BIT Mining Stops Bitcoin Mining, Focuses on Solana Purchase
Date: 2025-07-11 Author: Henry Casey Categories: BUSINESS
As part of the new strategy, the company intends to raise between $200 million and $300 million to purchase Solana coins and store them for the long term. BIT Mining emphasized that the decision is related to the need to adapt to changing crypto market conditions and ensure sustainable profits for its shareholders. In addition, in the coming months, the company plans to launch validators on the Solana network, which will allow it to generate income from staking - a process in which coins are frozen to support the blockchain and in return bring rewards.
BIT Mining previously mined various cryptocurrencies, including Bitcoin (BTC), Litecoin (LTC) and Dogecoin (DOGE), as well as producing mining equipment. As of today, the company ranks 17th by market cap among public Bitcoin miners.
A similar trend of switching to staking is observed among other market participants. For example, Bit Digital recently raised $163 million in a share placement, planning to invest these funds in Ether (ETH) and focus on staking this cryptocurrency instead of Bitcoin mining.
In addition, MemeStrategy, a company listed on the Hong Kong Stock Exchange, recently acquired 2,440 Solana tokens worth about $370,000, which also reflects the growing interest in Solana among investors.
Thus, BIT Mining is moving from traditional Bitcoin mining to more modern and potentially profitable strategies for working with crypto assets related to the development of the Solana ecosystem and the use of staking opportunities. In a changing market, such steps can help strengthen the company's position and increase returns for its shareholders.
