International battery technology and electric vehicle The services company adds cryptocurrency to its portfolio, giving the industry hope for a greener future.
Sustainable energy solutions company VivoPower announcement that its subsidiary Caret Digital will begin mining dogecoin early in the new year through hosting centers powered by renewable energy in Wisconsin and Oregon.
Mining operations will use 255 Antminer L9s at the Wisconsin facility before eventually scaling up to an additional 745 Antminer L9s at the Oregon facility.
While VivoPower intends to sell most of what it mines, its foray into crypto is part of its plan to capitalize on dogecoin’s profitability. Based on current market values and Antminer GPU costs, it expects to generate up to $25 million in annual revenue and up to $12 million in cash earnings before interest, taxes, depreciation and amortization.
The company will then reinvest the profits from this business to support its Tembo light electric vehicles company and “reinforce its commitment to achieving the triple bottom line of people, profit and planet”.
Waiting for, Digital Caret is developing a solar farm that could generate up to 55 megawatts of electricity to mine dogecoin.
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According to Crypto updatesVivoPower’s grand project aligns with dogecoin’s core value of social responsibility. The Dogecoin community has pursued many philanthropic effortslike donating to the American Cancer Society and funding dog shelters.
Now, that list may include a more sustainable mining practice – a potential “game changer” that would stand out in an industry known for its energy-intensive and polluting processes.
A university found that Bitcoin mining requires 172 terawatt hours of electricity per year and produces 105 million tons of carbon dioxide. Texas mines alone consume 2,600 megawatts of electricity per year and could double that amount by the end of the decade.
Fortunately, the industry is taking steps to improve its environmental friendliness. A region in Switzerland plans to use excess network energy that would otherwise be wasted to power cryptocurrency mines, while the Ethereum cryptocurrency network now uses a mechanism that reduces its energy needs by almost 100%.
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