VivoPower’s subsidiary, Caret Digital, is set to launch its Dogecoin mining operations with expected revenue generation and profitable cash flow starting in early January 2025. The company has selected renewable-powered hosting facilities in Wisconsin and Oregon and plans to initially deploy 1,000 Antminer L9s, commencing with 255 units in Wisconsin and gradually adding 745 in Oregon.
This move is aligned with Caret Digital’s Power-to-X strategy, which aims to leverage renewable energy for optimal utility. The potential annual revenue from Dogecoin mining could reach up to $25 million, with projected cash EBITDA of approximately $12 million. Caret Digital plans to sell most of the mined Dogecoin rather than hold it, allowing them to reinvest the profits back into VivoPower’s Tembo electric vehicle business.
Caret Digital is also focused on developing additional renewable-powered mining infrastructure that could support further revenue streams, potentially generating $150 million annually from Dogecoin mining alone, once its 55MW facility is operational.
The strategy follows a positive vote from VivoPower’s shareholders regarding the spin-off of Caret Digital and a special dividend during the recent Annual General Meeting. Upcoming updates will detail the spin-off process and its implications for VivoPower stakeholders.
Overall, VivoPower demonstrates a proactive approach to sustainability and profitability, blending cryptocurrency mining with renewable energy initiatives. This strategic move not only highlights innovation in the energy sector but also reflects a positive commitment to environmental responsibility and future growth opportunities.
In summary, VivoPower’s Caret Digital is poised to capitalize on the lucrative Dogecoin mining market, with plans for sustainable practices and reinvestment into electric vehicle solutions, promising a forward-looking approach that aligns with both financial and environmental goals.