Financial Performance - Total revenue reached $145.2 million, a 1600% increase compared to RMB64.4 million in the same period of 2024[11] - BTC mining business generated revenue of $144.2 million in Q1 2025[11] - Adjusted EBITDA was $3.8 million for the quarter[11] - The company's liquidity, including cash, cash equivalents, and short-term investments, stood at $347.4 million as of March 31, 2025[11] - Gross Margin is 9.4%[43] BTC Mining Operations - Mined a total of 1,541 BTC during the quarter, increasing the company's reserve to 2,474.8 BTC by quarter end[11] - The average cash cost to mine BTC, excluding depreciation, was $70,602.1 per BTC in the quarter[11] - Deployed hashrate reached 32 EH/s as of Q1 2025, representing 4% of global hashrate[18] - The value of total BTC holdings (HODL) was $204 million as of Q1 2025[18] - Average fleet efficiency was 21.5 J/TH in Q1 2025[18]