Sustainable energy company VivoPower this week announced that its crypto subsidiary is moving into the world of mining Dogecoin and Litecoin.
An announcement by the company said that Caret Digital, which it owns, would start mining the two cryptocurrencies in January.
Nasdaq-listed VivoPower (VVPR) said that Caret Digital could earn annual revenues of $25 million and cash earnings before interest, taxes, depreciation, and amortization (EBITDA) of up to $12 million.
VivoPower’s stock has risen more than 50% over the past month. Over the past 24 hours, however, it has dipped by nearly 14% following a Thursday rise on the Dogecoin and Litecoin news, with shares currently priced at $1.16.
“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,” the announcement said.
“Caret Digital does not intend to hold most of the Dogecoin that is mined, but will sell or forward sell them as appropriate,” it added.
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Author: Mathew Di Salvo
