Core Insights - MARA Holdings, Inc. reported a 2% month-over-month decrease in blocks won and a 1% decrease in Bitcoin produced for July 2025, with total Bitcoin holdings surpassing 50,000 BTC, making it the second-largest publicly traded holder of Bitcoin globally [1][3][7] Production Metrics - Number of blocks won in July: 207, down from 211 in June, representing a 2% decrease [6] - Bitcoin produced in July: 703 BTC, down from 713 BTC in June, a 1% decrease [6] - Average Bitcoin produced per day: 22.7 BTC, down from 23.8 BTC in June, a 4% decrease [6] - Energized hashrate increased by 3% to 58.9 EH/s compared to 57.4 EH/s in June [6] Financial Position - As of June 30, 2025, the company held over $5 billion in liquid assets and raised nearly $1 billion since then, providing flexibility for domestic growth and international expansion [5] - The company treats its Bitcoin holdings as productive, risk-managed assets, aiming to enhance long-term shareholder value through disciplined asset management [5] Operational Developments - The company is preparing to energize the data center at its Texas wind farm in the second half of the year [4] - Operational efficiency improvements were noted at the Wolf Hollow and Kearney sites despite higher than expected curtailment at Ohio sites [4]

Political & Regulatory Landscape - France's Rassemblement National is drafting a bill to use surplus nuclear power to mine Bitcoin [1] - The party's stance on cryptocurrencies has evolved from calling for a ban in 2016 to supporting direct production in 2025 [1] Cryptocurrency & Energy - The bill proposes utilizing surplus nuclear power for Bitcoin mining [1]

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Company Overview - Proactive is a financial news publisher that provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The company operates with a team of experienced and qualified news journalists, ensuring independent content production [2] Market Focus - Proactive specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - The news team delivers insights across various sectors, including biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Technology Adoption - Proactive is recognized for its forward-looking approach and enthusiastic adoption of technology to enhance workflows [4] - The company utilizes automation and software tools, including generative AI, while ensuring that all content is edited and authored by humans [5]

Financial Data and Key Metrics Changes - Riot reported total revenue of $153 million for the second quarter, a 5% decrease from $161.4 million in the previous quarter, primarily due to lower Bitcoin production [19] - Gross profit for the second quarter was $70.3 million, compared to $73.6 million in the prior quarter, with a gross margin of 46%, unchanged from the previous quarter [19] - Net income for the second quarter was $219.5 million, or $0.65 per share, compared to a net loss of $296.4 million, or $0.90 per share, in the prior quarter [19][20] - Non-GAAP adjusted EBITDA for the second quarter was $495.3 million, compared to a loss of $176.3 million in the prior quarter [20] Business Line Data and Key Metrics Changes - Riot increased its self-mining hash rate from 33.7 to 35.4, representing a 5% increase, while the global hash rate rose by 9% during the same period [18] - Bitcoin mining revenue totaled $140.9 million, consistent with the prior quarter's revenue of $142.9 million, with a gross margin of 50%, up from 48% in the previous quarter [21] - Direct cost to mine, excluding depreciation, totaled $48,992 per Bitcoin, with power costs accounting for 77% of total direct costs [21][22] Market Data and Key Metrics Changes - The market for data center talent is highly competitive, with significant demand for power and infrastructure that is not currently being met [49] - The demand for compute capacity is expected to continue growing, driven by the AI arms race and increasing CapEx budgets from hyperscalers [49] Company Strategy and Development Direction - Riot's strategy focuses on maximizing the value of its power portfolio and transitioning power capacity towards data centers while utilizing Bitcoin mining where advantageous [13][41] - The company aims to build a robust and scalable data center segment, leveraging its existing power assets and Bitcoin mining capabilities [7][10] - Riot has hired Jonathan Gibbs as Chief Data Center Officer to lead the development of its data center business [14][36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to capitalize on market dynamics, emphasizing the importance of having readily available power in high-demand jurisdictions [41] - The company is strategically positioned to benefit from the growing gap between power demand and supply, particularly in key markets like Dallas and Austin [40] - Management highlighted the importance of a disciplined approach to capital allocation and the potential for shareholder value creation through strategic growth initiatives [12][41] Other Important Information - Riot ended the second quarter with over 19,000 Bitcoin and $330 million in cash, representing $2.4 billion in liquidity [15] - The company is actively engaged in discussions with potential data center tenants and has made significant progress in its Bitcoin mining operations [15][29] Q&A Session Summary Question: Discussion on Bitcoin generation and huddle strategy - Management explained that selling Bitcoin production allows the company to cover operating costs and focus on growth opportunities, with plans to adjust strategies based on Bitcoin price fluctuations [44][46] Question: Market dynamics regarding power transactions - Management noted robust demand in the data center market, with a significant gap between power availability and forecasted demand, emphasizing the importance of large-scale power capacity [49][50] Question: Basis of design for data centers - Management confirmed that significant progress has been made on the basis of design, which is crucial for engaging potential tenants and advancing negotiations [55][57] Question: Long lead times and infrastructure development - Management stated that critical infrastructure has already been secured, and they are confident in their ability to meet timelines for equipment procurement [59][60] Question: Potential tenants and negotiations - Management indicated that the basis of design will enhance negotiations with potential tenants, allowing for flexibility in serving various customer types [66][68] Question: Bitcoin mining outlook and network hash rate - Management projected a year-over-year growth of approximately 26% from 2024 to 2025, with a focus on maximizing the value of their power portfolio [74]

Company Focus - CleanSpark's bitcoin mine cooling system is highlighted [1]

Q2 2025 Key Accomplishments - Riot acquired an additional 238 acres at Corsicana, increasing the total acreage footprint to 858 acres[17] - Bitcoin Mining operations achieved a 50% gross margin[17] - The company's all-in power cost was $0.035 per kWh, and the hash cost was $25/PH/s/day[17] - Riot ended Q2 2025 with 19,273 BTC and $330 million in cash[18] - The company sold 1,371 BTC at an average price of $96,136 per BTC, generating proceeds of $132 million[18] Q2 2025 Financial Update - Riot produced 1,426 BTC in Q2 2025, averaging 15.7 BTC per day[22] - The company held 19,273 BTC valued at $2.1 billion, representing a $479 million increase[22] - Total revenue was $153 million, with $140.9 million from Bitcoin Mining, a 119% increase compared to Q1 2024[22] - Net income was $219.5 million, including a $470.8 million unrealized gain on bitcoin held[22] - Power curtailment credits amounted to $8.3 million[22]

Core Insights - Canaan Inc. has received a purchase order from CleanSpark Inc. for additional Avalon A1566I immersion-cooling miners, each delivering a hashrate of 249 to 267 terahashes per second (TH/s) [1][2] - This order follows CleanSpark's initial order of 3,800 Avalon A1566I miners placed in November 2024, with an average hashrate of 249 TH/s [2] - The collaboration highlights Canaan's commitment to innovation and supporting the growth strategies of its partners in the bitcoin mining sector [3] Company Overview - Canaan Inc. is a technology company established in 2013, focusing on ASIC high-performance computing chip design, research and development, production of computing equipment, and software services [4] - The company is recognized for shipping the world's first batch of mining machines incorporating ASIC technology in bitcoin's history under the brand name Avalon [4] - Canaan completed its initial public offering on the Nasdaq Global Market in 2019 [4]

Daily News 🗞 | July 31• Ethereum ETF inflows cross $2.3B in a week as demand intensifies• Base surpasses Solana in daily token creation, powered by Zora’s content coins• Ethereum order‑book liquidity has grown 41 % since April• Bitcoin miner MARA posts $808m profit as BTC rally drives record gains• Turkish ride-hailing giant Marti announces crypto treasury strategy,#CryptoNews #PoloniexNEWS ...

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