Cryptocurrency mining company BIT Mining says its efforts to mine the proof-of-work coins Dogecoin and Litecoin are far more profitable than mining Bitcoin alone.
BIT mining used to only mine Bitcoin (BTC), but said On December 4th, it announced that its expansion into Dogecoin (DOGE) and Litecoin (LTC) “has proven to be nearly three times more profitable than mining BTC alone.”
The company announced that it had mined 227,908,250.38 DOGE (valued at $94.8 million) and 84,485.42 LTC (valued at $10.7 million) through November 27. However, he did not reveal how much mined DOGE and LTC he held, as both cryptocurrencies have continued to soar over the past month.
Bit mining only reported He held 22.6 BTC at the end of 2023, currently worth $2.2 million.
sauce: bit mining
The paper was fueled in part by Donald Trump's victory and Elon Musk's promise to put the Department of Government Efficiency (DOGE) in a position to advise Trump on cutting government costs. He pointed out that the company is benefiting from the soaring price of DOGE.
“Elon Musk's influence and the changes in the regulatory landscape in the US after Trump's victory have had a significant impact on mining profitability,” said Dr. Youwei Yang, Vice President and Chief Economist at BIT Mining. .
Bitmining (BTCM) rose 10% on the New York Stock Exchange to close at $3.26 on December 4, while most other Bitcoin miners rose between 3% and 7%, Google Finance announced did. data is shown.
BTCM stock price rose 2.15% in after-hours trading on December 4th. Source: Google Finance
BitMining's stock price has fallen 37% since the beginning of the year, continuing the decline the company has suffered since 2014.
The company started DOGE and LTC mining operations in May 2023. Two and a half years after changing its name from 500.com and starting mining Bitcoin, it has moved on from online sports lotteries.
BIT Mining currently has over 5,550 active machines capable of mining DOGE, LTC, and Bellscoin (BEL), accounting for 1.32% of the total network hashrate of the three coins, making it one of the largest participants. I am.
Diversifying away from Bitcoin is not an unusual idea for the mining industry
Marathon Digital, a major Bitcoin mining company, started mining Kaspa (KAS) tokens in September last year and revealed that it had mined the equivalent of $16 million by June.
However, rival miners CleanSpark and TeraWulf told Cointelegraph that they only intend to continue mining Bitcoin for the foreseeable future.
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Harry Sadock, executive vice president of CleanSpark, said that “we have no plans to diversify into other proof-of-work coins,” and that Bitcoin's “long track record” means the company will be mining for the “long term.” He added that it means he feels more at ease.
Bitmining's latest move is that it allowed the company to pay bribes to Japanese officials between 2017 and 2019 to win a bid for a resort and casino license for its predecessor as 500.com. This is due to the recent recognition that
On November 18, the company agreed to pay the equivalent of $10 million in fines to the U.S. government to resolve the charges.
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