A mining firm has indicated that Dogecoin and Litecoin yield greater returns than Bitcoin. According to BIT Mining, a US Bitcoin miner, mining the biggest virtual coin is not the only money-making enterprise; indeed, Dogecoin is pounding into even greater profitability.
On Wednesday, the public company NYSE: BTCM based in Akron, Ohio, reported that mining the crypto coin favored by Elon Musk, along with Litecoin, the 24th most popular digital asset, had become far more profitable than just mining Bitcoin alone.
Litecoin was launched as a faster, cheaper version of Bitcoin. Dogecoin was created as a joke but is now the seventh biggest digital coin by market cap—mostly thanks to Tesla CEO Musk’s shit-posting.
The duo of cryptocurrencies can be mined simultaneously in a process called “merged mining”, giving out double profits for network supporters. For BIT Mining, this proved favorable, as BTC rewards were cut in half in April during a quadrennial process called the halving, making Bitcoin mining much less profitable.
“With other crypto miners attempting to seek diversification in revenue streams after the halving event, the company’s entry into Litecoin and Dogecoin has turned out to be almost three times more profitable than mining Bitcoin only,” BIT Mining said in a statement.
It stated that the price boost of Dogecoin and Litecoin can be attributed to Musk’s promotion of the cryptocurrency and Trump’s pledge of support to the sector.
The world’s richest man, Musk, has come out several times on X (formerly known as Twitter) with how much he loves Dogecoin, leading to past price rises. But the billionaire even admitted he is not actively involved in crypto, notwithstanding his comments.
Big Numbers
Since starting its mining operations in 2021, BIT Mining has mined:
- 84,485 Litecoin, worth $12.2 million
- 227,908,250 Dogecoin, worth $100.2 million
The company’s decision to expand into Dogecoin and Litecoin mining is paying off.
What’s Happening in the Market?
Dogecoin’s price has jumped by 8% in the last 24 hours and is trading at $0.44 per coin. Litecoin is up 16% and is now priced at $143 per coin.
Meanwhile, Bitcoin hit a new all-time high of $103,679 on Wednesday, finally crossing the much-anticipated $100,000 mark. It is currently trading at $101,368, up nearly 7% in one day.
BIT Mining’s success shows that diversifying into other cryptocurrencies can be a smart move in a changing market.
