Being a bitcoin miner these days may seem like a bad idea, as cryptocurrency stocks have had a very rough time over the past year. However, BIT Mining (NASDAQ:BTCM) blasted up in Tuesday’s trading, and the biggest cause for that huge leap up can be traced immediately to a new product line.
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The last five days of trading for BIT Mining were fairly sedate until this development came along. BIT Mining spent a day or two down around the $2 level but then started a slow climb. That climb turned into a surge that caused it to roughly double from five days prior.
The big move for BIT Mining featured a brand-new mining machine known as the LD3. The LD3 isn’t a bitcoin miner but rather a miner designed for some oddly specific circumstances. LD3 works on the Litecoin (LTC-USD) and Dogecoin blockchains. Litecoin makes sense enough; it’s often considered the silver to bitcoin’s gold.
But Dogecoin is a much more unusual step, sometimes regarded as little more than a “joke” cryptocurrency. It’s risen quite a bit over the last couple of years but still aspires to reach the whole-dollar level. The new LD3 is designed to make mining cryptocurrency more profitable for its end users through higher efficiency.
Still, with mining hosts making advances in efficiency as well, it’s clear to see why BIT Mining made the push. Sazmining, for example, rolled out a mining hosting solution with a hydroelectric power source. That makes it not only more efficient but carbon neutral as well. Mining coin of any type takes a lot of power, and those who provide it more efficiently will likely draw a market much more readily.
