January 27, 2023

BIT Mining Releases ASIC Miner for Litecoin and Dogecoin Mining

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BIT Mining Releases ASIC Miner for Litecoin and Dogecoin Mining

BIT Mining introduced the LD3 device for mining Litecoin and Dogecoin. More than 5,000 devices have already been released. Against the backdrop of such news, the shares of the crypto company rose by 51%.

Of the first batch of 5,000 devices, a part willused by BIT Mining itself, and part of it was sent to third-party customers. This is the second ASIC miner model introduced by BIT Mining after the takeover of the mining equipment manufacturer Bee Computing last year. The performance of BIT Mining LD3 is 4800 MH/s with an energy efficiency of 0.73 W/MH.

“We have made significant efforts totransformation of the company to make the business more distributed, represented in various areas of the blockchain industry,” said Youwei Yang, CFO of BIT Mining.

Formerly Analyst Kevin Dedestated that the release of its own ASIC miners allows BIT Mining to be a vertically integrated company. This provides benefits including cost control, no reliance on third-party vendors, and the ability to fine-tune equipment to meet company needs. In addition, own production provides an additional and potentially large source of income.

In 2021, BIT Mining planned to build a large data center in Kazakhstan, but at the beginning of 2022, it was decided to abandon the plans.