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Dogecoin Mining Turns Out 3 Times More Profitable for This Bitcoin Miner
BIT Mining has made a whopping $100 million worth of DOGE on its Dogecoin mining operations, per a release.
What to know:
- BIT Mining said it had mined 84,485.42 LTC (worth $10 million at current prices) and 227,908,250 DOGE (worth a whopping $100 million) since it started its self-mining business.
- The endeavor reaped three times more profit than its bigger bitcoin (BTC) mining operations.
- Such gains on its DOGE operations came as the token’s prices have more than tripled since late September on repeated endorsements by technocrat Elon Musk
Publicly traded BIT Mining (BTCM) will continue its self-hosted mining operations for and after the endeavor reaped three times more profit than its bigger bitcoin mining operations, per a release.
BIT Mining said it had mined 84,485.42 LTC (worth $10 million at current prices) and 227,908,250 DOGE (worth a whopping $100 million) since it started its self-mining business. It reported having over 5,500 active mining machines, representing 1.32% of the global network hash rate in LTC, DOGE and the smaller Belcoin (BEL).
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Such gains on its DOGE operations came as the token’s prices have more than tripled since late September on repeated endorsements by technocrat Elon Musk and the proposal of a Department of Government Efficiency (D.O.G.E), a non-governmental department under 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 US after the Trump win, has had a major impact on mining profitability," Dr. Youwei Yang, VP of Mining at BIT Mining, said in a statement. "Many analysts predict this upward trend will continue through 2025, reflecting confidence in DOGE's potential and the broader growth of the cryptocurrency industry."
Mining is the process by which transactions for various cryptocurrencies are verified and added to the blockchain using powerful computers to solve complex mathematical problems, which validate these transactions, in return for token rewards.
Following Bitcoin's latest halving in April 2024, which halved the block reward for miners, many have turned to alternative strategies to maintain profitability. Some firms have repurposed mining infrastructure for AI applications, selling computational power for tasks beyond crypto mining.
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Bank of Japan Set to Hike Rates to 30-Year High, Posing Another Threat to Bitcoin
Rising Japanese rates and a stronger yen threaten carry trades and could pressure crypto markets despite easing U.S. policy.
What to know:
- According to the Nikkei, the Bank of Japan (BoJ) is set to increase interest rates to 75bps, the highest level in 30 years.
- Rising Japanese funding costs, alongside falling U.S rates, could force leveraged funds to reduce carry trade exposure, increasing downside risk for bitcoin.
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