BIT Mining claims DOGE and LTC more profitable to mine than Bitcoin
Alternative mining
Mining company BIT Mining announced on its X social media account that diversifying its operations by adding Dogecoin (DOGE) and Litecoin (LTC) has proven significantly more profitable than mining Bitcoin (BTC) alone.
Previously, BIT Mining focused solely on mining the leading cryptocurrency, Bitcoin. However, on December 4, the company revealed that the shift to mining DOGE and LTC was “nearly three times more profitable than mining BTC alone.”
As of November 27, BIT Mining had mined 228 million DOGE worth $94.8 million and 84,500 LTC valued at $10.7 million. The company did not specify how much of these assets it retained, as the prices of DOGE and LTC have risen significantly over the past month.
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At the same time, the company reported modest Bitcoin reserves of 22.6 BTC.BIT Mining attributes its recent success to the surge in DOGE's value, driven by political and market events such as Donald Trump’s presidential election victory and Elon Musk’s proposal to establish a “Department of Government Efficiency” (D.O.G.E.).
“Elon Musk’s influence and the changing regulatory landscape in the US after Trump’s victory have significantly boosted mining profitability,” said Dr. Youwei Yang, BIT Mining’s Vice President and Chief Economist.
What does BIT Mining do
BIT Mining is a mining company specializing in the extraction of digital assets. Initially established as 500.com and focused on online lotteries, the company pivoted to cryptocurrency mining in 2021.
Today, BIT Mining actively mines Bitcoin (BTC), Dogecoin (DOGE), and Litecoin (LTC) with over 5,550 mining devices. It accounts for 1.32% of the total network hashrate for these three coins, making it one of the largest players in the market.
Meanwhile, Bitcoin developer Peter Todd sees potential for mining in space; the logistics just need to be worked out.
