On December 4, BIT Mining, a crypto mining company that once focused solely on Bitcoin
$100,173.73
, announced the company’s decision to branch out into Dogecoin
$0.4380
and Litecoin
$142.57
, as it proves nearly three times more profitable.
Part of this surge comes from the rising price of Dogecoin, which got a boost following political events. When Donald Trump won the US election, and Elon Musk suggested creating a government efficiency advisory body called DOGE, it helped push Dogecoin’s price up.
BIT Mining’s vice president and chief economist, Youwei Yang, pointed out that these events, along with changes in US regulations, played a crucial role in boosting mining returns.
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As of November 27, BIT Mining reported impressive results from its new mining activities: it had mined a total of 227,908,250.38 DOGE, worth around $94.8 million, and 84,485.42 LTC, valued at $10.7 million. However, the company didn’t disclose how much of the mined DOGE and LTC it had kept.
The company’s shift into DOGE and LTC mining began in early 2023, after the company, formerly known as 500.com, transitioned from being an online sports lottery operator to focusing on Bitcoin mining.
Since then, BIT Mining has grown, running over 5,550 mining machines dedicated to DOGE, Bellscoin (BELL), and LTC, contributing 1.32% of the total hashrate for those coins.
While BIT Mining has found success in expanding its mining operations, the company’s journey hasn’t been without controversy. Recently, it was fined $10 million over a corruption scandal. What led to this hefty fine? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
