A surge in Dogecoin mining demand has left China-based Intchains scrambling to fulfill orders after Donald Trump’s election victory and Elon Musk’s appointment as head of the Department of Government Efficiency (DOGE). With Dogecoin prices spiking in late 2024, the company is now playing catch-up as meme coin mining gains renewed interest.
Dogecoin’s Election-Driven Rally Sparks Mining Boom
The November 2024 U.S. election had an unexpected consequence: Dogecoin’s price surged over 200%, hitting a high of $0.47, as speculation around Trump and Musk’s influence on crypto-friendly policies drove demand.
Following Trump’s Jan. 20, 2025 inauguration, Dogecoin has since cooled, now trading 40% below its peak at around $0.20. However, the hype triggered a massive wave of mining rig orders, leaving Intchains the world’s top Dogecoin mining hardware supplier struggling to keep up.
Intchains Reports Explosive Growth, But Can’t Meet Demand
On Thursday, Intchains Group released its full-year 2024 earnings, showing:
- Revenue of $38.6 million, up 242.7% year-over-year.
- Net income of $8.3 million, reflecting strong profitability.
- 2.68 million ASIC chips sold, an 84% increase from the previous year.
- Q4 2024 sales of 1.7 million ASIC chips, a staggering jump from 423,040 in Q4 2023.
Despite these numbers, Intchains underestimated the extent of Dogecoin miner demand in Q4. The company was forced to push unfulfilled orders into Q1 2025, leading to $5.1 million in contract liabilities on its 2024 year-end balance sheet.
“The cryptocurrency market showed strong performance in Q4 2024, with growing optimism from major financial institutions about its prospects for 2025,” said Intchains CEO Qiang Ding. “Riding this momentum, Dogecoin saw solid price growth during the quarter. As a leading supplier of Dogecoin mining machines, the Company delivered satisfactory operational results in Q4 2024.”
Trump and Musk’s Influence on Dogecoin’s Mining Industry
The Dogecoin price rally wasn’t purely market-driven—Trump and Musk’s influence played a major role.
Shortly after Trump’s election victory, speculation around pro-crypto policies drove DOGE’s price from $0.15 to $0.47. But the real catalyst came when Trump officially appointed Musk to lead the Department of Government Efficiency (DOGE) on Jan. 20, 2025.
This appointment sparked a new wave of Dogecoin enthusiasm, pushing mining hardware demand to unexpected levels.
Intchains Expands Beyond Dogecoin
While Dogecoin mining demand remains strong, Intchains is also diversifying its mining portfolio.
- The company holds $20.4 million in crypto assets, mostly in Ethereum-based tokens (5,702 ETH).
- On Feb. 7, it launched the AE BOX series of mining rigs for Aleo (ALEO)—a new privacy-focused blockchain.
- According to analysts, Aleo miners can generate daily profits of $15-$20, compared to less than $10 per day for Bitcoin miners.
This shift is attracting crypto miners looking for better profitability, further strengthening Intchains’ market position.
Where Is Intchains Heading?
Benchmark equity analysts have reiterated a “buy” rating on Intchains stock, setting a price target of $11 per share. However, at publication time, Intchains was trading at $3.79, giving it a market cap of $227 million.
“Given the many crypto miners who gravitate to the tokens and rigs that provide the best returns, Aleo mining’s profitability has already been driving strong demand for ICG’s rig,” said Benchmark analyst Mark Palmer.
With Dogecoin’s mining resurgence and expansion into new markets, Intchains is well-positioned for a strong Q1 2025, but its ability to fulfill backlogged orders will determine how well it capitalizes on the ongoing mining boom.
A New Era for Dogecoin Mining?
While Dogecoin’s price has cooled, its mining ecosystem is stronger than ever with Trump and Musk’s involvement continuing to fuel speculation. If Intchains successfully clears its backlog, it could cement itself as the go-to provider for Dogecoin mining hardware in an era where meme coin mining is becoming more profitable than ever.
The question now is will Dogecoin’s momentum last, or is this just another hype-driven cycle?
