Cryptocurrencies Dogecoin (DOGE) and Litecoin (LTC), operating on the PoW protocol, turned out to be three times more profitable to mine than Bitcoin.
The American company BIT Mining used to mine only BTC, but this year it decided to start mining both Bitcoin and DOGE and LTC. By November 27, the company had earned Dogecoin worth $94.8 million and Litecoin worth $10.7 million, as well as an unknown amount of BTC. According to the company’s employees, the transition to mining three digital assets allowed them to almost triple their profits.
As of the end of 2023, the computing power of BIT Mining equipment for mining Bitcoin was 3.16 petahash per second. It is unknown how much power the company allocated to mining DOGE and LTC, so it is impossible to determine exactly how the organization diversified its business. However, the organization’s employees admitted that the high profit was partly due to the rapid growth of the Dogecoin rate, which has increased by 180% over the past month. BTC has increased in price by only 51% during this time.
BIT Mining Mining Farm
Despite the success of the BIT Mining strategy, competitors of the enterprise CleanSpark and TeraWulf do not plan to mine other cryptocurrencies issued in PoW-based networks and want to focus on Bitcoin mining.