Bitcoin BIT Mining, a miner in the United States, has revealed that minting a virtual currency isn’t the only way to make money right now. Dogecoin This is turning out to be a bigger winner.
Akron is the home of a publicly traded firm, NYSE: BTCM. Wednesday that mining Elon Musk’s favorite cryptocurrency—along with Litecoin, the 24th biggest digital asset—was far more profitable than just mining Bitcoin alone.
Litecoin is a version of Bitcoin that’s faster and cheaper. Dogecoin was created as a joke but it’s now the seventh biggest digital coin by market cap—Most Thanks Tesla CEO Musk’s “shitposting”
Two cryptocurrencies are mineable simultaneously using a method called “merged mining,” Delivering double rewards to network supporters. In April, the BTC payouts were reduced in half by a four-year process known as The HalfingBitcoin mining becomes less profitable.
“As other crypto miners look to diversify revenue streams in a post-halving environment, the company's expansion into Litecoin and Dogecoin has proved to be nearly three times more profitable than mining Bitcoin alone,” BIT mining said in a release.
The article added that the price increases of Dogecoin, Litecoin are due to Musk’s support for the crypto and Trump’s pledge to help the area.
Musk has said repeatedly on X and Twitter that he is a fan of Dogecoin. The price spikes have been attributed to his comments. However, the billionaire is not a fan of Dogecoin. admitted That despite the comments, he is not involved actively in crypto.
BIT Mining said it had mined 84,485 Litecoin and 227,908,250 Dogecoin since it started its self-mining business in 2021—totals currently valued at $12.2 million and $100.2 million, respectively. The crypto-space is dominated by miners who keep the network going and create new coins. This usually involves industrial processes that consume a large amount of energy.
CoinGecko shows Dogecoin as a cryptocurrency. Current Trading Litecoin, at just $0.44 a coin, has seen a rise of more than 8% within 24 hours. Up by 16 % The price is $143.
Bitcoin reached a record high on Wednesday of $103,679 Crossing After weeks of resistance, the coin finally reached its long-anticipated $100k mark. Coin is currently priced at $101,368, having risen by nearly 7 percent in one day.
Edited By Andrew Hayward