BIT Mining Earns $100 Million in Dogecoin, Outpacing Bitcoin Mining Profits
BIT Mining (BTCM), a publicly traded mining company, has reported remarkable success in its Dogecoin (DOGE) operations, earning a staggering $100 million, according to a recent release. The company has decided to continue its self-hosted mining activities for Dogecoin and Litecoin (LTC) after these ventures proved to be three times more profitable than its Bitcoin (BTC) mining operations.
Since launching its self-mining initiative, BIT Mining has mined 227,908,250 DOGE (valued at $100 million) and 84,485.42 LTC (worth $10 million at current prices). The company’s fleet of over 5,500 active mining machines currently accounts for 1.32% of the global hash rate for LTC, DOGE, and the smaller cryptocurrency Belcoin (BEL).
Dogecoin Rally Drives Profitability
Dogecoin’s surge in profitability comes on the heels of a price rally that has seen its value more than triple since late September. This growth has been attributed to consistent endorsements from tech mogul Elon Musk and the proposed creation of a Department of Government Efficiency (D.O.G.E.)—a conceptual initiative linked to the upcoming Trump administration.
“The recent rally in Litecoin and Dogecoin, fueled in part by Elon Musk’s influence and the changing regulatory landscape in the U.S. after the Trump win, has had a major impact on mining profitability,” said Dr. Youwei Yang, Vice President of Mining at BIT Mining. “Many analysts predict this upward trend will continue through 2025, reflecting confidence in DOGE’s potential and the broader growth of the cryptocurrency industry.”
Shift in Mining Strategies Post-Bitcoin Halving
BIT Mining’s pivot to alternative cryptocurrencies aligns with a broader industry trend following Bitcoin’s April 2024 halving, which reduced block rewards by 50%. This event has made Bitcoin mining less profitable for many operators, prompting firms to explore other strategies.
Some companies, like BIT Mining, have diversified into altcoins such as DOGE and LTC. Others are repurposing their mining infrastructure for artificial intelligence applications, offering computational power for tasks beyond crypto mining.
The Future of Dogecoin and Mining
BIT Mining’s success with Dogecoin highlights the growing appeal of altcoins in a rapidly evolving crypto landscape. With DOGE’s increasing mainstream appeal and the potential for further price appreciation, mining operators are likely to remain focused on capitalizing on its profitability.
As the cryptocurrency industry continues to adapt to market changes, Dogecoin’s rise demonstrates how flexibility and innovation can yield substantial rewards.
