What to Know
- BIT Mining announced that it mined 84,485.42 LTC (worth $10 million) and 227,908,250 DOGE (valued at an impressive $100 million) since the inception of its self-mining operations.
- This effort has proven to be three times more profitable than its larger Bitcoin (BTC) mining practices.
- The rise in profits from DOGE mining coincides with a surge in the token's price, which has more than tripled since late September, influenced by endorsements from Elon Musk.
Publicly traded BIT Mining (BTCM) plans to maintain its self-hosted mining for Dogecoin (DOGE) and Litecoin (LTC), asserting that its mining venture is three times more lucrative than their Bitcoin endeavors. They have reported more than 5,500 active mining machines, constituting 1.32% of the overall global hash rate for LTC, DOGE, and Belcoin (BEL).
"The recent surge in Litecoin and Dogecoin prices, partly driven by Elon Musk's backing and regulatory shifts in the US post-Trump's win, markedly impacts mining profitability," stated Dr. Youwei Yang, VP of Mining at BIT Mining. "Many analysts predict this upward trend will persist through 2025, driven by confidence in DOGE's prospects and the crypto market's overall growth."
Mining involves verifying cryptocurrency transactions and adding them to the blockchain, rewarding miners with tokens for their computational efforts. After the recent Bitcoin halving in April 2024, many have adapted their strategies to sustain their profitability, some reallocating mining infrastructure for AI resources.
