fiat currency returns, mining Dogecoin may yield higher returns than mining Bitcoin.
Another trend worth noting is the rise of artificial intelligence and AI Agents. In the future, when AI Agents complete full-chain tasks, they often need a convenient medium for transactions. For example, when helping users book flights or hotels, payment needs to be completed. In this regard, Dogecoin, due to its lightweight nature, community attributes, and meme culture characteristics, is more easily accepted by the public. At the same time, it uses the PoW consensus, and its security has been validated over the long term. Therefore, we believe Dogecoin has the potential to take on more roles as a transaction medium in AI application scenarios, especially in lightweight transactions and accumulation-type payments.
Looking further ahead, Elon Musk has publicly promoted Dogecoin multiple times, and it may also be introduced into the Starlink or X ecosystem in the future. All of this gives us great confidence in Dogecoin's prospects.
Payne Cong: Ben just mentioned a very interesting topic regarding the transaction scenarios of AI Agents. Although it may be slightly off-topic, I want to add: from the attributes of Dogecoin, it is more suitable as a transaction medium compared to many other cryptocurrencies. Bitcoin is more inclined towards value storage, while Dogecoin, due to its fixed inflation model, possesses more currency attributes and can continuously support transactions. With the development of AI, many future application scenarios will require AI Agents to execute operations directly, and what kind of cryptocurrency these Agents or developers choose as a medium is a very noteworthy topic. In my view, Dogecoin has high potential in this regard. I previously saw data indicating that about 10% to 20% of crypto transactions are already completed by AI Agents. As this proportion increases, transaction volumes will also continue to rise. Ultimately, which currency will become the primary medium will be an interesting and important question.
Returning to mining itself, I believe the key lies in which algorithm is adopted. Currently, Dogecoin mining is not as "red ocean" as Bitcoin mining, but as more institutional investors and miners enter, competition will inevitably intensify. In the past one to two years, when institutional attention was not as high, we often said that whoever could become "the first to eat the crab" would have an advantage. If we observe the development of network hash power difficulty, we will find that the growth rate has accelerated over the past ten months. As more people enter the field, competition naturally intensifies. Therefore, miners need to think about how to enter earlier and how to quickly scale up in a short time; this is about "doing the right thing at the right time." The crypto market has cycles, and how to seize opportunities within those cycles is a question every miner must consider.
For us at ElphaPex, Dogecoin mining has not just recently become our focus; it has always been a priority. From the company's perspective, we have always aimed to be the highest quality Dogecoin mining machine manufacturer and supplier. Over the past 6 to 7 years, we have continuously researched and tested, constantly improving our machines. Although our first-generation product, the DG1, was released early last year, there had already been 4 to 5 years of technological accumulation prior to that.
Our advantage lies in our R&D capabilities. We will continue to develop various different models. In our product line, in addition to air-cooled mining machines, we have also developed the first water-cooled model for Dogecoin; last year we also released the DG Home for home use. We hope to promote the healthy and sustainable development of the Dogecoin mining track while allowing more hash power to achieve decentralization. For example, we hope to attract more retail users to join, allowing those without mining experience to also experience mining and contribute to decentralized hash rates.
In terms of market promotion, we have a very professional team and hope to build ElphaPex into a "cool" company. Whether it is mining machine design, peripheral products, event formats, or the diverse home mining machines that may emerge in the future, we hope to continuously raise standards and help establish new benchmarks for the Dogecoin mining ecosystem. We believe that through continuous R&D, innovation, and promotion, we can drive the Dogecoin mining ecosystem to develop more stably and healthily. This is the direction we have been striving for.
Song: I have been advocating in the community since 2018 and 2019, and I proposed a viewpoint back then: in the future, Dogecoin should play an important role in the interaction between robots and AI. AI has undoubtedly become a future trend, and in this process, the role of cryptocurrency is also very critical. AI needs support in terms of computing power, chips, etc., and PoW is indispensable in this regard. Ethereum's PoW once drove the development of hardware like NVIDIA, and now I believe Dogecoin will also play an important role in the future.
Currently, the industry is discussing more about centralization, as the entry of large institutions and Wall Street capital has shifted everyone's focus. However, I firmly uphold the belief in decentralization. The PoW model of Dogecoin, its chip distribution, and community foundation make it, in my view, the project closest to the "ideal currency form." A coin born from a joke has developed to this day and ranks among the top ten in global market capitalization, which is a rare opportunity, and it may be difficult to encounter similar opportunities in the future.
So how do we seize this opportunity? First, we have been promoting community development, including support for languages like Cardity, encouraging developers to build more applications on Dogecoin. Many people mistakenly believe that innovation must rely on EVM, but the real innovation in the past two to three years has actually been based on the UTXO inscription system. Although it has faced suppression from some centralized platforms, there are still developers who persist in exploring the UTXO model. Compared to EVM, UTXO offers higher security and is more suitable for carrying large amounts of funds. The EVM ecosystem has many security vulnerabilities and development risks, making it unsuitable for long-term financial-grade development. With the advancement of AI, we also have the opportunity to build a more advanced and lower-level development language than Solidity, creating a secure foundation for Web3.
In terms of mining, we strongly support PoW and promote decentralized mining protocols. We hope to improve hash power transparency and reduce unnecessary competition and energy waste through cooperation with major mining pools, making mining healthier. Dogecoin is different from Bitcoin; its miner community is more dispersed, and its cost-effectiveness is relatively lower, but this is precisely suitable for building decentralized mining nodes globally. Dogecoin's fixed annual issuance of 5 billion provides new users with long-term entry opportunities, but over time, costs will gradually increase.
Overall, I believe the possibility of Dogecoin's market capitalization exceeding one trillion dollars within the next decade is over 90%. Therefore, now is the best time to enter mining, build the ecosystem, and lay out Dogecoin-related fields.
Rhythm BlockBeats: More and more users are not only concerned about mining machine performance but also about operational details such as cooling, noise, and energy efficiency. What are your views on the evolution trends of Dogecoin mining in terms of mining pool services and cooling solutions? Will there be more solutions aimed at ordinary users or lightweight participants in the future?
Paphy Cai: Thank you, host. I want to emphasize that ViaBTC is not an industry expert in cooling equipment or mining machine efficiency optimization; we focus more on online business, such as mining financial services, fund management, and exchange-related products. Therefore, in discussions about hardware-level cooling optimization, ElphaPex or HashHouse may have more authority.
However, with the development of the industry, especially as the Dogecoin ecosystem enters a new stage, more functions and solutions have room to develop and can provide services for a longer term. For example, in the previous cycle, incorporating Dogecoin into staking and lending assets was very challenging for most asset management platforms. In the current stage, Dogecoin, as the second-largest PoW coin after Bitcoin, has entered the top ten in market capitalization (ranked ninth). This means that almost all platforms providing asset management services will take Dogecoin seriously and include it as a mainstream asset. ViaBTC is no exception. We have already incorporated Dogecoin into our staking and lending system and will further optimize its rates and lending service plans in the future.
Denny Xing: Regarding cooling solutions, as the Dogecoin mining community diversifies and institutionalizes, miners are increasingly accepting water cooling and oil cooling, reflecting a rise in customer expectations for operational efficiency and heat dissipation optimization standards. We are also providing corresponding solutions.
For example, we maintain close cooperation with the ElphaPex team in product development and R&D, optimizing heat dissipation structures to ensure that chips can operate stably under higher conditions and temperatures. In terms of heat dissipation efficiency, we have collaborated with leading global brands to develop high-throughput, high-fin-density dry coolers, achieving large flow rates and small temperature differences through pipeline design, ensuring efficient operation with zero water consumption even in environments with temperatures of 45 degrees Celsius.
In terms of energy efficiency, we have independently developed an intelligent management system that works with leading brands' EC fans and inverters to automatically adjust the speed of pumps and fans based on real-time load and environmental temperature conditions, thereby reducing unnecessary power consumption while lowering noise.
Additionally, these products can also be widely applied in daily life, such as residential heating and waste heat recovery projects in industrial and agricultural sectors. In livestock and aquaculture, they can effectively provide high-heat energy and reduce overall operating costs. We also welcome partners in related industries to communicate and collaborate with us.
Rhythm BlockBeats: Dogecoin has always been an "emotional coin," and its community atmosphere is distinctly different from other projects. What are your thoughts on the uniqueness of the "miner" role in Dogecoin culture? Is mining itself also a continuation of the meme spirit?
Song: Dogecoin was initially a joke coin, a meme coin, so the community has always had both noise and constructive voices. Looking back at the last cycle, Dogecoin once surged to $0.74, and at that time, Vitalik donated Dogecoin and promoted the establishment of the Dogecoin Foundation, hoping to transition Dogecoin to POS. However, this was met with strong opposition from the community. Recently, the 51% attack incident on Monero has also made the Dogecoin community more aware of the importance of PoW. We will continue to do foundational preaching and community education in this regard.
The existence of the Dogecoin miner community is actually very unique. In the past, miners, the coin circle, and the chain circle were relatively isolated, and many miners did not understand the coin circle ecology, only staying at the buying and selling stage. Although some early miners participated in DeFi, overall participation was limited. I have always hoped to promote the integration of the miner community with the broader blockchain ecology.
For many years, I have adhered to the geek spirit, striving to promote development and community building. When I started my business in 2018 and 2019, I was also driving the community alone. My philosophy is to not rely on centralized organizations but to let individuals from different countries around the world spontaneously promote the Dogecoin community. For example, the Dogecoin event I organized in Dubai was entirely voluntary, but the feedback was very positive. Local Dogecoin communities have gradually been established in places like Vietnam and the Bay Area. Now, there are already many Dogecoin community organizations worldwide.
I have always believed that the miner community should be part of the entire community. However, the reality is that there are very few opportunities for miners to engage in dialogue with the community; for example, today's Space is a rare opportunity for exchange. Noise and centralization tendencies are increasing in the crypto world, but the miner community is the best representative of the spirit of decentralization. They can freely enter and exit at any time, earn profits in their own way, and also maintain the security and transmission of the network. This is the core spirit of blockchain. Unfortunately, many people only understand tokens, smart contracts, or EVM, but do not understand the essence of cryptocurrency. For me, the essence of cryptocurrency is the transmission and conversion of energy, which is itself a microcosm of the conversion of cosmic energy.
Mining itself is a very meme and geeky behavior, and it is a kind of "gene" that can transmit and infect others. Many miners, once they start mining, will continue to participate, even becoming addicted. When users from the coin circle turn to mining, they will also generate this continuous motivation. Therefore, I have been thinking about how to truly integrate the coin circle with the mining circle. I believe one direction is decentralized mining pools. Cardipool is an example; it may become the first decentralized PoW mining pool in the entire industry. Although there have been attempts before, it is very difficult and requires implementation through smart contracts and protocols. If we can truly connect the mining circle, coin circle, and the entire ecology, it will be a very valuable attempt. If successful, Dogecoin will be the biggest beneficiary. The Bitcoin miner community is highly concentrated and not suitable for direct connection with decentralized mining pools; however, Dogecoin miners are mainly small and medium-sized, making them very compatible with decentralized mining pool protocols. I believe this will make Dogecoin's prospects even brighter. We must adhere to the principle of decentralization and actively promote such explorations.
Paphy Cai: In the comments, I saw an audience member say that they haven't heard about PoW in a long time and almost forgot that wealth fairness starts with mining. This statement also resonates with me. Since entering the industry, I have been involved in mining pools and have heard many stories related to miners. I think the biggest difference between Dogecoin and other coins is that it is a PoW coin, and as a coin for joint mining, its market capitalization has ranked second among PoW coins, second only to Bitcoin. This is an incredible achievement in itself.
Moreover, Dogecoin also exhibits uniqueness under the PoW consensus. Many people believe that halving and deflationary models are necessary conditions for a coin's long-term existence, but Dogecoin does not have a deflationary mechanism and still allows the entire ecology to continue expanding. For miners and mining pools, this means more hope. As a platform, we charge a service fee based on unit hash power, and what we most hope to see is the long-term stable growth of the coin price, so that the rewards per block and per unit hash power can continue to increase. This is something we do not see in many other coins, but Dogecoin has achieved it. Therefore, from the platform's perspective, this is very welcome. Our original intention is to do our best to improve user returns and attract more users.
This has also provided a good entry point for mining pools. Even without a deflationary mechanism, Dogecoin still shows unique development potential. There are also users joking that they hear the sound of crickets in the background of Song's voice. I think this is actually very close to the living conditions of miners. Miners often work hard in natural environments, coming and going in wind and rain, year-round without rest. I want to take this opportunity to express my gratitude to all the miners who maintain the stability of the blockchain and contribute to decentralization with their real money and machine hash power.
Additionally, I want to raise a thought: is mining itself a continuation of some kind of meme spirit? From a philosophical perspective, spirit must rely on matter. The growth of Dogecoin from a "supporting role" in joint mining to the second-largest PoW coin by market capitalization itself illustrates its value and prospects. The prosperity of the Dogecoin ecosystem and the empowerment of PoW are also the best interpretations and transmissions of the meme spirit.
Denny Xing: I would like to add two more points. First, I thank ElphaPex for proposing a new value proposition: viewing Dogecoin mining as alternative crypto money. With the advantages of Dogecoin mining machines in energy efficiency and a higher tolerance for electricity costs, it can unlock more power resources and expand supply-side options, thus forming a continuous operational strategy to hedge against downside risks. This new proposition has also led more traditional and compliant institutions to hold a more open attitude towards Dogecoin mining. Second, mining itself carries the attribute of "leveraged coin hoarding," which can be understood as a behavior akin to a long-term bullish option. To illustrate with a meme image: in a sandstorm, the Dogecoin avatar charges ahead. The army of miners is the vanguard of that storm, bearing the risks and providing the foundational consensus and value for the entire network. Compared to Bitcoin miners, who must liquidate due to rigid electricity costs, Dogecoin miners' roles are more like guardians charging at the front.
Rhythm BlockBeats: Thank you to all the guests for your wonderful speeches. The formal discussion segment of tonight's Space ends here. The journey of Dogecoin over the past ten years, developing into a community with strong hash power and vitality, is truly remarkable. Tonight, we not only discussed industry and finance but also talked about culture and community, with each dimension continuously enriching the possibilities of the Dogecoin ecosystem. We look forward to new developments and opportunities for Dogecoin and PoW in the future.
Space link: https://x.com/i/spaces/1PlJQORLXLdKE
This article is from a submission and does not represent the views of BlockBeats.
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