Core Insights - MARA Holdings, Inc. aims to achieve a hashrate of 75 EH/s by the end of 2025, representing over 40% growth from 2024, supported by existing machine orders [3] - In June 2025, the company produced 713 BTC, a 25% decrease from May's production of 950 BTC, with 211 blocks won, also down 25% month-over-month [4][5] - As of June 30, 2025, MARA holds a total of 49,940 BTC, with no sales made during June [6] Operational Highlights - The number of blocks won in June 2025 was 211, down from 282 in May, reflecting a 25% decrease [5] - BTC production decreased to 713 in June from 950 in May, marking a 25% decline [5] - Average BTC produced per day fell to 23.8 from 30.7, a decrease of 23% [5] - Energized hashrate was reported at 57.4 EH/s, down 2% from 58.3 EH/s in the previous month [5] Management Commentary - The CEO emphasized the company's disciplined approach to accumulating BTC through mining and strategic purchases, highlighting the importance of building long-term value for shareholders [5] - The company has 1.7 GW of captive capacity, with 1.1 GW operational and a growth pipeline exceeding 3 GW of low-cost power opportunities [3]

.@jpmorgan says operators with HPC exposure outperformed pure-play $BTC miners in June due to speculation about a deal between Core Scientific and CoreWeave. @willcanny99 reportshttps://t.co/q5PQeqUUML ...

Company Strategy - BitMine 正在创建以太坊金库 [1] - BitMine 在筹集 250 million 美元后，Tom Lee 加入董事会 [1] Funding - BitMine 筹集了 250 million 美元 [1]

Core Insights - Hut 8 Corp. has announced the initial energization of its Vega facility, which is believed to be the largest single-building Bitcoin mining facility by nameplate hashrate, with a capacity of 205 MW and the potential to support up to ~15 EH/s of Bitcoin mining [1][8] Group 1: Facility Overview - Vega spans 162,000 square feet, equivalent to five football fields, and is designed to support nearly 2.0% of the current global Bitcoin network hashrate [1] - The facility features a proprietary, rack-based, direct-to-chip liquid cooling system, allowing for higher compute density of up to 180 kW per rack, which is 50% higher than the requirement for NVIDIA Blackwell HGX GPUs [3][14] Group 2: Technological Innovations - The modular architecture of Vega includes pump skids, fluid distribution networks, and smart power distribution units, optimizing thermal efficiency and operational reliability [4] - The design is particularly relevant for AI training and high-performance computing (HPC) workloads, focusing on speed, density, and cost efficiency [6] Group 3: Financial Implications - Hut 8 has a colocation agreement with BITMAIN for the full ~15 EH/s deployment, expected to generate annualized revenue between $110 million and $120 million upon full energization [8] - The agreement includes a purchase option for Hut 8 to acquire the hosted fleet, potentially increasing its self-mining capacity from 10 EH/s to 25 EH/s [9] Group 4: Strategic Vision - The CEO of Hut 8 emphasized the innovation-driven approach to digital infrastructure design, aiming to scale and refine the architecture as workload requirements evolve [6] - The project represents a shift towards lower-cost, application-optimized infrastructure, bridging the gap between high-cost, high-redundancy builds and more efficient designs [6]

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]