Bitcoin miner BIT Mining said that minting the largest virtual coin at the moment is not the only cash cow for the business, with Dogecoin proving to be an even bigger winner.
The publicly traded Akron, Ohio-based company (NYSE:BTCM) said Wednesday that mining Litecoin, Elon Musk's favorite cryptocurrency and the 24th largest digital asset, is better than mining Bitcoin alone. announced that it was also much more profitable.
Litecoin was launched as a faster and cheaper version of Bitcoin. Dogecoin was created as a joke, but it is currently the seventh largest digital coin by market capitalization. This is mostly thanks to Tesla CEO Musk's shitty posts.
The two cryptocurrencies can be mined simultaneously in a process called “merge mining,” providing double rewards to network supporters. And for BIT Mining, it proved beneficial as BTC rewards were cut in half in April in a quadrennial process called halving, making 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 could be nearly three times more profitable than mining Bitcoin alone. ” BIT Mining said in a statement.
He added that the soaring prices of Dogecoin and Litecoin are thanks to Musk's support for cryptocurrencies and President-elect Donald Trump's promise to support the sector.
Musk, the world's richest man, has repeatedly said on X (formerly Twitter) how much he loves Dogecoin, leading to past price spikes. However, the billionaire admitted that despite his comments, he is not actively involved in cryptocurrencies.
BIT Mining has announced that it has mined 84,485 Litecoin and 227,908,250 Dogecoin since starting its self-mining business in 2021, with a current total value of $12.2 million and $100 million, respectively. do. In the cryptocurrency space, miners work to keep networks running and mint new coins through industrial operations that typically use large amounts of electricity.
Dogecoin is currently trading at just under $0.44 per coin, up more than 8% in 24 hours, according to CoinGecko. Litecoin has risen 16% to a price of $143.
On Wednesday, Bitcoin hit an all-time high of $103,679, breaking through the long-awaited $100,000 level after weeks of resistance. The coin's price is currently $101,368 after rising nearly 7% in one day.
Edited by Andrew Hayward
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