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Crypto mining company BIT Mining said its move to mine proof-of-work coins Dogecoin and Litecoin has been more profitable than mining only Bitcoin. <\/p>\n
BIT Mining, which previously only mined Bitcoin (BTC<\/a>), said<\/a> on Dec. 4 that its expansion into Dogecoin (DOGE<\/a>) and Litecoin (LTC<\/a>) “has proved to be nearly three times more profitable than mining BTC alone.”<\/p>\n The company said up until Nov. 27, it had mined 227,908,250.38 DOGE, worth $94.8 million and 84,485.42 LTC, worth $10.7 million. It didn’t say how much of the mined DOGE and LTC it had held onto, as both cryptocurrencies have surged over the past month. <\/p>\n BIT Mining reported<\/a> holding 22.6 BTC at the end of 2023, currently worth $2.2 million.<\/p>\n Source: <\/em>BIT Mining<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n It did note that it benefited from DOGE’s price increase, partly fueled by Donald Trump’s United States election win and Elon Musk’s promise<\/a> to make a Department of Government Efficiency, or DOGE, an advisory agency to Trump on government cost-cutting.<\/p>\n “Elon Musk’s influence and the changing regulatory landscape in the US after the Trump win has had a major impact on mining profitability,” said BIT Mining’s vice president and chief economist, Youwei Yang.<\/p>\n BIT Mining rallied 10% on the New York Stock Exchange to close Dec. 4 at $3.26, while most other Bitcoin miners rose between 3% and 7%, Google Finance data<\/a> shows.<\/p>\n BTCM’s share price on Dec. 4, including a 2.15% increase in after-hours trading. Source: Google Finance<\/em><\/p>\n<\/figcaption><\/figure>\n BIT Mining’s shares are down 37% year to date, continuing a decline in the stock price since 2014.<\/p>\n The firm started its DOGE and LTC mining operations<\/a> in May 2023 — two-and-a-half years after it changed its name from 500.com and started mining Bitcoin, moving away from being an online sports lottery.<\/p>\n BIT Mining now has over 5,550 active machines that can mine DOGE, LTC and Bellscoin (BEL), representing 1.32% of the total network hashrate.<\/p>\n Bitcoin mining heavyweight MARA Holdings revealed it started mining<\/a> Kaspa (KAS<\/a>) tokens last September, mining $16 million worth by June.<\/p>\n Rival miners CleanSpark and TeraWulf told Cointelegraph that they intend to continue mining only Bitcoin in the foreseeable future.<\/p>\n Related: <\/strong><\/em>Bitcoin miner Hut 8 argues to toss ‘short and distort’ shareholder suit<\/strong><\/em><\/a><\/p>\n “We are not planning any diversification into other proof-of-work coins,” said CleanSpark senior vice president Harry Sudock, who added Bitcoin’s “long track record” means the company is more comfortable with mining it “for the long term.”<\/p>\n BIT Mining’s latest moves come as it recently admitted it authorized paying bribes<\/a> to Japanese officials in an attempt to win a bid for a resort and casino license in its former life as 500.com, between 2017 and 2019.<\/p>\n The firm agreed to $10 million worth of fines to the US government to resolve the charges on Nov. 18.<\/p>\nDiversifying from Bitcoin isn’t a foreign idea in the mining industry<\/h2>\n