Caret Digital has selected renewable-powered hosting facilities in Wisconsin and Oregon with an initial fleet ramping up to 1,000 Antminer L9s to be activated
Annualised revenue potential of up to US$25m based on current Dogecoin prices, with annualised cash EBITDA of up to US$12m
Dogecoin mining is consistent with Caret Digital’s Power-to-X strategy that seeks to activate the highest and best use cases for renewable power capacity
Economics of Dogecoin mining have improved markedly with an estimated payback period of 9-12 months (depending on power costs and based on current market values)
Caret Digital has secured non-dilutive financing to fund the acquisition of the Antminer L9s and will deploy the fleet on a staged basis
VivoPower announced today that its wholly owned subsidiary, Caret LLC (Caret Digital), will commence Dogecoin mining operations with revenue and profitable cashflow generation flowing from the first week of January 2025. Caret Digital has selected two renewable-powered hosting facilities in Wisconsin and Oregon to commence mining operations. It will deploy up to 255 Antminer L9s at the Wisconsin facility first, then ramp up with an additional 745 Antminer L9s at the Oregon 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. 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.
VivoPower shareholders had previously approved a spin-off of Caret Digital, in whole or part, as well as a special dividend during the Annual General Meeting held in December 2023. The Company will provide further updates in relation to the progress of the spin-off via a reverse merger and the consequences for VivoPower and its stakeholders, including any special dividend shares for VivoPower shareholders.
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