BIT Mining saw 3X profits mining DOGE, LTC instead of just Bitcoin

Crypto Mining Company BIT Mining Shifts Focus, Profits Soar

BIT Mining, a company previously dedicated to mining Bitcoin, has recently expanded its operations to include Dogecoin and Litecoin. The move has proven highly lucrative, generating significantly higher profits than Bitcoin mining alone.

As of November 27th, BIT Mining had mined 227,908,250.38 DOGE, valued at $94.8 million, and 84,485.42 LTC, worth $10.7 million. While the company did not disclose its holdings of these coins, both have experienced substantial growth in recent weeks.

BIT Mining's vice president and chief economist, Dr. Youwei Yang, attributed the increased profitability to market factors. "Elon Musk's influence and the changing regulatory landscape in the US after the Trump win have had a major impact on mining profitability," he said.

BIT Mining's diversification from Bitcoin has been a notable trend in the mining industry. Marathon Digital, another major Bitcoin miner, recently ventured into mining Kaspa tokens. However, other miners, such as CleanSpark and TeraWulf, remain committed to focusing exclusively on Bitcoin mining.

Despite its recent success, BIT Mining has been embroiled in controversy. The company admitted to bribing Japanese officials in an attempt to acquire a resort and casino license between 2017 and 2019. The firm agreed to pay $10 million in fines to the US government in November 2023.