The hidden rich group behind doggy coins They are all white whoring

When the topic of dogcoin began to frenzy, Wu Jie looked at the million level dogcoin account balance presented in his wallet and finally understood what is meant by “pie in the sky”.

When the topic of dogcoin began to frenzy, Wrightcoin miner Wu Jie realized that he might be on a speeding wealth train.

He finally understood what “pie in the sky” meant when he looked at the million-dollar dogcoin account balance in his wallet.

The source of all this is the soaring price of dogcoin, which was born in 2013 as a sarcastic joke, but after eight years of unappreciated development, it soared in 2021 because of the Gamestop “anti-Wall Street movement” that broke out in the United States and Tesla founder Musk’s vigorous shouting orders.

Since the end of last year, Dogcoin has risen from $0.002 to $0.722, a six-month increase of more than 300 times. As of this writing, the unit price of dogcoin is $0.506 and the total market value is over $65 billion, ranking fourth in the market value of crypto assets.

In front of the wealth effect, Dogcoin has gathered a new group of fans, and a large amount of money started to pour in, trying to salvage their dreams of getting rich from the ever-jumping K-line.

However, only a few people know that the biggest winners of this round of dogcoin rise are actually Litecoin miners.

As a veteran of the mining community, Wu Jie is both a Litecoin miner and a middleman of mining hardware equipment such as mining machines. In this round of bull market, he can be described as “a mine three eat”, not only eat to dig out the dividend of litecoin, dog coin rise, but also get the benefits of the mining machine price rise.

The “lucky money” or the regret of broken legs
The current big fire dogcoin is still using the way to merge with Litecoin mining.

In early 2014, the founder of Litecoin, Li Qiwei, suggested that Dogcoin and Litecoin should be merged for mining because of the 51% attack security problem. Litecoin, known for being a replica of Bitcoin, certainly had more vitality than the obscure Dogcoin at the time.

Subsequently, Dogcoin’s increasingly low hash count value raised community concerns, and in the face of an existential crisis, community developers eventually decided to merge Dogcoin and Litecoin for mining using the Assisted Workload Verification mechanism (AuxPoW).

This means that dogcoin miners are also litecoin miners. You could even say that they were originally Litecoin miners and that Dogcoin was just a bonus.

When I look back at my initial motivation to mine Litecoin, Wu Jie seems calm. The company’s main goal is to provide the best possible service to its customers.

According to an account given by Wu Jie to Rhythm, the main mining machines on the market for Litecoin are Ant L3+ and Core Motion A4+. Currently, each of these two mining machines can mine about $16 worth of Litecoin per day, while the average daily electricity consumption of each mining machine is about $7.

However, the daily revenue from mining complimentary dog coins is currently $65.

That is to say, mining Litecoin itself can already cover the electricity expenses of mining. As a gift, dogcoin is pure profit, and with the soaring price of the coin, it is increasing in value, far more than Litecoin.

It’s like going to the mall and buying a luxury bag and finding out N years later that the pendant on the bag has suddenly become a limited edition art collection worth a lot of money, the value of the giveaway has far exceeded the bag itself.

However, when it comes to this windfall, the reaction of Wu Jie, who is the winner’s native, is to regret breaking his thighs.

I’m not really a believer in dogcoin, all the dogcoins I dug up over the years were ‘digging and selling’, so I never thought dogcoin would rise to the extent it has, and I couldn’t get more than 200 times the earnings of dogcoin, I didn’t earn much at all.

When asked how much actual revenue Dogcoin brings, he replied, “It’s only more than 2 million yuan.

The hot mining machine market
The miner has another account to settle.

At 9 p.m. on May 10, when most people were off work and enjoying their break, Wu Jie was still staring nervously at his phone screen.

As the business of buying and selling mining machines got bigger and bigger, Wu Jie set up the company Coincore Technology together with a few partners. As one of the partners, the night is his peak work time, and the news in the mining machine trading group is endless.

While refreshing the group’s messages, Wu found that an upstream supplier was shipping 300 Ant L3+ miners, and someone in the group was offering $9,000 each. But he was sure he could take them at a higher price and make a profit of 60,000 yuan. But after just 3 minutes of delay, the miners had been locked up.

Three minutes, and a $60,000 profit lost.

This is all too common these days,” Wu Jie told Rhythm, “In recent times, WeChat is full of hundreds of transactions every day, and if you’re not careful, you’ll miss an order. So I now have a special phone for talking about deals, just in case I miss important information.

The Rhythm investigation found that the price of mining machines for Wright dog coin double mining has skyrocketed in recent weeks, with demand outstripping supply.

The price of the common Ant L3+ on the market, for example, is currently floating at around $9,000 for the miner listed on Idlefish.

The price of the gold shell L5 miner has been approaching 20,000 yuan, and has been out of stock for a long time.

The hidden rich group behind doggy coins They are all white whoring

Wu Jie told Rhythm that the price of Litecoin miners went up just these few weeks, and considering the transportation cost of miners, the larger the order quantity, the higher the price. Currently Wu Jie’s circle of friends L3+ pending orders have been floating around 9200-9600 yuan, while A4+ is over 10,000 yuan.

However, just four years ago, the unit price of a Litecoin miner was only 300 yuan, slowly rising to over 1,000 yuan later. But at that time, no one wanted a $300 Litecoin miner, so our team bought less than a hundred machines to mine their own coins, and later sold them at around $1,000-2,000.

Over the past few years, as the price of Litecoin has continued to rise, the price of Litecoin mining machines has also gone up. Just two weeks ago, Wu Jie’s team received an order for up to 1,000 mining machines, each costing about $3,800, which were then sold for $4,200 each, an order that yielded 400,000 yuan.

But who would have thought that two weeks later the price of the miners would have doubled? Wu Jie said.

How many lucky winners are there?
How many lucky people are there like Wu Jie?

According to MiningPoolStats data, as of this writing, the average net math power of Litecoin is 357T for the past 7 days, of which the net math power has increased to 300T in January this year, and the net math power has not fluctuated much in the past month. The main reason for this is that the number of miners has not been updated in bulk, according to the analysis of the staff of the fish pool to Rhythm.

In response to the portrait of Litecoin miners, the fish pool also said that the main products of cloud computing power in the market are BTC and some ETH as the main, LTC cloud computing power products are very few. Most of the LTC miners are old miners with their own mining machines and mainly use mining pools to host the mining method.

The main reason for this is that it is not possible to find the best way to get the most out of LTC.

The company’s main goal is to provide the best possible solution to the problem.

The hidden rich group behind doggy coins They are all white whoring

Data source: MiningPoolStats

However, among these Litecoin miners, there may not be many veteran miners like Wu Jie, but more new miners who have been attracted by the wealth effect of dogcoin since this year, with a belief in dogcoin, hoping to achieve wealth freedom.

Gao Zhiqiang in Shenzhen is one of the new miners. He named his WeChat as “freedom”, looking forward to achieving both life and economic freedom. In May this year, he decided to start his own dogcoin mining career and has successfully mined more than 40 dogcoins so far. He was so excited that he said in his circle of friends, “Initially realize the freedom of milk tea”.

Under the frenzy, Wu Jie thinks it’s a good time to ship out the miners, “Now the price of miners has gone up too high, I will get out of the goods in my hands.

When asked about his future expectations for dogcoin, Wu Jie on the one hand thinks that the dogcoin surge is just a short-term phenomenon under the “loser culture” and Musk’s shouting orders, and sees no long-term value. On the other hand, he also plans to keep some dogcoin and litecoin miners in the future. I can’t predict the future, and I’m optimistic about the future of Litecoin,” he said.

On May 11, Musk, the self-proclaimed “godfather of dogcoin,” launched a Twitter poll asking users “if they want Tesla to support dogcoin payments. As of this writing, more than 3 million people have participated in the poll, with 80% of the users saying “yes”.

It looks like the wave of dogcoin will continue, with some people entering fresh, some taking it easy, and some watching the fire from the other side of the river as the K-line rises and falls. Blood and capital are surging together in the market carnival. In the midst of all the noise, who will have the last laugh, you, me, or Musk?

Wu Jie and Gao Zhiqiang in this article are all pseudonyms.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/the-hidden-rich-group-behind-doggy-coins-they-are-all-white-whoring/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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