BIT Mining Shares up 106% After New Miner Announcement

BIT Mining Shares up 106% After New Miner Announcement

Shares of BIT Mining (BTCM) on the New York Stock Exchange (NYSE) rose 106% from USD 2.11 to USD 4.36 per share after the company announced the release of new LD3 mining devices on Twitter on 10 January.

On 17 January, hardware manufacturer BIT Mining announced on its blog that the production of these devices has already begun. The device will support the mining of the Litecoin (LTC) and Dogecoin (DOGE) cryptocurrencies. In total, 5,000 machines are in the pipeline, some of which are intended for internal use while some are for sale, according to the announcement.

The 3.5 kW LD3 device will be more profitable than its predecessors by consuming energy more efficiently, says BIT Mining. This is the second ASIC miner the company has developed since acquiring hardware maker Bee Computing last year. The first, produced in August last year, was a device for mining the Ethereum Classic (ETC) cryptocurrency.

BIT Mining’s business includes cryptocurrency mining, data center management, and hardware manufacturing. The company also owns a large mining pool,, which was hacked late last year. As a result of the hacker attack, attackers managed to withdraw USD 700,000 from the pool of crypto assets owned by clients, as well as stealing USD 2.3 million worth of cryptocurrency from the project’s own wallets.

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