{"id":25994,"date":"2024-12-05T10:45:10","date_gmt":"2024-12-05T10:45:10","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=25994"},"modified":"2024-12-05T10:45:10","modified_gmt":"2024-12-05T10:45:10","slug":"bit-minings-expansion-into-dogecoin-and-litecoin-yields-triple-profit-of-bitcoin-mining","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=25994","title":{"rendered":"BIT Mining\u2019s Expansion Into Dogecoin And Litecoin Yields Triple Profit Of Bitcoin Mining"},"content":{"rendered":"

Crypto mining firm BIT Mining has reported substantial profit from expanding its operations to include Dogecoin (DOGE) and Litecoin (LTC).<\/span><\/p>\n

On 4 December 2024, the company <\/span>revealed that mining these<\/span><\/a> proof-of-work coins has proven nearly three times more lucrative than focusing solely on Bitcoin (BTC).<\/span><\/p>\n

Since launching its DOGE and LTC mining operations in May 2023, BIT Mining has mined 227.9 million DOGE, valued at $94.8 million, and 84,485 LTC, worth $10.7 million as of 27 November 2024. <\/span><\/p>\n

However, the firm has not disclosed how much of these holdings it has retained, even as the two coins have experienced notable price surges over the past month.<\/span><\/p>\n

EXPLORE: <\/span>Best Bitcoin Mining Pools in 2024<\/span><\/a><\/strong><\/p>\n

BIT Mining\u2019s Bitcoin Reserves Remain Low<\/span><\/h2>\n

In contrast, BIT Mining\u2019s Bitcoin reserves are relatively modest, with just 22.6 BTC held at the end of 2023, currently valued at $2.2 million. <\/span><\/p>\n

BIT Mining\u2019s recent profitability is largely attributed to the rising popularity of DOGE, partly fueled by political developments. <\/span><\/p>\n

The victory of Donald Trump and Elon Musk\u2019s public promise to establish a \u201cDepartment of Government Efficiency\u201d (DOGE) under his administration <\/span>have<\/span> boosted the coin\u2019s visibility and value.<\/span><\/p>\n

\u201cMusk\u2019s influence and the changing regulatory landscape in the US after Trump\u2019s win have had a major impact on mining profitability,\u201d said BIT Mining\u2019s vice president and chief economist, Dr. Youwei Yang.<\/span><\/p>\n

BIT Mining\u2019s pivot to diversify has also impacted its stock performance. On 4 December 2024, the company\u2019s shares rose 10% on the New York Stock Exchange, closing at $3.26. This contrasts with the broader Bitcoin mining sector, which saw gains of 3% to 7%. <\/span><\/p>\n

In our latest press release today, we shared our high profitability and continued commitment with merge #mining<\/a> both #Litecoin<\/a> and #Dogecoin<\/a>. <\/p>\n

“As of November 27, 2024, the Company has mined 84,485.42 #LTC<\/a> and 227,908,250.38 #DOGE<\/a>.” <\/p>\n

More herehttps:\/\/t.co\/5pAH4lUQgB<\/a><\/p>\n

\u2014 BIT Mining Limited (@BITMining_BTCM) December 4, 2024<\/a><\/p>\n\n

However, BIT Mining\u2019s stock remains down 37% year-to-date, reflecting long-standing struggles since its rebranding from 500.com, an online sports lottery operator, to a cryptocurrency mining firm.<\/span><\/p>\n

The company\u2019s mining fleet now exceeds 5,550 machines capable of mining DOGE, LTC, and Bellscoin (BEL), contributing to 1.32% of the total network hashrate for these coins. This makes BIT Mining one of the largest operators in the space.<\/span><\/p>\n

EXPLORE<\/span><\/strong>:\u00a0<\/span>20 New Crypto Coins to Invest in 2024<\/span><\/a><\/strong><\/p>\n

Other Miners Remain Committed to Bitcoin<\/span><\/h2>\n

Despite the profitability of diversification, other Bitcoin miners remain committed to BTC. <\/span><\/p>\n

Marathon Digital recently ventured into mining Kaspa (KAS), generating $16 million by mid-2024. However, firms like CleanSpark and TeraWulf are steadfast in focusing exclusively on Bitcoin, citing its established track record.<\/span><\/p>\n

Likewise, Jack\u00a0Dorsey\u2019s\u00a0payment firm Block (SQ)\u00a0<\/span>has announced<\/span><\/a><\/strong>\u00a0a shift in focus, prioritizing\u00a0<\/span>the development of equipment<\/span>\u00a0for Bitcoin miners and its self-custody crypto wallet.<\/span><\/p>\n

Meanwhile, BIT Mining\u2019s recent success is not without controversy. The company admitted to paying bribes to Japanese officials between 2017 and 2019 to secure a resort and casino license during its time as 500<\/span>.com<\/span>. <\/span><\/p>\n

On 18 November 2024, it agreed to pay $10 million in fines to settle charges with US authorities.<\/span><\/p>\n

EXPLORE:\u00a0<\/span>15 Best No KYC Crypto Exchanges for 2024<\/span><\/a><\/strong><\/p>\n

The post BIT Mining\u2019s Expansion Into Dogecoin And Litecoin Yields Triple Profit Of Bitcoin Mining<\/a> appeared first on 99Bitcoins<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Crypto mining firm BIT Mining has reported substantial profit from expanding its operations to include Dogecoin (DOGE) and Litecoin (LTC). On 4 December 2024, the company revealed that mining these proof-of-work coins has proven nearly three times more lucrative than focusing solely on Bitcoin (BTC). Since launching its DOGE and LTC mining operations in May […]<\/p>\n","protected":false},"author":0,"featured_media":25995,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-25994","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/25994"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=25994"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/25994\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/25995"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=25994"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=25994"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=25994"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}