Dogecoin Mining Startup Sells for $3.5 million

In late May, a Vancouver company specializing in phrasebooks and translation applications acquired a cryptocurrency mining platform for $3.5 million USD.

Hello Pal announced their purchase of Crypto Pal on May 25. The Canadian firm plans to offer users the ability to own all or fractions of its cryptocurrency mining rigs and receive the crypto assets mined. The total mining apparatus consists of 12,500 rigs mining Dogecoin (DOGE) and Litecoin (LTC) at multiple locations.

The new owners plan on leaning into the craze over Dogecoin. As likely the only publicly-listed issuer primarily focused on mining and holding the so-called meme cryptocurrency, Hello Pal is positioned to gain new users on their mobile messaging applications and livestream services. The company also plans on releasing a beta version of a sister app which will allow for cryptocurrency integration between the entire suite of Hello Pal products.

The low cost of mining Dogecoin and Litecoin compared to Bitcoin was cited as a favorable factor in considering the acquisition. Another major financial benefit they had the luxury of considering: the purchase price for Crypto Pal was based on Dogecoin at $0.055, while the price at the time of writing is $0.33.

Hello Pal’s overriding mission is to bring the world closer together through social interaction, language learning and travel. Their products have been designed from the ground up to be easy to use and enables users’ the freedom to speak in their own language regardless of the other person’s language. This spirit of international community is remarkably compatible with the democratic ethos of cryptocurrency.

Hello Pal’s products are available for iOS and Android.

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