![]() ![]() ![]() Given that block mining rewards are halved every four years for both Litecoin and Bitcoin, merged mining could potentially become a solution to maintain network security in the long-run as newer cryptoassets, with higher block rewards, could be merge-mined within the same pools.ĭogecoin (DOGE) and Litecoin (LTC) have been two of the longest-standing cryptocurrencies, each registering around 30,000 daily on-chain transactions.Specifically, the value proposition of the underlying cryptoasset needs to be compelling enough to attract a critical mass of miners to switch their current mining set-up to a new one that supports merged mining.While greater network security is the main purpose for implementing merged-mining, there are also potential disadvantages and risks to consider for both miners and the blockchain itself.As of July 2019, nearly 90% of Dogecoin’s total hashrate comes from large Litecoin mining pools, with its blockchain processing around 30,000 transactions per day. Since then, Dogecoin’s hashrate has exhibited an extremely strong and positive correlation (0.95) with Litecoin’s hashrate.Within one month, Dogecoin’s hashrate/mining difficulty increased by +1500% as large mining pools widened their operations. Created in December 2013, Dogecoin (DOGE) adopted the merged mining model in August 2014.Historical examples include Namecoin (with Bitcoin), Dogecoin (with Litecoin) and Myriadcoin (with both Litecoin & Bitcoin). Merged mining refers to the use of the work done for one blockchain (i.e., parent blockchain) on other smaller child blockchains, using Auxiliary Proof of Work (AuxPoW).Binance.US shall not be liable for any consequences thereof. ![]() The ownership of any investment decision(s) exclusively vests with you after analyzing all possible risk factors and by exercising your own independent discretion. Binance.US does NOT provide investment, legal, or tax advice in any manner or form. ![]() All information is provided on an as-is basis and is subject to change without notice, we make no representation or warranty of any kind, express or implied, regarding the accuracy, validity, reliability, availability or completeness of any such information. This material has been prepared for general informational purposes only and should NOT be: (1) considered an individualized recommendation or advice and (2) relied upon for any investment activities. To prevent competition with Litecoin's mining pools (also using the Scrypt hashing function), Dogecoin (DOGE) transitioned to Auxiliary Proof of Work (AuxPoW) and has been merged-mined with Litecoin since August 2014.Dogecoin (DOGE) is an open-source peer-to-peer cryptocurrency reported to be "favored by all Shiba inus worldwide." As a fork of the source-code of Litecoin (LTC), its first block was mined in December 2013.You can now buy DOGE as a one-time, daily, weekly, bi-weekly, or monthly purchase using Buy Crypto on Binance.US –AND– we've added DOGE/USD to our list of 70+ trading pairs - all available with the lowest trading fees in America. Dogecoin (DOGE) is an open-source peer-to-peer cryptocurrency reported to be "favored by all Shiba inus worldwide." ![]()
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