BIT Mining Reports $100 Million in Dogecoin Profits, Surpassing Bitcoin Mining Earnings
BIT Mining (BTCM), a publicly traded cryptocurrency mining company, has announced that its Dogecoin (DOGE) mining operations have generated an impressive $100 million in profits, significantly outpacing the profitability of its Bitcoin (BTC) mining activities. The company’s decision to focus on Dogecoin and Litecoin (LTC) has proven to be a highly successful strategy, with these ventures delivering three times the profit compared to its Bitcoin operations.
Since launching its self-hosted mining business, 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 operates over 5,500 active mining machines, contributing 1.32% to the global hash rate across DOGE, LTC, and the smaller cryptocurrency Belcoin (BEL).
Dogecoin’s Price Surge Fuels Mining Profits
The success of BIT Mining’s Dogecoin operations comes amid a major price rally for DOGE, which has more than tripled in value since late September. The surge has been driven by ongoing endorsements from tech entrepreneur Elon Musk and the proposal of a Department of Government Efficiency (D.O.G.E.), a non-governmental initiative linked to the anticipated Trump administration.
“The surge in both Litecoin and Dogecoin has dramatically boosted mining profitability,” said Dr. Youwei Yang, VP of Mining at BIT Mining. “With continued support from influential figures like Musk and a more favorable regulatory environment in the U.S. under Trump, we expect this trend to persist through 2025, signaling strong potential for DOGE and the broader cryptocurrency market.”
Mining Strategies Shift After Bitcoin Halving
BIT Mining’s pivot toward Dogecoin and Litecoin follows Bitcoin’s April 2024 halving, which reduced the block reward for Bitcoin miners by half, impacting profitability. In response, many miners have turned to alternative strategies, including mining more profitable altcoins or repurposing mining infrastructure for AI and other computational uses.
The Future of Dogecoin Mining
BIT Mining’s success story emphasizes Dogecoin’s growing appeal and the changing dynamics within the mining industry. With increased media attention, institutional interest, and the continued influence of figures like Elon Musk, Dogecoin’s rise as a profitable mining asset appears set to continue. The company’s shift toward altcoins positions it well for future growth in an evolving cryptocurrency landscape.
