BIT Mining Releases ASIC Miner for Litecoin and Dogecoin Mining

BIT Mining introduced the LD3 device for mining Litecoin and Dogecoin. More than 5000 units have already been produced. Against the backdrop of such news, the shares of the crypto company rose by 51%.

Of the first batch of 5000 units, part will be used by BIT Mining itself, and part will be sent to third parties clients. This is the second ASIC mining model introduced by BIT Mining after acquiring mining equipment manufacturer Bee Computing last year. The performance of BIT Mining LD3 is 4800 MHz/s with an energy efficiency of 0,73 W/MH.

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

Earlier, analyst Kevin Dede stated that the release of its own ASIC miners allows BIT Mining to be a vertically integrated company. This provides benefits such as cost control, no dependency on third-party vendors, and the ability to fine-tune hardware to meet business 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.