Core Viewpoint - Delin Holdings (1709 HK) has provided an update on its Bitcoin mining operations for January 2026, indicating a significant increase in production and hash rate [1] Group 1: Production and Hash Rate - In January 2026, the company produced 51.937 BTC, averaging 1.675 BTC per day [1] - The actual hash rate increased from 3.36 EH/s at the beginning of the month to 4.03 EH/s by the end of January [1] - The total hash rate from the existing 9,148 mining machines is approximately 4 EH/s, yielding a daily output of about 1.7 BTC [1] Group 2: Holdings and Future Projections - The company's Bitcoin holdings increased from 32.618 BTC at the beginning of January to 84.555 BTC by the end of the month, with no disposals during this period [1] - For the entire year of 2026, the company expects to produce between 600 to 700 BTC [1]

Core Viewpoint - Derin Holdings (01709.HK) reported a total Bitcoin production of 51.937 BTC for the period from January 1 to January 31, 2026, with an average daily production of approximately 1.675 BTC [1] Group 1: Bitcoin Production and Hash Rate - The actual hash rate increased from approximately 3.36 EH/s on December 31, 2025, to about 4.03 EH/s by January 31, 2026, with a peak daily hash rate of around 4.05 EH/s during this period [1] - The Bitcoin held during this period was entirely from mining output, with no other sources or disposals of Bitcoin [1] - The initial Bitcoin balance at the beginning of January 2026 was 32.618 BTC, resulting in an ending balance of 84.555 BTC by January 31, 2026, after accounting for the mined Bitcoin [1] Group 2: Future Projections - The company estimates that the total hash rate of its 9,148 existing Bitcoin mining machines is approximately 4 EH/s, with an indicative daily output of about 1.7 BTC [1] - The company forecasts a total Bitcoin production of approximately 600 to 700 BTC for the entire year of 2026, subject to network difficulty, Bitcoin prices, operational time, and other operational conditions [1]

Core Insights - The report highlights the transformation of traditional financial companies into AI data centers and GPU cloud service providers, particularly in the context of cryptocurrency mining companies like Hut 8 and IREN Limited transitioning to AI services due to declining Bitcoin profits and increasing AI computing demands [1] - CANG.US has successfully transitioned to a Web3 mining company while simultaneously initiating AI development, recognized for its strong execution capabilities and high operational efficiency [1][2] - The company has adopted a financing model based on "electricity loans," using Bitcoin as collateral to secure funding for electricity payments, with a competitive interest rate of approximately 7.5% [1] Company Transformation - CANG.US, originally an automotive finance service platform, transitioned to Bitcoin mining by divesting all its China-based operations by May 2025, retaining only a minor used car export service [2] - The company invested $256 million in acquiring second-hand Antminer S19 XP series mining machines, achieving a total hash rate of 50 EH, ranking it among the top Bitcoin mining companies globally [2][3] - The mining equipment is distributed globally, with approximately 60% located in the U.S. and the remainder in countries like Paraguay and Oman, demonstrating a strategic focus on cost-effective and readily available mining technology [2] Bitcoin Mining Operations - CANG.US's mining operations rely heavily on electricity costs, which constitute the largest expense, with a cash cost of $81,072 per Bitcoin as of Q3 [3] - The company has implemented a pricing mechanism in its electricity contracts to protect against low theoretical returns, ensuring operational sustainability [3] - The mining business is characterized by a simple model where profitability is primarily influenced by Bitcoin prices and electricity costs, with the company focusing on cost control and waiting for price increases to secure profits [3] AI Transition Strategy - The company is advancing its transition from Bitcoin mining to AI, having initiated several pilot projects in AI computing and green energy in Q4 2025, with a focus on developing AI business in 2026 [9] - The strategic plan includes a three-step approach, maintaining Bitcoin mining as a foundational business while simultaneously investing in AI [9] Financial and Financing Situation - Significant changes in the balance sheet include a reduction in other receivables due to asset disposals and an increase in long-term receivables reflecting the fair value of Bitcoin collateral [10] - The financing structure is centered around electricity loans, with a long-term debt of $400 million, and the company employs a dual leverage strategy based on computing power and operations [12] Shareholder Structure and Governance - The shareholder structure is relatively dispersed, with significant holdings by early investors and new strategic partners, while the largest voting rights are held by Enduring Wealth Capital Limited (EWCL) [13][14] - The company has a dual-class share structure to ensure control remains with experienced industry players, facilitating the transition to new business areas [14]

Core Viewpoint - The Bitcoin network's hash rate has been in a downward trend, decreasing by 15% from its peak in October 2025, indicating significant deterioration in the profitability of the cryptocurrency mining industry, which may set the stage for a price rebound in the future [1][3]. Industry Dynamics - The decline in hash rate has triggered a chain reaction, with the Glassnode hash ribbon indicator showing an inversion since November 29, indicating that miners are forced to sell Bitcoin to maintain operations, creating ongoing selling pressure in the market [2][5]. - Bitcoin mining difficulty is set to decrease by 4% on January 22, marking the seventh negative adjustment in the past eight cycles, reflecting the network's passive adaptation to the declining hash rate [2][5]. - Companies like Riot Platforms are selling Bitcoin to invest in capital-intensive AI and high-performance computing sectors, which, while aligning with long-term industry trends, has amplified short-term supply pressure in the crypto market [2][5]. - The current hash rate decline is narrowing, with the level of 977 EH/s approaching the cost line for some efficient miners, limiting the potential for further equipment shutdowns [2][5]. Historical Context - Historical patterns suggest that prolonged pressure on miners often precedes price rebounds, as the exit of inefficient miners can optimize market supply structure, leading to renewed upward momentum for Bitcoin once selling pressure is exhausted [3][6]. - The hash ribbon indicator suggests that when the 30-day moving average of hash rate crosses above the 60-day average, it signals the end of miner capitulation, typically coinciding with price improvements [3][6]. - Current market conditions, including ongoing adjustments in mining difficulty, are expected to enhance the profitability of remaining miners, while the selling pressure from declining hash rates is gradually being released, increasing the likelihood of a price rebound [3][6]. Investment Insights - The market is at a crossroads of short-term pressure and long-term opportunities, with a focus on hash rate indicators as potential signals for positioning [4][7]. - If the hash ribbon indicator shows recovery and hash rate stabilizes, it could be seen as a positive signal for investment [4][7]. - The end of the miner capitulation phase often marks the confirmation of market bottoms, suggesting that Bitcoin may escape short-term volatility and enter a more sustainable upward trend as the mining ecosystem self-corrects [4][7].

Core Insights - Bitdeer reported its weekly Bitcoin operational data as of January 16, with a total holding of 1,502.1 BTC, excluding customer deposits [1] - During the week, Bitdeer produced 148.0 BTC and sold 146.8 BTC, resulting in a net decrease of 398.8 BTC [1] Company Summary - Bitdeer's self-owned BTC holdings stand at 1,502.1 BTC as of January 16, indicating a significant asset base in the cryptocurrency market [1] - The company experienced a production of 148.0 BTC for the week, reflecting its operational capacity in Bitcoin mining [1] - The sales figures show that Bitdeer sold 146.8 BTC, which is closely aligned with its production, but the net change indicates a reduction in overall holdings by 398.8 BTC [1]

Core Viewpoint - The UAE has been conducting Bitcoin mining through government-related entities since 2022, utilizing surplus energy for this purpose [1] Group 1: Energy Utilization - The UAE's electricity generation capacity is primarily configured for a few extreme peak usage periods, resulting in surplus energy for most of the year [1] - Some of the excess electricity is being used for Bitcoin mining, highlighting a strategic use of available resources [1] Group 2: Bitcoin Characteristics - Bitcoin is noted for its low storage costs and long-term value storage characteristics, making it suitable as a means of energy value conversion [1]

Core Insights - BitFuFu released an unaudited operational update for the period ending December 2025, indicating significant mining activity and changes in Bitcoin holdings [1] Group 1: Mining Performance - In the month reported, the company mined a total of 188 Bitcoins, with cloud mining contributing 151 Bitcoins and self-mining contributing 37 Bitcoins [1] - For the entire year of 2025, the company mined a total of 3,662 Bitcoins [1] Group 2: Bitcoin Holdings - As of December 31, the company's Bitcoin holdings amounted to 1,780 Bitcoins, reflecting an increase of 16 Bitcoins from the previous month [1] - The amount of staked Bitcoins decreased from 620 Bitcoins to 274 Bitcoins, aimed at enhancing the liquidity and available Bitcoin on the balance sheet [1]

Core Viewpoint - Derlin Holdings (01709) reported a total Bitcoin production of 25.2107 BTC from December 1 to December 30, 2025, with an average daily production of approximately 0.8404 BTC [2][5]. Group 1: Bitcoin Production and Hash Rate - The actual hash rate increased from approximately 0.84 EH/s on December 1, 2025, to about 2.83 EH/s by December 30, 2025, with a peak daily hash rate of 2.83 EH/s during this period [2][5]. - The Bitcoin held during this period was entirely from mining output, with no other sources or disposals of Bitcoin [2][5]. - The initial Bitcoin balance on December 1, 2025, was 5.9807 BTC, leading to a final balance of 31.1914 BTC by December 30, 2025, after accounting for the mined Bitcoin [2][5]. Group 2: Future Projections - The company currently operates 9,148 Bitcoin mining machines, with a total hash rate of approximately 3.993 EH/s, which is expected to yield an indicative daily output of about 1.72 BTC [3][6]. - The forecast for total Bitcoin production in 2026 is estimated to be between 600 and 700 BTC, subject to network difficulty, Bitcoin prices, operational time, and other operational conditions [3][6].

Core Viewpoint - Derin Holdings (01709) reported a total Bitcoin production of 25.2107 BTC from December 1 to December 30, 2025, with an average daily production of approximately 0.8404 BTC [1] Group 1: Bitcoin Production and Hash Rate - The actual hash rate increased from approximately 0.84 EH/s on December 1, 2025, to about 2.83 EH/s by December 30, 2025, with a peak daily hash rate of around 2.83 EH/s during this period [1] - The Bitcoin held during this period was entirely from mining output, with no other sources or disposals of Bitcoin [1] - The initial Bitcoin balance on December 1, 2025, was 5.9807 BTC, leading to a final balance of 31.1914 BTC by December 30, 2025, after accounting for the mined Bitcoin [1] Group 2: Future Projections - The company currently operates 9,148 Bitcoin mining machines, with a total hash rate of approximately 3.993 EH/s, which is expected to yield an indicative daily output of about 1.72 BTC [1] - The forecast for total Bitcoin production in 2026 is estimated to be between 600 to 700 BTC, subject to network difficulty, Bitcoin prices, operational time, and other operational conditions [1]

Core Insights - Derin Holdings (01709) has successfully met all the prerequisites outlined in the formal agreement for Bitcoin mining machines, which was completed on December 30, 2025 [1] Group 1: Acquisitions - The company has completed the acquisition of a total of 2,448 Bitcoin mining machines from Bitmain, located in Oman and Paraguay, with a total hash rate of approximately 0.825 EH/s [1] - Additionally, the company acquired 2,200 Bitcoin mining machines from Evergreen Wealth Investment Limited, located in Oklahoma, USA, with a total hash rate of approximately 1.040 EH/s [1] - In a subsequent acquisition, the company is set to acquire an additional 4,500 Bitcoin mining machines in Oklahoma, USA, with a total hash rate of approximately 2.129 EH/s [1] Group 2: Production Estimates - The total of 9,148 Bitcoin mining machines is expected to yield an indicative daily output of approximately 1.72 Bitcoins, subject to network difficulty, Bitcoin prices, operational time, and other operational conditions [1]