As a seasoned crypto investor with a decade of experience under my belt, I’ve learned that diversification is the key to success in this volatile market. BIT Mining’s decision to expand their mining operations to include Dogecoin and Litecoin has caught my attention, especially considering their reported profitability compared to mining Bitcoin alone.
BIT Mining reports that its decision to also mine Dogecoin and Litecoin, in addition to Bitcoin, has proven to be significantly more lucrative compared to just mining Bitcoin.
BIT Mining, a company that previously focused solely on mining Bitcoin (BTC), announced on December 4th that their foray into mining Dogecoin (DOGE) and Litecoin (LTC) has proven to yield returns approximately three times greater compared to mining Bitcoin by itself.
As a researcher delving into this topic, I’ve discovered that by November 27th, the company had extracted approximately 227,908,250.38 Dogecoin, equivalent to around $94.8 million, and 84,485.42 Litecoin, valued at roughly $10.7 million. However, they have yet to disclose the amount of mined Dogecoin and Litecoin that they are currently holding onto. Both cryptocurrencies have experienced a significant surge over the past month, which could potentially impact their current holdings.
At the close of 2023, BIT Mining’s records indicate they held approximately 22.6 Bitcoins, equivalent to around $2.2 million in value.
It did note that it was benefiting from DOGE’s price jumps in part fueled by Donald Trump’s win and Elon Musk’s promise to make a “Department of Government Efficiency,” or DOGE — an advisory position to Trump on government cost-cutting.
As an analyst, I’d rephrase that statement as follows: “I’ve observed that Elon Musk’s influence and the shift in U.S. regulations following President Trump’s election have significantly impacted the profitability of mining operations, according to my perspective as BIT Mining’s vice president and chief economist, Dr. Youwei Yang.
On December 4th, BTCM (BIT Mining) surged by approximately 10% at the New York Stock Exchange, ending the day at $3.26. In comparison, the majority of other Bitcoin miners experienced increases between 3% and 7%, as indicated by data from Google Finance.
As an analyst, I’m observing that my personal portfolio’s BIT Mining shares have dipped by approximately 37% this year, extending a trend of decreasing stock prices for the company that began back in 2014.
As an analyst, I’m sharing that my team and I initiated Dogecoin (DOGE) and Litecoin (LTC) mining activities within the firm back in May 2023 – a significant step taken nearly three years after our corporate rebranding from 500.com, marking our departure from the online sports lottery business and our entry into Bitcoin mining.
Currently, BIT Mining operates approximately 5,550 functioning mining rigs capable of excavating Dogecoin (DOGE), Litecoin (LTC) and Bellscoin (BEL). Together, these machines account for about 1.32% of the collective hashrate for all three cryptocurrencies, positioning BIT Mining as one of the major players within the network.
Diversifying from Bitcoin isn’t a foreign idea in the mining industry
As a data analyst, I can share that I recently unveiled my involvement in mining the cryptocurrency known as Kaspa (KAS) tokens, commencing this activity back in September of the previous year. By June, my earnings from this endeavor amounted to approximately $16 million.
However, competitors CleanSpark and TeraWulf expressed their plans to persistently mine Bitcoin for the near future, as reported by CryptoMoon.
CleanSpark’s senior vice president, Harry Sudock, stated that they currently have no intentions of branching out to mine other proof-of-work coins. Instead, they are content and confident in focusing on Bitcoin for the long haul due to its extensive history.
500.com, now known as BIT Mining, has made recent strategic decisions, following its confession of authorizing bribe payments to Japanese officials during the period from 2017 to 2019 in an attempt to secure a resort and casino license. This revelation was made in its former identity.
On November 18, the company consented to pay a fine totaling $10 million to the U.S. government to settle the allegations made against them.
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2024-12-05 08:34