VivoPower’s subsidiary, Caret Digital, is set to launch its Dogecoin mining operations, expecting to generate revenue and profitable cash flow starting in early January 2025. The company has established renewable energy-powered facilities in Wisconsin and Oregon and plans to deploy an initial fleet of 1,000 Antminer L9s, with 255 units going live at the Wisconsin site first, followed by an additional 745 at the Oregon facility.
Caret Digital anticipates reaching annual revenue potential of up to $25 million, with cash EBITDA projected at up to $12 million, based on current market prices for Dogecoin. This venture aligns with Caret Digital’s Power-to-X strategy, which maximizes the utility of renewable energy resources. The economic landscape for Dogecoin mining has notably improved, with an expected payback period of only 9 to 12 months, influenced by current power costs and market values.
The company has secured non-dilutive financing for the acquisition of the Antminer L9s, which will be implemented gradually. Rather than retaining the mined Dogecoin, Caret Digital plans to sell or forward-sell its mined cryptocurrency to optimize revenue generation. Any profits from the operations will be reinvested into VivoPower’s Tembo e-LV business, further supporting its commitment to sustainability.
Additionally, Caret Digital continues to develop up to 55MW of its own renewable-powered mining capacity for Dogecoin and Litecoin, with the potential for substantial revenue growth estimated at $150 million per year from these new operations. VivoPower’s shareholders previously approved the spin-off of Caret Digital and a special dividend during the December 2023 Annual General Meeting, with updates to follow regarding this transition.
VivoPower, founded in 2014 and publicly listed in 2016, is a B Corporation dedicated to sustainable energy solutions for ruggedized fleet applications and other technologies aimed at achieving net-zero carbon emissions.
This move into Dogecoin mining represents an exciting opportunity for VivoPower, illustrating the company’s commitment to innovation within the renewable energy sector and its adaptability to evolving market conditions. With a focus on sustainability and financial growth, the future looks bright for both Caret Digital and VivoPower as they navigate this venture.
In summary, VivoPower’s subsidiary is strategically entering the Dogecoin mining sector, leveraging renewable energy to maximize revenue potential while reinforcing its commitment to sustainability. This initiative demonstrates the growing intersection of cryptocurrency and renewable energy, promising a positive outlook for both economic and environmental goals.