The BIT mining cryptographic mining company said that his transition to the Dogecoin and Litecoin work coin mine is more profitable than only Bitcoin mining.
Extraction of bits, which previously only bitcoins (BTC), he said On December 4, that his expansion to Dogecoin (Doge) and Litecoin (LTC) “turned out to be almost three times more profitable than the BTC mining itself.”
The company said until November 27, extracted 227 908 250.38 Doge, worth USD 94.8 million and 84,485.42 LTC, worth USD 10.7 million. He did not say how many of the extracted and LTC he stayed because both cryptocurrencies have increased over the past month.
Bit extraction Reported Keeping 22.6 BTC at the end of 2023, currently worth $ 2.2 million.
Source: Bit extraction
She noticed that it benefited from the raise in Doge prices, partly driven by winning in the United States of Donald Trump and the promise of Elon Musk, to make government performance, or Doge, an advisory agency for Trump in the scope of reducing costs by the government.
“The influence of Elon Musk and the changing regulatory landscape in the US after winning Trump had a great impact on the profitability of mining,” said Vice President and Chief Economist Bit Mining, Youwei Yang.
Bit Mining collected 10% on the Recent York Stock Exchange until $ 3.26 on December 4, while most other Bitcoin miners increased between 3% and 7%, Google Finance data can be seen.
The price of BTCM shares on December 4, including an raise in trade after hours by 2.15%. Source: Google Finance
Bit Mining shares have fallen by 37% so far, continuing to decrease the share price since 2014.
The company started operating Doge and LTC Mining in May 2023 and a half year after it changed its name from 500.com and began to extract bitcoins, departing from the online sports lottery.
Bit mining now has over 5550 busy machines that can extract Doge, LTC and Bellscoin (BEL), which is 1.32% of the total network hashrat.
Diversification from bitcoins is not an alien idea in the mining industry
Mara Holdings Mara Holdings Bitcoin Mining revealed that it began to extract KASPA (KAS) tokens in September last year, extracting $ 16 million to June.
The rivals of the miners of Cleanspark and Terawull told CointeLgraph that they intend to continue to mining only Bitcoins in the foreseeable future.
Related: Bitcoin Miner Hut 8 argues that he is throwing a “short and distorting” shareholder lawsuit
“We do not plan any diversification into other evidence,” said Harry Sudock, senior vice president of Cleanspark, who added Bitcoin’s “long history”, which means that the company is more comfortable in extracting it “in a long-term perspective”.
The latest Bit Mining movements appear because he recently admitted that he authorized paying bribes to Japanese officials, trying to win a resort and casino license in senior life as 500.com, in 2017–2019.
The company agreed to the US government worth $ 10 million to resolve the charges on November 18.
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