Cryptocurrency mining company BIT Mining announced striking results regarding Bitcoin and altcoin mining in its latest statement.
While these results indicate a significant strategy change in the cryptocurrency mining industry, BIT Mining announced that Dogecoin (DOGE) and Litecoin (LTC) mining yielded much more profitable results compared to Bitcoin (BTC) mining.
Accordingly, BIT Mining announced that its strategy of focusing on mining Dogecoin and Litecoin is three times more profitable than mining Bitcoin alone.
BIT Mining, which previously only mined Bitcoin, started mining Dogecoin and Litecoin in May 2023.
The company stated that it had mined cryptocurrencies worth a total of $105.5 million by November 27.
The company stated that it had mined $94.8 million worth of DOGE and $10.7 million worth of LTC as of November 27, but did not specify how much of the mined DOGE and LTC it held.
BIT Mining Vice President and Chief Economist Dr. Youwei Yang also stated the following in his statement:
“According to the announced figures, mining LTC and DOGE has proven to be almost three times more profitable than mining BTC alone.
“The changing regulatory environment in the US, particularly following Elon Musk's influence and Donald Trump's victory, has had a major impact on mining profitability.”
BIT Mining currently has over 5,550 active machines capable of mining Dogecoin, Litecoin, and Bellscoin (BEL), representing 1.32% of the total network hashrate for these three altcoins, making it one of the largest participants.
*This is not investment advice.