BIT Mining Releases ASIC Miner for Litecoin and Dogecoin Mining

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

From the first batch of 5 000 devices, partwill be used by BIT Mining itself, and part of it will be sent to third-party customers. This is the second ASIC miner model presented by BIT Mining after the takeover of 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 totransforming the company to make the business more distributed, represented in various areas of the blockchain industry,” says BIT Mining CFO Youwei Yang.

Previously 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, lack of dependence on third-party suppliers, and the ability to fine-tune equipment to the needs of the company. 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.