BIT Mining, a once-leading Ethereum miner, has shifted its focus to Dogecoin and Litecoin after Ethereum's transition from proof of work to proof of stake. The company's revenue primarily comes from mining cryptocurrencies independently, mining as part of a pool, and hosting services within its data centers. Analyst Mike Fay has expressed concerns over BIT Mining's decision to sell one-third of its Ethereum holdings and significantly increase its Dogecoin treasury, questioning why the firm would hold onto "meme coins" instead of leveraging Ethereum's staking potential.