Caret Digital has launched Dogecoin mining operations with Antminer L9 rigs, aiming for significant revenue generation.
Quiver AI Summary
VivoPower International's subsidiary, Caret LLC (trading as Caret Digital), has begun its Dogecoin mining operations using an initial lineup of Antminer L9 rigs at a facility in Wisconsin. This move is aimed at capitalizing on the profitability of Dogecoin mining to generate revenue and cash flow for VivoPower, with plans to sell most of the mined Dogecoin rather than holding it. Caret Digital expects potential annual revenues of up to $25 million and cash EBITDA of $12 million, though these figures are subject to significant fluctuations due to market volatility. The company intends to reinvest any generated cash flow into its Tembo e-LV business while also working towards developing 55MW of renewable energy-powered mining capacity for Dogecoin and Litecoin. VivoPower focuses on sustainable energy solutions and aims to support customers in achieving net-zero carbon emissions.
Potential Positives
- Caret Digital has commenced Dogecoin mining operations, positioning itself to capitalize on the current profitability of Dogecoin and potentially generating significant revenues and cash flows for VivoPower.
- The initial fleet of Antminer L9 rigs and plans for further deployment signal a commitment to expanding mining capacity, which could lead to annual revenues of up to $25 million and cash EBITDA of up to $12 million.
- VivoPower plans to reinvest any generated free cash flow into its Tembo e-LV business, aligning with its mission of sustainable practices and commitment to providing decarbonization solutions.
- Caret Digital is developing renewable-powered mining capacity, demonstrating its alignment with the growing demand for sustainable blockchain operations, which could significantly enhance its revenue potential.
Potential Negatives
- The reliance on Dogecoin mining is highly volatile and may not guarantee the projected revenues and cash flows.
- Careful attention is needed to the regulatory landscape affecting cryptocurrency mining, which could pose future operational challenges.
- The company may face reputational risks associated with the environmental impact of cryptocurrency mining, despite claims of sustainable practices.
FAQ
What is Caret Digital's new mining operation?
Caret Digital has commenced Dogecoin mining using Antminer L9 rigs at its Wisconsin facility.
How much revenue does Caret Digital expect from Dogecoin mining?
Potential annual revenues from Dogecoin mining are up to $25 million based on current prices and costs.
Will Caret Digital hold the mined Dogecoin?
No, Caret Digital plans to sell or forward sell most of the Dogecoin it mines.
How is Caret Digital contributing to sustainability?
Caret Digital is developing renewable-powered mining capacity and aims for sustainable blockchain operations.
What is VivoPower's core purpose?
VivoPower's core purpose is to provide turnkey decarbonization solutions, helping customers achieve net-zero carbon status.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
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Full Release
Caret Digital has commenced mining with initial fleet of Antminer L9s
Further mining rigs to be ordered and deployed on a staged basis at hosting facilities in Wisconsin and Oregon
LONDON, Jan. 15, 2025 (GLOBE NEWSWIRE) -- VivoPower International PLC (Nasdaq: VVPR) ("VivoPower" or the "Company") announced today that its wholly owned subsidiary, Caret LLC (trading as “Caret Digital”), has commenced Dogecoin mining operations with an initial fleet of Antminer L9 rigs at its Wisconsin hosting facility.
Execution of this strategy will allow Caret Digital to take advantage of the current profitability of Dogecoin mining to generate revenues and free cashflows for VivoPower as a group. Caret Digital does not intend to hold most of the Dogecoin that is mined but will sell or forward sell them as appropriate. Based on current Dogecoin prices and Antminer GPU costs, there is potential for Caret Digital to generate annual revenues of up to US$25m and cash EBITDA of up to $12m (although this is subject to signification variation given the volatility of both price and cost variables, and should not be taken as a forecast). VivoPower intends to use any free cashflow generated from the Dogecoin mining operations to reinvest into its Tembo e-LV business, and further its commitment to delivering on the triple bottom line of people, profit and planet.
At the same time, Caret Digital will continue to work on developing up to 55MW of its own renewable-powered mining capacity to be used for Dogecoin and Litecoin mining, as previously announced. With a 55MW facility, Caret Digital would be able to generate revenues of up to $150m per annum from Dogecoin mining (based on current price and cost inputs, which are subject to significant variability and hence this should not be taken as a forecast).
About VivoPower
Established in 2014 and listed on Nasdaq since 2016, VivoPower is an award-winning global sustainable energy solutions B Corporation company focussed on electric solutions for off-road and on-road customised and ruggedised fleet applications as well as ancillary financing, charging, battery and microgrids solutions. VivoPower’s core purpose is to provide its customers with turnkey decarbonisation solutions that enable them to move toward net-zero carbon status. VivoPower has operations and personnel covering Australia, Canada, the Netherlands, the United Kingdom, the United States, the Philippines, and the United Arab Emirates.
About Caret Digital
Caret, LLC, (trading as Caret Digital) a wholly owned subsidiary of VivoPower, and has a Power-to-X strategy involving the development of renewable power infrastructure that is vertically integrated with high energy consumption use cases. In the first phase of its Power-to-X strategy, Caret Digital is building up capacity and infrastructure to mine DOGE coin, aligning with the growing demand for sustainable blockchain operations.
Forward-Looking Statements
This communication includes certain statements that may constitute “forward-looking statements” for purposes of the U.S. federal securities laws. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts or other characterisations of future events or circumstances, including any underlying assumptions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements may include, for example, statements about the achievement of performance hurdles, or the benefits of the events or transactions described in this communication and the expected returns therefrom. These statements are based on VivoPower’s management’s current expectations or beliefs and are subject to risk, uncertainty, and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive and/or regulatory factors, and other risks and uncertainties affecting the operation of VivoPower’s business. These risks, uncertainties and contingencies include changes in business conditions, fluctuations in customer demand, changes in accounting interpretations, management of rapid growth, intensity of competition from other providers of products and services, changes in general economic conditions, geopolitical events and regulatory changes, and other factors set forth in VivoPower’s filings with the United States Securities and Exchange Commission. The information set forth herein should be read in light of such risks. VivoPower is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements whether as a result of new information, future events, changes in assumptions or otherwise.
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