BIT Mining, a public crypto mining corporation, has announced significant success after expanding its activities beyond Bitcoin. The company revealed that mining Dogecoin (DOGE) and Litecoin (LTC) was approximately three times more profitable than focusing just on bitcoin.
Since starting its self-mining activities, BIT Mining has mined over 227 million DOGE (worth $100 million) and over 84,000 LTC (worth $10 million). 5,500 active mining machines, accounting for 1.32% of the worldwide network hash rate for DOGE, LTC, and Belcoin (BEL), support this impressive haul.
Since late September, the token’s price increase has boosted the profitability of Dogecoin mining, partly due to endorsements from tech billionaire Elon Musk and optimism about a potential Department of Government Efficiency (D.O.G.E) under the incoming Trump government.
Dr. Youwei Yang, BIT Mining’s Vice President of Mining, attributed the company’s success to the developing regulatory environment in the United States and Musk’s influence. “The recent rallies in Litecoin and Dogecoin have significantly boosted mining profitability, and many analysts anticipate continued growth in 2025,” Yang told me.
This shift occurs as Bitcoin miners’ margins compress following the cryptocurrency’s halving in April 2024, which lowered mining incentives by 50%. In response, several companies, notably BIT Mining, have looked at alternative ways to stay profitable.
BIT Mining’s stock performance followed its achievement, increasing 10% on the New York Stock Exchange on December 4th. Despite this, the company’s shares are down 37% year to date, reflecting larger issues in the mining sector.
BIT Mining continues to redefine profitability in the dynamic crypto mining industry by diversifying its portfolio and employing adaptable tactics. As Dogecoin and Litecoin gain traction, the firm’s strategy offers a roadmap for navigating the competitive cryptocurrency sector.
