BIT Mining saw 3X profit mining DOGE, LTC not only in Bitcoin.
Crypto mining company BitMining claims that mining coins Dogecoin and Litecoin is more profitable than mining Bitcoin alone.
BIT Mining, which previously only mined Bitcoin (BTC), said on December 4 that its expansion into Dogecoin (DOGE) and Litecoin (LTC) “proved BTC to be nearly three times more profitable than mining alone.”
As of November 27, the company said it had spent $94.8 million and 227,908,250.38 DOGE worth $10.7 million and 84,485.42 LTC. It's not clear how much mining DOGE and LTC are holding as both cryptocurrencies have surged in the past month.
BIT Mining reports holding 22.6 BTC by the end of 2023, currently worth $2.2 million.
Source: BIT Mining
He noted that he benefited from DOGE's rate hikes in part because of Donald Trump's US election victory and Elon Musk's promise to make the Department of Government Efficiency, or DOGE, an advisory agency to Trump on government spending cuts.
“The impact of Elon Musk and the change in the regulatory landscape in the US after Trump's victory had a significant impact on mining profitability,” said Yue Yang, vice president and chief economist at BT Mining.
Bit Mining rallied 10% to close Dec. 4 at $3.26 on the New York Stock Exchange, while most other bitcoin miners rose between 3% and 7%, according to Google Finance data.
BTCM's share price was up 2.15% in late afternoon trading on December 4th. Source: Google Finance
Shares of BIT Mining are down 37% year-to-date, continuing their share price decline since 2014.
The firm launched its DOGE and LTC mining operations in May 2023 – two and a half years after it changed its name from 500.com to Bitcoin mining and moved away from being an online sports lottery.
BIT Mining now has over 5,550 active machines capable of mining DOGE, LTC and Bellscoin (BEL), which is 1.32% of the total network hashrate.
Bitcoin mining is not a foreign idea in the mining industry.
Bitcoin mining heavyweight MARA Holdings announced last September that it had started issuing $16 million worth of Kaspa (KAS) tokens.
Rival miners CleanSpark and TeraWulf told Cointelegraph that they plan to continue mining only bitcoin in the future.
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CleanSpark's senior vice president, Harry Suddock, added to Bitcoin's “long history” and added, “We don't plan to make any diversification into other proof-of-work coins.”
BT Mining's Recent Activities It recently admitted that between 2017 and 2019, in its former life as 500.com, it paid bribes to Japanese officials to win bids for resort and casino licenses.
On November 18, the company agreed to pay a $10 million fine to the US government to settle the lawsuit.
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