Core Insights - Bitdeer Technologies Group has joined the Russell 2000® and 3000® Indexes as of June 30, 2025, marking a significant milestone for the company [1][5] - The company has increased its self-mining hashrate by 21% to 16.5 EH/s and aims to reach 40 EH/s by the end of October 2025 [1][3] - The SEALMINER A3 series is nearing mass production, with all machine level testing results meeting expectations [1][3] Operational Update - Self-mined Bitcoin increased to 203 Bitcoins in June 2025, a rise of approximately 4% from May 2025 [4] - Total hash rate under management reached 30.6 EH/s in June 2025, up from 27.4 EH/s in May 2025 [5] - The company has manufactured a total of 14.9 EH/s in mining rigs, with 5.3 EH/s shipped to external customers [4] Mining Rig Manufacturing and R&D - SEALMINER A1 has 3.9 EH/s energized, while SEALMINER A2 has 14.9 EH/s manufactured and 1.1 EH/s in final assembly [4] - SEALMINER A4 is on track to achieve an expected chip efficiency of approximately 5 J/TH [4] Infrastructure Update - Total electrical capacity across various sites is 1,098 MW, with several sites in progress and expected to be fully energized by Q3 2025 [7][9] - The company has ongoing discussions for HPC/AI projects with multiple development partners in the U.S. [4] Financial Update - Bitdeer successfully closed a total of US$375.0 million principal amount of 4.875% Convertible Senior Notes due 2031 through an oversubscribed private placement offering [4] - Bitcoin held by the company increased to 1,502 Bitcoins as of June 2025, compared to 1,351 in May 2025 [5]

Group 1 - Hyperscale Data, Inc. announced that its subsidiary Sentinum, Inc. received approximately 13.7 Bitcoin in June 2025 and approximately 103.7 Bitcoin year-to-date through June 30, 2025 from its mining pool [1][2] - Sentinum entered into a hosting services agreement in Montana, providing access to approximately 20 megawatts of energy capacity for its Bitcoin mining operations, with 6,800 Antminers delivered and operational [2][3] - The company reported approximately $11.2 million in year-to-date Bitcoin mining revenue, with expectations for significant revenue growth in the third and fourth quarters of 2025 [3] Group 2 - The activation of two additional Bitcoin mining sites has increased the total operational Antminers to approximately 18,200 [3] - Sentinum has reenergized approximately 10 MWs of power at its Montana facility, with plans to increase operational Antminers from 2,600 to approximately 3,200 by the end of July 2025 [2][3] - The company is focused on maximizing efficiency and delivering long-term value to stockholders [3] Group 3 - Hyperscale Data is planning to divest its subsidiary Ault Capital Group, Inc. by December 31, 2025, transitioning to solely operate data centers for high-performance computing services [6] - The company will continue to support various industries, including AI ecosystems, through its data center operations [5][6]

Investors 'probably' expected a higher valuation for Core Scientific, Bernstein says after bitcoin mining stock falls 17% https://t.co/BUGYq9F6fJ ...

Group 1 - CoreWeave Inc announced an all-stock acquisition of Core Scientific Inc, valuing the latter at $9 billion or $20.40 per share, significantly higher than its pre-deal price of under $11 [1][2] - CoreWeave's stock fell by 3.9% despite a 293% year-to-date rally, indicating investor skepticism about the merger of high-growth AI with high-volatility crypto mining [2][3] - Core Scientific has seen a 12% decline in the past month and remains negative year-to-date, yet the acquisition offer suggests nearly double its current share price [3][4] Group 2 - The acquisition is positioned as a strategic move for CoreWeave to secure cheap, scalable power for its AI infrastructure, leveraging Core Scientific's energy-dense data centers [2][4] - There is uncertainty regarding whether a 2021-style crypto valuation can be sustained in the current market environment, with investors currently not convinced [4]

Core Viewpoint - IREN (NASDAQ:IREN) has experienced a significant stock increase of nearly 80% over the last month, currently trading at approximately $16, raising questions about its attractiveness as an investment [2][3] Group 1: Financial Performance - IREN's revenues have shown substantial growth, with an average annual growth rate of 270% over the past three years, and a revenue increase of 127.2% from $165 million to $375 million in the last 12 months [10][13] - The company's quarterly revenues rose by 168.4% to $145 million in the most recent quarter, compared to $54 million a year prior [13] - Despite the revenue growth, IREN's operating income over the last four quarters was -$19 million, indicating a poor operating margin of -5.0% [13] - The net income for the last four quarters was -$36 million, resulting in a net income margin of -9.5% [13] Group 2: Valuation and Market Comparison - IREN has a price-to-sales (P/S) ratio of 9.5, which is significantly higher than the S&P 500's ratio of 3.1, suggesting that IREN stock appears costly relative to the broader market [5] - The conclusion drawn from the analysis indicates that a valuation of 9 times trailing revenues is not excessively high given the company's growth trajectory [11] Group 3: Operational Milestones - Recent operational milestones include the successful conclusion of a $550 million 3.5% convertible senior notes offering, which has enhanced market confidence [7] - IREN achieved its mid-year goal of 50 EH/s in installed self-mining capacity, marking a key operational milestone [7] - The acquisition of 2,400 next-generation NVIDIA Blackwell B200 and B300 GPUs was disclosed to support the company's growing AI Cloud Services [7] Group 4: Resilience and Market Performance - IREN stock has performed significantly worse than the S&P 500 during the inflation downturn in 2022, raising concerns about its resilience during economic downturns [9] - The stock has dropped 95.7% from a peak of $24.80 on November 19, 2021, to $1.06 on December 28, 2022, and has not yet recovered to its pre-crisis high [14]

Core Scientific shares slide as CoreWeave agrees to $9 billion all-stock acquisition for the bitcoin miner https://t.co/Au7I3eRDrN ...

Core Insights - IREN Limited achieved record monthly revenue and hardware profit in June 2025, driven by higher Bitcoin prices despite a slight decline in Bitcoin production [5][10][7] - The company successfully reached its mid-year target of 50 EH/s for self-mining capacity and expanded its AI Cloud services with the procurement of approximately 2,400 Blackwell GPUs [5][10][7] - A $550 million convertible notes offering was oversubscribed, and the transition to U.S. domestic issuer status was completed [5][10][7] Bitcoin Mining Performance - Average operating hashrate increased to 41.1 EH/s in June from 38.4 EH/s in May [4] - Bitcoin mined decreased slightly to 620 BTC in June from 627 BTC in May [4] - Revenue per Bitcoin mined rose to $105,730 in June from $103,345 in May [4] - Total revenue from Bitcoin mining was $65.5 million, up from $64.7 million in May [4] - Net electricity costs per Bitcoin mined improved to $26,259 from $27,033 [4] - Hardware profit for Bitcoin mining reached $49.2 million with a profit margin of 75% [4][20] AI Cloud Services Performance - Revenue from AI Cloud Services remained stable at $2.2 million in both June and May [6] - Hardware profit for AI Cloud Services was $2.1 million, maintaining a high profit margin of 98% [6][20] - The annualized run-rate revenue for utilized GPUs in AI Cloud Services is projected at $28 million [10] Strategic Developments - The company is positioned to deliver flexible solutions across the AI stack, leveraging nearly 3GW of grid-connected power [8] - Customer engagement is ongoing across various structures, including powered shells and build-to-suit facilities [10] - The procurement of long-lead equipment is underway to enable rapid expansion of liquid-cooled capacity at Childress [10] Financial Highlights - Total hardware profit for the month was $51 million, reflecting strong operational efficiency [20] - The company reported net electricity costs of $16.3 million for Bitcoin mining, down from $16.9 million in May [20] - The transition to U.S. domestic issuer status allows for enhanced compliance and operational capabilities [5][10]

Core Insights - Riot Platforms, Inc. produced 450 Bitcoin in June 2025, marking a 12% decrease from May 2025 but a 76% increase year-over-year from June 2024 [1][2][3] Production Metrics - Bitcoin produced in June 2025: 450, down from 514 in May 2025, up from 255 in June 2024 [2] - Average Bitcoin produced per day: 15.0, down from 16.6 in May 2025, up from 8.5 in June 2024 [2] - Bitcoin held: 19,273, slightly up from 19,225 in May 2025, and significantly up from 9,334 in June 2024 [2] Sales and Financials - Bitcoin sold: 397, down from 500 in May 2025 [2] - Net proceeds from Bitcoin sales: $41.7 million, down 19% from $51.3 million in May 2025 [2] - Average net price per Bitcoin sold: $105,071, a 2% increase from $102,591 in May 2025 [2] Operational Efficiency - Total deployed hash rate: 35.5 EH/s, slightly up from 35.4 EH/s in May 2025, and up 62% from 22.0 EH/s in June 2024 [2] - Average operating hash rate: 29.8 EH/s, down from 31.5 EH/s in May 2025, but up 162% from 11.4 EH/s in June 2024 [2] - Fleet efficiency: 21.2 J/TH, unchanged from May 2025, but down 18% from 25.8 J/TH in June 2024 [2] Power and Credits - Total power credits: $5.6 million, up 141% from $2.3 million in May 2025 [2] - Demand response credits: $1.8 million, a 6% increase from $1.7 million in May 2025 [2] - All-in power cost: 3.4 cents/kWh, down 11% from 3.8 cents/kWh in May 2025 [2] Strategic Initiatives - The company is participating in ERCOT's Four Coincident Peak program, which enhances grid stability and improves competitive positioning [3] - Riot is actively recruiting for various positions to support its growth and operations [3]

Core Insights - Cipher Mining Inc. has successfully exceeded its self-mining capacity guidance for Q2 2025, achieving approximately 3.4 EH/s at the Black Pearl site, with expectations to reach around 23.1 EH/s upon completion of installations [1][2] Production and Operations Update - In June 2025, Cipher mined approximately 160 BTC and sold about 58 BTC, ending the month with a total of approximately 1,063 BTC held [3][4] - The company has deployed 104,000 mining rigs, with a month-end operating hashrate of 16.8 EH/s and fleet efficiency of 20.8 J/TH [3][4] Strategic Decisions - Cipher's proactive 4CP avoidance strategy has allowed the company to maintain low power costs and avoid costly penalties, with insights from June informing further refinements to this model for the summer [2][3]

Core Viewpoint - Hyperscale Data, Inc. has resumed Bitcoin mining operations at its Montana facility, aiming to enhance profitability and utilize underutilized power resources [1][2][3] Group 1: Company Operations - Sentinum, a wholly owned subsidiary of Hyperscale Data, has reenergized approximately 10 megawatts of power and is currently operating around 50 S19j Pro Antminers, with plans to increase this number to approximately 2,600 within a week and reach full capacity of about 3,200 Antminers by the end of July 2025 [1][2] - The resumption of operations is part of a strategic plan to improve profitability and capitalize on the recent appreciation in Bitcoin prices [2][3] Group 2: Market Context - The appreciation of Bitcoin has slightly outpaced the increase in mining difficulty, which is expected to benefit Sentinum's operational flexibility and top-line revenues [3] - The company is positioned to leverage the current market conditions to enhance its revenue streams through its Bitcoin mining operations [3] Group 3: Future Plans - Hyperscale Data plans to divest its subsidiary Ault Capital Group, Inc. by December 31, 2025, focusing solely on data center operations and high-performance computing services [5] - The divestiture will allow the company to concentrate on its core business while potentially continuing operations in the digital asset space [5]