Publicly traded BIT Mining (BTCM) has announced that it will continue its self-hosted mining operations for dogecoin (DOGE) and litecoin (LTC) after experiencing significantly higher profits compared to its bitcoin (BTC) mining operations. According to a recent release, the company revealed that its DOGE and LTC mining endeavors have been particularly lucrative, with profits three times greater than those from its bitcoin mining activities.
Since launching its self-mining business, BIT Mining has successfully mined 84,485.42 LTC (equivalent to $10 million at current prices) and 227,908,250 DOGE (amounting to an impressive $100 million). The company currently operates over 5,500 active mining machines, representing 1.32% of the global network hash rate in LTC, DOGE, and the smaller Belcoin (BEL) cryptocurrency.
The success of BIT Mining’s DOGE operations can be attributed to the significant surge in the token’s price, which has more than tripled since late September. This price increase has been fueled by endorsements from influential figures like technocrat Elon Musk and the proposal of a Department of Government Efficiency (D.O.G.E) under the upcoming Trump administration.
Dr. Youwei Yang, the VP of Mining at BIT Mining, commented on the recent rally in Litecoin and Dogecoin, emphasizing the impact of Elon Musk’s influence and the evolving regulatory environment in the US post-Trump’s victory. He expressed optimism about the future growth potential of DOGE and the broader cryptocurrency industry, predicting a continued upward trend through 2025.
Mining plays a crucial role in verifying transactions for various cryptocurrencies and adding them to the blockchain. This process involves using powerful computers to solve complex mathematical problems, validating transactions, and earning token rewards in return.
Following Bitcoin’s halving in April 2024, which reduced the block reward for miners, many mining firms have adopted alternative strategies to maintain profitability. Some companies have repurposed their mining infrastructure for AI applications, leveraging computational power for tasks beyond cryptocurrency mining.
The success of BIT Mining’s self-hosted mining operations for DOGE and LTC highlights the profitability and potential growth opportunities within the cryptocurrency industry. As the market continues to evolve and innovate, companies like BIT Mining are well-positioned to capitalize on emerging trends and drive further success in the mining sector.