Elon Musk, the CEO of Tesla and founder of SpaceX, has sanctioned a ridiculous idea of creating a hot tub that will be heated through Dogecoin (DOGE) mining.
The new use case suggestion for Dogecoin (DOGE) came from the official Twitter handle of the leading crypto portfolio tracker, Blockfolio.
Blockfolio tweeted, “A hot tub that’s heated by mining dogecoin. Elon Musk, I don’t care how, just make it happen.”
In response to Blockfolio’s ludicrous suggestion, Elon Musk wrote, “Great idea.”
— Elon Musk (@elonmusk) May 29, 2021
Since the billionaire CEO of Tesla is already leading Dogecoin’s development after accepting DOGE for a satellite mission, it could simply be assumed that another project is underway.
Dogecoin (DOGE) adopts the proof of work (PoW) consensus algorithm like the flagship cryptocurrency Bitcoin (BTC), which implies that it requires computing resources to mine new coins.
Although the digital currency is regarded as a joke, its miners are making whopping money on a daily basis, with their revenue surging to over 4,500 percent in 2021 due to growing transaction fees, according to ByteTree data.
Dogecoin (DOGE) does not consume energy as much as Bitcoin (BTC) because it’s a scrypt-based cryptocurrency. Due to its dual mining model, it can only be mined together with other coins like Litecoin (LTC).
Dogecoin (DOGE) and Other Cryptocurrencies in the Market
It’s obvious that the crypto market is still struggling to maintain its balance since the devastating price crash that affected all the cryptocurrencies in the market, including Dogecoin (DOGE), Bitcoin (BTC), and Ethereum (ETH).
Whether the market is set for this year’s second phase of price bull run is uncertain, considering the increased selloff rate.
Currently, Dogecoin’s price trend is not better than others. At the time of writing, DOGE is trading at $0.2996, with a relatively 3% price downtrend in the last 24 hours.