BIT Mining Limited (NYSE: BTCM) is engaged as a cryptocurrency mining company, which is focused on mining, mining pool, data center operations and miner manufacturing. The company is also the owner of BTC.com. Shares of the cryptomining company are soaring 48% through afternoon trading on Tuesday, January 17, 2023. Over the past three months, BIT Mining has seen average daily volume of 104,910 shares. However, volume of 23.56 million shares or dollar volume of around $106.26 million, has already exchanged hands through afternoon trading.
Shares of BIT Mining are soaring after the company unveiled its new state-of-the-art LD3 cryptocurrency mining machines, which have been specifically designed to mine Litecoin (LTC) and Dogecoin (DOGE). The LD3 machines have a strong power efficiency of 0.73 W/MH and a delivery of 4800 MH/s, which makes the latest model considerably more profitable and energy efficient than its predecessor.
Another unique feature of the LD3 machines is their ability to leverage computing power chips to help lessen the extreme conditions crypto mining machines are typically used. This not only prolongs the life of the LD3 machines, but it also lessens the need to service the miners as well. Aside from performance upgrades, the LD3 miners also have enhanced security features that provide software-based security mechanisms with the ability to deploy patches and fixes.
BIT Mining says it currently has over 5,000 new LD3 machines that have either been produced for the company’s mining activities or for sale to the public. The LD3 machine represents the second ASIC mining machine developed by BIT Mining after completing its acquisition of Bee Computing back in 2022. BIT Mining previously released an Ethereum Classic (ETC) mining machine in August 2022.
“The unveiling of the LD3 mining equipment marks a significant advancement for BIT Mining Limited as this next generation of LTC/DOGE miners will push the industry ahead with currently unmatched technical specs. The LD3’s release is also well-timed with the upcoming LTC halving event in August, allowing us to make a strategic pivot to other growing blockchain technologies. This development also validates our corporate strategy to be hard core technology-driven.” said Mr. Xianfeng Yang, CEO of BIT Mining.
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