If you liked this idea, sign up for a no-obligation free trial of my Seeking Alpha Marketplace service, Timely Trader ! I sift through various asset classes to find the best places for your capital, helping you maximize your returns. Timely Trader seeks to find winners before they become winners, and keep you out of losers. In addition, you get access to our community via chat, direct access to me, real-time price alerts, a model portfolio, and more.Bitcoin miner MARA Holdings (NASDAQ: MARA ) posted first-q ...

Operational Highlights - TeraWulf deployed 122 EH/s in Q1 2025[9] - The company mined 372 BTC in Q1 2025, averaging 41 BTC per day[9, 16] - TeraWulf is on track to deliver 60 MW of critical HPC hosting capacity to Core42 in 2025[9] - The company achieved an 18 J/TH fleet efficiency in Q1 2025[13] Financial Performance - Revenue reached $349 million in Q1 2025, a 102% increase year-over-year, with an average value per BTC self-mined of approximately $93k[16] - Non-GAAP Adjusted EBITDA was ($47) million in Q1 2025, down from $319 million in 1Q24 due to various factors[16] - As of March 31, 2025, TeraWulf held $2182 million in cash and cash equivalents, excluding BTC valued at $14 million[12, 16] - Net debt stood at $2818 million as of March 31, 2025, including $500 million in 275% Convertible Notes due 2030[16, 17] - Power cost was $0081/kWh in Q1 2025, a 65% increase year-over-year due to extreme winter weather conditions[16] Strategic Initiatives and Guidance - TeraWulf has a scalable infrastructure with 750 MW of potential capacity for HPC Hosting[3] - The company is targeting 225 MW and 12 EH/s for Q2 – Q4 2025[3] - TeraWulf secured its first data center lease with Core42 for 60 MW of capacity[27] - The company anticipates ~$16 million per MW Base Rent in Year 1 from the Core42 deal, escalating at 3% annually[27]

Financial Data and Key Metrics Changes - Revenues increased by 30% to $213.9 million from $165.2 million in Q1 2024, driven by a 77% increase in the average price of Bitcoin [16][17] - The company reported a net loss of $533.4 million or negative $1.55 per diluted share, compared to a net income of $337.2 million or $1.26 per diluted share in Q1 2024 [17][18] - Adjusted EBITDA decreased to a loss of $483.6 million in Q1 2025 from a loss of $542.1 million in Q1 2024 [18] Business Line Data and Key Metrics Changes - The energized hash rate increased by 95% to 54.3 Exahash per second in Q1 2025 from 27.8 Exahash per second in Q1 2024 [13] - The purchase energy cost per Bitcoin was $35,728, with a daily cost per petahash improving by 25% year over year [9][18] Market Data and Key Metrics Changes - The average price of Bitcoin was 12% lower as of March 31, 2025, compared to December 31, 2024, resulting in an unrealized fair market value loss of $510.2 million in Q1 2025 [17] - The company currently holds over 48,000 Bitcoin on its balance sheet, with a 52% increase in Bitcoin price since the full HODL announcement in July 2024 [13][14] Company Strategy and Development Direction - The company is transforming into a vertically integrated digital energy and infrastructure company, focusing on long-term low-cost energy solutions and efficient capital deployment [6][10] - Strategic growth priorities include advancing research and development of digital energy technologies and establishing partnerships with governments and global energy corporations [8][10] Management's Comments on Operating Environment and Future Outlook - Management noted that despite a challenging quarter due to declining Bitcoin prices and increased network difficulty, they expect a substantial recovery in Bitcoin prices to positively impact Q2 results [17][18] - The company believes it is well-positioned to reduce operating costs over time as it expands its own initiatives and focuses on low-cost energy sources [18][19] Other Important Information - The company completed the construction of a 200 megawatt data center in Ohio, with 100 megawatts now online and over 12,000 miners installed [9] - The company is investing in and developing digital energy technologies to improve operational efficiency and diversify revenue streams [10][11] Q&A Session Summary Question: Market disconnect between fundamentals and share performance - Management indicated that the market values the company for its Bitcoin holdings but does not give credit for its mining operations, which they believe undervalues the company [21][22] Question: Off-grid expansion strategy and partnerships - Management discussed the importance of partnering with energy companies to monetize underutilized energy and emphasized a mix of energy sources for future growth [26][31] Question: Hash cost and operational efficiencies - Management confirmed that hash costs have been reduced and expect further declines due to ongoing projects and operational efficiencies [35][36] Question: Impact of tariffs on procuring mining rigs - Management noted that they are working to minimize the impact of tariffs through their supply chain and manufacturing strategies [62][63] Question: Full HODL strategy and future plans - Management reiterated their commitment to the full HODL strategy, emphasizing the long-term value creation for shareholders [70][72]

Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $21.8 million, down from $51.7 million in the prior year, primarily due to planned downtime for fleet upgrades and increased network difficulty following the April 2024 halving [20][21] - Net loss for the quarter was $134.3 million compared to net income of $250.7 million in the prior year, with adjusted EBITDA at negative $117.7 million, down from $297 million [21] - Energy costs per megawatt hour rose to $51.71 from $40.06 in the prior year, driven by fixed transmission and distribution charges [22] Business Line Data and Key Metrics Changes - Power segment revenue declined from $9.9 million to $4.4 million year over year, primarily due to a reduction in managed services revenue [39] - Digital Infrastructure segment revenue decreased from $5.8 million to $1.3 million, impacted by the termination of the ASIC colocation agreement with Ionic Digital [39] - Compute segment revenue fell from $32.1 million to $16.1 million, reflecting planned downtime and sector-wide headwinds [40] Market Data and Key Metrics Changes - As of March 31, 2025, the power origination pipeline expanded to approximately 10,800 megawatts, with about 2,600 megawatts under exclusivity [12] - The price of Bitcoin decreased from approximately $93,000 at the end of 2024 to $82,500 by March 31, 2025, affecting the company's financial results [21] Company Strategy and Development Direction - The company is focused on building an integrated energy infrastructure platform, emphasizing a power-first strategy to enhance capital efficiency and value creation [11][30] - The launch of American Bitcoin is seen as a pivotal shift, streamlining capital allocation and enhancing cash flow predictability [30][34] - The company aims to leverage its power assets for Bitcoin mining while also exploring opportunities in high-performance computing and digital infrastructure [31][34] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the transitional cost pressures due to investments and external headwinds but expressed confidence in the long-term benefits of their strategic initiatives [22][24] - The company anticipates a significant improvement in mining economics beginning in Q2 2025 following the completion of fleet upgrades [22][24] - Management remains optimistic about the demand for their services and the potential for future growth in the energy and technology sectors [31][34] Other Important Information - The company ended the quarter with 10,264 Bitcoin held in reserve, valued at approximately $847.2 million [23][45] - A total of $63.3 million was invested in property and equipment during the quarter, focusing on fleet upgrades and infrastructure projects [25][44] Q&A Session Summary Question: Update on Riverbend project - Management confirmed that initial site work has begun on the Riverbend campus, which spans 592 acres in Louisiana, and emphasized the importance of ensuring capital deployed is recoupable [49][52] Question: Logic behind colocation agreement with American Bitcoin - The colocation agreement is structured to achieve a payback equivalent to the depreciation cycle of the miners hosted, with additional revenue streams from managed services and shared services agreements [54][56] Question: Considerations for Vega's cooling architecture - The proprietary liquid cooling system at Vega is designed to enhance efficiency and longevity of ASICs, with potential applications for GPUs and high-performance computing [61][63] Question: HPC customer conversations and JV potential - Management indicated ongoing discussions with potential customers and emphasized a focus on securing definitive agreements rather than sharing letters of intent [73][75] Question: Decline in power under exclusivity - The decline in power under exclusivity was attributed to a more focused approach in vetting projects, ensuring that only the most promising sites are pursued [82][85] Question: HODL strategy for Bitcoin on balance sheet - The company views its Bitcoin holdings as investable capital, with plans to utilize it for funding growth opportunities as they arise [87][88]

Financial Data and Key Metrics Changes - Revenue for the quarter was $21.8 million, down from $51.7 million in the prior year, primarily due to planned downtime and top-line pressure from the April 2024 halving [18][20] - Net loss for the quarter was $134.3 million compared to net income of $250.7 million in the prior year [20] - Adjusted EBITDA was negative $117.7 million, down from $297 million [20] - Energy costs per megawatt hour rose to $51.71 from $40.06 in the prior year [21][22] - The company ended the quarter with 10,264 Bitcoin held in reserve, valued at $847.2 million [22][46] Business Line Data and Key Metrics Changes - Power segment revenue declined from $9.9 million to $4.4 million, driven by a reduction in managed services revenue [39] - Digital Infrastructure segment revenue fell from $5.8 million to $1.3 million, primarily due to the termination of an ASIC colocation agreement [39] - Compute segment revenue decreased from $32.1 million to $16.1 million, reflecting planned downtime and increased network difficulty [40] Market Data and Key Metrics Changes - As of March 31, 2025, the power origination pipeline expanded to approximately 10,800 megawatts, with about 2,600 megawatts under exclusivity [11] - The price of Bitcoin declined from approximately $93,000 as of December 31, 2024, to $82,500 as of March 31, 2025 [20] Company Strategy and Development Direction - The company is focused on building an integrated energy infrastructure platform, emphasizing a power-first strategy [9][28] - The launch of American Bitcoin aims to streamline capital allocation and enhance cash flow predictability [29][30] - Investments in infrastructure, including the Vega Data Center and Riverbend site, are expected to drive sustained margin expansion and capital productivity [24][31] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the transitional cost pressures and external headwinds but expressed confidence in the long-term value creation from recent investments [21][27] - The company anticipates a step change improvement in mining economics beginning in the second quarter following the fleet upgrade [21][24] - Management highlighted the importance of strategic partnerships and the ability to monetize power assets through mining [28][57] Other Important Information - The company executed a fleet upgrade, increasing deployed hash rate to 9.3 exahash with an average efficiency of approximately 20 joules per terahash [24][40] - A proprietary direct-to-chip liquid cooling system is being developed to enhance operational efficiency and reliability [25][67] Q&A Session Summary Question: Update on Riverbend project - Management confirmed initial site work has begun on the Riverbend campus, which includes civil work and substation development [52][54] Question: Logic of colocation agreement with American Bitcoin - The colocation agreement is structured to achieve a payback equivalent to the depreciation cycle of the miners hosted [55] Question: HPC customer conversations and JV potential - Management noted increasing interest in customer contracts and definitive agreements, with a focus on larger announcements rather than small milestones [78] Question: Decline in power under diligence and exclusivity - The decline is attributed to a focus on high-potential projects and a filtering of less promising sites [86] Question: HODL strategy for Bitcoin on the balance sheet - The company aims to use Bitcoin on its balance sheet as investable capital while maintaining exposure to Bitcoin upside through American Bitcoin [90]

Cautionary Note Regarding Forward–Looking Information This presentation includes "forward-looking information" and "forward-looking statements" within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, "forward looking information"). All information, other than statements of historical facts, included in this presentation that address activities, events or developments Hut 8 Corp. ("Hut 8" or the "Company") expects or anticipates will or may occur in the f ...

ASIC fleet upgrade drives 79% increase in hashrate and 37% improvement in fleet efficiency quarter-over-quarter Launch of American Bitcoin accelerates Hut 8’s evolution as an integrated energy infrastructure platform Earnings Release Highlights Revenue of $21.8 million, net loss of $134.3 million, and Adjusted EBITDA of ($117.7) million.Total energy capacity under management of 1,020 megawatts (“MW”) as of March 31, 2025.~10,800 MW development pipeline with ~2,600 MW of capacity under exclusivity as of Mar ...

Core Viewpoint - Bitfarms Ltd. is set to report its first quarter 2025 financial results on May 14, 2025, before market opening, with a conference call scheduled for the same day at 8:00 am ET [1]. Company Overview - Bitfarms Ltd. was founded in 2017 and operates as a global energy and compute infrastructure company, focusing on the development, ownership, and operation of vertically integrated high-performance computing (HPC) and Bitcoin mining data centers [3]. - The company currently operates 15 Bitcoin data centers across four countries: the United States, Canada, Argentina, and Paraguay [3]. Sustainability Commitment - Bitfarms is primarily powered by environmentally friendly hydro-electric energy and long-term power contracts, emphasizing its commitment to sustainable and often underutilized energy infrastructure [4].

Core Insights - Cango Inc. reported a total Bitcoin production of 470.0 Bitcoins in April 2025, reflecting an 11.3% decrease from 530.1 Bitcoins in March 2025 [1][2] - The company's total Bitcoin holdings increased to 2,944.8 Bitcoins as of April 30, 2025, up from 2,474.8 Bitcoins at the end of March [2] - The decline in production was attributed to a significant surge in the global hashrate, which led to an 8% increase in mining difficulty compared to March [3] Production and Performance - Average daily Bitcoin production in April was 15.7, down from 17.1 in March [1] - The deployed hashrate remained stable at 32 EH/s, while the average operating hashrate decreased slightly to 29.9 EH/s from 30.3 EH/s in March [2] Strategic Positioning - Cango's Bitcoin holdings are valued at approximately $279 million, indicating confidence in long-term value generation despite short-term production fluctuations [3] - The company has been expanding its operations in the crypto assets market since November 2024, driven by advancements in blockchain technology and the growing prevalence of crypto assets [4]

Financial Data and Key Metrics Changes - In Q1 2025, Cipher Mining reported revenue of $49 million, a 16% increase from $42 million in Q4 2024, driven by higher Bitcoin production and prices [28][30] - The average Bitcoin price rose from approximately $83,000 in Q4 2024 to about $93,000 in Q1 2025, although the spot price declined from $93,000 to roughly $83,000 by the end of Q1 2025, resulting in a $20 million unrealized loss on Bitcoin holdings [29][30] - The company reported a GAAP net loss of $39 million or $0.11 per share, compared to a net income of $40 million or $0.13 per share in Q1 2024 [31][32] Business Line Data and Key Metrics Changes - The Odessa data center mined 5.24 Bitcoin in Q1 2025, generating $49 million in revenue, up from 4.92 Bitcoin and $42 million in Q4 2024, reflecting a 6.5% increase in production [27][32] - The cost of revenue decreased by 18% sequentially due to less frequent curtailment, while year-over-year costs remained flat [33] Market Data and Key Metrics Changes - The company’s operating capacity stands at 327 MW, with a pipeline expansion of approximately 2.8 GW planned for the coming years [9] - The average all-in electricity cost was approximately $23,379 per Bitcoin produced, showcasing competitive pricing [8] Company Strategy and Development Direction - Cipher Mining is transitioning from solely a Bitcoin miner to a developer of high-performance computing (HPC) data centers, with a focus on operational flexibility and strategic partnerships [11][12] - The company has signed a term sheet with Fortress Credit Advisors LLC for financing at the Barbara Lake site, indicating a shift towards joint ventures for capital-intensive projects [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company’s operational flexibility and ability to navigate market challenges, highlighting a disciplined treasury management strategy that outperformed simple holding strategies [15][16] - The management noted ongoing interest from potential tenants and financing partners, with a robust pipeline of data center developments expected to meet future demand [12][14] Other Important Information - The company’s treasury management strategy unlocked $90 million in liquidity, supporting growth without diluting shareholders [17] - The Odessa facility achieved a hash rate of 11.3 Exahashes per second, with a fleet efficiency of 17.6 Joules per Terahash [18] Q&A Session Summary Question: Can you provide more details on the Fortress announcement and the financing arrangement? - Management confirmed that Barbara Lake would enter a joint venture with Fortress, which will backstop the financing for the data center build, with Cipher retaining the right to own up to 49% of the JV [46][48] Question: Have conversations with potential tenants changed since the tariff announcements? - Management reported that the pace of conversations has increased, with more inquiries from large investors and tenants, indicating sustained interest despite tariff announcements [52][53] Question: How does the financing strategy at Barbara Lake differ from other Bitcoin miners? - Management emphasized the optionality in their strategy, focusing on acquiring sites and developing assets while leveraging partnerships to minimize capital expenditure [58][63] Question: How is the interconnection process evolving in Texas? - Management noted that new legislation is expected to streamline the interconnection process, which could make it more challenging but ultimately beneficial for the market [66][69] Question: What is the efficiency of the rigs being deployed? - Management indicated that the initial efficiency of the 2.5 Exahash from idle rigs would be around 20-21 Joules per Terahash, but this would improve with the arrival of new rigs [70][71]