Group 1: Bitcoin Production and Sales - Riot Platforms produced 445 Bitcoin in September, a decrease of 7% from August but an increase of 8% year-over-year, selling 465 Bitcoin for $52 million in net proceeds [1] - Clean Spark produced 629 Bitcoin in September, selling $445 of them for $49 million at an average price of $19,500, ending the month with 13,000 Bitcoin in its treasury [2] - Mara Holdings mined 736 Bitcoin in September, a 4% increase from the prior month, ending the month with almost 53,000 tokens after net sales from digital asset management activities [3] Group 2: Company Developments and Partnerships - Clean Spark highlighted major fiscal 2025 milestones, including reaching a hash rate of 50, acquiring grid infrastructure, and strengthening operations for continued growth in 2026 [2] - Saluna Holdings and Canon signed an agreement to deploy 20 megawatts of Bitcoin miners at Saluna's wind-powered project in Texas, supporting Canon's North American expansion [3][4] - The partnership advances Saluna's strategy to monetize its 2.8% gigawatt pipeline of renewable AI computing projects [4]

Core Viewpoint - JonesResearch initiated coverage of Bitdeer (BTDR) with a Buy rating and a $32 price target, applying a 20x EV/EBITDA multiple to its 2026 EBITDA estimate of $435.5 million, indicating confidence in Bitdeer's leadership in HPC hosting and potential upside from colocation deals [1] Company Overview - Bitdeer operates a vertically integrated model, designing, manufacturing, and deploying its Sealminer rigs, which is expected to lower self-mining gross margins from a hashcost of $0.037/TH to fleet efficiencies of 14.2 J/TH by the end of 2027 [2] - External Sealminer sales are conservatively modeled at 19 EH/s in 2026 and 32 EH/s in 2027, representing a significant opportunity in the $3 billion–$5 billion ASIC hardware market [2] - Bitdeer is positioned to capture market share from competitors like Bitmain, especially among new entrants [2] Valuation Metrics - Bitdeer trades at 6.8–10.6x EV/EBITDA on 2026 estimates, significantly below the coverage universe's median of 18.3–28.7x [2] - The report highlights substantial unrecognized value in two AI/HPC colocation assets: the 570 MW Clarington, Ohio site valued at $26.64–$36.46 per share and the 309 MW Norwegian portfolio worth $14.44–$19.77 per share [2] Key Catalysts - Key catalysts for Bitdeer include closing colocation leases at Clarington and Norway, as well as the planned release of the next-generation Sealminer A4-2 rig targeting 5.5–6.0 J/TH efficiency in late 2026 [3]

Core Insights - BitFuFu Inc. reported an increase in Bitcoin holdings to 1,959 BTC, up 60 BTC from the previous month, as part of its treasury strategy to accumulate Bitcoin through efficient self-mining and opportunistic purchases [2][6][7] Bitcoin Holdings and Production - As of September 30, 2025, BitFuFu held 1,959 BTC, an increase of 60 BTC from August 31, 2025 [7] - Bitcoin production for September 2025 totaled 329 BTC, with 296 BTC from cloud mining and 33 BTC from self-mining [7] - The decline in Bitcoin production was primarily due to rising network difficulty and power curtailment programs at certain mining facilities [7] Hashrate Overview - Total hashrate under management reached 36 EH/s, reflecting a 1.1% month-over-month increase [7] - Self-owned hashrate remained unchanged at 5.0 EH/s, while hashrate from third-party suppliers and hosting customers was 31.0 EH/s [7] - Average fleet efficiency improved to 17.3 J/TH [6][7] Power and Infrastructure - Total power capacity under management was 624 MW, showing a 0.6% month-over-month decrease [2] Mining Services - BitFuFu had 641,526 registered cloud mining users as of September 30, 2025 [3] Upcoming Conferences - BitFuFu will participate in several upcoming conferences, including: - North American Blockchain Summit on October 9-10, 2025, in Dallas, TX - LD Micro Main Event Conference on October 19-21, 2025, in San Diego, CA - Stocktoberfest on October 22, 2025, in San Diego, CA - ThinkEquity Conference on October 30, 2025, in New York, NY [8]

RETRANSMISSION: HIVE Digital Technologies September Bitcoin Production at 267 BTC, Climbs 8% MoM and 138% YoY, Surpassing 21 EH/s and Now Producing 9 BTC Per DayOctober 06, 2025 6:00 AM EDT | Source: HIVE Digital Technologies Ltd.This news release constitutes a "designated news release for the purposes of the Company's amended and restated prospectus supplement dated May 14, 2025, to its short form base shelf prospectus dated September 11, 2024.San Antonio, Texas--(Newsfile Corp. - October 6, ...

Group 1 - Riot Platforms (NASDAQ: RIOT) has experienced significant stock price growth, rising from single digits to over $19 within two months, largely driven by the increase in Bitcoin's value [1] - The article highlights the investment philosophy of focusing on growth and momentum stocks that are reasonably priced and likely to outperform the market in the long term [1] - The author references a historical investment strategy, noting that the S&P 500 increased by 367% and the Nasdaq by 685% from 2009 to 2019, emphasizing the potential for high-quality growth stocks [1] Group 2 - The article serves as an informational piece and does not constitute a solicitation or recommendation for buying or selling stocks [3] - The author expresses a personal beneficial long position in RIOT and other related stocks, indicating a vested interest in the performance of these investments [2]

Group 1 - Bitdeer Technologies Group (NASDAQ:BTDR) saw a significant share price increase of 10.28% to close at $19.42, driven by a rally in Bitcoin prices and market optimism for potential rate cuts [1][2] - The current price of Bitcoin is $122,375, reflecting a 9% increase from the previous week and a 1.62% rise from the day before [1] - Investors are anticipating the announcement of Bitdeer's September production results in the coming days [2] Group 2 - Bitdeer recently launched its new self-developed Bitcoin mining machines, the Sealminer A3 series, which are designed to be low-noise and significantly reduce power consumption per unit of hash rate [2] - The new mining machines enhance energy efficiency and environmental sustainability, leading to lower operational costs for miners while meeting the demands of large-scale mining operations [3]

Core Insights - Renowned investor Kevin O'Leary highlighted the competition for electricity between AI data centers and Bitcoin mining in North America [1][2][3] Electricity Demand and Supply - O'Leary noted that the U.S. power grid is facing significant strain due to the high demand from AI data centers, leading to a shortage of available power [2] - The Electric Power Research Institute projects that U.S. data center electricity consumption could reach up to 9% of total electricity generation by 2030, more than double its current consumption [4] Impact on Bitcoin Mining - O'Leary indicated that the competition for power could lead to increased local power rates, which regulators are keen to avoid [3] - Analysts estimate that by the end of 2027, 20% of Bitcoin miner power capacity will shift to AI and high-performance computing [4] Industry Adaptation - Several Bitcoin miners are reallocating energy resources towards AI data centers, repurposing their existing power infrastructure, and leasing capacity to AI firms [5] - CoreWeave Inc., originally an Ethereum mining company, has transitioned to AI cloud services and formed key partnerships with Nvidia and OpenAI [5]

Core Insights - MARA Holdings, Inc. reported a 5% increase in Bitcoin blocks won in September, generating 736 BTC, which is a 4% month-over-month increase, attributed to operational consistency despite a 9% rise in global hashrate and mining difficulty [1][2] - The company's energized hashrate increased by 1% to 60.4 EH/s, indicating progress in capacity expansion efforts [1] - MARA's total Bitcoin holdings reached 52,850 BTC, making it the second-largest Bitcoin treasury among public companies [4] Operational Updates - All containers and miners at MARA's Texas wind farm are fully deployed and connected, with full operations expected in Q4 [3] - The Hannibal, Ohio facility is operating at 100% capacity with 86 MW online and plans for an additional 14 MW by year-end [3] Market Response - Following the operational updates, MARA's stock price increased by 2.90%, with an average trading volume of 55,205,290 shares [5][6] - The company's market capitalization stands at $7.072 billion [6] - MARA's stock price movements are closely aligned with broader Bitcoin market volatility and operational announcements [7] Strategic Outlook - MARA's leadership expressed confidence in executing its growth strategy, highlighting resilience amid rising mining challenges [8] - The company raised $950 million to purchase BTC for its treasury, contributing to a positive investor sentiment towards its market shares [8]

Core Thesis - The company Bitfarms Ltd. (NASDAQ: BITF) is initiating coverage with a Buy rating, focusing on its successful transition from BTC mining to AI/HPC development, which is seen as a strategic advantage due to its concentration of data [1]. Company Overview - Bitfarms is pivoting its business model to capitalize on opportunities in artificial intelligence and high-performance computing, moving away from its traditional focus on Bitcoin mining [1]. Strategic Advantages - The company's strategic advantage is highlighted by its concentration of data, which is essential for AI and HPC applications, positioning it favorably in the evolving tech landscape [1].

Core Viewpoint - The company Bitfarms Ltd. is initiating coverage with a Buy rating, focusing on its successful transition from BTC mining to AI/HPC development, highlighting its strategic advantage in data concentration [1]. Company Summary - Bitfarms Ltd. is pivoting its business model from Bitcoin mining to artificial intelligence and high-performance computing (HPC) development, which is seen as a significant strategic advantage [1]. - The company is positioned to leverage its existing infrastructure and expertise in data management to capitalize on the growing demand for AI and HPC solutions [1]. Industry Context - The shift towards AI and HPC is indicative of broader trends in the technology sector, where companies are increasingly focusing on innovative applications and solutions to meet market demands [1].