Thumzup acquires Dogehash, raising $50M to build a leading Dogecoin mining platform powered by green energy and advanced infrastructure.
Thumzup Media Corporation announced it will acquire Dogehash Technologies to create a major Dogecoin mining platform. This move marks a big step for the social media and crypto firm, which Donald Trump Jr backs. The transaction is all-stock, which tries to blend their forces in the crypto world. This has been great news to both Dogecoin enthusiasts and investors.
Thumzup to Use $50M Raise for Crypto Mining Equipment
Thumzup announced last week that it is going into crypto mining. This expansion was financed by a stock offering of the company to the tune of 50 million dollars. The cash will assist it in purchasing mining rigs and expanding its digital asset reserves. The move demonstrates that Thumzup is keen on making a move to diversify its operations into the thriving crypto space. The moment seems to be opportune since there is an increasing interest in mining.
Dogehash is a dedicated Dogecoin and Litecoin mining asset. It uses blockchain infrastructure in North America on an industrial basis. The merged entity desires to become the leader in Dogecoin mining in the world. They will build on the Layer-2 infrastructure and DeFi staking of Dogecoin to increase profits beyond simple rewards. Such an approach may make them unique in the market.
Presently, Dogehash operates approximately 2,500 Scrypt ASIC miners. Further units will be added later this year, and production is expected to ramp up at the end of 2025 and into 2026. Such miners are the most efficient and rapid ones. The current fleet is based in a renewable-energy data center, and new locations are being launched. Such an orientation on green energy may appeal to investors with socially and environmentally responsible attitudes.
Related Reading: Thumzup Media Corporation to Launch Bitcoin Mining with $50M Raise | Live Bitcoin News
Dogecoin Mining Merger Set for Q4 Completion Pending Approval
Dogecoin stands out among cryptocurrencies due to its fast block times and low fees. It has predictable supply, which is similar to traditional money and this makes it popular. It is a high-ranking market value and trades billions of dollars daily. Scrypt mining process provides more favorable energy-to-revenue ratios compared to Bitcoin mining. This renders it a wise decision to the new venture.
In the agreement, Dogehash shareholders will receive 30.7 million shares of Thumzup. It will change its name to Dogehash Technologies Holdings, Inc. and sell under the symbol XDOG on Nasdaq. The transaction has to be approved by shareholders and is likely to be completed in Q4 2025. The $50 million raise that Thumzup has made recently will facilitate the acquisition of additional mining equipment.
Robert Steele, the CEO of Thumzup, said this acquisition changes the company. It will shift to be a digital asset leader as opposed to a marketing platform. One of his advantages was the experience of Dogehash and renewable energy. The objective is to mine Dogecoin effectively and to experiment using it as a method of payment and a reward system. This vision might transform the daily usage of cryptocurrency by people
Dogehash CEO Parker Scott feels they are ahead of the game. He observed the increase of interest in Dogecoin and decentralized technology. Dogesaround, unlike others who use their money to buy crypto, Dogehash is investing in the mining infrastructure. The possession of ASIC miners will guarantee the constant availability of Dogecoins in the years to come.
