The American Bitcoin (BTC) mining company BIT Mining from Ohio made a striking announcement last week. On Wednesday, the company, which is listed on the New York Stock Exchange (NYSE), published its mining results. This shows that the company currently makes more profit from mining Litecoin (LTC) and Dogecoin (DOGE) than from Bitcoin.
Advantages of merged mining
One of the reasons behind this success is the application of merged mining. This allows mining operations for Litecoin and Bitcoin to be conducted simultaneously, increasing efficiency. BIT Mining states that this technology has significantly improved their profitability, especially after the Bitcoin Halving in April this year, which halved the rewards for Bitcoin miners.
In a statement, BIT Mining indicated: “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 Bitcoin alone.”
Take advantage of rising LTC and DOGE prices
The increase in the prices of Litecoin and Dogecoin has further benefited the mining company. At the beginning of November, the prices of both altcoins were considerably lower. Litecoin was then trading around $69, while Dogecoin was at $0.20. Prices have now risen sharply: Litecoin peaked above $144 last week, and Dogecoin reached a price of more than $0.47.
Impressive wins
BIT Mining has already mined almost 84,500 LTC and 228 million DOGE since 2021. This represents a value of over $12 million in Litecoin and $100 million in Dogecoin. These impressive numbers show how profitable altcoin mining can be, especially as rewards on the Bitcoin network become more limited.
Different strategies in the mining industry
BIT Mining’s results underline a broader trend in the crypto mining industry. More and more miners are turning to alternative cryptocurrencies to increase their income as Bitcoin mining has become less lucrative. BIT Mining’s success may spur other mining companies to consider similar strategies.
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Source: https://newsbit.nl/minen-van-dogecoin-en-litecoin-rendabeler-dan-bitcoin/
