以下文章来源于动察Beating ，作者律动编辑部 动察Beating . 金融秩序如何被技术、资本与野心重塑｜律动BlockBeats旗下深度报道账号 来源丨 动察Beating （ Beating_BlockBeats ） 作者丨 林晚晚 人类最顶尖的资产，现如今被最原始的物理瓶颈卡死了。 美国缺电达到一个 令 人难以理解的程度。缺口 44吉瓦，相当于瑞士这样中等发达国家的全部电力产能。而在这个号称科技最发达的国家，为一个新建的 AI 数据中心通电，平均等待时间已经拉长到了48个月以上。 美国的电网像一个垂暮老人。 就在 AI巨头们拿着千亿美金却找不到插座的绝望时刻，他们发现，救命稻草竟然出现在了他们最看不上的地方——比特币 矿场 。 那华尔街突然意识到：这群人手里握着的，是 AI 时代最稀缺的资产 ——已经与能源公司签约的巨量电力 。 图源丨Midjourney 2025 年年末，一家中国加密设备公司比特大陆，被列入美国国家安全审查名单。 11 月 21 日，美国国土安全部启动代号"红色日落行动"，以国家安全为由，把比特大陆推到审查台上。指控条款字字诛心：调查其设备是否存在远程后 门，是否会在极端时刻给 ...

Core Viewpoint - China's Bitcoin mining activities have surprisingly revived four years after a comprehensive ban, with its hash rate now ranking third globally, driven by economic incentives, local agreements, and technological realities [1][2]. Group 1: Market Share and Hashrate - As of October 2025, China's Bitcoin network hash rate has rebounded to approximately 14.1%, equating to 145 EH/s, making it the third-largest mining country after the United States (37.8% or 389 EH/s) and Russia (15.5% or 160 EH/s) [2]. Group 2: Factors Driving the Resurgence - The resurgence of Bitcoin mining in China is attributed to three core factors: 1. **Cheap Electricity**: Regions like Xinjiang, Sichuan, and Inner Mongolia offer industrial electricity prices as low as 0.2 to 0.35 RMB per kWh, significantly below the international average, creating a cost advantage for miners [4]. 2. **AI Data Centers' Unintentional Support**: The construction of AI and cloud computing data centers has led to idle facilities and power quotas, allowing local governments to tacitly permit these facilities to pivot to Bitcoin mining, thus utilizing excess electricity and generating local tax revenue [5]. 3. **High Bitcoin Prices**: Bitcoin prices surged to a historical high of $126,000 in 2025, with subsequent prices stabilizing between $80,000 and $90,000, providing substantial profit margins for miners, which incentivized their return despite regulatory risks [5][6]. Group 3: Historical Context and Global Dynamics - The expulsion of Chinese mining companies and engineers in 2021 led to their migration to the U.S., particularly Texas, where they adapted to local energy markets and became crucial in addressing the electricity demands of AI data centers [8][9]. - The irony lies in the fact that while China aimed to enhance energy security and financial sovereignty by banning mining, the displaced capacity and expertise have become vital assets for U.S. AI strategies [9]. Group 4: Regulatory Environment and Future Outlook - Despite the thriving underground mining activities, the Chinese government's ban on cryptocurrency mining remains in effect, posing risks of sudden crackdowns and penalties [11]. - Analysts suggest that as long as Bitcoin prices remain high and local governments face fiscal pressures, the ongoing "cat-and-mouse" game between regulation and market activity will continue, with the future direction remaining uncertain [11].

Core Insights - CleanSpark, Inc. (NASDAQ:CLSK) focuses on energy solutions and Bitcoin mining, with a price target set by Macquarie at $27, indicating a potential upside of approximately 76.58% from its current trading price of $12.09 [1][5] Financial Performance - For fiscal year 2025, CleanSpark reported earnings per share of $1.12, which missed the Zacks Consensus Estimate of $1.45, but improved from a loss of 69 cents per share in the previous year [2][5] - The company's revenues surged by 102.2% year over year, reaching $766.3 million, driven by increased Bitcoin production and higher average revenue per coin, although it fell short of the consensus estimate of $783.9 million [3][5] - CleanSpark achieved an operating income of $318 million and an adjusted EBITDA of $823.4 million, reflecting improved margins despite missing revenue estimates [3][5] Stock Performance - The current stock price is $12.07, with a slight increase of approximately 2.07% or $0.25, and has fluctuated between a low of $12.02 and a high of $12.98 on the day [4] - Over the past year, CLSK has reached a high of $23.61 and a low of $6.45, with a market capitalization around $3.4 billion and a trading volume of 31.6 million shares on NASDAQ [4]

Core Viewpoint - CleanSpark, Inc. continues to receive a "Buy" rating from B. Riley, despite a lowered price target from $25 to $22, while the stock price is currently at $12.49 [1][6] Financial Performance - CleanSpark reported earnings of $1.12 per share for fiscal year 2025, missing the Zacks Consensus Estimate of $1.45, but showing improvement from a loss of $0.69 per share in the previous fiscal year [2] - The company's revenues surged by 102.2% year over year, reaching $766.3 million, driven by increased Bitcoin production and higher average revenue per coin, although it fell short of the consensus estimate of $783.9 million [3][4] - CleanSpark achieved an operating income of $318 million and an adjusted EBITDA of $823.4 million, indicating improved margins despite not meeting market expectations [4] Stock Performance - Following the fiscal results, CleanSpark's stock experienced a 3.4% decline in extended trading [2] - The current stock price is $12.84, reflecting an increase of approximately 8.59% or $1.02, with fluctuations between a low of $12.10 and a high of $12.98 on the same day [5] - Over the past year, the stock has reached a high of $23.61 and a low of $6.45, with a market capitalization of approximately $3.62 billion and a trading volume of 15.79 million shares on NASDAQ [5]

Core Viewpoint - H.C. Wainwright has lowered the target price and revenue expectations for the Bitcoin miner CleanSpark, indicating a more cautious outlook for the company's financial performance [1] Summary by Category Target Price Adjustment - The target price for CleanSpark has been reduced from $30 to $27 [1] Revenue Forecast - The revenue expectations for CleanSpark for the fiscal year 2026 have also been downgraded [1]

Core Viewpoint - Canaan Inc. (CAN.US) reported strong Q3 2025 earnings with significant revenue growth despite a GAAP loss per share, indicating robust demand in the cryptocurrency mining sector [1] Financial Performance - Q3 2025 GAAP loss per share was $0.05, missing market expectations of a profit of $0.04 [1] - Revenue for Q3 reached $150.5 million, a year-over-year increase of 104.5%, exceeding expectations [1] Mining Operations - Total computing power sales surpassed 10.0 EH/s for the first time, marking a historical high with a year-over-year growth of 37.7% and a quarter-over-quarter growth of 55.6% [1] - Mining revenue for the quarter was $30.6 million, a substantial year-over-year increase of 241%, setting a quarterly record [1] - The company mined 267 bitcoins during the reporting period, with an average revenue of $114,485 per bitcoin despite increasing network difficulty [1] Future Outlook - For Q4 2025, Canaan expects revenue to be in the range of $175 million to $205 million, significantly above the market consensus of $148.28 million [1] - The company noted that this outlook reflects short-term market conditions and customer demand dynamics, with potential adjustments based on market changes [1]

Core Insights - The stock price of Canaan Inc. (CAN.US) increased by 9.8% to $0.9382 following the release of its Q3 2025 earnings report, which showed a GAAP loss of $0.05 per share, missing market expectations of a profit of $0.04 per share, but revenue significantly exceeded expectations [1] Financial Performance - Canaan reported Q3 revenue of $150.5 million, representing a year-over-year growth of 104.5% and surpassing market expectations [1] - The total computing power sales reached a record high of 10.0 EH/s, marking a year-over-year increase of 37.7% and a quarter-over-quarter increase of 55.6% [1] - Mining revenue for the quarter was $30.6 million, a substantial year-over-year increase of 241%, setting a quarterly record [1] - The company mined 267 bitcoins during the reporting period, with an average revenue of $114,485 per bitcoin despite increasing network difficulty [1] Future Outlook - For Q4 2025, Canaan expects revenue to be in the range of $175 million to $205 million, significantly higher than the market consensus of $148.28 million, reflecting short-term market conditions and customer demand dynamics [1]

Core Viewpoint - Bitfarms has announced its decision to cease Bitcoin mining operations and transition to artificial intelligence (AI) infrastructure, indicating a strategic shift in its business model [2][4]. Group 1: Company Strategy - The company plans to repurpose its Washington facility into a state-of-the-art data center supporting NVIDIA's GB300 with advanced liquid cooling technology [2]. - Bitfarms believes that converting its Washington facility to GPU-as-a-service could generate more net revenue than its current Bitcoin mining operations, despite the facility representing less than 1% of its total investable portfolio [2]. - The company aims to complete the transition away from Bitcoin mining by 2026 and 2027 [2]. Group 2: Financial Performance - In the third quarter, Bitfarms reported a net loss of $46 million, which represents a nearly 91% increase in net loss compared to the same period in 2024 [3]. - The volatility of Bitcoin prices has made it challenging for the company to rely on Bitcoin for operational costs, especially after the performance of its new T21 mining machines fell short of expectations, leading to a 14% downward revision of its hash rate guidance for the first half of 2025 [3]. Group 3: Market Position - Following the announcement, Bitfarms' stock price fell approximately 18% [4]. - Bitfarms is the first Bitcoin mining company to fully commit to transitioning away from Bitcoin mining to focus exclusively on AI computing services, although other companies in the sector, such as MARA, have also begun to explore AI opportunities [4].

Core Viewpoint - CleanSpark, Inc. has successfully completed a $1.15 billion offering of 0.00% Convertible Senior Notes due 2032, marking a significant milestone in its growth as a leading energy and infrastructure compute platform [1][3]. Group 1: Offering Details - The Convertible Notes were sold to initial purchasers for resale in a private offering to qualified institutional buyers under Rule 144A of the Securities Act [1]. - The net proceeds from the sale of the Convertible Notes were approximately $1.13 billion after deducting discounts and estimated expenses [3]. Group 2: Share Repurchase - The company repurchased 30.6 million shares of its common stock, representing about 10.9% of the outstanding shares, for approximately $460 million [2][3]. - None of the repurchased shares were from the company's directors and officers, who signed 45-day lock-up agreements [2]. Group 3: Future Plans - The remaining net proceeds from the offering will be used for expanding the power and land portfolio, developing data center infrastructure, repaying outstanding bitcoin-backed line of credit balances, and general corporate purposes [3]. - The CEO emphasized the company's commitment to long-term value creation and the expansion of its power portfolio to meet the growing demand for high-performance and AI-driven data center infrastructure [3]. Group 4: Company Overview - CleanSpark is recognized as America's Bitcoin Miner® and operates a portfolio of over 1.3 GW of power, land, and data centers across the U.S., leveraging competitive energy prices [4]. - The company focuses on optimizing its infrastructure to deliver superior returns to shareholders by monetizing low-cost, high-reliability energy [4].

Core Insights - The company, Jia Nan Technology, reported an increase in operational metrics for October 2025, with deployed hash rate, operational hash rate, North American mining machine efficiency, and installed power capacity all surpassing September levels [1] - Despite an increase in mining difficulty across the network, the company produced 92 BTC in October, with a deployed hash rate of 9.31 EH/s and an operational hash rate of 7.85 EH/s [1] - The company's total cryptocurrency holdings increased to 1,610 BTC and 3,950 ETH, supported by a rigorous mining operation and holding strategy [1] Operational Performance - The operational hash rate improved to approximately 8.25 EH/s as of November 7, following the reallocation of less efficient mining machines [1] - The company maintains a stable revenue-sharing ratio and electricity costs [1] Strategic Initiatives - Jia Nan Technology is advancing a global strategy focused on sustainability, efficiency, and innovation [1] - A pilot project named "Gas to Hash Power" was launched in Alberta, Canada, converting stranded natural gas into clean, low-cost electricity for Bitcoin mining [1] - The company introduced the next-generation Avalon® A16 series, featuring the flagship air-cooled model A16XP, which achieves a hash rate of 300 TH/s and an energy efficiency ratio of 12.8 J/TH [1]