On December 4, BIT Mining, a crypto mining firm that when centered solely on Bitcoin
A part of this surge comes from the rising value of Dogecoin, which bought a lift following political occasions. When Donald Trump gained the US election, and Elon Musk advised making a authorities effectivity advisory physique referred to as DOGE, it helped push Dogecoin’s value up.
BIT Mining’s vp and chief economist, Youwei Yang, identified that these occasions, together with modifications in US rules, performed a vital function in boosting mining returns.
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As of November 27, BIT Mining reported spectacular outcomes from its new mining actions: it had mined a complete of 227,908,250.38 DOGE, price round $94.8 million, and 84,485.42 LTC, valued at $10.7 million. Nevertheless, the corporate didn’t disclose how a lot of the mined DOGE and LTC it had saved.
The corporate’s shift into DOGE and LTC mining started in early 2023, after the corporate, previously referred to as 500.com, transitioned from being a web-based sports activities lottery operator to specializing in Bitcoin mining.
Since then, BIT Mining has grown, working over 5,550 mining machines devoted to DOGE, Bellscoin (BELL), and LTC, contributing 1.32% of the whole hashrate for these cash.
Whereas BIT Mining has discovered success in increasing its mining operations, the corporate’s journey hasn’t been with out controversy. Not too long ago, it was fined $10 million over a corruption scandal. What led to this hefty high quality? Learn the complete story.
Having accomplished a Grasp’s diploma in Economics, Politics, and Cultures of the East Asia area, Aaron has written scientific papers analyzing the variations between Western and Collective types of capitalism within the post-World Warfare II period.
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