DOGE goes green? This Sustainable Energy Company Is Getting Into Dogecoin Mining

Sustainable energy company VivoPower announced this week that its crypto subsidiary is moving into the world of mining. Dogecoin And Litecoin.

An announcement from the company said that Caret Digital, which it owns, would begin mining the two cryptocurrencies in January.

Nasdaq-listed VivoPower (VVPR) said Caret Digital could generate annual revenue of $25 million and cash earnings before interest, taxes, depreciation and amortization (EBITDA) of up to $12 million.

VivoPower stock is up more than 50% in the past month. However, over the past 24 hours, it has fallen almost 14% following a surge on Thursday on Dogecoin and Litecoin news, with shares currently priced at $1.16.

“Executing this strategy will allow Caret Digital to leverage the current profitability of Dogecoin mining to generate revenue and free cash flow for VivoPower as a group,” the announcement said.

“Caret Digital does not intend to hold most of the mined Dogecoins, but will sell or forward them as appropriate,” he added.

The virtual coins will be mined at hosting facilities powered by renewable energy in Wisconsin and Oregon, the release said. And Caret Digital will work to develop up to 55 MW of its own renewable energy mining capacity which will be used to operate the assets.

VivoPower sells solar panels, electric cars and batteries. It owns Caret Digital, which installs solar farms.

Litecoin is the 25th largest digital coin, with a market capitalization of just over $10 billion. Dogecoin is the seventh largest, with a market capitalization of $63.7 billion.

The two cryptocurrencies are proof of work assetsmeaning they need energy-intensive mining operations to function.

As the price of Bitcoin reached new all-time highs, many altcoins also rose in value, including Dogecoin. The asset was created as a joke 11 years ago todaybut developed a cult following – and a huge market capitalization – after the world’s richest man, Elon Musk, started talking about cryptocurrency on X (formerly known as Twitter).

This week, American Bitcoin miner BIT Mining said that he makes more money mining Dogecoin and Litecoin than just minting Bitcoin alone.

Edited by Andrew Hayward