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VivoPower International's Caret Subsidiary to Establish Renewable-Powered Digital Asset Mining Business

10:56AM ET 12/08/2021 MT Newswires
VivoPower International (VVPR) said Wednesday its Caret LLC subsidiary has signed a letter of intent to form Caret Decimal, a renewable-powered digital asset mining business capable of mining Bitcoin, Ethereum, Litecoin and other cryptocurrencies.

Caret will contribute an initial 206MW-DC of ready-to-build solar power from its sites in Cottle and Hardeman Counties in Texas, in exchange for $20 million of equity in Caret Decimal.

The company expects the mining sites to have 4,398 petahash capacity once fully operational, as well as a fleet of 33,000 mining rigs and a revenue potential of about $270 million per year, according to a statement.

VivoPower said it expects to eventually spin off Caret's digital asset mining business arm through an initial public offering.

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