- BIT Mining reports a slight decrease in Bitcoin production in March.
- The company also mined significant amounts of Dogecoin and Litecoin.
- BIT Mining's stock saw a slight pre-market decline following the production update.
Bitcoin Production Update for BIT Mining (BTCM, Financial)
In March, BIT Mining Ltd. (BTCM) reported the production of 41.55 bitcoins, marking a slight decline from the 42.56 bitcoins produced in February. This production split included 34.96 BTC mined on behalf of hosted clients and 6.59 BTC self-mined. This update comes at a time when shares are trading at $1.47, reflecting a 0.68% decline in pre-market trading.
Diverse Cryptocurrency Mining
Aside from Bitcoin, BIT Mining ventured into altcoin mining by producing substantial amounts of other cryptocurrencies. Specifically, the company mined 2.38 million Dogecoin and 651.6 Litecoin during March, showcasing its varied mining capabilities within the evolving digital currency landscape.
Investor Implications
Investors paying close attention to BIT Mining's performance may find this slight decrease in Bitcoin production noteworthy. However, the company's diverse mining portfolio, including significant Dogecoin and Litecoin production, could provide a hedge against Bitcoin volatility. These developments could be pivotal as they reflect the company's strategy to maintain a balanced cryptocurrency mining portfolio.
