Dogecoin and Litecoin Mining More Profitable Than Bitcoin
The American company BIT Mining, based in Ohio, recently announced that mining Dogecoin (DOGE) and Litecoin (LTC) is proving to be more profitable than Bitcoin. According to a report by Newsbit, the company's latest results show higher profits from these altcoins due to their rising prices and the use of merged mining technology. This method allows simultaneous mining of both Litecoin and Dogecoin, enhancing efficiency significantly after the recent halving event, which reduced rewards for Bitcoin miners.
BIT Mining's strategy appears successful as they have mined nearly 84,500 LTCs worth over $12 million and 228 million DOGEs valued at approximately $100 million since 2021. The increase in the value of these cryptocurrencies—Litecoin reaching highs above $144 and Dogecoin climbing past $0.47—has further boosted profitability compared to traditional Bitcoin mining operations.
Alternative Strategies in the Crypto-Mining Industry
A similar sentiment was echoed by Happy Coin News, where it was reported that BIT Mining’s decision to diversify into multiple digital assets resulted in tripling its earnings this year alone. Despite competitors like CleanSpark choosing not to follow suit with other PoW-based coins, largely because they prefer sticking solely to BTC given its historical precedence within crypto markets; how profitable alternative strategies can become might sway opinions eventually, especially if current trends continue favorably toward non-Bitcoin options across the industry landscape altogether potentially speaking long-term.
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