Why Bitcoin-, Litecoin- And Dogecoin-Related Stock BIT Mining Is Up Over 50%

BIT Mining Ltd - ADR BTCM shares are trading higher by 50.33% to $4.60 Tuesday morning after the company announced the launch of a new energy efficient LiteCoin/DogeCoin Miner, LD3.

What Else?

BIT Mining says, currently, over 5,000 of the new LD3 miners have been produced for both the company's internal use and sale to the public.

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"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," said Xianfeng Yang, CEO of BIT Mining.

"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," Yang stated.

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According to data from Benzinga Pro, BTCM has a 52-week high of $47.50 and a 52-week low of $1.40.