VivoPower Enters Dogecoin and Litecoin Mining

VivoPower (NASDAQ: VVPR), a sustainable energy company, announced that its subsidiary Caret Digital will begin mining Dogecoin and Litecoin starting January. The move marks VivoPower’s entry into the cryptocurrency space, leveraging renewable energy to support its mining operations.

According to the company, Caret Digital expects to generate up to $25 million in annual revenue and $12 million EBITDA, reflecting the profitability of mining these popular proof-of-work cryptocurrencies.

Leveraging Renewable Energy for Mining

Clean Energy Facilities

Caret Digital’s mining operations will be powered by renewable energy facilities located in Wisconsin and Oregon, with plans to develop up to 55MW of additional renewable-powered mining capacity.

This aligns with VivoPower’s broader sustainability mission, as the company also sells solar panels, electric vehicles, and batteries while managing renewable energy projects through Caret Digital.

Crypto Sale Strategy

Rather than holding the mined Dogecoin and Litecoin, Caret Digital plans to sell or forward-sell most of its tokens, focusing on generating immediate cash flow.

Market Impact

VivoPower Stock Movement

The announcement boosted VivoPower’s stock by over 50% in the past month. However, following Thursday’s surge on the Dogecoin and Litecoin news, shares dipped nearly 14% over the past 24 hours, currently trading at $1.16.

Dogecoin and Litecoin Surge

Both cryptocurrencies have gained value amid Bitcoin’s record-breaking rise above $100,000 this week.

• Dogecoin, the seventh-largest cryptocurrency, boasts a market cap of $63.7 billion.
• Litecoin, ranked 25th, has a market cap exceeding $10 billion.

Rising Interest in Dogecoin and Litecoin

Proof-of-Work Appeal

Dogecoin and Litecoin operate on proof-of-work mechanisms, requiring energy-intensive mining operations. With renewable-powered setups, VivoPower aims to address environmental concerns while capitalizing on mining profitability.

Growing Market Demand

Dogecoin, initially created as a meme cryptocurrency, has seen explosive growth thanks to endorsements from influential figures like Elon Musk. Litecoin, launched as a faster, cheaper version of Bitcoin, remains a popular choice among miners and traders.

This week, BIT Mining, a prominent U.S.-based Bitcoin miner, reported that Dogecoin and Litecoin mining is more profitable than Bitcoin mining, underscoring the growing appeal of these altcoins.

VivoPower’s venture into Dogecoin and Litecoin mining represents a strategic expansion into the crypto space, emphasizing profitability through sustainable practices. As the crypto market surges and altcoins gain traction, renewable-powered mining may become a critical component of the industry’s evolution.