Financial Data and Key Metrics Changes - CleanSpark achieved record revenues of $766 million for fiscal year 2025, representing over 100% year-over-year growth [19] - Gross margin was 55%, a slight decrease of 1% year-over-year, which is notable given it was the first full year post-Bitcoin halving [8][19] - Adjusted EBITDA exceeded $800 million, with a normalized adjusted EBITDA from operations of approximately $305 million, reflecting a net margin of about 40% [20] - The company produced nearly 8,000 Bitcoin during the fiscal year, with an average marginal cost per Bitcoin slightly below $43,000 and average revenue per Bitcoin around $98,000 [19][20] Business Line Data and Key Metrics Changes - The Bitcoin treasury grew by nearly 62% to over 13,000 Bitcoin, generated entirely from the company's own hash rate [9] - The operational hash rate reached 50 exahash per second, with 100% U.S.-based infrastructure [8] - The company is deploying 19,000 S21 XP immersion units, expected to be completed in Q1 2026 [9][10] Market Data and Key Metrics Changes - CleanSpark's operational efficiency improved significantly, contributing to consistent gross margins despite market fluctuations [20] - The company is strategically positioned to support the growing demand for AI compute alongside Bitcoin mining [7][8] Company Strategy and Development Direction - CleanSpark is evolving into a digital infrastructure platform, focusing on opportunities in generative AI, grid balancing through Bitcoin mining, and high-performance computing [5][6] - The company aims to diversify revenue streams and enhance margins through a blended approach to monetizing its portfolio [8] - A significant focus is on securing tenants for AI campuses while expanding land and power capabilities [36][37] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about demand in the HPC-AI space, citing strong inquiries for their facilities [43] - The company is confident in its ability to navigate market volatility and capitalize on opportunities due to its strong financial position [44] - CleanSpark is committed to maintaining operational excellence and leveraging its infrastructure-first model to maximize value [36][38] Other Important Information - CleanSpark completed its largest financing ever with a $1.15 billion upsized 0% convertible note, which included a stock buyback of $460 million [17][33] - The company has secured a 285 MW site in Texas for AI factory development, with a multi-gigawatt pipeline of additional opportunities [12][13] Q&A Session Summary Question: Can you provide insight into client conversations and demand outlook for HPC-AI? - Management reported extensive discussions with potential clients, including strong interest in their Texas and Georgia sites, indicating robust demand in the HPC-AI space [43][44] Question: How does the company view pairing Bitcoin mining with HPC campuses? - Management sees potential in blending Bitcoin mining with HPC to provide power usage versatility, which could enhance operational flexibility [45][48] Question: What key milestones should investors look for in 2026 regarding HPC strategy? - Management highlighted the importance of the Texas and Sandersville sites, which are positioned for rapid deployment to meet 2026 demand [51][52] Question: What are the near-term expansion plans for Bitcoin mining? - The company plans to migrate Bitcoin mining operations to more remote locations, prioritizing efficiency and favorable utility rates [56][58] Question: How does the company plan to utilize its Bitcoin balance strategically? - Management intends to monetize the Bitcoin stack through yield strategies and opportunistic borrowing, maintaining flexibility in capital management [66] Question: What is the economic impact of the MOU with Submer? - The partnership with Submer is expected to enhance speed to market and reduce costs for AI and HPC infrastructure development [70][71]

Market Trends & Global Relations - Donald Trump and President Xi are planning to visit each other later this year, indicating potential impacts on international trade and economic policies [1] - Bitcoin mining is quietly resurging in China, now accounting for approximately 14% of global hashrate [2] Cryptocurrency Market Dynamics - Bitcoin open interest experienced its sharpest 30-day drop since 2022, suggesting a significant market reset that often precedes bottom formation [1] - BitMine Immersion increased its treasury to 363 万 ETH (3.63 million ETH) after adding 69,822 ETH last week [2] - Arthur Hayes does NOT expect $BTC to drop below $80,000, reflecting a bullish outlook on Bitcoin's future value [3] Security & Risks - Over 400 NPM packages, including key ENS and crypto libraries, were affected by a worm-style attack, compromising developer credentials and wallet keys [2] - The ECB warns that fast-growing stablecoins could create spillover risks for traditional finance if a major run hits the market [2] Technology & Investment - Amazon is investing up to 500 亿 美元 (50 billion USD) to enhance U S government AI and supercomputing systems [1] - Five spot altcoin ETFs are expected to list in the next six days, with more anticipated soon, signaling increased institutional interest in altcoins [3] Industry News - CZ denies rumors about Jackie Chan playing him in a Netflix documentary, clarifying misinformation in the crypto space [3]

🇨🇳 JUST IN: Bitcoin mining is quietly resurging in China, per Reuters.The country now accounts for ~14% of global hashrate. https://t.co/niRPZ8GxTb ...

Bitcoin Mining Resurgence in China - Bitcoin mining has quietly resurged in China despite the 2021 ban [1] - China now contributes about 14% of global hashrate, ranking third worldwide [1] - CryptoQuant estimates that 15%-20% of global Bitcoin mining may currently originate from China [1] Geographical Distribution - Miners have re-emerged in low-cost, energy-surplus regions like Xinjiang and Sichuan [1] - New facilities are being built in regions like Xinjiang and Sichuan [1]

RT Bloomberg New Economy (@BBGNewEconomy)@BloombergTV @SheryAhnNews "We love Bitcoin mining. I have been doing Bitcoin mining since 2012."Bitdeer Technologies Group Founder & CEO Jihan Wuat #BloombergNewEconomy. https://t.co/IJqlLGtyAQ ...

RT Bloomberg New Economy (@BBGNewEconomy)Can Bitcoin mining help support the power needs of AI?Bitdeer Technologies Group Founder & CEO Jihan Wu explains how Bitcoin mining can play a role in developing AI megacentres with @BloombergTV's @SheryAhnNews at #BloombergNewEconomy.⏯️https://t.co/ocFSIrd9xz https://t.co/wwXYlXosNn ...

NEW YORK, Nov. 20, 2025 (GLOBE NEWSWIRE) -- Cipher Mining Inc. (NASDAQ:CIFR) (“Cipher” or the “Company”), a leading owner, developer and operator of industrial-scale data centers, today announced that its wholly-owned subsidiary, Cipher Compute LLC (the “Issuer”), has priced $333.0 million aggregate principal amount of additional 7.125% senior secured notes due 2030 (the “Additional Notes”), in a private offering to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A un ...

Analysts warn that pressures around power, software, and hosting could change the economics of Bitcoin mining. https://t.co/vBJni0s4jO ...

Core Viewpoint - Canaan Inc. is experiencing a positive shift in market sentiment, reflected in the increased price target for its stock, driven by operational updates and strong performance in cryptocurrency holdings [2][5]. Company Overview - Canaan Inc. is a key player in the Bitcoin mining industry, established in 2013 and based in Singapore, focusing on green mining solutions and competing with companies like Bitmain and MicroBT [1]. Stock Performance - The consensus price target for Canaan's stock has risen to $4 from $2.88 over the past three months, indicating growing optimism about the company's future [2][5]. Operational Updates - Canaan announced plans to expand its operating hashrate with additional mining capacity expected in the fourth quarter of 2025, which may enhance its market position [3][5]. Cryptocurrency Holdings - By the end of October, Canaan's cryptocurrency treasury reached a record high, holding 1,610 Bitcoin and 3,950 Ethereum, showcasing strong operational performance [4][5]. Financial Outlook - Stable revenue split and power costs, along with potential technological advancements and strategic partnerships, support a positive outlook for Canaan's future growth [5].

According to Fortune, Bitcoin mining company Bitfury has announced a $1 billion “Ethical Technology & AI” investment initiative. It plans to deploy $200 million over the next year, with the remainder gradually allocated over the coming years. Bitfury’s target investment areas include AI, quantum computing, transparent decentralized systems, and self-sovereign identity (SSI), among others.https://t.co/wdgIaVi81l ...