Thumzup Media Plans Acquisition of Dogehash to Add 3,500 Mining Rigs
Thumzup Media, a Nasdaq-listed company backed by Donald Trump Jr., plans to deploy 3,500 Dogecoin mining rigs by year-end through a pending acquisition of Dogehash. Key points include:
- The acquisition will involve buying Dogehash’s existing 2,500-rig fleet and adding another 1,000 rigs, pending shareholder approval.
- Scrypt algorithm is used for security in both Dogecoin and Litecoin mining.
- Revenue estimates range from $22.7 million at current DOGE prices to over $100 million if DOGE reaches $1.
- Thumzup previously invested $1 million in Bitcoin and recently expanded its crypto portfolio to include Dogecoin, Litecoin, Solana, XRP, ether, and USDC.
- The company aims to diversify and generate direct mining revenue, positioning itself as one of the largest public Dogecoin miners.
- Dogecoin mining has been less profitable than Bitcoin due to lower token value but rising memecoin adoption is increasing interest.
If the rigs become operational as planned, Thumzup will enter a market segment gaining traction among retail investors.