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Cango Inc. Completes PRC Business Sale, Strengthens Board to Drive Global Bitcoin Focus
Prnewswire· 2025-05-29 10:00
Core Viewpoint - Cango Inc. has divested its business in the PRC for approximately US$351.94 million, allowing the company to focus on expanding its leadership in the global Bitcoin mining industry [1][2][3] Group 1: Strategic Transaction - The divestment of the PRC Business was finalized on May 27, 2025, and is valued at approximately US$351.94 million in cash [1] - This strategic move enables Cango to concentrate its resources on Bitcoin mining in key regions such as North America, the Middle East, South America, and East Africa [2][3] Group 2: Company Restructuring - Following the divestment, Cango has restructured its Board of Directors by appointing two new members with expertise in Fintech, AI, Web 3.0, and global capital markets [4] - The enhanced board composition aims to reinforce Cango's commitment to innovation and strengthen its leadership position in the digital finance landscape [4] Group 3: Future Plans - Cango plans to apply to the China Securities Regulatory Commission to terminate its "China Concept Stock" status after the divestment [5] - The company aims to aggressively pursue growth objectives and enhance shareholder value through this strategic realignment [3]
AgriFORCE Growing Systems Ltd. to Participate in Exclusive BitGo-Hosted Events at Bitcoin 2025; CEO Jolie Kahn Recognized as One of the Only Female Public Company Leaders in Bitcoin Mining
Globenewswire· 2025-05-27 16:05
Core Insights - AgriFORCE Growing Systems Ltd. is participating in Bitcoin 2025, the largest Bitcoin conference, highlighting its commitment to innovation and sustainability in the digital infrastructure sector [1][2][3] Company Participation - CEO Jolie Kahn will attend four exclusive events hosted by BitGo, emphasizing her influence as one of the few female CEOs in the Bitcoin mining industry [2][3] - AgriFORCE's presence at Bitcoin 2025 aligns with the recent launch of its TerraHash Digital division, which focuses on energy-efficient Bitcoin mining campuses [3][4] Strategic Goals - The company aims to lead in building sustainable and inclusive infrastructure for Bitcoin mining, contributing to both decentralized computing and clean energy reuse [3][4] - AgriFORCE's TerraHash Digital division is designed to support sustainable food production alongside Bitcoin mining operations [4] Event Details - The events include the BitGo High Roller Summit, a networking experience for top-tier institutions, and the 2025 Women of Bitcoin Brunch, celebrating women's contributions in the Bitcoin industry [6]
AgriForce Growing Systems Ltd. Launches TerraHash Digital™ to Accelerate Energy and Mining Infrastructure Expansion
Globenewswire· 2025-05-27 13:30
Core Insights - AgriForce Growing Systems Ltd. has launched a new division, TerraHash Digital, aimed at developing scalable and energy-efficient Bitcoin mining campuses and digital infrastructure solutions [1][2] - The launch coincides with Bitcoin 2025, the largest Bitcoin conference, where the company will present its strategic roadmap and development priorities [2][3] - The CEO of AgriForce emphasized the importance of combining smart energy strategies and decentralized computing to capture long-term value in the digital economy [3] Company Overview - AgriForce is a technology company focused on innovation at the intersection of agriculture, clean energy, and digital infrastructure [5] - The TerraHash Digital division aims to create high-performance Bitcoin mining campuses that support decentralized compute networks while promoting clean energy reuse and sustainable food production [5] Strategic Focus - TerraHash Digital is part of AgriForce's mission to integrate clean energy and sustainable technologies within the Bitcoin ecosystem [4] - The division is designed to scale responsibly, maximizing profitability while delivering community and environmental benefits [5] Infrastructure and Technology - The company plans to implement vertically integrated mining, controlling land, power procurement, and infrastructure deployment [6] - It aims to utilize low-cost power solutions, including stranded natural gas and flare mitigation [6] - The division will focus on post-halving optimization to ensure uptime reliability and sustained hashrate in a high-difficulty environment [6] - Future innovations may include thermal energy reuse for food production and ESG-aligned colocation zones [6]
Cipher Mining Announces Proposed Convertible Senior Notes Offering and Proposed Hedging Transaction to Place Borrowed Common Stock
Globenewswire· 2025-05-20 20:05
NEW YORK, May 20, 2025 (GLOBE NEWSWIRE) -- Cipher Mining Inc. (NASDAQ: CIFR) (“Cipher” or the “Company”) today announced its intention to offer, subject to market and other conditions, $150,000,000 aggregate principal amount of convertible senior notes due 2030 (the “notes”) in a public offering registered under the Securities Act of 1933, as amended. Cipher also expects to grant the underwriters of the notes offering an option to purchase up to an additional $22,500,000 aggregate principal amount of notes ...
Canaan(CAN) - 2025 Q1 - Earnings Call Transcript
2025-05-20 13:02
Canaan (CAN) Q1 2025 Earnings Call May 20, 2025 08:00 AM ET Company Participants Gwyn Lauber - Director - Investor RelationsNangeng Zhang - Chairman & CEOJames Cheng - Chief Financial OfficerMichael Donovan - Equity Research AssociateBill Papanastasiou - Vice President Conference Call Participants Kevin Cassidy - Senior Research AnalystMike Grondahl - Head of Equity sales, Trading & Research - Senior Research AnalystNick Giles - Senior Research AnalystJoe Flynn - Senior Research Analyst Operator Ladies and ...
Canaan(CAN) - 2025 Q1 - Earnings Call Transcript
2025-05-20 13:00
Canaan (CAN) Q1 2025 Earnings Call May 20, 2025 08:00 AM ET Speaker0 Ladies and gentlemen, thank you for standing by, and welcome to Canons Inc. First Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in a listen only mode. After the management prepared remarks, we will have a question and answer session. Please note that this event is being recorded. Now I'd like to hand the conference over to your speaker today, Ms. Gwynne Lauber, Investor Relations Director of the co ...
AgriForce Commences Final Installation of 500 Bitcoin Miners at East Palestine, Ohio Site
Globenewswire· 2025-05-20 12:55
Core Insights - AgriForce Growing Systems Ltd. has completed the installation of 500 Bitmain S19j Pro 100T Bitcoin mining machines at its East Palestine, Ohio facility, marking a significant operational milestone in its Bitcoin mining strategy [1][2][3] Group 1: Operational Capacity - The new installation will add 50 petahash per second (PH/s) to AgriForce's operations, increasing the total active hashrate to 130 PH/s across two sites in Ohio [2][3] - The facility is designed to handle a power draw of 1.475 megawatts (MW) while utilizing efficient load balancing across its 2 MW capacity [3] Group 2: Strategic Goals - The company aims to surpass one exahash in hashrate by Q2 of 2025, demonstrating its commitment to aggressive and capital-efficient scaling [4] - The successful installation reflects the company's logistical coordination and focus on rapid deployment of hashpower [3][4] Group 3: Company Overview - AgriForce is a technology company focused on addressing challenges in agriculture, digital infrastructure, and environmental innovation, emphasizing energy-efficient operations and sustainable growth [4]
BITDEER(BTDR) - 2025 Q1 - Earnings Call Transcript
2025-05-15 13:02
Financial Data and Key Metrics Changes - For Q1 2025, total revenue was $70.1 million, down from $119.5 million in Q1 2024, primarily due to the impact of the 2024 halving and increased global network hash rate [7][20] - Gross profit was negative $3.2 million compared to positive $34.1 million, resulting in a gross margin of negative 4.6% versus 28.6% [22] - Adjusted EBITDA was negative $56.1 million compared to positive $27.3 million in the previous year [22] - Net cash used for operating activities was $284 million, driven mainly by supply chain and manufacturing costs [23] Business Line Data and Key Metrics Changes - Self-mining revenue decreased by 23.1% to $37.2 million, impacted by the halving event and increased global hash rate [20] - Cloud hash rate revenue fell to $100,000 from $18.1 million due to the expiration of long-term contracts [21] - General hosting revenue dropped to $9.6 million from $29 million, while membership hosting revenue decreased to $16.3 million from $19.5 million [21] Market Data and Key Metrics Changes - The company is focusing on geographic diversification, with over half of its new power capacity located in Norway and Bhutan [8] - The company expects to reach a self-mining hash rate of 40 exahash per second by October 2025, driven by new power capacity and ASIC production [14][68] Company Strategy and Development Direction - The company is prioritizing the development of its own ASIC technology, which is expected to provide long-term advantages and cost efficiencies [7] - Plans to migrate a portion of manufacturing to the U.S. in the second half of 2025 are underway, aiming to capitalize on favorable tariff policies [10] - The company is also exploring opportunities in high-performance computing (HPC) and AI, with ongoing discussions for potential partnerships [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand for Bitcoin mining rigs, anticipating continued growth in the market [10] - The company is optimistic about the impact of recent trade negotiations on U.S. manufacturing for Bitcoin mining [9] - Management acknowledged uncertainties in capacity availability due to market dynamics but remains confident in their partnerships with TSMC [32] Other Important Information - The company signed a 50-megawatt mining data center agreement in Ethiopia, targeting energization by Q4 2025 [16] - The total available power capacity is expected to reach over 1.8 gigawatts by the end of 2025, including new projects in Ohio and Ethiopia [17] Q&A Session Summary Question: Interest in A2 and chip demand changes - Management noted increased interest in purchasing mining ASICs following recent market developments, but self-mining remains a priority [31] Question: 40 exahash target considerations - Management indicated that the target is influenced by machine availability and power capacity, with confidence in meeting the goal [32] Question: Demand for Clarington site and customer interest - The focus is on securing a development partner for the Clarington site, with inbound interest from potential end users [36] Question: Recent loan agreement rationale - The company is cautious about dilution and sees responsible debt as a viable option for financing chip purchases [37] Question: Strategy for Seal A4 ASIC - The company plans to transition to external sales as internal capacity fills up, with expectations for significant external sales once production ramps up [41] Question: Power cost trends - Q1 typically sees higher power prices, but management expects lower costs in Q2 and Q3 due to improved power supply strategies [46] Question: ASIC machine performance tracking - Customers can expect to test the efficiency of the new ASIC machines starting in October [50] Question: Average fleet efficiency targets - Management anticipates average efficiency to improve as newer rigs are deployed, with expectations for lower energy consumption in the future [55] Question: Tariff impact on external sales strategy - Management believes tariffs will not significantly hinder operations, with plans to adapt manufacturing strategies accordingly [78] Question: Customer interest trends and global sales composition - U.S.-based miners continue to dominate the market, but there is potential for increased international sales as the market evolves [86]
BITDEER(BTDR) - 2025 Q1 - Earnings Call Transcript
2025-05-15 13:00
Financial Data and Key Metrics Changes - For Q1 2025, total revenue was $70.1 million, a decrease from $119.5 million in Q1 2024, primarily due to the impact of the 2024 halving and increased global network hash rate [6][19] - Gross profit was negative $3.2 million compared to positive $34.1 million in the previous year, resulting in a gross margin of negative 4.6% versus 28.6% [21] - Adjusted EBITDA was negative $56.1 million, down from positive $27.3 million in Q1 2024 [21] - Net cash used for operating activities was $284 million, driven mainly by supply chain and manufacturing costs [22] Business Line Data and Key Metrics Changes - Self-mining revenue was $37.2 million, down 23.1% year-over-year, influenced by the halving event and increased global hash rate [19] - Cloud hash rate revenue fell to $100,000 from $18.1 million due to the expiration of long-term contracts [20] - General hosting revenue decreased to $9.6 million from $29 million, while membership hosting revenue dropped to $16.3 million from $19.5 million [20] Market Data and Key Metrics Changes - The company is focusing on geographic diversification, with over half of its new self-mining power capacity located in Norway and Bhutan [7] - The company anticipates a self-mining hash rate of 40 exahash per second by October 2025, supported by new power capacity coming online [13] Company Strategy and Development Direction - The company is prioritizing the development of its own ASIC technology, which is expected to provide long-term advantages and cost efficiencies [6][12] - Plans to migrate a portion of manufacturing to the U.S. in the second half of 2025 are underway, aiming to capitalize on favorable tariff policies [9] - The company is also exploring opportunities in high-performance computing (HPC) and AI, with ongoing discussions for development partnerships [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand for Bitcoin mining rigs, anticipating continued growth in the market [9][12] - The company is optimistic about the impact of recent trade negotiations on tariffs, which may encourage more Bitcoin mining-related manufacturing in the U.S. [8] - Management acknowledged the uncertainty in capacity availability due to market dynamics but remains confident in their partnerships with technology providers [31] Other Important Information - The company signed a 50-megawatt mining data center agreement in Ethiopia, targeting energization by Q4 2025 [14] - A loan agreement for up to $200 million was established to finance chip purchases, secured by the miners themselves [26][72] Q&A Session Summary Question: Interest in ASIC chips and demand changes - Management noted increased interest in purchasing mining ASICs following recent market developments, but self-mining remains the priority [30] Question: Clarington site development and customer demand - The focus is on securing a development partner for the Clarington site, with inbound interest from potential end users [35] Question: Capital structure and loan agreement rationale - The decision to enter a loan agreement was influenced by market conditions, with a focus on minimizing dilution while financing growth [36] Question: ASIC sales strategy and external sales capacity - The company plans to transition to more external sales as internal capacity fills up, with expectations for significant external sales of the A4 ASICs [40] Question: Power costs and future trends - Q1 typically sees higher power prices, but management expects lower costs in Q2 and Q3 due to improved power supply strategies [46] Question: Customer interest and tariff impacts - Management believes that U.S. miners will continue to expand operations despite potential tariff challenges, with a strong capital market supporting growth [86]
Bitdeer Reports Unaudited Financial Results for the First Quarter of 2025
Globenewswire· 2025-05-15 11:00
Core Viewpoint - Bitdeer Technologies Group reported a significant decline in revenue and gross profit for Q1 2025 compared to Q1 2024, while achieving a net income of $409.5 million primarily due to non-cash gains from derivative liabilities [4][16]. Financial Highlights - Total revenue for Q1 2025 was $70.1 million, down from $119.5 million in Q1 2024 [4][12]. - Cost of revenue decreased to $73.4 million from $85.4 million, leading to a gross loss of $3.2 million compared to a gross profit of $34.1 million in the previous year [4][10]. - Self-mining revenue was $37.2 million, down from $48.4 million, attributed to the April 2024 halving and increased global network hashrate [12]. - Adjusted EBITDA was negative $56.1 million, a decline from positive $27.3 million in Q1 2024 [4][18]. Operational Summary - The total hash rate under management increased to 24.2 EH/s from 22.5 EH/s year-over-year, with self-mining hash rate rising to 11.5 EH/s from 6.7 EH/s [2]. - The company aims to reach a self-mining hashrate of 40 EH/s by October 2025 [2]. - Bitcoin mined through self-mining was 350 BTC, down from 911 BTC in Q1 2024 [4]. Power Infrastructure - As of April 30, 2025, Bitdeer has a total electrical capacity of 1,098 MW, with plans to reach nearly 1.6 GW by the end of Q2 2025 [5]. - The company is engaged in developing HPC/AI data center strategies, with discussions ongoing for large-scale sites in the U.S. [2]. Balance Sheet and Cash Flow - Cash and cash equivalents stood at $215.6 million as of March 31, 2025, down from $476.3 million at the end of 2024 [4][21]. - The company reported net cash used in operating activities of $284.0 million, primarily due to working capital payments for SEALMINER production [21]. - Total assets increased to $1.6 billion, with total liabilities at $804.0 million [28]. Research and Development - R&D expenses surged to $59.0 million from $21.2 million, driven by costs related to the SEAL03 chip development and higher engineering costs [14]. Market Position - Bitdeer is positioned as a leading supplier of energy-efficient mining rigs, with ongoing efforts to enhance chip efficiency through the SEALMINER A4 project [2].