Russian Miners Shift Focus to Dogecoin
According to a report by InvestX, Russian cryptocurrency miners are increasingly turning to Dogecoin (DOGE), with over 8% of miners now favoring the meme-based cryptocurrency. This marks a significant shift from earlier data provided by the Russian telecommunications company MTS, which claimed that Bitcoin (BTC) accounted for up to 90% of the country's industrial mining capacity. The data was revealed during a session of the ROCIT Committee on Blockchain Technology, attended by industry representatives and government officials.
Interestingly, Litecoin (LTC) has also gained traction, with 11.1% of miners reportedly focusing on it. Observers, however, question the reliability of these statistics, as Bitcoin mining is still believed to dominate the Russian market. The shift to Dogecoin is attributed to its profitability, with one miner stating that "Dogecoin has been the most profitable cryptocurrency in recent months." This trend comes amidst stricter regulations in Russia, requiring miners to register with a national registry controlled by the tax authority. Despite these measures, illegal mining activities, such as a recent case in Siberia involving 96 seized mining devices, continue to grow. Anton Gorelkin, a Russian lawmaker, estimates that mining could generate annual tax revenues of 50 to 60 billion rubles (approximately $586 to $704 million). For more details, visit InvestX at https://investx.fr/de/krypto-news/warum-russische-kryptowaehrungsminenarbeiter-dogecoin/.
65 Million Dogecoin Sold in 24 Hours: Market Impact
The Coin Republic reports that Dogecoin (DOGE) miners have sold 65 million DOGE within a 24-hour period, raising concerns about potential market impacts. The cryptocurrency, which recently recovered from a low of $0.1465, is now trading at $0.1772, reflecting a 2.67% increase in the last 24 hours. However, the massive sell-off by miners could exert downward pressure on the price, especially if the market demand fails to absorb the increased supply.
Despite this, investor interest in Dogecoin remains strong. According to CoinGlass, Dogecoin futures traders have invested 8.43 billion DOGE, valued at $1.49 billion, across major exchanges like Binance, Gate.io, Bybit, and OKX. Analysts are optimistic about the coin's mid-term prospects, with some predicting a potential rise to $1.50 in the coming months. However, the trading volume has dropped by 27.64% to $801.55 million, indicating mixed market sentiment. For a detailed analysis, refer to The Coin Republic at https://www.thecoinrepublic.com/de/2025/03/15/miner-veraeussern-65-millionen-dogecoin-in-24-stunden-steht-ein-ausverkauf-bevor/.
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