Simply put
- Dogecoin miner Dogehash Technologies has received a $2.5 million loan aimed at improving its mining operations.
- The loan is from Thumzup Media, which is looking to acquire Dogehash Technologies.
- Thumzup’s shares rose by 2.4% on the same day that Dogecoin dipped by 1%.
Thumzup Media, a crypto treasury firm, is providing a $2.5 million loan to Dogecoin miner Dogehash Technologies, facilitating the deployment of new mining equipment and enhancing its Dogecoin mining capabilities, as stated on Tuesday.
The loan comes as part of an acquisition process where Thumzup aims to finalize an all-stock deal to acquire Dogehash, which will subsequently be rebranded as Dogehash Technologies Holdings.
Robert Steele, CEO of Thumzup, expressed enthusiasm about recent developments within the Dogecoin ecosystem, emphasizing a collaborative focus with Dogehash to develop the Doge Mining Company.
However, Thumzup representatives haven’t responded to comments as of yet.
“This funding will boost the introduction of advanced Doge mining hardware,” said Parker Scott, CEO of Dogehash Technologies. “We’re looking at adding over 500 ASIC miners to our fleet, enhancing efficiency at a crucial moment in the Dogecoin market.”
Currently, Dogehash operates around 2,500 Dogecoin mining rigs, with expectations to expand by an additional 1,000 miners.
Thumzup (TZUP) shares are currently trading at $5.12, having risen by 2.4% recently.
The Los Angeles-based company initially focused on Bitcoin and received approval in July to diversify into top-tier crypto assets. Since then, they have accumulated approximately $1.83 million in Dogecoin along with about $2.17 million in Bitcoin.
Last week, a $10 million share buyback program was approved, set to take place by 2026, following a previous buyback of $1 million that added 212,432 shares at an average price of $4.71.
As for Dogecoin (Doge), it is currently trading at $0.23, experiencing a 1% decline over the last 24 hours. Although it increased 6% over the past month, it’s notably down from its peak of $0.73 in 2021.
