Sustainable energy company VivoPower announced this week that its crypto branch is entering the mining world Dogecoin And Litecoin.
The company's announcement said that owned company Caret Digital will start issuing the two cryptocurrencies in January.
Nasdaq-listed VivoPower ( VVPR ) said Caret Digital could achieve annual revenues of $25 million and cash earnings before interest, taxes, depreciation and amortization (EBITDA) of up to $12 million.
VivoPower's stock is up more than 50% in the past month. In the last 24 hours, however, Dogecoin and Litecoin have fallen about 14% following Thursday's rise on the news, with shares currently trading at $1.16.
“The execution of this strategy will allow Caret Digital as a group to take advantage of current Dogecoin mining profitability to generate revenues and free cash flows for VivoPower,” the announcement said.
“Caret Digital does not intend to hold most of the mined Dogecoin, but will trade or sell as needed,” he added.
The virtual coins will be produced at renewable energy facilities in Wisconsin and Oregon, the statement said. And Caret Digital will develop its own renewable energy generation capacity of up to 55MW to extract its assets.
VivoPower sells solar panels, electric cars and batteries. He owns Caret Digital, which sets up solar farms.
Litecoin is the 25th largest digital coin with a market cap of less than $10 billion. Dogecoin is the seventh largest with a market cap of $63.7 billion.
Both are cryptocurrencies. Work proof propertiesThat is, they require energy-intensive mining operations to operate.
As the price of Bitcoin reached a new all-time high, many altcoins, including Dogecoin, rose in value. The asset was created as a joke 11 years ago, but has developed a cult following and a huge market cap – after Elon Musk, the world's richest man, started talking about cryptocurrency on X (formerly Twitter).
This week, American Bitcoin miner BIT Miner he said. He is making more money mining Dogecoin and Litecoin than mining Bitcoin alone.
Edited by Andrew Hayward.
Daily Debrief Newspaper
Start every day with top news stories, plus original features, podcasts, videos and more.
