How BIT Mining Turned DOGE and LTC into a Profit Goldmine

How BIT Mining Turned Dogecoin and Litecoin into a Profit Goldmine

Written by Aaron S.,

Editor-In-Chief

Last Updated: December 05, 2024

Key Takeaways

BIT Mining’s switch to Dogecoin and Litecoin has proved nearly three times more profitable than its Bitcoin-only approach;
Political events, like Trump’s win and Musk’s DOGE suggestion, played a key role in boosting Dogecoin’s price and mining returns;
By November 2023, BIT Mining had mined $94.8 million in DOGE and $10.7 million in LTC, with over 5,550 machines in operation.

On December 4, BIT Mining, a crypto mining company that once focused solely on Bitcoin BTC $100,449.59 , announced the company's decision to branch out into Dogecoin DOGE $0.4086 and Litecoin LTC $116.76 , as it proves nearly three times more profitable.

Part of this surge comes from the rising price of Dogecoin, which got a boost following political events. When Donald Trump won the US election, and Elon Musk suggested creating a government efficiency advisory body called DOGE, it helped push Dogecoin’s price up.

BIT Mining’s vice president and chief economist, Youwei Yang, pointed out that these events, along with changes in US regulations, played a crucial role in boosting mining returns.

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As of November 27, BIT Mining reported impressive results from its new mining activities: it had mined a total of 227,908,250.38 DOGE, worth around $94.8 million, and 84,485.42 LTC, valued at $10.7 million. However, the company didn’t disclose how much of the mined DOGE and LTC it had kept.

The company’s shift into DOGE and LTC mining began in early 2023, after the company, formerly known as 500.com, transitioned from being an online sports lottery operator to focusing on Bitcoin mining.

Since then, BIT Mining has grown, running over 5,550 mining machines dedicated to DOGE, Bellscoin (BELL), and LTC, contributing 1.32% of the total hashrate for those coins.

While BIT Mining has found success in expanding its mining operations, the company’s journey hasn't been without controversy. Recently, it was fined $10 million over a corruption scandal. What led to this hefty fine? Read the full story.