香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 DL HOLDINGS GROUP LIMITED 德林控股集團有限公司 2 自願公告 有關比特幣挖礦業務的 最新發展 本公告由德林控股集團有限公司（「本公司」，連同附屬公司統稱為「本集團」）自願刊 發，旨在向本公司股東及潛在投資者通報本集團的最新業務發展情況。 本公司董事會（「董事會」）欣然向其股東及市場更新有關其比特幣挖礦業務的最新進 展。本公司透過在美國、阿曼及巴拉圭的選定海外礦場部署高效挖礦硬件，繼續積 極發展及擴展機構級比特幣挖礦業務。 除了大致完成向比特大陸收購2,995台總哈希率約為1.060 EH/s的比特幣礦機及正 在進行向Evergreen Wealth Investment Limited收購2,200台總哈希率約為1.040 EH/s 的比特幣礦機外，本集團另向三家獨立於本公司及其關連人士（定義見上市規則） 且與彼等概無關連的第三方供應商收購合共4,000台Antminer S2 ...

Core Insights - The article highlights the significant electricity consumption associated with Bitcoin mining, estimating around 300 million yuan daily, which is comparable to the electricity usage of a medium-sized city [1][3] - The energy consumption for Bitcoin mining has led to increased electricity loads in various countries, with Kazakhstan reporting an 8% year-on-year increase in electricity consumption attributed to mining activities [3][5] - The hardware market has been impacted, with graphics card prices soaring to over three times their official prices during peak demand for mining [5] - Bitcoin's annual carbon emissions are estimated to be nearly 70 million tons, raising environmental concerns and leading to criticism from notable figures like Charlie Munger and Elon Musk [5][7] - The ongoing debate about the benefits and drawbacks of Bitcoin mining continues, with some regions benefiting from the economic activity while others face unexpected costs and energy pressures [7][8] Industry Impact - The shift of mining operations to regions with lower electricity costs, such as Texas in the U.S. and Kazakhstan, has created challenges related to energy supply and infrastructure [3][7] - The increasing energy demands from Bitcoin mining raise questions about the sustainability of such practices and their long-term viability in the face of environmental and economic pressures [8] - The volatility in market sentiment surrounding Bitcoin mining reflects broader concerns about energy consumption and its implications for the global energy landscape [7][8]

Core Viewpoint - Soluna Holdings, a publicly traded company in the US, has announced a final agreement to raise approximately $32 million through the issuance of common stock and corresponding warrants [1] Group 1: Financing Details - The company plans to issue 18,079,144 shares of common stock at a price of $1.77 per share according to NASDAQ rules [1] - The net proceeds from this financing will be utilized for operational funding, project-level equity investments, and other general corporate purposes [1] Group 2: Business Applications - The funds raised will support high-performance computing applications, including Bitcoin mining and generative artificial intelligence [1]

Financial Data and Key Metrics Changes - Total revenues for the first half of 2025 were $61.2 million, climbing 55.5% year over year [5][22] - Gross loss recorded was $1.2 million, with a gross margin of -2% compared to 6% in the prior year [23] - Net loss for the first half of 2025 was $136.3 million, primarily driven by non-cash impairments [24] - Adjusted EBITDA was negative $7.1 million, compared to negative $2.6 million last year [25] Business Line Data and Key Metrics Changes - Esports revenue was $3.8 million, impacted by market normalization and timing of revenue recognition [5][22] - Talent management revenue surged 110.6% year over year to $46.1 million [8][22] - Event production revenues grew 30.1% year over year to $11.3 million [9][22] Market Data and Key Metrics Changes - In China, esports experienced first-half softness due to market normalization and delayed revenue recognition [5] - Western esports showed signs of recovery, with expectations to break even or make a slight profit in the second half of 2025 [6][7] Company Strategy and Development Direction - The company is focusing on a dual-engine model, with entertainment as the core and a new mining and digital assets division as the second growth engine [4][12] - Plans to expand into music-led events and cultural platforms, with a pipeline of festivals across key cities [9][10] - The establishment of a mining and digital asset division aims to combine near-term monetization through Bitcoin mining with long-term strategic positioning in digital infrastructure and AI computing [14][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving positive adjusted EBITDA in the second half of 2025, supported by operational efficiency and revenue growth from both entertainment and mining divisions [11][25] - The company anticipates a meaningful cash flow visibility from mining operations, projecting annualized revenue potential exceeding $300 million [20] Other Important Information - The company recorded non-cash goodwill impairment of $106.3 million and intangible asset impairment of $19.5 million, primarily related to the Ninjas in Pajamas brand [24] - The company is committed to maintaining strict cost discipline and enhancing corporate governance and sustainability practices [11][26] Q&A Session Summary Question: Applicability of event production model geographically and financially - Management confirmed the model is replicable in China and selected international markets, with plans for more large-scale music festivals [30][32] Question: Competitive performance and profitability for the esports segment - Management expects normalization of league revenue recognition in the second half of 2025, with improved competitive performance [33][34] Question: Trajectory into the second half of 2025 and positive adjusted EBITDA - Management indicated that the reported loss was primarily due to non-cash impairments, with expectations for revenue momentum and cost efficiency improvements [37][38] Question: Differentiation versus pure player miners in the mining division - Management highlighted the company's strong brand presence and existing audience as key differentiators, along with government partnerships providing cost stability [39][41] Question: Update on Abu Dhabi headquarters build-out and financial impacts - Management reported that the headquarters build is on schedule, with benefits from the Abu Dhabi Gaming and Investment Office programs positively impacting P&L [45][47] Question: Rationale behind goodwill and intangible asset impairments - Management explained the impairments were necessary to reflect realistic market conditions following a cooldown in esports valuations [48][49] Question: Progress on additional asset purchase agreements for mining capacity - Management confirmed that the acquisition remains active, targeting a closing in December [51] Question: Update on the esports hotel strategy - Management expressed excitement about the upcoming opening of the esports-themed hotel in January, viewing it as a significant revenue opportunity [55][56]

Financial Performance - The company reported Q3 total revenue of $224.6 million, a 60.6% increase quarter-over-quarter, with Bitcoin mining revenue accounting for $220.9 million [1] - Operating profit for the period was $43.5 million, net profit reached $37.3 million, and adjusted EBITDA was $80.1 million [1] - The average operational hash rate increased from 40.91 EH/s in July to 46.09 EH/s in October, with an operational efficiency exceeding 92% [1] Bitcoin Mining Metrics - The company mined a total of 1,930.8 Bitcoins in Q3, with a daily average production of 21.0 Bitcoins, representing a quarter-over-quarter increase of 37.5% and 36.0% respectively [1] - The cost of mining a single Bitcoin, excluding machine depreciation, was $81,072, while the total cost was $99,383 [1] - Cumulatively, the company is approaching the milestone of 7,000 Bitcoins mined since entering the Bitcoin mining industry [1] Market Strategy and Future Plans - The company is closely monitoring the complex and volatile market environment, particularly the significant fluctuations in Bitcoin prices [1] - It plans to dynamically manage its hash rate output and explore collaborative models to mitigate market volatility risks and enhance operational stability [1] - The company has outlined a detailed development roadmap for its AI initiatives, which includes three phases: short-term GPU power leasing, mid-term self-operated data center hubs, and long-term development of a globally distributed AI computing network powered by green energy [2]

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]