An international battery technology and electric vehicle services company is adding cryptocurrency to its portfolio, giving the industry hope for a greener future.
Sustainable energy solutions firm VivoPower announced that its subsidiary Caret Digital will begin mining for dogecoin at the start of the new year through renewable energy-powered hosting centers in Wisconsin and Oregon.
The mining operations will utilize 255 Antminer L9s at the Wisconsin facility before eventually scaling up to an additional 745 Antminer L9s at the Oregon facility.
While VivoPower intends to sell most of what it mines, its foray into crypto is part of its plan to capitalize on dogecoin's profitability. Based on current market values and Antminer GPU costs, it projects to earn up to $25 million in annual revenue and as much as $12 million in cash earnings before interest, taxes, depreciation, and amortization.
The firm will then reinvest its profits from this venture to support its Tembo electric light vehicles business and "further its commitment to delivering on the triple bottom line of people, profit, and planet."
In the meantime, Caret Digital is developing a solar farm that could generate up to 55 megawatts of power to mine dogecoin.
According to The Crypto Updates, VivoPower's grand scheme aligns with dogecoin's core value of social responsibility. The Dogecoin community has pursued many philanthropic endeavors, such as donating to the American Cancer Society and funding dog shelters.
Now, that list can include a more sustainable mining practice — a potential "game-changer" that would stand out in an industry notorious for its energy-intensive and polluting processes.
One university found that Bitcoin mining requires 172 terawatt-hours of electricity a year and produces 105 million tons of carbon dioxide. Mines in Texas alone use 2,600 megawatts of power annually and could double that by the end of the decade.
Luckily, the sector is taking steps to improve its eco-friendliness. One region in Switzerland is planning to use excess energy from the grid that would otherwise be wasted to power crypto mines, while the cryptocurrency network Ethereum is now using a mechanism that cuts its energy needs by nearly 100%.
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