Industry Sponsorship - CoinDesk Media Network is sponsored by @bahamut_chain [1] Market Trends & Performance - Crypto experiences its worst 6 months on record regarding hacks and exploits [2] - Bitcoin miner revenue slides to the lowest in 2 months [2] - Bitcoin is on track to record its weakest monthly performance [2]

🇧🇹 LATEST: Bhutan has quietly mined 12,000 $BTC worth $1.3B since 2020, now holding nearly 40% of its GDP in Bitcoin, making it the world’s 3rd-largest state holder. https://t.co/LLXGy7tpg3 ...

$600M monthly rev isn't even the interesting part about usdt anymorewhat matters:• $13B yearly profits funding massive expansion• 10.7% juventus ownership ($128M)• becoming largest btc miner by 2025• el salvador infrastructure build• 100k african kiosks rollout• 55% volume on tron ($80B+)they're not just printing money. they're building an empire.supply: $158.1B ...

Core Insights - HIVE Digital Technologies Ltd. reported total revenue of $115.3 million for FY2025, with a significant contribution from digital currency mining and high-performance computing (HPC) services [2][5] - The company achieved an adjusted EBITDA of $56.2 million, representing 48.7% of total revenue, despite a net loss of $3.0 million [5][6] - HIVE's digital currency mining revenue decreased by 5.2% year-over-year to $105.2 million, primarily due to the April 2024 Bitcoin halving and increased hash rate difficulty, although offset by a 40% increase in mining hashrate [5][6] Financial Highlights - Total revenue for FY2025 was $115.3 million, with digital currency mining contributing $105.2 million and HPC revenue at $10.1 million, which saw a 3x growth year-over-year [5][7] - The company mined 1,414 Bitcoin during the fiscal year, contributing to its digital asset holdings valued at $181.1 million, including 2,201 Bitcoin [5][6] - Gross operating margins were reported at $25.1 million, or 21.8% of total revenue, while general and administrative expenses increased to $16.6 million due to global expansion efforts [5][6] Management Insights - The company expanded its operational hashrate from 4.5 EH/s to 6.3 EH/s, a 40% increase, and acquired 300 MW of hydro-powered green energy sites in Paraguay [6][7] - HIVE aims to scale its Bitcoin mining business to 25 EH/s by December 31, 2025, and continues to grow its Buzz HPC business [6][7] - The transition from IFRS to US GAAP is expected to enhance comparability with U.S.-listed peers and support growth ambitions in U.S. capital markets [6][7] Q4 FY2025 Highlights - For Q4 FY2025, total revenue was $31.2 million, with digital currency mining revenue at $28.1 million, reflecting a 5.5% sequential increase [7] - The company mined 303 Bitcoin in Q4, a 6% decrease from the previous quarter due to increased hashrate difficulty [7] - Buzz HPC revenue reached a record $3.0 million during the quarter, up 18.5% sequentially, driven by strong demand in high-performance computing markets [7]

Core Insights - HIVE Digital Technologies Ltd. reported total revenue of $115.3 million for FY2025, with a significant contribution from digital currency mining and high-performance computing (HPC) services [6][3] - The company achieved adjusted EBITDA of $56.2 million, representing 48.7% of total revenue, despite a net loss of $3.0 million [6][3] - HIVE's Bitcoin production reached 1,414 Bitcoin, while HPC revenue grew approximately threefold year-over-year to $10.1 million [6][3] Financial Highlights - Total revenue for FY2025 was $115.3 million, with digital currency mining revenue at $105.2 million, down 5.2% year-over-year [6] - HPC/AI Cloud revenue was $10.1 million, a 194% increase from $3.4 million in FY2024 [6] - Gross operating margin was $25.1 million, equating to 21.8% [6] - General and administrative expenses rose to $16.6 million from $13.2 million in FY2024 due to increased staffing for global expansion [6] - Total digital currency assets were valued at $181.1 million, including 2,201 Bitcoin [6] Management Insights - The company expanded its operational hashrate from 4.5 EH/s to 6.3 EH/s, a 40% increase, despite challenges from the Bitcoin halving [7] - HIVE acquired 300 MW of hydro-powered green energy sites in Paraguay, enhancing its leadership in sustainable mining [7] - The company aims to scale its Bitcoin mining business to 25 EH/s by December 31, 2025, and continues to grow its Buzz HPC business [7] - HIVE transitioned its financial reporting from IFRS to US GAAP to align with strategic objectives and enhance comparability with U.S. peers [7] Q4 FY2025 Highlights - Q4 total revenue was $31.2 million, with digital currency mining revenue at $28.1 million, reflecting a 5.5% sequential increase [8] - General and administrative expenses for Q4 were $5.3 million, up from $4.6 million in Q3 FY2025 [8] - Bitcoin production in Q4 was 303 Bitcoin, down 6% sequentially due to increased hashrate difficulty [8] - Buzz HPC revenue reached a record $3.0 million in Q4, an 18.5% sequential increase [8]

Core Insights - CleanSpark achieved a significant milestone with a hashrate of 50 EH/s, leading to a 13% stock surge on June 24, 2025, and plans to scale to 60 EH/s, raising questions about its investment potential [2] - The company exhibits strong revenue growth, with a 90.1% increase in revenues over the past 12 months, reaching $537 million, significantly outpacing the S&P 500's growth [3] - CleanSpark's adjusted EBITDA margin stands at 65% for 2024, indicating solid underlying profitability despite a reported operating loss [4] - The company's financial stability is robust, with a moderate Debt-to-Equity Ratio of 23.1% and a strong cash position of $934 million [5] - CleanSpark's stock has shown weaker resilience during market downturns, with a 95.6% decline during the Inflation Shock of 2022, compared to a 25.4% decline in the S&P 500 [7] - The stock's performance is closely tied to Bitcoin's volatility, posing additional risks to its valuation [8] - Overall, CleanSpark demonstrates strong growth and adjusted profitability, with an average analyst price estimate of $20 suggesting a potential 2x upside from current levels [8]

First publicly traded miner to reach this scale with fully self-operated infrastructure LAS VEGAS, June 24, 2025 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK), America's Bitcoin Miner®, today announced it has achieved its mid-year target of 50 exahashes per second (EH/s) of operational hashrate, a measure of computing power dedicated to mining Bitcoin. "Reaching 50 EH/s is a major milestone. It reflects years of focused strategy, disciplined execution, and a relentless commitment to doing things the right ...

Successfully energizes 300 MW Black Pearl site Commences hashing at 150 MW Black Pearl Phase I Total Cipher hashrate currently at ~16 EH/s and expected to increase to ~23.1 EH/s during the third quarter NEW YORK, June 23, 2025 (GLOBE NEWSWIRE) -- Cipher Mining Inc. (NASDAQ: CIFR) (“Cipher” or the “Company”), a leader in the development of industrial-scale data centers, today announced the successful energization and commencement of hashing at its Black Pearl site. Hashrate currently generated at the site is ...

Financial Performance - Total revenue in Q1'25 was $70.1 million[9], a decrease compared to $119.5 million in Q1'24[9] - The company experienced a gross loss of $3.2 million in Q1'25[11] - Adjusted EBITDA showed a loss of $56.1 million in Q1'25[10] - Net income after tax was $409.5 million in Q1'25[11] - The company holds $215.6 million in cash and cash equivalents and $131.1 million in crypto holdings[11] Operational Highlights - Energized hashrate reached 3.7 EH/s, with the remaining 0.1 EH/s expected to be energized in Q2 2025[12] - Mass production of SEALMINER A2s reached 3.3 EH/s manufactured, with 1.2 EH/s being assembled as of April[12] - Approximately 1.3 EH/s of miners have been shipped to customers[12] - 0.5 EH/s have been deployed and energized at Bitdeer sites[12] ASIC Market Opportunity - Potential ASIC Revenue TAM could reach approximately $21.25 billion[15] - Potential SEALMINER revenue at a 30% market share is estimated at around $6.4 billion[17]

Core Insights - Canaan Inc. is discontinuing its non-core AI semiconductor business to focus on its primary operations in crypto-related businesses, specifically bitcoin mining machine sales, self-mining operations, and consumer mining products [1][2][5] - The decision aims to streamline operations, enhance capital efficiency, and reduce expenditures unrelated to the company's core business lines [2][4] - The AI semiconductor business generated approximately US$0.9 million in revenue for fiscal year 2024, accounting for around 15% of the company's total operating expenses [3] Strategic Realignment - The company has been exploring strategic options for its AI semiconductor business since March 2022, including potential asset sales or orderly wind-downs [4] - After discontinuing the AI semiconductor unit, the company expects a significant decline in operating expenses [4] - The CEO emphasized that focusing on core strengths in crypto infrastructure and bitcoin mining is the most strategic path forward for the company [5] Company Background - Canaan Inc. was established in 2013 and specializes in ASIC high-performance computing chip design, chip R&D, computing equipment production, and software services [6] - The company is known for shipping the world's first batch of mining machines incorporating ASIC technology in bitcoin's history under the brand name Avalon [6]