BIT Mining Announces Commitment to Litecoin (LTC) and Dogecoin (DOGE) Mining, Bringing Increased Profitability

Rhea-AI Summary

BIT Mining (NYSE: BTCM) has announced its strategic focus on mining Litecoin (LTC) and Dogecoin (DOGE) alongside Bitcoin, reporting nearly triple the profitability compared to Bitcoin mining alone. The company currently operates over 5,552 mining machines with a combined hash rate of 18.94 TH/s, representing 1.32% of the global network hash rate for LTC/DOGE/BEL mining.

Since starting its LTC and DOGE mining operations, the company has mined 84,485.42 LTC and 227,908,250.38 DOGE. BIT Mining's success is attributed to its self-produced LD3 miners, developed following the 2021 acquisition of Bee Computing. The company has also recently expanded operations into Ethiopia.

Positive

• Mining LTC and DOGE is nearly three times more profitable than BTC mining alone
• Controls 1.32% of global LTC/DOGE/BEL network hash rate
• Successfully mined 84,485.42 LTC and 227,908,250.38 DOGE
• Operating 5,552 active mining machines with 18.94 TH/s combined hash rate

Negative

• None.

Insights

Cryptocurrency Mining Analyst

The strategic pivot to LTC/DOGE mining represents a significant operational advantage, with profitability nearly three times higher than BTC mining alone. The company's 1.32% share of global hash rate and deployment of 5,552 mining machines demonstrates substantial market presence. The self-produced LD3 miners, capable of mining three coins simultaneously (LTC/DOGE/BEL), provide a competitive edge through vertical integration and enhanced cost efficiency.

The impressive mining output of 84,485.42 LTC and 227,908,250.38 DOGE validates the strategy's effectiveness. The acquisition of Bee Computing in 2021 has proven pivotal, enabling in-house hardware development and reducing operational costs. The expansion into Ethiopia further diversifies operations and potentially reduces energy costs, important for maintaining competitive advantages in mining operations.

Market Research Analyst

The timing of BIT Mining's strategic focus aligns well with market dynamics. The recent crypto market rally, particularly in alternative coins, provides significant revenue diversification opportunities. The company's development of proprietary mining technology through the LD3 miners positions it advantageously for the upcoming Bitcoin halving event, where efficiency will become increasingly critical.

The ability to mine multiple coins simultaneously offers flexibility to adjust operations based on profitability and market conditions. This adaptability, combined with vertical integration through in-house hardware development, creates a robust business model that can better withstand market volatility and regulatory changes. The company's expansion into Ethiopia also suggests a strategic approach to securing low-cost energy sources, important for long-term sustainability.

Using self-produced LD3 Miners, BIT Mining is responsible for 1.32% of the global Litecoin and Dogecoin Network Hash Rate

AKRON, Ohio, Dec. 4, 2024 /PRNewswire/ -- BIT Mining Limited (NYSE: BTCM) ("BIT Mining" or the "Company"), a leading technology-driven cryptocurrency mining company, today announced the Company's continued commitment to self-mining Litecoin (LTC) and Dogecoin (DOGE) alongside Bitcoin (BTC) mining and its data center hosting businesses. As other crypto miners look to diversify revenue streams in a post-halving environment, the Company's expansion into Litecoin (LTC) and Dogecoin (DOGE) has proved to be nearly three times more profitable than mining BTC alone.

"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," commented Xianfeng Yang, CEO of BIT Mining. "By combining innovation with agility, we are enhancing our competitive edge and creating value for our stakeholders. As the cryptocurrency market continues to evolve, we are ready to grow alongside it, leveraging our strengths for long-term success."

As of November 27, 2024, the Company has mined 84,485.42 LTC and 227,908,250.38 DOGE since it started the LTC and DOGE self-mining business. With over 5,552 active LTC/DOGE/BEL mining machines (capable of mining three coins at the same time, BEL coin is newer and relatively more volatile) delivering a combined hash rate of 18.94 TH/s, the Company currently represents 1.32% of the total global network hash rate in LTC/DOGE/BEL, as one of the largest participants.

BIT Mining's commitment to Litecoin (LTC) and Dogecoin (DOGE) is a major strategic action following the Company's 2021 acquisition of Bee Computing, a semiconductor company dedicated to blockchain hardware design and development. Since the acquisition, the Company has launched power-efficient LD3 miners, one of a few cutting-edge machines that delivers highly cost-effective performance while offering the shortest payback period for LTC/DOGE/BEL mining, increasing profitability and solidifying its position as a market leader. Beyond many years of chip design knowledge accumulation, and three years of dedicated efforts developing crypto miners, the success of LD3 has proven BIT Mining's forward planning and long-term devotion to blockchain technology, where miners stand firmly in the foundational base to validate and support the whole ecosystem.

"The recent rally in Litecoin and Dogecoin, fueled in part by Elon Musk's influence and the changing regulatory landscape in the US after the Trump win, has had a major impact on mining profitability," noted Dr. Youwei Yang, Chief Economist and VP of Mining at BIT Mining. "Ongoing advancements in blockchain technology, particularly in network interoperability, are fueling optimism in the crypto market, with Dogecoin and Litecoin gaining significant momentum. Many analysts predict this upward trend will continue through 2025, reflecting confidence in DOGE's potential and the broader growth of the cryptocurrency industry."

Having recently announced an expansion into Ethiopia, the Company continues to be at the forefront of industry and technology innovation, securing premium mining and data center resources while building strong international partnerships. With a renewed focus on mining machine development, self-operated mining, and data center operations, the Company is well positioned to thrive in the rapidly evolving crypto environment.

To learn more about BIT Mining, visit www.btcm.group.

About BIT Mining

BIT Mining (NYSE: BTCM) is a leading technology-driven cryptocurrency mining company with operations in cryptocurrency mining, data center operation and mining machine manufacturing. The Company is strategically creating long-term value across the industry with its cryptocurrency ecosystem. Anchored by its cost-efficient data centers that strengthen its profitability with steady cash flow, the Company also conducts self-mining operations that enhance its marketplace resilience by leveraging self-developed and purchased mining machines to seamlessly adapt to dynamic cryptocurrency pricing. The Company also owns 7-nanometer BTC chips and has strong capabilities in the development of LTC/DOGE miners and ETC miners.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "going forward," "outlook" and similar statements. Forward looking statements in this press release include, but are not limited to, statements on the future development of the cryptocurrency mining industry, particularly Litecoin and Dogecoin, and of the Company itself. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control, which may cause the Company's actual results, performance or achievements to differ materially from those in the forward-looking statements. Important factors that could cause BIT Mining's actual results to differ materially from those indicated in the forward-looking statements include, but are not limited to, any adverse change in the business and financial performance of the Company or the landscape of the cryptocurrency mining industry. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

Media Contact
Bitmining@mgroupsc.com

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SOURCE BIT Mining Limited

FAQ

How much more profitable is LTC/DOGE mining compared to BTC mining for BTCM?

According to BIT Mining's announcement, mining Litecoin and Dogecoin is nearly three times more profitable than mining Bitcoin alone.

What is BTCM's current hash rate for LTC/DOGE mining as of November 2024?

BIT Mining operates with a combined hash rate of 18.94 TH/s, representing 1.32% of the total global network hash rate for LTC/DOGE/BEL mining.

How many LTC and DOGE has BTCM mined as of November 27, 2024?

BIT Mining has mined 84,485.42 LTC and 227,908,250.38 DOGE since starting its LTC and DOGE self-mining operations.