Sberbank, Russia’s largest bank, has issued the country’s first-ever crypto-backed loan. The bank says it issued the loan to Intelion Data, one of Russia’s biggest Bitcoin miners. It did not disclose the size of the loan, nor the amount of crypto used to secure it. “The loan was secured by digital currency mined by [Intelion Data],” Sberbank wrote in an official release. “We believe this product will be relevant not only for cryptocurrency miners, but also for companies that own cryptocurrencies.” As B ...

大洋彼岸的美国正深陷"缺电恐慌"。 根据国际能源署（IEA）的最新数据，一次普通的 ChatGPT 提问所消耗的电量（约2.9 瓦时）是传统谷歌搜索（0.3 瓦时）的近10 倍。这 意味着随着生成式 AI 的普及，全球数据中心的用电量预计到 2030 年将翻一番以上，总量或将达到945 太瓦时，这几乎相当于日本全国 的年用电量。 核心矛盾在于老旧的基础设施与突发的能源渴求之间的错位。美国大部分电网和变压器建于 40 多年前，已处于"超期服役"状态。更关键 的是，在过去 20 年里，美国的电力需求基本持平，导致电网规划和扩容速度极慢。 然而，AI 的爆发在短短两年内打破了这一平衡：建设一个数据中心仅需 2 年左右，但升级一条高压输电线路往往需要10 年以上的规划 和审批。 美国面临的不是发电总量绝对不足，而是"并网瓶颈"和"基荷电力"缺失。绿色能源（如风能和太阳能）虽然理论上源源不断，但无法为 24 小时不间断运行的算力中心提供稳定的能量底座。 为了喂饱 AI 不断膨胀的算力需求，从全美即将退役的老式发电厂，到得克萨斯州狂热的比特币矿场，再到商业地产巨头押注的数据中 心，一条 AI "派生"产业链正在悄然交织生 ...

Core Insights - Cipher Mining (CIFR) and IREN Limited (IREN) are transitioning from pure Bitcoin mining to high-performance computing (HPC) and AI infrastructure, reducing reliance on Bitcoin price fluctuations [1][2] Cipher Mining (CIFR) - CIFR has evolved into a significant AI and HPC infrastructure developer, leveraging its power-first approach and Texas operations as competitive advantages [3] - Key advantages include low costs, large-scale power control, and a proven ability to construct industrial data centers. Notable agreements include a 10-year AI hosting deal with Fluidstack and a 15-year lease with Amazon Web Services (AWS), totaling approximately $8.5 billion in future lease payments [4][8] - CIFR's development pipeline includes 3.2 GW of projects from 2025 to 2029, supporting long-term AI growth [4] - The company gained majority control (95%) of a 1-gigawatt HPC project in West Texas, with a Direct Connect Agreement with American Electric Power (AEP) targeted for energization in 2028 [5] - CIFR's balance sheet was strengthened through a $1.3 billion convertible note offering, allowing for HPC buildouts without immediate equity dilution [5] - While these developments support long-term growth, they introduce near-term challenges from increased expenses and transition costs, leading to downward revisions in profit estimates for 2026 [6] IREN Limited (IREN) - IREN has also expanded into AI and HPC infrastructure, supported by substantial grid-connected power assets in the U.S. and Canada [9] - The company benefits from vertical integration, managing its own data centers and GPU stack, which enhances cost control and mitigates third-party risks [10] - IREN secured a $9.7 billion AI cloud contract with Microsoft, expected to generate $1.94 billion in annual recurring revenue (ARR) at approximately 85% EBITDA margins [10] - Plans to scale its GPU fleet from 23,000 to 140,000 GPUs by the end of 2026, targeting $3.4 billion in AI cloud ARR while utilizing only 16% of its 3 GW secured power [11] - However, IREN faces high capital expenditure requirements for rapid AI cloud expansion, with the Microsoft deal alone necessitating $5.8 billion in GPU investments [12] - The Zacks Consensus Estimate for IREN's fiscal 2026 losses has deteriorated, reflecting a decline in expectations [13] Comparative Performance - Over the past six months, CIFR has outperformed IREN, with a 313.2% increase compared to IREN's 254.4% rise, attributed to CIFR's more predictable revenue profile and lower hardware exposure [16] - CIFR's valuation is supported by strong revenue visibility from long-term contracts, trading at a price/book ratio of 7.99X, while IREN trades at 4.14X [19] Conclusion - In the competitive landscape of AI infrastructure, Cipher Mining is positioned favorably due to its power-first HPC model, long-term contracts, and lower hardware risk, offering clearer earnings visibility and superior risk-adjusted returns compared to IREN's capital-intensive GPU strategy [22]

Core Insights - Exodus Movement (EXOD) and CleanSpark (CLSK) are significant players in the cryptocurrency market, with EXOD focusing on self-custodial wallets and Web3 financial services, while CLSK is primarily a Bitcoin miner [1][2] Exodus Movement (EXOD) - EXOD has a market cap of over $3 trillion in cryptocurrency and has entered the stablecoin market, achieving $26 trillion in stablecoin transaction volume [3][4] - Revenues for EXOD increased by 51% year-over-year due to rising digital asset prices throughout 2025 [3] - The company experienced an 82% year-over-year growth in swap volume in Q3 2025, with 28% of this volume coming from B2B swaps [5] - EXOD has a robust balance sheet with $315 million in digital and liquid assets and no debt, leading to optimistic earnings growth projections [6] - The Zacks Consensus Estimate for EXOD's 2025 earnings has been revised upward in the past 60 days [6] CleanSpark (CLSK) - CLSK is transitioning from a Bitcoin mining company to a diversified digital infrastructure model, focusing on opportunities in the AI and high-performance computing (HPC) markets [8][9] - The company has a significant electricity and land portfolio of 1.3 gigawatts across the U.S. to support this transition [8] - CLSK has acquired a 285 MW site in Texas for an AI campus and identified a 250 MW site in Georgia for AI development [10] - Despite the transition, CLSK faces intense competition from other crypto mining companies and hyperscalers, which may constrain its bottom line [11] - The Zacks Consensus Estimate for CLSK's fiscal 2026 earnings has been revised downward in the past 30 days [11] Price Performance and Valuation - Over the past six months, EXOD shares have decreased by 53.8%, while CLSK shares have increased by 14.6% [12] - In terms of valuation, EXOD trades at a forward 12-month price-to-sales (P/S) multiple of 3.58X, compared to CLSK's 3.49X [13] Conclusion - EXOD is currently performing better in the crypto market, focusing on self-custodial wallets and stablecoin payments, while CLSK is pivoting towards AI and HPC infrastructure amidst competition and costs [15]

For long, Bitcoin (BTC) mining companies have tricked their clients with uptime metrics that look at whether a machine is running on power on not instead of checking whether a machine is actually hashing. Abundant Mines captured the opportunity and introduced a feature in December 2024 that went on to disrupt how the Bitcoin mining industry defines performance. Called Hashrate Redirect™, the features replaces a client's lost hashrate with hash from Abundant Mines' operational fleet so that the client doe ...

Core Insights - The artificial intelligence (AI) bubble is under scrutiny, yet Wall Street dealmaking persists due to the ongoing demand for power from bitcoin miners and data center developers [1] - Demand for power from bitcoin miners is substantial, but the demand from AI and high-performance computing (HPC) is even greater, with clients reporting a need for GPU-ready facilities [2] Industry Dynamics - Following the bitcoin halving, miners experienced a margin squeeze, prompting a shift towards hosting AI and HPC hardware in their data centers, which has positively impacted BTC mining stocks amid AI market hype [3] - Concerns about AI valuations have led to significant market value losses for major tech companies, including Nvidia and CoreWeave, with CoreWeave's stock down over 50% from its peak [4] Demand and Valuation - Despite market fluctuations, demand for data center capacity remains strong, with companies confirming they have tenants and are receiving favorable rates [5] - Companies have benefited from higher valuation multiples and favorable capital-raising conditions despite recent selloffs [6] M&A Activity - The ongoing demand for power is driving M&A negotiations, with attractive financial metrics for power in competitive locations [7] - Valuations for power can reach over $400,000 per megawatt, with potential peaks of $450,000 per megawatt, and previous deals have been priced as high as $500,000 to $550,000 per megawatt [8]

Industry Trend - Bitcoin mining industry creatively uses mining machines to build a Christmas tree [1]

Company Expansion - Bitdeer, a billion-dollar Bitcoin mining machine company, has expanded its operations by opening a new manufacturing and assembly facility in the United States [1] - The new facility is located in Reno, Nevada, and spans 182,000 square feet [1] Business Focus - The facility will support mining hardware production, chip development, and onshore manufacturing [1]

Core Viewpoint - Rosen Law Firm is reminding investors who purchased Bitdeer Technologies Group securities between June 6, 2024, and November 10, 2025, of the upcoming lead plaintiff deadline on February 2, 2026 [1] Group 1: Class Action Details - Investors who purchased Bitdeer securities during the specified Class Period may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [2] - A class action lawsuit has already been filed, and interested parties can join by contacting Rosen Law Firm [3][7] - To serve as lead plaintiff, individuals must file a motion with the Court by February 2, 2026 [3] Group 2: Rosen Law Firm's Credentials - Rosen Law Firm has a strong track record in securities class actions, having achieved the largest securities class action settlement against a Chinese company [4] - The firm was ranked No. 1 by ISS Securities Class Action Services for the number of settlements in 2017 and has consistently ranked in the top 4 since 2013, recovering hundreds of millions for investors [4] - In 2019, the firm secured over $438 million for investors, and its founding partner was recognized as a Titan of Plaintiffs' Bar by Law360 in 2020 [4] Group 3: Case Specifics - The lawsuit alleges that defendants provided misleading information regarding Bitdeer's SEALMINER Bitcoin mining machine, specifically about the mass production of its fourth-generation SEALMINER (A4) rigs [5] - Defendants failed to disclose that the SEAL04 chip, expected to have an energy efficiency of 5 J/TH, would not be ready for use in the A4 rigs until mass production began in Q2 2025, leading to artificially inflated security prices [6]

Company Overview - Fold Holdings has been officially included in the Russell 2000 index as of December 22, marking it as the first publicly traded Bitcoin financial services firm with over 1,500 BTC in its treasury [2][3] - The company offers a range of products including the Fold App, Fold Bitcoin Gift Card, Fold Debit Card, and an upcoming Fold Bitcoin Rewards Credit Card [2] Market Impact - The inclusion of Fold Holdings in the Russell 2000 is seen as a significant milestone that enhances its visibility among institutional and retail investors, according to the company's CEO [3] - Goldman Sachs analyst Ben Snider predicts that the Russell 2000 could experience upward momentum in early 2026, with expected annual returns of around 10%, which is slightly lower than the S&P 500's projected 12% [3] Industry Context - The Russell 2000 index consists of approximately 2,000 US small-cap stocks, representing about 5-7% of the total US public equity market capitalization, and serves as a benchmark for small-cap investment performance [4] - Fold Holdings is not the first crypto-related company in the Russell 2000; other companies like Marathon Digital Holdings and Riot Blockchain are already part of the index, with these mining firms being top performers in 2023 [5] - Unlike existing constituents, Fold Holdings focuses on consumer-facing fintech services rather than mining operations [6] Regulatory Considerations - The attention surrounding Fold Holdings' inclusion is heightened by MSCI's consideration to exclude companies with digital asset holdings exceeding 50% from its global benchmarks, suggesting these companies resemble investment funds more than operational businesses [7]