Bit Mining triples revenue through diversification into 'Dogecoin' and 'Litecoin' mining
Summary
- Mining company Bit Mining announced that they increased their revenue threefold by diversifying mining into Dogecoin and Litecoin in addition to Bitcoin.
- Bit Mining reported that they mined 1.28 billion Dogecoins and 84,485 Litecoins as of November 27 using proof-of-work cryptocurrencies.
- Dr. Yuwei Yang stated that the influence of Elon Musk and Trump's victory brought significant changes to mining profitability in the U.S.
According to Cointelegraph, mining company Bit Mining stated that "diversifying mining into proof-of-work cryptocurrencies such as Dogecoin (DOGE) and Litecoin (LTC), rather than just Bitcoin (BTC), is more beneficial in terms of revenue."
Bit Mining reported that this approach has led to nearly tripling their revenue.
Specifically, through their mining activities, Bit Mining mined 1.28 billion Dogecoins and 84,485 Litecoins as of November 27.
In particular, Dogecoin surged after Donald Trump was elected in the presidential election. Dr. Yuwei Yang, Vice President and Chief Economist of Bit Mining, explained, "The influence of Elon Musk and the changing regulatory environment in the U.S. following Trump's victory have significantly impacted mining profitability."
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
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