Dogecoin Mining Outshines Bitcoin for BIT Mining

Bitcoin miner BIT Mining (NYSE: BTCM) has revealed that Dogecoin and Litecoin mining has proven far more profitable than Bitcoin mining. The Ohio-based company announced Wednesday that diversifying its operations into Elon Musk’s favorite meme coin and Litecoin has delivered greater returns in a post-halving environment.

“Mining Litecoin and Dogecoin has been nearly three times more profitable than Bitcoin mining alone,” BIT Mining said in a statement.

Why Dogecoin and Litecoin?

The Power of Merged Mining

Dogecoin and Litecoin can be mined simultaneously through a process called merged mining, which allows miners to secure both networks while earning rewards for both cryptocurrencies.

For BIT Mining, this approach has mitigated the impact of Bitcoin’s quadrennial halving—an event that cuts Bitcoin mining rewards in half, reducing profitability for miners.

Price Surges and Endorsements

The profitability of Dogecoin and Litecoin has been bolstered by high-profile endorsements.

• Elon Musk, a longtime supporter of Dogecoin, has repeatedly caused price surges with his tweets and public comments.
• President-elect Donald Trump has also pledged to support the cryptocurrency space, further fueling optimism around digital assets.

Mining Success by the Numbers

Since starting its self-mining operations in 2021, BIT Mining has mined:

• 84,485 Litecoin, currently valued at $12.2 million.
• 227,908,250 Dogecoin, worth approximately $100.2 million.

These efforts highlight the growing appeal of altcoin mining as a complementary strategy to Bitcoin.

The Current Crypto Market

Dogecoin and Litecoin

According to CoinGecko data:

• Dogecoin is trading just under $0.44, up more than 8% in the past 24 hours.
• Litecoin is priced at $143, a 16% increase in the same period.

Bitcoin

Meanwhile, Bitcoin hit a new all-time high of $103,679 on Wednesday before slightly retreating to $101,368, marking a nearly 7% daily gain.

Post-Halving Diversification

BIT Mining’s success with Dogecoin and Litecoin highlights a growing trend among crypto miners to diversify revenue streams. With Bitcoin mining becoming less lucrative post-halving, alternative cryptocurrencies like Dogecoin and Litecoin offer promising opportunities for miners to stay profitable.

As meme coins continue to capture attention and price momentum, BIT Mining’s strategy exemplifies how miners can adapt to market dynamics while leveraging high-profile endorsements to maximize returns.