Thumzup Media Loans $2.5M To DogeHash To Boost Dogecoin Mining Ahead Of Acquisition
Synopsis
The funding is intended to help DogeHash expand its ASIC miner fleet by 500 units ahead of the pending acquisition by Thumzup Media.
Thumzup Media (TZUP) announced on Tuesday that it’s providing a loan of $2.5 million to DogeHash Technologies to expand its Dogecoin (DOGE) mining capacity and accelerate the development of its next-generation ASIC miners.
TZUP’s stock was up as much as 5.6% in pre-market trade despite weakness in the broader market in anticipation of a potential U.S. government shutdown. On Stocktwits, retail sentiment around the stock remained in ‘bullish’ territory amid ‘high’ levels of chatter over the past day.
The loan comes ahead of Thumzup’s pending acquisition of DogeHash. "This helps us accelerate our deployment of cutting-edge Doge mining hardware. These funds are anticipated to add more than 500 ASIC miners to our fleet, expanding our efficiency and scale during a pivotal period for the Dogecoin market," said DogeHash CEO, Parker Scott.
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Read also: Bitcoin Pulls Back To $112K Ahead Of Potential US Government Shutdown
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