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Dogecoin Mining Set to Skyrocket with Thumzup’s XDOG Venture
Thumzup Media Corporation, a company recently linked to the Trump family, is making a major pivot into cryptocurrency mining, revealing plans to acquire 3,500 Dogecoin (DOGE) mining rigs. The company forecasts potential annual revenues of up to $103 million—if DOGE hits the $1 mark.
From Adtech to Crypto Mining
In a shareholder letter released Thursday, Thumzup announced definitive agreements to acquire DogeHash Technologies, a firm operating DOGE mining rigs. The acquisition includes 2,500 rigs, with 1,000 more on order. Upon completion, the combined entity will rebrand as Dogehash Technologies Holdings, trading under the ticker XDOG.
This strategic shift comes after Thumzup completed a $50 million share offering in August to fund its crypto ambitions.
Revenue Estimates Tied to DOGE’s Performance
Using 3,500 Bitmain Antminers, the company estimates $22.7 million in annual revenue at current DOGE prices. If DOGE reaches $1, revenue could surge past $100 million. DOGE is currently trading at around $0.214, still down over 70% from its all-time high in 2021.
Citing data from BIT Mining, Thumzup noted that Dogecoin mining has been nearly three times more profitable than Bitcoin mining in certain conditions.
Broader Crypto Plans and Trump Family Ties
The firm’s board also approved holding a range of digital assets including Bitcoin, Ethereum, Solana, XRP, Litecoin, and USDC. As of now, it holds 19.1 BTC, valued at approximately $2.1 million.
Notably, Donald Trump Jr. purchased 350,000 shares in the company, further cementing the Trump family’s connection to the venture through Dominari Securities, the investment bank facilitating Thumzup’s funding.
Shares of Thumzup (TZUP) closed up 5.3% at $5.57, although they remain below their August peak of $15.
