Using self-produced LD3 Miners, BIT Mining is
responsible for 1.32% of the global Litecoin and
Dogecoin Network Hash Rate
AKRON,
Ohio, Dec. 4, 2024 /PRNewswire/ -- BIT Mining
Limited (NYSE: BTCM) ("BIT Mining" or the "Company"), a leading
technology-driven cryptocurrency mining company, today
announced the Company's continued commitment to self-mining
Litecoin (LTC) and Dogecoin
(DOGE) alongside Bitcoin (BTC) mining and
its data center hosting businesses. As other crypto
miners look to diversify revenue streams in a post-halving
environment, the Company's expansion into Litecoin
(LTC) and Dogecoin (DOGE) has proved to
be nearly three times more profitable than mining BTC alone.
"At BIT Mining, we believe our cutting-edge technology and
forward-thinking strategy uniquely position us to adapt to market
shifts and seize new opportunities," commented Xianfeng Yang, CEO of BIT Mining. "By combining
innovation with agility, we are enhancing our competitive edge and
creating value for our stakeholders. As the
cryptocurrency market continues to evolve, we are
ready to grow alongside it, leveraging our strengths for long-term
success."
As of November 27, 2024, the
Company has mined 84,485.42 LTC and 227,908,250.38
DOGE since it started the LTC and DOGE
self-mining business. With over 5,552 active
LTC/DOGE/BEL mining machines (capable of mining three
coins at the same time, BEL coin is newer and relatively more
volatile) delivering a combined hash rate of 18.94 TH/s, the
Company currently represents 1.32% of the total global network hash
rate in LTC/DOGE/BEL, as one of the largest
participants.
BIT Mining's commitment to Litecoin (LTC) and
Dogecoin (DOGE) is a major strategic
action following the Company's 2021 acquisition of Bee Computing, a
semiconductor company dedicated to blockchain hardware design and
development. Since the acquisition, the Company has launched
power-efficient LD3 miners, one of a few cutting-edge machines that
delivers highly cost-effective performance while offering the
shortest payback period for LTC/DOGE/BEL mining,
increasing profitability and solidifying its position as a market
leader. Beyond many years of chip design knowledge accumulation,
and three years of dedicated efforts developing crypto
miners, the success of LD3 has proven BIT Mining's forward planning
and long-term devotion to blockchain technology, where miners stand
firmly in the foundational base to validate and support the whole
ecosystem.
"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," noted Dr. Youwei Yang, Chief Economist and VP of Mining at
BIT Mining. "Ongoing advancements in blockchain technology,
particularly in network interoperability, are fueling optimism in
the crypto market, with Dogecoin and
Litecoin gaining significant momentum. Many analysts
predict this upward trend will continue through 2025, reflecting
confidence in DOGE's potential and the broader growth
of the cryptocurrency industry."
Having recently announced an expansion into Ethiopia, the Company continues to be at the
forefront of industry and technology innovation, securing premium
mining and data center resources while building strong
international partnerships. With a renewed focus on mining machine
development, self-operated mining, and data center operations, the
Company is well positioned to thrive in the rapidly evolving
crypto environment.
To learn more about BIT Mining, visit www.btcm.group.
About BIT Mining
BIT Mining (NYSE: BTCM) is a leading
technology-driven cryptocurrency mining
company with operations
in cryptocurrency mining, data center
operation and mining machine manufacturing. The Company is
strategically creating long-term value across the industry with
its cryptocurrency ecosystem. Anchored by
its cost-efficient data centers that strengthen its profitability
with steady cash flow, the Company also conducts self-mining
operations that enhance its marketplace resilience by leveraging
self-developed and purchased mining machines to seamlessly adapt to
dynamic cryptocurrency pricing. The Company
also owns 7-nanometer BTC chips and has strong capabilities in the
development of LTC/DOGE miners and ETC
miners.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended, and as defined in the U.S. Private Securities
Litigation Reform Act of 1995. These forward-looking statements can
be identified by terminology such as "will," "expects,"
"anticipates," "future," "intends," "plans," "believes,"
"estimates," "target," "going forward," "outlook" and similar
statements. Forward looking statements in this press release
include, but are not limited to, statements on the future
development of the cryptocurrency mining industry,
particularly Litecoin and Dogecoin, and
of the Company itself. Such statements are based upon management's
current expectations and current market and operating conditions
and relate to events that involve known or unknown risks,
uncertainties and other factors, all of which are difficult to
predict and many of which are beyond the Company's control, which
may cause the Company's actual results, performance or achievements
to differ materially from those in the forward-looking statements.
Important factors that could cause BIT Mining's actual results to
differ materially from those indicated in the forward-looking
statements include, but are not limited to, any adverse change in
the business and financial performance of the Company or the
landscape of the cryptocurrency mining industry.
Further information regarding these and other risks, uncertainties
or factors is included in the Company's filings with the U.S.
Securities and Exchange Commission. The Company does not undertake
any obligation to update any forward-looking statement as a result
of new information, future events or otherwise, except as required
under law.
Media Contact
Bitmining@mgroupsc.com
View original
content:https://www.prnewswire.com/news-releases/bit-mining-announces-commitment-to-litecoin-ltc-and-dogecoin-doge-mining-bringing-increased-profitability-302322261.html
SOURCE BIT Mining Limited