Thumzup Media, Nasdaq-listed and buoyed by the backing of Donald Trump Jr., is casting a hefty wager on the memecoin darling, Dogecoin (DOGE). The company has unveiled plans to deploy a staggering 3,500 Dogecoin mining rigs by the end of this year. This bold expansion aligns with its anticipated acquisition of Dogehash, a mining outfit keyed into the Scrypt algorithm—an algorithm underpinning both Dogecoin and Litecoin.
Dogehash Acquisition: A Strategic Move
Here’s the catch: Thumzup’s gambit hinges on snapping up Dogehash’s existing 2,500-rig fleet, along with an additional 1,000 rigs slated to join the fray before December. Of course, this all hinges on shareholder nods for the all-stock acquisition deal. The company, in its recent shareholder missive, touted cryptocurrency mining as a potential goldmine—one of the “greatest opportunities for value creation” in the crypto space. This aligns with projections from Trump Jr.-linked media company projects $100M Dogecoin mining haul, highlighting the ambitious revenue forecasts tied to Dogecoin’s potential price surge.
Revenue forecasts are nothing short of ambitious. If DOGE hovers around its recent 22-cent trading value, projections suggest earnings could hit $22.7 million. But should the token shoot up to the elusive $1 mark, we’re talking about a revenue windfall exceeding $100 million.
Navigating the Crypto Waters
Thumzup’s crypto voyage didn’t set sail overnight. Just this past January, the firm dabbled with a $1 million bitcoin position for its treasury. Fast forward to today, and the company has broadened its horizons, now including Dogecoin, Litecoin, Solana, XRP, Ether, and USDC in its mandate—a decision greenlit by its board in recent weeks.
This pivot mirrors a growing trend among small-cap companies eager to blend traditional operations with crypto exposure. Think MicroStrategy, but with a more diversified spread rather than a bitcoin monogamy. Thumzup’s strategy leans toward diversifying risk and maximizing mining revenue by targeting smaller tokens, a move that seems to be gaining traction amidst rising retail interest. This is part of a broader industry trend, as seen in KuCoin targets 10% of Dogecoin mining capacity via new mining platform, where companies are increasingly investing in Dogecoin mining capabilities.
The Scrypt Advantage
The decision to focus on Scrypt-based mining is strategic. Scrypt, designed to thwart large-scale custom hardware attacks, requires significant memory resources. This makes it a costly venture but potentially lucrative due to its dual token support. By mining both Litecoin and Dogecoin, operators like Thumzup can hedge their output across two actively traded assets, mitigating some of the volatility inherent in the crypto market.
Dogecoin mining, often overshadowed by Bitcoin’s profitability due to its lower token value and Scrypt’s demanding nature, is gaining newfound attention. As memecoins find favor with retail investors, the dynamics are shifting, offering perhaps a fresh frontier for miners.
Looking Ahead: The Bigger Picture
If Thumzup’s rigs come online as planned, the company is poised to become one of the largest public Dogecoin miners. This positions them squarely in a market segment often dismissed as speculative but increasingly embraced by retail flows. The move raises questions about whether this trend can continue and what it means for the broader cryptocurrency landscape.
As we edge closer to year-end, all eyes will be on Thumzup to see if its big bet pays off. The crypto world is notorious for its unpredictability, and while the potential rewards are tantalizing, the risks are equally formidable. Whether this expansion will indeed carve out a new niche for Thumzup or merely become another footnote in the volatile history of cryptocurrency remains an open question.
Source
This article is based on: Trump-Backed Thumzup to Add 3,500 Dogecoin Mining Rigs With Dogehash Deal
Further Reading
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
