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

Core Insights - CleanSpark achieved a mid-year operational hashrate target of 50 EH/s, marking a 9.6% month-over-month increase and enhancing energy efficiency to 16.15 J/Th [2][4] - The company holds a Bitcoin treasury of 12,608 BTC, ranking seventh among publicly traded companies globally, all generated through self-mining [2][6] - CleanSpark's Digital Asset Management strategies are in the 'crawl phase', with positive results from spot sales and derivative transactions, achieving an average sale price of $105,860 per Bitcoin in June [3][6] Production Metrics - In June 2025, CleanSpark produced 685 BTC, with a peak single-day production of 23.97 BTC and an average daily production of 22.82 BTC [4] - The total Bitcoin produced in the calendar year 2025 so far is 3,968 BTC [4] Fleet Metrics - The operational hashrate reached 50.0 EH/s, with an average operating hashrate of 45.3 EH/s [4] - The deployed fleet as of June 30, 2025, consists of 241,227 miners [4] Treasury Metrics - As of June 30, 2025, CleanSpark's total Bitcoin holdings are 12,608 BTC, with 578.51 BTC sold, generating proceeds of $61,241,239 [6] - The average price per BTC sold was $105,860, which is $446 above the volume-weighted average price (VWAP) for the same period [6] Power Portfolio Metrics - CleanSpark has secured 987 MW of power under contract, with 808 MW utilized to support its operational hashrate [6]

Core Insights - BitFuFu Inc. reported its most productive month in June 2025, mining 445 Bitcoin, marking an 11.3% month-over-month increase in production [2][6][7] - The company achieved record levels of hashrate at 36.2 EH/s and total power capacity of 728 MW, reflecting strong operational momentum [2][6][7] - BitFuFu's Bitcoin holdings increased to 1,792 BTC, with an increase of 83 BTC from the previous month [6][7] Bitcoin Holdings and Production - Bitcoin production in June 2025 was 445 BTC, which is an 11.3% increase from May 2025 [6][7] - The production included 387 BTC from cloud mining (an 8.4% increase) and 58 BTC from self-mining (a 34.9% increase) [7] - Total Bitcoin holdings reached 1,792 BTC, up from 1,709 BTC at the end of May 2025 [7] Hashrate Overview - Total hashrate under management reached 36.2 EH/s, representing a 6.2% month-over-month increase [6][7] - Self-owned hashrate accounted for 3.8 EH/s, while hashrate from third-party suppliers and hosting customers was 32.4 EH/s [7] - The average fleet efficiency was recorded at 20.1 J/TH [7] Power and Infrastructure - Total power capacity under management was 728 MW, which is an 11.8% increase month-over-month [2][6] - The power capacity is distributed across five continents, indicating a broad operational footprint [2] Mining Services - As of June 30, 2025, BitFuFu had 623,114 registered users on its cloud mining platform [3]

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]

Core Insights - MARA Holdings, Inc. aims to achieve a hashrate of 75 EH/s by the end of 2025, representing over 40% growth from 2024, supported by existing machine orders [3] - In June 2025, the company produced 713 BTC, a 25% decrease from May's production of 950 BTC, with 211 blocks won, also down 25% month-over-month [4][5] - As of June 30, 2025, MARA holds a total of 49,940 BTC, with no sales made during June [6] Operational Highlights - The number of blocks won in June 2025 was 211, down from 282 in May, reflecting a 25% decrease [5] - BTC production decreased to 713 in June from 950 in May, marking a 25% decline [5] - Average BTC produced per day fell to 23.8 from 30.7, a decrease of 23% [5] - Energized hashrate was reported at 57.4 EH/s, down 2% from 58.3 EH/s in the previous month [5] Management Commentary - The CEO emphasized the company's disciplined approach to accumulating BTC through mining and strategic purchases, highlighting the importance of building long-term value for shareholders [5] - The company has 1.7 GW of captive capacity, with 1.1 GW operational and a growth pipeline exceeding 3 GW of low-cost power opportunities [3]

Market Overview - Wall Street is experiencing one of the strongest monthly advances in 2025, driven by optimism in global trade and reduced tariff fears, with the S&P 500 and Nasdaq Composite Index reaching all-time highs [1][2] - The S&P 500 has increased by 4.4%, the Nasdaq by nearly 6%, and the Dow Jones Industrial Average by 3.7% as the month comes to a close [2] ETF Performance - Five top-performing ETFs that contributed to the market rally in June include ARK Innovation ETF (ARKK), Valkyrie Bitcoin Miners ETF (WGMI), Global X Hydrogen ETF (HYDR), Global X Uranium ETF (URA), and Xtrackers Semiconductor Select Equity ETF (CHPS) [3] Key Drivers of Market Rally - The market's recovery is attributed to renewed investor optimism, particularly from the "Magnificent Seven" tech companies, which collectively added $4.7 trillion in market capitalization since April [4] - The Federal Reserve maintained interest rates at 4.25-4.50% on June 18, with dovish signals suggesting potential rate cuts as early as July [4] Geopolitical and Trade Factors - Geopolitical risks have diminished, particularly regarding the Israel-Iran conflict and U.S.-Canada trade tensions, which have eased following Canada’s removal of a digital-services tax [5] - However, uncertainty remains as a pause on retaliatory tariffs is set to expire in July, which could impact market sentiment if new tariffs are imposed [5] Detailed ETF Analysis - **ARK Innovation ETF (ARKK)**: Up 24.6%, focuses on companies benefiting from technological advancements, with an asset base of $6.7 billion and an average daily volume of 12 million shares [6] - **Valkyrie Bitcoin Miners ETF (WGMI)**: Up 23.3%, targets North America's Bitcoin mining industry, with $155.4 million in assets and an average daily volume of 612,000 shares [7] - **Global X Hydrogen ETF (HYDR)**: Up 19.9%, invests in the hydrogen industry, holding $31.4 million in assets and trading 17,000 shares daily [8] - **Global X Uranium ETF (URA)**: Up 19.6%, provides access to uranium mining companies, with an asset base of $3.7 billion and an average daily volume of 5 million shares [10] - **Xtrackers Semiconductor Select Equity ETF (CHPS)**: Up 18.3%, targets the semiconductor industry, with $8.1 million in assets and an average daily volume of 1,000 shares [11]

Core Insights - Hut 8 Corp. has announced the initial energization of its Vega facility, which is believed to be the largest single-building Bitcoin mining facility by nameplate hashrate, with a capacity of 205 MW and the potential to support up to ~15 EH/s of Bitcoin mining [1][8] Group 1: Facility Overview - Vega spans 162,000 square feet, equivalent to five football fields, and is designed to support nearly 2.0% of the current global Bitcoin network hashrate [1] - The facility features a proprietary, rack-based, direct-to-chip liquid cooling system, allowing for higher compute density of up to 180 kW per rack, which is 50% higher than the requirement for NVIDIA Blackwell HGX GPUs [3][14] Group 2: Technological Innovations - The modular architecture of Vega includes pump skids, fluid distribution networks, and smart power distribution units, optimizing thermal efficiency and operational reliability [4] - The design is particularly relevant for AI training and high-performance computing (HPC) workloads, focusing on speed, density, and cost efficiency [6] Group 3: Financial Implications - Hut 8 has a colocation agreement with BITMAIN for the full ~15 EH/s deployment, expected to generate annualized revenue between $110 million and $120 million upon full energization [8] - The agreement includes a purchase option for Hut 8 to acquire the hosted fleet, potentially increasing its self-mining capacity from 10 EH/s to 25 EH/s [9] Group 4: Strategic Vision - The CEO of Hut 8 emphasized the innovation-driven approach to digital infrastructure design, aiming to scale and refine the architecture as workload requirements evolve [6] - The project represents a shift towards lower-cost, application-optimized infrastructure, bridging the gap between high-cost, high-redundancy builds and more efficient designs [6]