What to know:
- BIT Mining said it had mined 84,485.42 LTC (worth $10 million at current prices) and 227,908,250 DOGE (worth a whopping $100 million) since it started its self-mining business.
- The endeavor reaped three times more profit than its bigger bitcoin (BTC) mining operations.
- Such gains on its DOGE operations came as the token’s prices have more than tripled since late September on repeated endorsements by technocrat Elon Musk
As an analyst with over two decades of experience in the tech and finance sectors, I find the recent success story of BIT Mining (BTCM) intriguing. Given my background, I have witnessed numerous market shifts and trends that have come and gone. However, the astronomical profit gains from their Dogecoin (DOGE) mining operations are something truly unprecedented.
BIT Mining (BTCM), a publicly traded company, plans to carry on its self-managed mining activities for Dogecoin (DOGE) and Litecoin (LTC), as these operations have yielded three times more profit than their larger Bitcoin (BTC) mining counterparts, according to a recent statement.
BIT Mining announced that they have mined approximately 84,485.42 Litecoins (equivalent to $10 million at current market prices) and an astounding 227,908,250 Dogecoins (valued at a staggering $100 million). As of now, they operate more than 5,500 active mining machines, which account for around 1.32% of the global Litecoin, Dogecoin, and Belcoin network’s combined hash rate.
These profits from Doge transactions occurred as the token’s value significantly increased, approximately tripling since late September, due to consistent support from tech visionary Elon Musk and the proposed creation of a Department of Government Efficiency (D.O.G.E), an independent entity within the upcoming Trump administration.
In a recent statement, Dr. Youwei Yang, the VP of Mining at BIT Mining, noted that the surge in Litecoin and Dogecoin, driven by Elon Musk’s impact and changes in US regulatory landscape following Trump’s election, significantly affected mining profitability. Several experts believe this positive trend will persist until 2025, demonstrating faith in Dogecoin’s future and the overall expansion of the cryptocurrency market.
Validating and confirming transactions across different digital currencies involves solving intricate mathematical puzzles with high-performance computers. This process adds these verified transactions to the blockchain database, and as a reward for this service, tokens are given out.
After the reduction of the miner’s block reward by half following Bitcoin’s halving in April 2024, many miners are adopting new tactics to preserve their profits. A few companies have re-purposed their mining equipment for artificial intelligence (AI) uses, offering their computational power for tasks beyond cryptocurrency mining.
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2024-12-05 12:48