Core Insights - Bitdeer Technologies Group reported an increase in self-mining hashrate to 13.6 EH/s as of May 2025, with plans to exceed 40 EH/s by October 2025 [5][7] - The company sold and shipped 1.6 EH/s of SEALMINER A2s to external customers in May 2025 [5][7] - Self-mined Bitcoin production reached 196 Bitcoins in May 2025, marking an 18.1% increase from April 2025 [7] Operational Update - The deployment of SEALMINER mining rigs is ongoing in Texas, Norway, and Bhutan, contributing to the self-mining hashrate [5] - The SEALMINER A3 series is expected to be available for pre-order in June 2025 [7] - Client-hosted mining rigs increased by 5,000 units or 1.0 EH/s in May 2025 due to existing customers expanding their hosted mining rigs [7] Production and R&D - A total of 9.0 EH/s mining rigs have been manufactured, with 1.5 EH/s in final assembly as of the end of May 2025 [7] - The company is on track to achieve a chip efficiency of approximately 5 J/TH with the SEAL04 R&D project expected to tape-out in Q4 2025 [3] Financial Update - Tether exercised warrants in May 2025, resulting in the issuance of 5,186,627 ordinary shares and generating US$50 million in cash [7] - The total hash rate under management increased to 27.4 EH/s in May 2025, up from 25.1 EH/s in April 2025 [8] Infrastructure Development - Electrical equipment installation and hydro cooling systems in Tydal, Norway, are expected to be completed by the end of June 2025 [7][16] - Construction in Massillon, Ohio, is ongoing and expected to be completed in phases from Q3 to Q4 2025 [7][16] - The company has acquired a 50 MW Bitcoin mining project in Ethiopia for US$7.5 million, with expected energization in Q4 2025 [14][17]

Core Insights - The company reported a modest decrease in Bitcoin mined due to the relocation of approximately 800 machines from Kentucky to Oklahoma, but its Bitcoin holdings increased to 155 Bitcoin valued at over $16 million, equating to $3.16 per share [1][2] - The revenue generated from power curtailment activities is seen as a strategy to mitigate exposure to energy and Bitcoin price volatility, enhancing capital efficiency and supporting long-term treasury accumulation [1][3] - The operational metrics for May 2025 indicate a total of 4,320 operational machines and a hashrate of 0.48 EH/s in Oklahoma, with a total hashrate remaining stable at 0.61 EH/s [4] Financial Performance - As of May 31, 2025, the estimated value of the company's Bitcoin holdings was approximately $16.2 million, based on a Bitcoin price of around $104,600, while the stock share price was $1.93 [2] - The company mined 6.3 Bitcoin in May 2025, down from 6.6 Bitcoin in April 2025, with no Bitcoin sold during May [4] Company Overview - LM Funding America, Inc. operates as a Bitcoin mining and specialty finance company, founded in 2008 and based in Tampa, Florida [3]

Core Viewpoint - Canaan Inc. reported a significant increase in bitcoin production and operational efficiency in May 2025, despite facing challenges from increased tariffs on its mining machines due to U.S. trade uncertainties [2][4]. Company Performance - In May 2025, Canaan achieved a 25% month-over-month increase in bitcoin production, reaching a record of 109 bitcoins mined [2]. - The total cryptocurrency holdings of the company reached an all-time high of 1,466 bitcoins by the end of May 2025 [2]. - The installed hashrate was reported at 8.75 EH/s, with an operational hashrate of 7.27 EH/s, indicating a robust expansion of mining operations [3][4]. Financial Metrics - The average revenue split for the month was 64.9%, while the average all-in power cost was US$0.046 per kWh [4]. - The company has initiated a US$30 million stock repurchase program, reflecting confidence in its long-term prospects [11]. Mining Infrastructure - The month-end average miner efficiency was 20.1 J/TH in North America and 30.8 J/TH in non-North America, with a global average of 27.4 J/TH [5]. - The total installed power capacity reached 239.7 MW globally, with 76.3 MW in North America and 163.4 MW in non-North America [5]. Recent Developments - Canaan's executives purchased 817,268 American Depositary Shares at an average price of US$0.76 per ADS, indicating their confidence in the company's future [10]. - The company expanded its self-mining operations in North America by energizing an additional 0.91 EH/s across four mining projects in May 2025 [13].

Core Viewpoint - Cango Inc. has undergone a significant strategic transformation, divesting its PRC operations and repositioning itself as a leader in the global Bitcoin mining sector, aiming to capitalize on emerging opportunities in the crypto market [1][3]. Group 1: Transformation Initiatives - The divestiture of Cango's PRC business was completed on May 27, 2025, for approximately US$351.94 million, allowing the company to focus on high-growth areas outside China [4]. - Cango plans to apply for deregistration as a "China Concept Stock" to facilitate its expansion into Bitcoin mining across North America, the Middle East, South America, and East Africa [4]. - The company announced changes to its board and executive leadership, including the resignation of CFO Mr. Yongyi Zhang and the appointment of co-founder and CEO Mr. Jiayuan Lin as interim CFO [5]. Group 2: Shareholder and Governance Changes - On June 2, 2025, Cango's co-founders will sell 10 million Class B ordinary shares to Enduring Wealth Capital Limited (EWCL) for US$70 million, granting EWCL substantial voting control [6]. - Post-transaction, EWCL is expected to hold approximately 2.82% of the outstanding shares and 36.74% of the total voting power, while the founders will hold 18.54% of the total outstanding shares [7]. - The governance structure will be further restructured in conjunction with the closing of the share sale [6]. Group 3: Mining Capacity Acquisition - Cango entered into an agreement on June 4, 2025, to acquire 18 EH/s in crypto mining capacity, increasing its total mining capacity to 50 EH/s [8]. - The acquisition will involve the issuance of 146.7 million Class A ordinary shares, subject to a six-month lock-up period [8]. - An additional 97.8 million bonus shares may be issued if certain post-closing price thresholds are met [9]. Group 4: Future Outlook - The strategic transactions and new shareholder structure are expected to empower Cango to pursue significant scale and efficiency in Bitcoin mining [12]. - The company is committed to driving innovation and creating value for stakeholders, with a strong foundation for growth in digital asset infrastructure [12]. - Cango's operations are strategically deployed across key regions, reflecting its commitment to diversifying its business portfolio in the crypto asset space [13].

Core Insights - IREN Limited reported record monthly revenue and hardware profit for May 2025, driven by increased Bitcoin prices and a rise in average operating hashrate [5][6][11] - The company is on track to achieve a hashrate of 50 EH/s by June 30, 2025, with ongoing customer engagement and financing workstreams [5][11] - AI Cloud Services revenue is continuing to scale, with the Horizon 1 AI Data Center project on schedule for delivery in Q4 2025 [5][7] Bitcoin Mining Performance - Average operating hashrate increased to 38.4 EH/s in May from 36.6 EH/s in April and 30.3 EH/s in March [4] - Bitcoin mined reached 627 BTC in May, up from 579 BTC in April and 533 BTC in March [4] - Revenue per Bitcoin increased to $103,345 in May from $86,522 in April [4] - Total revenue from Bitcoin mining was $64.7 million in May, compared to $50.1 million in April [4] - Electricity costs per Bitcoin rose to $27,033 in May from $24,381 in April [4] - Hardware profit for Bitcoin mining was $47.8 million in May, with a profit margin of 74% [4][11] AI Cloud Services - Revenue from AI Cloud Services was $2.2 million in May, up from $2.0 million in April [4] - Hardware profit margin for AI Cloud Services remained high at 98% in May [4] - The GPU fleet is nearing full utilization, supporting training and inference workloads, generating an annualized run-rate revenue of $28 million [11] Project Updates - The Childress project is progressing, with Phase 5 (150MW) energization expected in the coming weeks [10][14] - The Horizon 1 AI Data Center is on track for Q4 2025 delivery, with equipment arriving as planned [7][14] - The company is transitioning to US domestic issuer status starting July 1, 2025 [5]

Group 1 - BitMine Immersion Technologies, Inc. announced a public offering of 2,250,000 shares at $8.00 per share, aiming for gross proceeds of $18 million before expenses [1] - The company has received approval for listing on the NYSE American, with trading expected to start on June 5, 2025, under the symbol "BMNR" [2] - The net proceeds from the offering will be used to purchase bitcoin [3] Group 2 - A registration statement for the offering was filed with the SEC and became effective on June 4, 2025 [4] - The offering is managed by ThinkEquity, which is acting as the sole book-running manager [3] - BitMine operates in low-cost energy regions, focusing on bitcoin mining and advisory services [6]

Core Viewpoint - Cipher Mining Inc. has provided an operational update for May 2025, highlighting its bitcoin production, sales, and ongoing developments at its Black Pearl site [1]. Production and Operations Summary - In May 2025, Cipher mined approximately 179 BTC and sold around 64 BTC, ending the month with a total of approximately 966 BTC held [2][4]. - The company deployed 75,000 mining rigs, achieving a month-end operating hashrate of 13.5 EH/s and a fleet efficiency of 18.9 J/TH [2]. Financial Metrics - The estimated power sales for May are equivalent to about 4 BTC, based on a month-end bitcoin price of $104,430, and approximately 23 BTC mined at joint venture data centers representing Cipher's ownership [2][11]. - Cipher has approximately 334 BTC pledged as collateral [2][11]. Management Commentary - Cipher is making significant progress at the Black Pearl site, with the Phase I building nearly complete and legacy rigs from the Odessa upgrade relocated and ready for energization [3]. - The company has purchased additional mining rigs to utilize the full 150 MW power capacity at Phase I of Black Pearl, expecting to increase its hashrate capacity from approximately 13.5 EH/s to 23.1 EH/s upon deployment of the new rigs in early July [3]. Company Overview - Cipher focuses on developing and operating industrial-scale data centers for bitcoin mining and high-performance computing (HPC) hosting, aiming to be a market leader in innovation within the industry [6].

Core Insights - BitFuFu Inc. reported a significant increase in Bitcoin production, achieving 400 BTC in May 2025, which represents a 91.4% month-over-month increase [2][7][8] - The company expanded its hashrate to a record level of 34.1 EH/s, marking a 20.5% month-over-month increase [7][8] - Total power capacity under management reached 651 MW, reflecting a 15.0% month-over-month increase [4][7][8] Bitcoin Holdings and Production - As of May 31, 2025, BitFuFu held 1,709 BTC, a decrease of 199 BTC from April 30, 2025, due to proactive treasury sales [8] - In May 2025, 357 BTC were mined by cloud-mining customers, while 43 BTC were produced through self-mining [8] Hashrate Overview - The majority of the added procured hashrate was generated from S21 series miners, with self-owned hashrate at 4.2 EH/s and hashrate from third-party suppliers and hosting customers at 29.9 EH/s [8] Power and Infrastructure - The total power capacity under management of 651 MW spans across five continents, indicating a robust global infrastructure [4][7] Mining Services - BitFuFu had 615,559 registered cloud mining users as of May 31, 2025, showcasing the company's strong market presence [5]

Core Insights - CleanSpark, Inc. is advancing towards a hashrate milestone of 50 EH/s with fully self-operated infrastructure, reflecting its commitment to operational control and scalability [2][3] - The company has doubled its Bitcoin treasury year-over-year to 12,502 BTC, all acquired through mining operations without issuing equity since November 2024, emphasizing disciplined capital management [2][5] - CleanSpark has expanded its contracted power capacity to 987 MW, which supports its growth strategy and operational performance [2][5] Operational Performance - In May 2025, CleanSpark maintained an average hashrate of 42.5 EH/s and achieved a month-end hashrate of 45.6 EH/s, representing a 7.5% increase sequentially [2][5] - The company produced an average of 22.39 BTC daily, with a peak single-day output of 23.50 BTC, and sold a total of 293.5 BTC at an average price of approximately $102,254 per BTC [5] - The average fleet efficiency was reported at 16.71 J/Th, indicating effective energy utilization in mining operations [7] Strategic Positioning - CleanSpark is recognized as the sixth-largest public Bitcoin holder, all mined directly through its operations, validating its infrastructure-first strategy [3] - The company aims to achieve over 60 EH/s in the future, indicating a focus on long-term growth and shareholder value [3] - CleanSpark's participation in Bitcoin 2025 highlighted its leadership in discussions on mining, energy, and digital asset management [3]

Core Viewpoint - Hyperscale Data, Inc. reported strong performance from its subsidiary Sentinum, which received approximately 17.4 Bitcoin in May 2025 and about 90 Bitcoin year-to-date, benefiting from the recent increase in Bitcoin prices [1][2]. Group 1: Financial Performance - Sentinum earned approximately 17.4 Bitcoin in May 2025 and approximately 90 Bitcoin year-to-date from its mining operations [1]. - Revenue is calculated daily based on the number of Bitcoin earned at the current market value [1]. Group 2: Operational Updates - Sentinum plans to resume Bitcoin mining operations at its Montana facilities in June 2025, which will enhance its mining capacity with about ten megawatts of power, sufficient for approximately 3,200 S19j Pro Antminers [2]. - Initially, mining operations will commence with around 2,600 Antminers, with plans to scale up to full capacity by July 2025 [2]. Group 3: Strategic Direction - The Company aims to capitalize on the rising Bitcoin prices through selective deployment of its mining fleet rather than selling miners in the secondary market [2]. - Hyperscale Data is preparing for a divestiture of its subsidiary Ault Capital Group, Inc. by December 31, 2025, after which it will focus solely on data center operations and may continue Bitcoin mining [5].