December 4th Bit mininga crypto mining company that once focused solely on Bitcoin
btc
$101,096.24
, announced the company’s decision diversify into Dogecoin
DOGE
LTC
$143.35
since it is almost three times more profitable.
Part of this increase comes from the Dogecoin price surge, which received 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 boost the price of Dogecoin.
BIT Mining Vice President and Chief Economist Youwei Yang noted that these developments, along with changes in US regulations, played a crucial role in increasing mining returns.
Did you know?
Do you want to become smarter and richer with cryptocurrencies?
Subscribe: We publish new cryptocurrency explainer videos every week!
Hot vs. cold wallet: which one do you need? (Lively)
As of November 27, BIT Mining reported impressive results of its new mining activities: it had extracted a total of 227,908,250.38 DOGEvalued around $94.8 million, and 84,485.42 LTCvalued at 10.7 million dollars. However, the company did not reveal how much of the mined DOGE and LTC it had kept.
The company’s shift toward DOGE and LTC mining began in early 2023, after the company, formerly known as 500.com, transitioned from an online sports lottery operator to focusing on Bitcoin mining.
Since then, BIT Mining has grown to have over 5,550 mining machines dedicated to DOGE, Bellscoin (BELL), and LTC. contributing 1.32% of the total hashrate of those coins.
While BIT Mining has been successful in expanding its mining operations, the company’s journey has not been without controversy. Recently, she was fined $10 million for a corruption scandal. What is this large fine due to? Read the full story.
Having completed a master’s degree in Economics, Politics and Cultures of the East Asian region, Aaron has written scientific articles analyzing the differences between Western and collective forms of capitalism in the post-World War II era.
With almost a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that cryptocurrency enthusiasts face. He is a passionate analyst who cares about data- and fact-based content, as well as that which speaks to both Web3 natives and newcomers to the industry.
Aaron is the go-to person for all things digital currencies. With a strong passion for blockchain and Web3 education, Aaron strives to transform the space as we know it and make it more accessible to beginners.
Aaron has been quoted by several established media outlets and is a published author himself. Even during his free time, he likes to research market trends and look for the next supernova.
