BitRiver, Russia’s largest Bitcoin miner, controlling over 50% of the nation’s mining market, is spiraling toward bankruptcy after a court instituted observation proceedings against its parent company. The Sverdlovsk Regional Arbitration Court ruled on January 27 to begin monitoring Fox Group of Companies LLC, which owns 98% of Bitriver Management Company, following a $9.2 million debt claim from En+ subsidiary Infrastructure of Siberia. The crisis marks a dramatic reversal for a company that generated ...

Core Viewpoint - IREN Limited is expected to report significant revenue growth of 92.42% year-over-year for Q2 fiscal 2026, but faces a widening bottom-line loss, indicating deteriorating earnings quality compared to the previous year [1][7]. Financial Performance - The Zacks Consensus Estimate for Q2 fiscal 2026 revenues is $230.12 million, reflecting a substantial increase from the previous year [1]. - The consensus estimate for the bottom-line loss is 9 cents, which has widened by two cents over the past month, contrasting with earnings of 9 cents in the same quarter last year [1]. - Over the last four quarters, IREN has missed earnings expectations three times, with an average negative earnings surprise of 26.52% [2]. Earnings Expectations - IREN currently has an Earnings ESP of -39.29% and a Zacks Rank of 3, indicating a lower likelihood of an earnings beat this quarter [4][3]. - The company’s earnings quality is expected to weaken due to the absence of unrealized gains that previously inflated net income and EBITDA [9]. Operational Factors - IREN is expanding its GPU capacity from 23,000 to a targeted 140,000 GPUs by the end of 2026, which is expected to support revenue growth amid rising AI cloud demand [5]. - The company has a strong liquidity position with approximately $1.8 billion in cash, which helps sustain its Bitcoin mining operations despite power cost volatility [6]. Capital Expenditure and Strategy - IREN plans to invest approximately $5.8 billion in GPUs and related infrastructure, which may increase leverage and dilute shareholders [8]. - The company’s capital-intensive expansion strategy poses risks to financial flexibility and performance in the near term [7][17]. Competitive Landscape - IREN faces heightened competition in the AI cloud and HPC sectors from rapidly expanding peers like Applied Digital and TeraWulf, which may impact its growth objectives [16]. - Despite a strong liquidity position and operational momentum, the company’s premium valuation raises downside risk [17]. Stock Performance - IREN's shares have declined 1.5% over the past three months, underperforming the broader Finance sector, which returned 4.3% [10]. - The stock is currently considered overvalued, with a forward 12-month price/sales ratio of 8.04, significantly higher than the industry average of 3.03 [12].

Core Viewpoint - HIVE Digital Technologies demonstrated strong operational performance in 2025, with significant increases in Bitcoin production, despite a cautious outlook from some Wall Street analysts who downgraded the stock's price target significantly [1][2]. Production Performance - HIVE mined 306 Bitcoin in December 2025, a 197% increase from 103 BTC in December 2024, despite a 40% rise in Bitcoin mining difficulty year-over-year [4]. - For the entire year of 2025, HIVE produced 2,311 BTC, marking a 31% increase from 1,770 BTC in 2024, even with the Bitcoin halving and a 46% increase in average annual network difficulty [5]. Mining Operations - HIVE maintained over 2% of the global Bitcoin network's mining capacity through the end of 2025, highlighting the scale of its operations and geographic diversification [3]. - The company averaged 9.9 BTC mined per day in December 2025, supported by an average hashrate of 23.3 exahash per second (EH/s), with peak levels reaching 24 EH/s [4]. Future Plans - HIVE plans to expand its renewable energy capacity by adding 100 megawatts of hydroelectric-powered data center capacity at its Yguazú campus in Paraguay, targeting full commissioning in Q3 2026 [6]. - Upon completion, HIVE expects its total renewable capacity to reach approximately 540 MW across Paraguay, Canada, and Sweden [6]. Analyst Sentiment - Analyst ratings on HIVE are mixed, with some firms issuing sell ratings while others maintain buy ratings, resulting in a consensus rating of "Moderate Buy" [7].

Another former crypto miner is quietly making the case that pivoting to AI may be the smartest survival move in today’s market. This time, the proof point is CoreWeave (NASDAQ: CRWV), a firm that began life as a Bitcoin mining operation and is now pulling in billions from Big Tech. Related: What is Bitcoin mining? Explained A Bitcoin miner that changed course early CoreWeave didn’t start out as an AI darling. The company was founded in 2017 under the name Atlantic Crypto, initially focused on Bitcoin ...

Core Insights - The investment by Nvidia in CoreWeave highlights the increasing demand for high-performance computing in AI applications, while also presenting challenges for independent bitcoin miners transitioning to AI infrastructure [1][3] - Shares of bitcoin miners like Cipher Mining, CleanSpark, IREN, and TeraWulf fell between 5% and 9% due to concerns that CoreWeave's dominance in the AI infrastructure market could limit growth opportunities for other miners [2] - CoreWeave's market capitalization of $53 billion is already half of the peak valuation of the entire bitcoin-AI mining sector, indicating significant competitive pressure on smaller players [3] Market Reactions - The decline in shares of bitcoin miners signals a commitment between Nvidia and CoreWeave, with GPU resources increasingly allocated to this partnership, potentially reducing funding opportunities for independent miners [3] - CleanSpark's shares dropped about 9% due to perceived outage risks related to its Tennessee operations and governance concerns stemming from a substantial CEO pay package [5] - Core Scientific and Hut 8 are exceptions, with Core Scientific's shares rising nearly 2% and Hut 8's shares increasing by 0.2%, as both companies have diversified into AI hosting and high-performance computing [6][7] Industry Trends - The shift towards AI by bitcoin miners is not new, as they have been repurposing their data centers for more profitable workloads amid shrinking mining rewards and rising power costs [8] - Nvidia's recent actions suggest that resources may increasingly be directed towards larger, more integrated players like CoreWeave, compelling smaller firms to adapt or consolidate [8] - The industry is showing signs of inevitable consolidation as it matures, indicating a potential shift in competitive dynamics [4]

Core Insights - Bitcoin mining activity in the United States experienced a slowdown due to a winter storm, leading to higher network block times and a temporary reduction in overall hashrate [1] - Major mining pools such as Foundry USA and Luxor were significantly impacted, with Foundry's hashrate dropping from approximately 260 EH/s to around 124 EH/s before recovering, while Luxor's hashrate fell from about 40 EH/s to 16 EH/s [2] - Other mining pools like Antpool also recorded declines, indicating a broader trend across the industry [3] Industry Dynamics - The winter storm caused prolonged subfreezing temperatures and ice, straining power grids and forcing utilities to curtail large industrial loads, which affected Bitcoin mining operations [5] - Bitcoin mining is characterized by its ability to adjust operations based on electricity availability and pricing, demonstrating flexibility in response to grid conditions [4][6] - The recent slowdowns in mining activity reflect a shift in the industry, where mining operations are increasingly adapting to modern power grid needs, indicating a more resilient and flexible mining ecosystem [6]

Core Insights - The discussion focused on the CoinShares Bitcoin Mining ETF (WGMI) and its relevance in the current market landscape [1] Group 1: ETF Overview - The CoinShares Bitcoin Mining ETF (WGMI) is designed to provide investors with exposure to the Bitcoin mining industry [1] - The ETF aims to capitalize on the growing interest in cryptocurrencies and the potential profitability of Bitcoin mining [1] Group 2: Market Context - The podcast highlighted the increasing institutional interest in Bitcoin and related investment vehicles [1] - There is a notable trend of diversification in investment portfolios, with Bitcoin mining ETFs becoming a viable option for investors [1]

Core Viewpoint - LM Funding America, Inc. has successfully energized its second BC40 Elite immersion cooled Foghashing unit, increasing its total hashrate to approximately 785 PH/s, reflecting the company's commitment to efficient Bitcoin mining operations [1][2]. Company Operations - The company operates as a Bitcoin treasury and mining firm, with a focus on cost-efficient growth in its mining operations [2][3]. - As of December 31, 2025, LM Funding holds 356.3 Bitcoin, valued at approximately $34.4 million, equating to about $1.60 per share based on a Bitcoin price of $96,500 as of January 14, 2026 [2][5]. Financial Performance - The company's share price was reported at $0.47 on January 14, 2026, indicating a significant difference between the Bitcoin value per share and the market price [2][5]. - The company operates with approximately 24 MW of powered capacity, achieving its highest energized and most efficient levels to date [2].

Core Insights - Bitdeer Technologies Group (NASDAQ:BTDR) is recognized as a leading investment opportunity in the cryptocurrency and blockchain sector, particularly due to its impressive operational results in December 2025, which included a 339% year-over-year increase in Bitcoin mined, totaling 636 Bitcoins, and a 21% month-over-month increase [1]. Group 1: Operational Performance - The company achieved a self-mining hashrate of 55.2 Exahash per second, contributing to the significant increase in Bitcoin mining [2]. - Bitdeer surpassed 55 EH/s, marking a key operational milestone, with plans for continued growth through 2026 as additional proprietary mining rigs are deployed [3]. - As of the end of 2025, Bitdeer held 2,017 Bitcoins, excluding customer deposits, indicating a strong asset position [4]. Group 2: Technological Advancements - Bitdeer is advancing its AI capabilities by converting several crypto mining facilities into AI data centers located in Norway, Washington, and Tennessee [4]. - The company is focused on building significant AI infrastructure utilizing NVIDIA GPUs for advanced computing, alongside its Bitcoin mining operations [5].

Core Viewpoint - CleanSpark Inc. (NASDAQ:CLSK) is recognized as a promising long-term investment, particularly due to its strategic pivot towards AI data centers and its strong position in Bitcoin mining [1][2][3]. Group 1: Company Overview - CleanSpark operates as a Bitcoin mining company in the Americas, owning, leasing, and managing data centers and power assets [4]. - The company currently has approximately 50 EH/s of mining capacity in the US [1]. Group 2: Strategic Developments - Northland initiated coverage of CleanSpark with an Outperform rating and a price target of $22.50, emphasizing the company's diversification into HPC and AI data centers [1][3]. - Maxim Group also initiated coverage with a Buy rating and a price target of $22, highlighting CleanSpark's shift from Bitcoin mining to AI data centers to meet rising infrastructure demand [2]. - The company has acquired a 285MW site in Texas and secured approximately 1.5GW of contracted power by November 2025, providing a competitive edge over rivals facing approval delays [3].