VivoPower’s Caret Digital to Launch Dogecoin Mining

VivoPower International PLC recently announced an exciting new venture that will kick off in early January 2025. Their subsidiary, Caret Digital, is diving into Dogecoin mining operations to generate revenue and cashflow. This move is aligned with Caret Digital’s Power-to-X strategy, which focuses on making the best use of renewable power capacity.

To get started, Caret Digital has selected renewable-powered hosting facilities in Wisconsin and Oregon. They plan to activate 1,000 Antminer L9s to mine Dogecoin. This initiative could bring in annual revenue of up to US$25 million, with an annual cash EBITDA of up to US$12 million based on current Dogecoin prices.

The economics of Dogecoin mining have improved, with an estimated payback period of 9-12 months. Caret Digital has secured financing to acquire the necessary equipment and will roll out the mining operation in stages. They intend to sell or forward sell most of the Dogecoin mined rather than holding onto it.

In addition to this venture, Caret Digital is also working on developing its own renewable-powered mining capacity. With a 55MW facility, they could potentially generate up to $150 million in annual revenues from Dogecoin mining.

This move is part of VivoPower’s commitment to sustainability and decarbonization. The company plans to reinvest any profits from the mining operations into their Tembo e-LV business, furthering their dedication to people, profit, and the planet.

Back in December 2023, VivoPower shareholders approved a spin-off of Caret Digital and a special dividend. The company will provide updates on the progress of the spin-off and any special dividend shares for shareholders.

VivoPower is a global sustainable energy solutions B Corporation founded in 2014. They focus on electric solutions for custom fleet applications and aim to provide turnkey decarbonization solutions for their customers. With operations spanning several countries, VivoPower is dedicated to helping their clients achieve net-zero carbon status.

As with any investment, there are risks and uncertainties involved in this venture. VivoPower’s management is optimistic about the potential benefits but acknowledges that changes in economic, business, and regulatory factors could impact the outcomes. Stay tuned for more updates on this exciting new chapter for VivoPower and Caret Digital.