The rise in the price of dogecoin following the November U.S. elections was so strong that a mining product provider couldn't keep up with demand.

China-based Intchains Group, which provides altcoin mining products and acquires Ethereum-based cryptocurrencies, reported full-year earnings results Thursday afternoon.

The U.S. presidential elections in November 2024 had an unexpected impact on the cryptocurrency market, particularly on Dogecoin, leading to such high demand for mining products that one provider couldn't keep up.

China-based Intchains Group (AD: ICG), which provides altcoin mining products and cryptocurrency, reported full-year earnings results Thursday afternoon. The company reported non-GAAP adjusted net income of $8.3 million for the year on revenue of $38.6 million, up 242.7% from the prior year.

The company also sold 2,681,500 units of ASIC chips in 2024, an 84% year-over-year increase. Of that, 1,705,408 units were sold in the fourth quarter, up significantly from the prior-year quarter's 423,040 units.

“The cryptocurrency market showed strong performance in Q4 2024, with growing optimism from major financial institutions about its prospects for 2025," Qiang Ding, CEO and board chairman, said in a press release. “Riding this momentum, Dogecoin saw solid price growth during the quarter. As a leading supplier of Dogecoin mining machines, the Company also delivered satisfactory operational results in Q4 2024.”

In fact, the demand for Dogecoin mining rigs rose so strongly in the weeks following President Donald Trump's victory that Intchains initially underestimated the extent of that demand and found itself scrambling to fill the incoming orders for its rigs.

"As a result, a meaningful portion of the orders that the company received for Dogecoin miners during 4Q24 was not fulfilled until 1Q25, with the impact of these orders seen in the $5.1m of contract liabilities on its year-end 2024 balance sheet," Benchmark equity analysts Mark Palmer wrote in a note to clients.

Shortly after winning the election, Trump announced Elon Musk would lead the Department of Government Efficiency, or DOGE, which was later made official on Jan. 20, 2025.

After trading around the $0.15 area, that Nov. 12 announcement led to a spike in Dogecoin's price to a high of just above $0.47 and helped push the token's market cap past $60 billion. Dogecoin has since dropped 40% over the past three months and trades around $20 at publication time, according to The Block's DOGE price data.

"The upshot is that ICG, which during 4Q24 posted revenue of $10.2m (up 109% y/y), is well positioned to report a healthy sequential jump in its top line when it releases its 1Q25 results a few months hence," Palmer said.

As of Dec. 31, 2024, the fair value of Intchains Group's cryptocurrency assets other than stablecoins was $20.4 million, primarily comprised of approximately 5,702 ETH-based cryptocurrencies. The company also anticipates "significant contributions" from its new AE BOX series of mining rigs for Aleo (ALEO), the native cryptocurrency of the Aleo blockchain, which it launched on Feb. 7.

"Management noted that a user of one of its Aleo mining rigs could expect to generate a daily profit of $15-20, a return that compares favorably to the less than $10 in daily profit currently generated by most bitcoin miners," Palmer said. "Given the many crypto miners who gravitate to the tokens and rigs that provide the best returns, management said Aleo mining’s profitability had already been driving strong demand for ICG’s rig."

Benchmark reiterated a "buy" rating on Intchains's stock with a price target of $11. The stock traded at $3.79 per share and had a $227 million market cap as of publication time, according to The Block's ICG price data.