Bitcoin Miner BIT Mining said that minting the biggest virtual coin is not the only cash cow for the company at the moment: Dogecoin turns out to be an even bigger winner.
The publicly traded company (NYSE: BTCM), based in Akron, Ohio, announcement On Wednesday, the mining of Elon Musk’s favorite cryptocurrency, as well as Litecointhe 24th largest digital asset, was far more profitable than just mining Bitcoin.
Litecoin was launched as a faster and cheaper version of Bitcoin. Dogecoin was created as a joke, but it is now the seventh largest digital coin by market capitalization…especially thank you to the shit message from Tesla CEO Musk.
The two cryptocurrencies can be mined simultaneously in a process called “merged mining,” providing double rewards for the network’s supporters. And for BIT Mining, this proved beneficial as BTC rewards were halved in April as part of a four-year process called the halvemaking Bitcoin mining a less profitable business.
“As other crypto miners look to diversify their revenue streams in a post-halving environment, the company’s expansion into Litecoin and Dogecoin has proven to be nearly three times more profitable than mining of Bitcoin alone,” BIT Mining said in a statement.
He added that the price rise of Dogecoin and Litecoin is due to Musk’s endorsement of the cryptocurrency and President-elect Donald Trump’s promise to support the space.
Musk, the richest man in the world, has repeatedly said on X (formerly known as Twitter) how much he loves Dogecoinleading to past price spikes. But the billionaire has admitted that he is not actively involved in crypto, despite his comments.
BIT Mining said it has mined 84,485 Litecoin and 227,908,250 Dogecoin since it began self-mining in 2021, totals currently valued at $12.2 million and $100.2 million, respectively. In the crypto space, miners work to keep a network operational and mint new coins, usually through industrial operations that consume a lot of electricity.
CoinGecko shows that Dogecoin is currently under negotiation for just under $0.44 per piece, an increase of more than 8% in 24 hours; Litecoin is up 16% and priced at $143.
Bitcoin hit a new all-time high of $103,679 on Wednesday, passage the long-awaited $100,000 mark after weeks of resistance. The coin’s price is now at $101,368, after surging almost 7% in one day.
Edited by Andrew Hayward
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