From Meme Coin to Innovation-Driven: Decrypting the Dogecoin Mining Ecosystem Revolution

From its humble beginnings as a meme to now being in the top ten by market capitalization, Dogecoin has evolved from a joke to an innovative legend, vividly embodying the spirit of PoW where "everyone can mine, and rewards are fairly distributed."

On the evening of August 26, Dailystone BlockBeats invited ElphaPex, a mining machine manufacturer, Vice President of Product Ben Weng, Business Director Payne Cong, ViaBTC mining pool representative Paphy Cai, HashHouse Vice President of Business Development Denny Xing, and Dogecoin community core member Song to discuss the theme "From Meme Coin to Innovation-Driven: Decrypting the Doge Mining Ecosystem Transformation." Together, they discussed the long-term potential and future opportunities of Doge mining.

Dailystone BlockBeats: Welcome everyone to today's Space. We will discuss the long-term development of Dogecoin mining, covering various dimensions of information from hardware to community, from finance to culture. First, let's have each guest introduce themselves.

Ben Weng: Hello everyone, I'm Ben from the San Francisco Bay Area. Before joining ElphaPex, I worked as a software development engineer at several tech companies, accumulating over a decade of development experience. I stumbled into Crypto by chance and was deeply attracted to its decentralized and distributed technology. Now at ElphaPex, I mainly focus on product management and roadmap-related work.

Payne Cong: Hello everyone, I'm Payne Cong, currently responsible for business development and sales at ElphaPex. Similar to Ben, my background includes working at several large tech companies in the Bay Area, including Tesla, TikTok, and Postmates, across different functions. I later entered the crypto industry. I believe that both the crypto market and the mining industry are currently in a good place. Today, I look forward to sharing some topics about Dogecoin mining with everyone.

Denny Xing: Hello everyone, I'm Denny, currently the Vice President of Business Development at HashHouse. HashHouse is a one-stop mining solution provider offering container or warehouse-style oil-cooled/water-cooled systems, transformers, distribution cabinets, smart PDUs, etc. To date, we have delivered approximately 400 megawatts of solutions worldwide, with clients mainly in North America, Africa, and Australia. Before joining HashHouse, I have been focused on the crypto mining industry, including mining pool firmware, equipment financing, and the operation and power management of large-scale mining projects in North America.

Pine: Hello, everyone. My name is Pine, and I am currently an independent developer in the Dogecoin community, based in South Korea. I heavily invested in Dogecoin in 2016 and joined the Dogecoin Asian community in 2018/2019, actively participating in ecosystem development since then. Currently, I am primarily working on a smart contract language for Dogecoin's Layer 1. Similar to Ethereum's Solidity, I believe the UTXO model also needs a development language. This language is called Cardity and is expected to be released this year to facilitate developers in building applications on UTXO. Its core logic is derived from concepts such as Ordinals and Inscriptions.

Additionally, I am also advancing a project called cardipool, which aims to build a decentralized PoW mining pool. In contrast to existing centralized mining pools lacking transparency, cardipool aims to make hashrate access, block generation, and hashing processes fully open and transparent, allowing everyone to participate in pool construction. The Cardity protocol started development two to three years ago, making it the largest ecosystem protocol on Dogecoin's Layer 1 and the first protocol with a DEX and ecosystem. Currently, this ecosystem is entirely built on Dogecoin and does not rely on the EVM or any other chain.

Paphy Cai: Hello, everyone. I am Paphy. I entered the PoW mining industry in 2017 and have been working on mining pools for many years. In 2020, I joined the ViaBTC mining pool, which is currently ranked third among global Bitcoin mining pools and has long been the leader in Litecoin and Dogecoin mining pools.

Rhythm BlockBeats: Thank you for the introductions, teachers. Let's officially begin. First, I would like to discuss Dogecoin, which has been around for over a decade, starting from a mere "joke coin" to maintaining significant hashrate and community activity today. How do you view the current participation enthusiasm in Dogecoin mining? Compared to a few years ago, what are the key changes in hashrate structure and mining ecosystem?

Ben Weng: As everyone knows, Dogecoin was born in 2013 out of a lighthearted joke. From our ElphaPex perspective, it has always been a lighthearted active token, with a very popular community atmosphere, and its cute image makes it more easily accepted by the public.

Furthermore, Dogecoin's history spans over a decade, utilizing a PoW consensus mechanism, with its security tested through long-term real-world use. Compared to Bitcoin, Dogecoin's hashrate concentration is not high, allowing small and medium-sized miners to have an advantage in participation, unlike Bitcoin, which is highly concentrated in the hands of large institutions. This is an important difference we observe in hashrate structure and ecosystem dimension.

Payne Cong: I believe Dogecoin mining has seen a significant surge in popularity over the past two years, driven by several key factors. Firstly, there is the price factor. As the price has risen, Dogecoin has attracted increased attention from both retail and institutional investors, with the market's focus on it continuing to grow.

Secondly, there is the long-term support and engagement of the community. For example, Elon Musk, as a major influencer, has consistently shown public support for Dogecoin; on the development side, entities like the Dogecoin Foundation and community developers like Dogefather have driven the emergence of more applications, including Layer1, Layer2, and payment functionalities. These developments have created more use cases, boosting the coin's popularity.

Thirdly, the relatively low mining barrier. Compared to Bitcoin, Dogecoin has lower electricity cost requirements and a smaller hash rate scale, making it more friendly to small and medium miners, with competition not as intense as in the Bitcoin network.

Fourthly, there is a growing interest from institutions. In recent years, institutions like Grayscale have launched Dogecoin ETFs, some publicly traded companies have started to include Dogecoin in their financial strategies, and traditional financial capitals like family offices and hedge funds have entered the mining sector. The introduction of this capital and way of operating has brought in more liquidity, accelerated industry pace, and advanced the development of the mining ecosystem. Overall, with more institutions participating, Dogecoin's hash rate structure is gradually becoming institutionalized. This influx has brought a new rhythm and vitality to the mining ecosystem, driving a continuous increase in industry heat.

BlockBeats Dance: Coin-staking is undoubtedly the hottest narrative of the moment, with several U.S. publicly traded companies recently purchasing large amounts of Dogecoin. How do you view the misalignment between these traditional financial institutions' "holding" and "mining"? Does this mean Dogecoin has entered a new cycle phase?

Ben Weng: Regarding the relationship between holding and mining, I personally believe they are complementary. In our conversations with many mining clients, we have found that their participation in mining is often due to having relatively cheap or even free energy sources.

For example, in some regions, electricity costs are low, or during periods of low power demand, the grid may provide extremely cheap or even free power. In such cases, customers can utilize mining not only to help balance the grid but also to convert low-cost electricity into a financial asset. From this perspective, mining is not an exclusive choice against holding but rather a presence that coexists and interacts concurrently.

Furthermore, some clients have raised 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; whereas in other areas with expensive electricity, these tokens can be sold to acquire power. This essentially establishes a cross-regional power value conversion mechanism. Therefore, I consider that within the entire ecosystem, both of these roles are crucial and enjoy a mutually beneficial complementary relationship.

Payne Cong: For institutional investors, they often pay more attention to how to make the company more appealing to investors, whether they are retail or institutional. One important way to achieve this is to tell a good "story" — having both Treasury (coin holding) and Mining components. These two are actually complementary, and for large publicly traded companies, they should coexist.

It ultimately 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 equipment. Buying coins falls under Treasury management, which is understandable for long-term optimistic and faith-driven investors. Mining and purchasing mining equipment, on the other hand, bring cash flow assets to public companies. In an IPO or secondary market, these assets can also have a multiplier effect on valuation, thereby increasing the overall company valuation and positively impacting the stock price.

When the market is bullish, different companies will adopt different strategies. For instance, some companies choose to HODL the mined tokens long term; while others may cash out immediately, converting mined tokens to USDT or USDC to pay electricity bills or purchase more mining equipment. Different strategies create a diverse combination of Treasury and Mining, leading to a richer gameplay.

This also implies that Dogecoin may have entered a new cyclical phase. In the future, more institutional investors, more institutional funds, and more public companies will participate. From a fund perspective and in terms of popularity, this will all have a positive impact.

Recent news has also confirmed this trend. For example, companies like Dogehash Technologies, whose background is more rooted in traditional finance. Although they are not experts in the mining field, they see the growth potential and space in this sector. These companies bring not only funds but also an understanding of the capital markets and resource control capabilities. Their approach is simple: not just to participate in mining but to maximize the company's valuation in the capital market. The entry of such forces from traditional finance may disrupt the original mining landscape, but this disruption is positive and can drive further industry development.

Paphy Cai: Today, I checked some data and found an interesting phenomenon: the time required for the Litecoin network's hash rate to double is showing a significant trend of shortening. In the most recent cycle, from 1.2P to 2.4P, it only took 10 months; in the preceding cycle, from 600T to 1.2P, it took about 21 months; and in the even earlier cycle from 300T to 600T, it took roughly 44 months. It is apparent that the doubling time for the three cycles has almost halved successively. This indicates two things: on one hand, rapid equipment iteration is driving hash rate growth; on the other hand, user participation is continuously increasing.

The second point is about Coin-Stock Relationship. With the development of the industry, Dogecoin mining has gradually attracted the attention of traditional finance. For traditional financial institutions, they often enter in their most familiar ways. Initially, the most common approach is direct coin holding, which carries lower risk and allows for the quickest entry. However, as scale grows and strategies deepen, they will gradually get involved in the mining process. Mining can establish a closer connection with different resource links and obtain more stable and sustainable Dogecoin growth at a lower capital cost. As to whether this signifies the entry into a new cycle node, I believe that different roles and individuals in different supply chain links will have their own perspectives.

Denny Xing: From my professional experience, the Dogecoin ecosystem and community prosperity have roughly gone through three stages. The first stage was the early ecosystem participation of retail investors and a few pioneers in Litecoin and Scrypt algorithm mining. At that time, the mining pool's slogan was "Mine Litecoin, receive Dogecoin." As Dogecoin developed, the slogan gradually changed to "Mine Dogecoin, receive Litecoin," and Litecoin mining also saw rapid growth.

The second stage was when market Key Opinion Leaders (KOL) and public figures began endorsing Dogecoin, increasing its market acceptance. Dogecoin gradually transitioned from the participation of retail investors and a niche group of miners to the widespread acceptance by more miners.

The third stage was when institutions began to intervene on a large scale. Whether through establishing a Treasury or publicly traded companies engaging in large-scale investment and mining, it all reflects a keyword — "mainstreaming." The prosperity of the Dogecoin ecosystem demonstrates its transition from cyclical speculation to long-term value investment. This means that it is now accepted not only by retail investors but also gradually acknowledged by mature investors and institutions. Therefore, we can view the current state as a new node in Dogecoin's development: it has transitioned from a niche to mainstream, becoming an emerging and widely accepted asset.

Song: Recently, I have interacted with many Coin-Stock companies, and most of them are willing to establish a Dogecoin reserve. I have also promoted this to some publicly traded companies and friends' companies. Initially, many companies hoped to attract Dogecoin whales to entrust their coins to them to gain profits in the stock market. However, those who are truly willing to invest real money in Dogecoin are currently relatively few. Instead, they tend to first design the corresponding product structure to attract these whales' coins.

I have mentioned in a previous tweet that the Proof of Stake (POS) mechanism is not very suitable for the Coin-Stock model. POS is more like a financial game that requires continuous innovation. With Ethereum's innovation slowing down in recent years and limited breakthroughs after DeFi, it ultimately relied on the Coin-Stock model to sustain value. Under the POS model, capital costs will decrease over time, similar to early liquidity mining, relying more on users' tokens producing new tokens. This is different from the Proof of Work (POW) model. In the POW models of Bitcoin and Dogecoin, mining involves real costs such as energy, chips, and manpower, making it difficult to have a mechanism to reduce costs by "issuing new tokens out of thin air." 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 these conditions.

In addition, I believe that the future development of Coin Stocks companies also requires ecosystem support. Relying solely on stock dilution and fundraising from the market cannot be sustained in the long term. Bitcoin's value growth can rely on national-level recognition, but Dogecoin needs to rely on more application scenarios and ecosystem development. It does not need to rebuild an EVM chain like Ethereum does, but it needs to expand Token's use cases, such as in payments, development languages, and ecosystem support, to drive Dogecoin's usage in more scenarios.

From my discussions with these companies, in the medium term, they will not only explore the Coin Stocks model but also gradually invest more resources in ecosystem development. I believe this is key to future development. After all, fiat currency is infinite, while cryptocurrency is limited. In any case, establishing reserves for limited cryptocurrency assets is an irreversible trend. Therefore, we should not only focus on the "Coin Stocks" model itself but also on whether these companies truly hold Dogecoin and make investments in ecosystem development.

BlockBeats Interview: From an external perspective, mining is a track that has long been red oceanized, with major players having high barriers to entry and a stable ecosystem. Why did you choose to refocus on Dogecoin mining at this time? How does Elphapex understand the space to "tell a new story"?

Ben Weng: As you mentioned, the mining industry has gradually entered a red ocean track, so why did we choose to focus on Dogecoin mining? In our view, there are several reasons.

Firstly, when most people are focusing on Bitcoin and Ethereum, Dogecoin mining has a certain level of differentiation in competition. It is not as intense as Bitcoin mining, and may instead present some blue ocean opportunities. Secondly, Dogecoin's inflation model is different from Bitcoin's. Bitcoin has a fixed issuance, unable to undergo dilution, while Dogecoin has a fixed annual issuance, closer to a real-world currency model. This means mining can continue, and miners can have a clearer expectation of long-term income.

Furthermore, in terms of energy efficiency, Dogecoin mining efficiency is superior to Bitcoin in some cases. For the same amount of electricity, measured from the perspective of fiat returns, mining Dogecoin may provide a higher return than mining Bitcoin.

Another trend worth noting is the rise of artificial intelligence and AI Agents. In the future, AI Agents often need a convenient transaction medium to complete full-chain tasks. For example, when helping users book flights or hotels, payment needs to be completed. In this regard, Dogecoin is more easily accepted by the public due to its lightweight nature, community attributes, and meme culture characteristics. At the same time, it adopts PoW consensus, which has been long-term validated for security. Therefore, we believe Dogecoin has the potential to play a greater role as a transaction medium in AI application scenarios, especially in lightweight transactions and micro-payments.

In the longer term, Musk has publicly promoted Dogecoin on multiple occasions and may also introduce it into the ecosystem of Starlink or X in the future. All of these factors make us confident about the future of Dogecoin.

Payne Cong: Ben just brought up a very interesting topic about the AI Agent's trading scenario. Although it's slightly off-topic, I'd like to add: Looking at Dogecoin's characteristics, it is more suitable as a medium of exchange compared to many other cryptocurrencies. Bitcoin tends to lean towards being a store of value, while Dogecoin, due to its fixed inflation model, exhibits more currency-like properties and can sustain transactions consistently. With the development of AI, many future application scenarios will require AI Agents to execute operations directly. What type of cryptocurrency these Agents or developers choose as a medium is a topic worth paying attention to. In my view, Dogecoin has high potential in this area. I previously saw a statistic stating that approximately 10% to 20% of crypto transactions have already been completed by AI Agents. As this percentage increases, transaction volume will also continue to rise. Ultimately, which currency will become the primary medium will be an interesting and critical question.

Returning to mining itself, I believe a key aspect to consider is which algorithm is adopted. Dogecoin mining is currently not as "red oceanized" as Bitcoin, but as more institutional investors and miners enter, the competition will undoubtedly intensify. In the past year or two, when institutional interest was not as high, we often talked about who could be the "first-mover." If you observe the development of network hash rate difficulty, you will notice that the growth rate has been accelerating over the past ten months. With more participants entering the race, competition naturally intensifies. Therefore, miners need to think about how to enter early, how to rapidly scale up in a short period, which is about "doing the right thing at the right time." The cryptocurrency market is cyclical, and how to seize the opportunity during the cycle is a question that every miner must consider.

For us at ElphaPex, Dogecoin mining is not a recent focus but a continuous one. From the company's perspective, we have always aimed to be the top-tier Dogecoin mining machine manufacturer and supplier. Over the past 6 to 7 years, we have been continuously developing and testing, constantly improving our machines. Although the first-generation product DG1 was launched in early last year, there were 4 to 5 years of technical accumulation before that.

Our strength lies in our research and development capabilities. We will continuously develop various models of machines. In our product line, aside from air-cooled miners, we have also developed the first water-cooled model for Dogecoin; last year, we even released the DG Home for household use. We hope to drive the Dogecoin mining race towards a healthy and sustainable development, while enabling more mining power to achieve decentralization. For example, we aim to attract more retail users to join, allowing people without mining experience to also experience mining and contribute to the decentralized hash rate.

In terms of marketing, we have a very professional team that aims to establish ElphaPex as a "cool" company. Whether it's miner design, peripheral products, event formats, or the potential future diverse home mining machines, we strive to continuously raise standards and help set new benchmarks for the Dogecoin mining ecosystem. We believe that through ongoing research and development, innovation, and promotion, we can drive a more stable and healthy development of the Dogecoin mining ecosystem. This has always been our goal.

Song: I have been advocating in the community since 2018 and 2019, and at that time, I proposed a viewpoint: in the future, Dogecoin should play a significant role in the interaction between robots and AI. AI has become an undeniable future trend, and in this process, the role of cryptocurrency is also very crucial. AI requires computing power, chips, and PoW is indispensable in this context. Ethereum's PoW once drove the development of hardware like NVIDIA, and now I believe Dogecoin will also play a significant role in the future.

The current industry discussions focus more on centralization because the entry of large institutions and Wall Street capital has shifted everyone's attention. But I have always maintained my belief in decentralization. Dogecoin's PoW model, chip distribution, and community foundation make it, in my view, the project closest to the "ideal form of currency." A coin born out of a joke that has developed to where it is today, ranking in the global top ten by market cap, is a very rare opportunity, and it may be difficult to encounter a similar opportunity in the future.

So how can we seize this opportunity? First, we have been driving community development, including language support like Cardity, encouraging developers to build more applications on Dogecoin. Many people mistakenly believe that innovation must rely on the EVM, but true innovation in the past two to three years has actually been based on the UTXO script system. While facing suppression from some centralized platforms, there are still developers persisting in exploring the UTXO model. Compared to the EVM, UTXO is more secure and better suited for high-value transactions. 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, lower-level development language than Solidity to create a secure foundation for Web3.

In terms of mining, we strongly support PoW and promote decentralized mining protocols. We hope to enhance hash rate transparency through cooperation with major mining pools, reduce unnecessary competition and energy waste, making mining more sustainable. Dogecoin is different from Bitcoin; its mining community is more decentralized, with relatively lower cost-effectiveness, but this is ideal for establishing globally decentralized mining nodes. With Dogecoin's fixed annual supply of 5 billion, it provides new users with a long-term entry opportunity, but over time, the cost will gradually increase.

Overall, I believe that the possibility of Dogecoin's market cap surpassing $1 trillion in the next ten years is over 90%. Therefore, now is the best time to get into mining, build the ecosystem, and get involved in Dogecoin-related areas.

BlockBeats Interview: Nowadays, more and more users are not only concerned about mining machine performance but also pay attention to operation details such as cooling, noise, and energy efficiency. What is your view on the evolutionary trend of Dogecoin mining in terms of mining pool services and cooling infrastructure? Will there be more solutions tailored to ordinary users or lightweight participants in the future?

Paphy Cai: Thank you, the host. I'd like to emphasize that in terms of cooling infrastructure equipment or mining machine efficiency optimization, ViaBTC is not an industry expert. We are more focused on online businesses, such as mining financial services, fund management, and exchange-related products. Therefore, on topics such as hardware-level cooling optimization, ElphaPex or HashHouse may have more expertise.

However, with the industry's development, especially as the Dogecoin ecosystem enters a new stage, more and more functions and solutions have the opportunity to be implemented and provide services in the long term. For example, in the previous cycle, integrating Dogecoin into staking and lending assets was very challenging for most asset management platforms. In the current stage, as Dogecoin, as the second-largest PoW coin after Bitcoin, has entered the top ten in market cap (ranked ninth). This means that almost all platforms that provide asset management services will take Dogecoin seriously and include it as a mainstream asset. ViaBTC is no exception. We have already integrated Dogecoin into the staking and lending system and will further optimize its fee and lending service plans in the future.

Denny Xing: Regarding cooling infrastructure, as the Dogecoin mining community becomes more diverse and institutionalized, miners' acceptance of water cooling and oil cooling is increasing, reflecting customers' increasing standards for operational efficiency and heat dissipation optimization. We are also providing corresponding solutions.

For example, we have maintained close cooperation with the ElphaPex team in product development and research to ensure chip stability under higher operating conditions and temperatures through cooling structure optimization. In terms of heat dissipation efficiency, we have collaborated with leading global brands to develop a high-throughput, high-fin-density dry cooler that achieves high flow rates and small temperature differences through pipeline design, ensuring efficient operation with zero water consumption even at 45 degrees Celsius ambient temperature.

In terms of energy efficiency, we have independently developed an intelligent management system, coupled with top brand EC fans and inverters, to automatically adjust pump and fan speeds based on real-time loads and environmental temperature conditions, reducing unnecessary power consumption and noise.

In addition, these products can also be widely applied in daily life, such as residential heating, as well as waste heat recovery projects in the industrial and agricultural sectors. In animal husbandry and aquaculture, they can effectively provide high-calorie energy sources and reduce overall operating costs. We also welcome partners in related industries to communicate and cooperate with us.

BlockBeats Interview: Dogecoin has always been a "meme coin," with its community atmosphere being quite different from other projects. How do you view the uniqueness of the "miner" role in Dogecoin culture? Is mining itself also a continuation of meme spirit?

Song: Dogecoin was originally 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 skyrocketed to $0.74. At that time, Vitalik donated Dogecoin and advocated for the establishment of the Dogecoin Foundation, hoping to transition Dogecoin to POS. However, this was strongly opposed by the community. The recent Monero 51% attack incident has also made the Dogecoin community pay more attention to the importance of PoW. We will continue to do basic preaching and community education in this regard.

The existence of the Dogecoin mining community is actually very unique. In the past, miners, the coin circle, and the blockchain circle were relatively fragmented, and many miners did not understand the coin circle ecosystem, only staying in the buying and selling stage. Although some early miners have participated in DeFi, the overall participation is limited. I have always hoped to promote the integration of the miner community with the broader blockchain ecosystem.

Over the years, I have always adhered to the geek spirit, striving to promote development and community building. When starting a business in 2018 and 2019, I also personally drove the community. My philosophy is not to rely on centralized organizations but to let individuals from different countries around the world spontaneously promote the Dogecoin community. For example, the Dogecoin events I organized in Dubai were entirely voluntary but received good feedback. Local Dogecoin communities have also gradually been established in Vietnam, the Bay Area, and other places. Today, there are already many Dogecoin community organizations globally.

I have always believed that the miner community should be part of the entire community. However, the reality is that miners have very few opportunities for dialogue with the community, for example, today's Space is a rare communication opportunity. Noise and centralization tendencies are increasing in the crypto world, but the miner community is the best representative of decentralization spirit. They can freely enter and exit at any time, earn income in their own way, and at the same time maintain network security and transmission. 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 a microcosm of universal energy conversion.

Mining itself is a very meme and geeky activity, as well as a "gene" that can be transmitted and infect others. Many miners, once they start mining, will continue to participate, even becoming addicted. When cryptocurrency users turn to mining, they also generate this enduring drive. Therefore, I have been thinking about how to truly integrate the world of cryptocurrency with the mining community. One direction I believe in is decentralized mining pools. Cardipool is an example of this, and it could become the industry's first decentralized PoW mining pool. While attempts have been made before, the difficulty is significant, requiring implementation through smart contracts and protocols. If we can truly bridge the mining community, the crypto community, and the entire ecosystem, this will be a very valuable endeavor. If successful, Dogecoin will be the greatest beneficiary. The Bitcoin mining community is highly concentrated, making it unsuitable for direct integration with decentralized mining pools; whereas Dogecoin's miners are mainly small to medium-sized and retail, aligning well with a decentralized mining pool protocol. I believe this will make Dogecoin's future even brighter. We must adhere to the decentralized ethos and actively promote such exploration.

Paphy Cai: In the comments, I saw a listener say that it's been a long time since they heard about PoW in Space, almost forgetting that wealth equality starts with mining. This statement also deeply resonated with me. Since entering the industry, I have been involved in mining pools and have heard many stories related to miners. I feel that the biggest difference between Dogecoin and other currencies is that it is a PoW currency and, as a merge-mined currency, its market cap has already ranked second among PoW currencies, second only to Bitcoin. This is already a remarkable achievement in itself.

Furthermore, Dogecoin has shown uniqueness under the PoW consensus. Many people believe that halving and deflationary models are necessary conditions for the long-term existence of a currency, but Dogecoin does not have a deflation mechanism, yet it continues to expand the entire ecosystem. For miners and mining pools, this means more hope. As a platform, we charge a service fee based on unit hashrate, and what we most hope to see is long-term stable price growth so that the earnings from each block and each unit of hashrate can continually increase. This is not seen in many other currencies, but Dogecoin has achieved it. Therefore, from the platform's perspective, it is very welcome. Because our original intention is to do our best to increase user earnings and then attract more users.

This also provides mining pools with a good entry point. Even without a deflation mechanism, Dogecoin still demonstrates unique development potential. There are also users joking that they can hear crickets in the background of the host's audio. I think this actually closely reflects the life state of miners. Miners often work tirelessly, rain or shine, working hard in a nearly constant environment, close to nature. I would like to take this opportunity, on my behalf, to express my gratitude to all the miners who use real money and machine hashrate to maintain blockchain stability and contribute to decentralization.

Additionally, I would like to propose some food for thought: Is mining itself a continuation of a certain Meme spirit? If we look at it from a philosophical perspective, spirit must be attached to substance. The transformation of Dogecoin from a supporting character in a joint mining effort to the second-largest PoW coin by market cap itself demonstrates its value and potential. The thriving Dogecoin ecosystem, empowered by PoW, is also a prime example of embodying and spreading the Meme spirit.

Denny Xing: Finally, I would like to add two more points. Firstly, I want to thank ElphaPex for introducing a new value proposition: viewing Dogecoin mining as alternative crypto money. Leveraging the Dogecoin mining machine's energy efficiency advantage and higher tolerance for electricity costs enables it to unlock more power resources, expand the supply-side choices, and establish a continuous operational strategy to hedge against downside risks. This new proposition has also led more and more traditional and compliant institutions to adopt a more open attitude towards Dogecoin mining. Secondly, mining itself carries the attribute of "leveraged coin holding," which can be understood as a long-term call option behavior. To illustrate this with a Meme picture: In a dust storm, the Dogecoin icon leads from the front. The army of miners is the vanguard of that storm, taking on risks and providing the underlying consensus and value foundation for the entire network. In comparison to Bitcoin miners who must liquidate due to rigid electricity expenditures, Dogecoin miners' role is more akin to that of guardians charging at the forefront.

Rhythm BlockBeats: Thank you to all the guests for your insightful remarks. The formal discussion segment of tonight's Space session ends here. Dogecoin has traveled a long road in the past decade, evolving into a community with formidable hashing power and vitality, which is truly remarkable. Tonight, we have not only discussed industry and finance but also touched on culture and community, with each dimension continuously enriching the possibilities of the Dogecoin ecosystem. We look forward to the new developments and opportunities for Dogecoin and PoW in the future.

Space Link: https://x.com/i/spaces/1PlJQORLXLdKE

This article is contributed content and does not represent the views of BlockBeats.

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