The launch of the LD3 miner provoked a sharp rise in Bit Mining shares
In addition to the announcement about the launch of the new equipment, the increase in securities quotations was also caused by the general rise in the crypto-market and the increase in the value of BTC.
Recall, the first cryptocurrency was able to grow from $17,000 to $21,000 in a short period. As for the new device launched by Bit Mining, this equipment, LD3, is designed to mine Litecoin and Dogecoin.
Over the summer, the miner received a warning from the New York Stock Exchange because its shares were trading below $1. After the market rebounded and the new LD3 was connected, the securities reached $4.7 apiece.
According to Bit Mining's chief economist Yuwei Yang, the company's strategy involves diversification:
Bit Mining is committed to diversity in different areas of blockchain, and the release of LD3 is a strong indication that we are following through on our goals.
The total number of LD3s produced is 5,000. In addition to producing hardware and cryptocurrency mining, Bit Miner owns the BTC.com pool that was recently hit by hackers.
According to HC Wainwright Co. analysts, vertical integration can provide businesses with many additional benefits.