Mining Dogecoin Turns Out to Be Three Times as Profitable as Bitcoin for This Operator.

BIT Mining Secures $100 Million in Dogecoin Profits, Outperforms Bitcoin Mining by Threefold

BIT Mining (BTCM), a publicly listed cryptocurrency mining company, has announced an impressive $100 million in earnings from its Dogecoin (DOGE) mining operations, revealing that Dogecoin mining has proven three times more profitable than its Bitcoin (BTC) mining efforts.

The company has mined a total of 227,908,250 DOGE, valued at $100 million, and 84,485.42 LTC, worth $10 million, since launching its self-hosted mining business. BIT Mining currently operates more than 5,500 active mining machines, representing 1.32% of the global hash rate for Dogecoin, Litecoin, and the smaller Belcoin (BEL).

The Impact of Dogecoin’s Price Surge

The profitability boost from Dogecoin is linked to its dramatic price increase, which has tripled since late September. This rise has been fueled by continuous endorsements from Elon Musk and the proposal of a new Department of Government Efficiency (D.O.G.E.), an initiative tied to the upcoming Trump administration.

“The growth in Litecoin and Dogecoin, partly driven by Musk’s influence and the regulatory shifts in the U.S. after Trump’s election, has significantly improved mining profitability,” commented Dr. Youwei Yang, Vice President of Mining at BIT Mining. “With analysts forecasting continued growth in Dogecoin’s value and the broader cryptocurrency sector, we are optimistic that this trend will last through 2025.”

Adaptation After Bitcoin’s Halving

The surge in Dogecoin profitability comes after Bitcoin’s April 2024 halving, which reduced block rewards for miners by 50%, prompting many mining firms to seek more profitable avenues. BIT Mining’s strategic pivot to Dogecoin and Litecoin has proven lucrative, while other companies have diversified their operations to include AI and non-crypto computing tasks.

Looking Ahead: More Profits From Dogecoin

BIT Mining’s success with Dogecoin highlights the growing demand for alternative cryptocurrencies in mining operations. As Dogecoin’s popularity continues to rise, driven by both market interest and influential endorsements, the company’s pivot is positioning it for continued success in the evolving crypto landscape. With increasing media attention and expanding adoption, the future looks promising for Dogecoin mining operations.