BIT Mining Continues Focus on Litecoin and Dogecoin Mining

Bitcoin Crypto Mining DOGE

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Hongji Feng

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Hongji Feng

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Hongji is a crypto and tech reporter. He graduated from Northwestern University's Medill School of Journalism with a Bachelor's and a Master's. He has previously interned at HTX (Huobi Global),...

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December 4, 2024 13:39 EST

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BIT Mining reaffirmed its commitment to Litecoin (LTC) and Dogecoin (DOGE) mining on Wednesday, unveiling a strategy designed to maximize profitability through advanced mining hardware and market adaptability.

The company reported that as of November 27, 2024, it had mined 84,485.42 Litecoin (LTC) and 227,908,250.38 Dogecoin (DOGE) using its LD3 miners, which contribute 1.32% of the global hash rate for these networks.

Three Times More Profitable Than Bitcoin Mining

BIT Mining currently operates 5,552 active LD3 mining machines, which mine Litecoin, Dogecoin, and the newer BEL coin.

Together, these machines deliver a combined hash rate of 18.94 TH/s, ranking BIT Mining among the largest contributors to Litecoin and Dogecoin networks.

The LD3 miners, developed in-house, are celebrated for their cost-effectiveness and short payback period.

BIT Mining credited the development of these miners to its 2021 acquisition of blockchain hardware design firm Bee Computing.

BIT Mining CEO Xianfeng Yang emphasized the company’s adaptive strategy, stating: “At BIT Mining, we believe our cutting-edge technology and forward-thinking strategy uniquely position us to adapt to market shifts and seize new opportunities.”

He added, “By combining innovation with agility, we are enhancing our competitive edge and creating value for our stakeholders.”

The company emphasized that Litecoin and Dogecoin mining has proven more profitable than Bitcoin mining, with recent price rallies driving this surge.

Favorable market conditions have made these altcoins attractive options for miners seeking to optimize returns.

DOGE and LTC Mining Gains Momentum

BIT Mining’s Chief Economist, Youwei Yang, expressed optimism about Litecoin and Dogecoin, citing advancements in blockchain technology and growing network interoperability.

“The recent rally in Litecoin and Dogecoin, fueled in part by Elon Musk’s influence and regulatory shifts following the Trump administration’s return, has had a major impact on mining profitability,” Yang explained.

He further elaborated on how these factors, combined with ongoing blockchain advancements, have fueled optimism across the crypto market.

Both Dogecoin and Litecoin are gaining momentum, presenting attractive opportunities for miners and investors alike.