Author | Wu Blockchain
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The International Monetary Fund (IMF) expressed serious concern about Pakistan's recent announcement to allocate 2000 megawatts of electricity for Bit mining and AI data centers, and has requested the Ministry of Finance to provide an urgent explanation regarding the legality of the plan, power allocation, and resource usage. The IMF pointed out that this move was not communicated with them in advance and comes at a time when Pakistan is experiencing energy constraints and financial fragility, which could potentially impact ongoing budget negotiations.
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Listed Bit mining enterprise MARA released its unaudited Bit production update for May. It disclosed that last month's mining output was 950 BTC, a quarter-on-quarter increase of 35%, with total BTC holdings increasing to 49,179 coins. MARA decided not to sell any BTC in May.
[The translation continues in the same manner for the remaining paragraphs, maintaining the specified translations for specific terms]Canaan Inc. announced that it will cease its non-core AI semiconductor business to focus on core crypto-related businesses such as Bitcoin mining machine sales, self-operated mining, and consumer mining products. Canaan stated that this adjustment aims to streamline operations, improve capital efficiency, and reduce non-core expenses. In the 2024 fiscal year, the AI business revenue was only around $900,000, yet it accounted for approximately 15% of operating expenses.
Bitcoin mining company Genesis Digital Assets (GDA) announced a procurement agreement with Auradine to introduce 1,000 latest AT2880-277 air-cooled mining machines, to be deployed in Texas data centers. The batch of equipment has a maximum single-machine hash rate of 260 TH/s, with a minimum energy efficiency of 16 J/TH. GDA stated that this collaboration aligns with its strategic goals in sustainability and grid response support, and is part of its U.S. expansion plan.
Publicly listed Bitcoin mining company Hut 8 announced a revision and expansion of its Bitcoin collateralized credit line with Coinbase Credit, increasing it from $65 million to up to $130 million, and extending the loan term to July 16, 2026. This adjustment includes a fixed interest rate reduction to 9%, improved collateral structure, and new non-dilutive funding, which will support Hut 8's expansion plans in high-performance computing and Bitcoin mining.
Hong Kong-listed company Delin Holdings (1709.HK) announced that it has signed a strategic cooperation term sheet with mining pool operator ViaBTC, intending to establish a joint venture to conduct cryptocurrency OTC trading, provide asset management and family office services for OTC and miner clients, and explore establishing a Bitcoin reserve and applying for a virtual asset trading and management platform license.
Bit Digital (NASDAQ: BTBT) announced a full transformation to focus on Ethereum staking and asset allocation, planning to gradually close its Bitcoin mining business and reinvest related earnings into ETH. The company holds approximately 24,434 ETH and 418 BTC as of the end of March, valued at around $44.6 million and $34.5 million respectively, and plans to gradually convert all BTC to ETH. (The Block)
Canadian listed company Neptune Digital Assets disclosed its latest Bitcoin reserve strategy progress, currently holding 404 BTC, and plans to continuously expand its Bitcoin reserve through dollar-cost averaging, Bitcoin mining, and Solana staking. Neptune stated that staking 33,312 SOL can generate approximately 7.5% annual yield, and additionally earns 50% to 100% annual yield through SOL option sales, used to further purchase BTC.
AI infrastructure company CoreWeave is in talks to acquire Bitcoin mining company Core Scientific, after previously proposing a $5.75 per share offer in 2024 that was rejected, valuing the latter slightly above $1 billion. With Core Scientific's stock price having doubled to a market cap of around $3.7 billion, the transaction is expected to include a premium clause and may be completed within weeks if successful.
Bitcoin mining company Bit Digital recently raised $150 million through a public offering, aimed at accelerating its strategic transformation from Bitcoin mining to Ethereum staking and treasury asset management. The offering sold 75 million shares at $2 per share, with underwriters able to additionally subscribe up to 11.25 million shares within 30 days. The raised funds will be used to purchase Ethereum.
Bhutan, since launching its Bitcoin mining plan in 2020, has accumulated Bitcoin reserves worth approximately $1.3 billion, representing nearly 40% of its GDP, becoming the third-largest Bitcoin-holding government globally. Bhutan mines Bitcoin using its abundant hydroelectric resources, having built at least six mining sites and collaborating with mining company Bitdeer. The country plans to hold Bitcoin long-term and gradually promote cryptocurrency applications in tourism payments and future city construction.
Cango announced the completion of acquiring 18 EH/s Bitcoin hash rate from Bitmain-related Antalpha, breaking through 50 EH/s total hash rate, becoming the third listed mining company to reach this scale after MARA and CleanSpark. The transaction was completed through the issuance of approximately 146.7 million shares, with equipment already online in the U.S. and multiple sell-side parties holding a combined 41.38%. (TheMinerMag)
Bitmain has launched the water-cooled mining machine solution ANTRACK V2 on its official website on June 25. The product consists of a cabinet capable of housing 4 water-cooled mining machines and an external cooling system, priced at $8,888. The external cooling system integrates a heat pump module, enabling stable cooling while achieving 80°C heat energy recovery, improving energy utilization efficiency.
