吴说获悉，德林控股（1709 HK）披露 2026 年 1 月比特币挖矿业务更新。1 月产出 51.937 枚 BTC，日 均 1.675 枚；实际哈希率由期初 3.36 EH/s 增至期末 4.03 EH/s。期初持仓 32.618 枚，无处置，期末持仓 84.555 枚。现有 9148 台矿机总哈希率约 4 EH/s，日产约 1.7 枚；2026 全年预计产出 600-700 枚 BTC。 来源：市场资讯 （来源：吴说） ...

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]

新浪合作大平台期货开户 安全快捷有保障 责任编辑：陈平 1月20日，2026 年初，比特币网络算力持续处于下行通道，较 2025 年 10 月的峰值已累计下跌 15%，从 1.1 泽塔哈希 / 秒降至 977 艾塔哈希 / 秒，矿企 "投降" 态势已持续近 60 天。这一现象背后，是加密货币 挖矿行业盈利能力的显著恶化，叠加部分矿企战略转型带来的短期市场扰动。ZFX 山海证券认为，当 前算力下跌与矿企抛压虽给比特币短期价格带来压力，但结合历史规律与市场结构变化，这一阶段或正 接近尾声，反而可能为后续价格反弹奠定基础。 从行业动态来看，算力下跌已引发连锁反应。Glassnode 的哈希丝带指标自 11 月 29 日起出现倒挂，这 一信号意味着矿企为维持运营被迫出售比特币，给市场带来持续抛压；与此同时，比特币挖矿难度将于 1 月 22 日迎来 4% 的下调，这是过去 8 个周期中第七次负向调整，反映出网络对算力下降的被动适 应。ZFX 山海证券表示，矿企的战略转向进一步加剧了短期压力，Riot Platforms 等企业正出售比特 币，将资金投入资本密集型的 AI 和高性能计算领域，这种跨行业转型虽符合长期产业趋 ...

吴说获悉，Bitdeer 发布比特币周度运营数据：截至 1 月 16 日，其自有 BTC 持仓为 1,502.1 枚（不含客 户存款），当周产出 148.0 枚 BTC、出售 146.8 枚，净增减为 -398.8 枚 BTC。 （来源：吴说） ...

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]

于本公告日期，集团已完成(i)向比特大陆收购位于阿曼及巴拉圭的2,448台总哈希率约为0.825 EH/s的比 特币矿机;(ii)向Evergreen Wealth Investment Limited收购位于美国奥克拉荷马州的2,200台总哈希率约为 1.040 EH/s的比特币矿机;及(iii)于后续收购事项中收购位于美国奥克拉荷马州的合共4,500台总哈希率约 为2.129 EH/s的额外比特币矿机。根据集团目前的内部估计及现行比特币网络状况，该9,148台现有比特 币矿机预期相当于指示性合计每日产出约1.72枚比特币，惟须视乎网络难度、比特币价格、运行时间及 其他营运状况而定。 智通财经APP讯，德林控股(01709)公布，比特币矿机正式协议所载的所有先决条件已获达成，且已于 2025年12月30日完成。 ...