Bitdeer, a mining company listed on Nasdaq, has announced that it has raised $150 million in private funding. Tether has stated that Bitdeer is one of the most powerful vertically integrated operators in the Bitcoin mining industry, and its cutting-edge technology and strong research and development capabilities make it stand out. It is expected to cooperate closely with Bitdeer in multiple key infrastructure areas. The transaction generated total revenue of $100 million from the issuance of shares, with an additional $50 million available if the warrants are fully exercised.
Riot Platforms, a Bitcoin mining company, has released its Q1 2024 financial report. The company achieved a net profit of $211.8 million in the first quarter, with an earnings per share of $0.82, reaching a quarterly performance record. The total revenue for the quarter was $79.3 million, with mining revenue of $74.6 million, producing a total of 1,364 BTC with an average mining cost of $23,034. The company’s operating capital for the quarter was $692.5 million, including $688.5 million in cash and 8,490 BTC.
Marathon Digital, another Bitcoin mining company, has released its April operating report. The company produced a total of 850 BTC in April, a 21% increase compared to the previous year. They sold 600 BTC in April to support monthly operations, financial management, and general corporate purposes. As of April 30, the company held 17,631 BTC, and the total balance of unrestricted cash, cash equivalents, and BTC decreased from $1.563 billion to $1.214 billion.
In Q1 2024, Marathon Digital mined a total of 2,811 BTC (approximately $176 million). The company’s net profit for the first quarter increased by 184% compared to the same period last year, reaching $337.2 million. The revenue also increased by 223% to $165.2 million. Marathon Digital revealed that 26% of the mined BTC was sold in the first quarter to cover operating costs. The company currently has a capital reserve of $1.6 billion, including cash, cash equivalents, and BTC.
Core Scientific, a Bitcoin mining company, has released its unaudited production and operation update for April 2024. In April, they mined 803 BTC and had a total reserve of 3,628 BTC. They also deployed new Bitmain S21 miners. As of April 30, they operated approximately 224,000 owned and hosted Bitcoin miners with a total hash rate of 26.7 exahash. In Q1 2024, Core Scientific self-mined over $175 million worth of BTC (2,825 coins) and achieved a net profit of $210.7 million, compared to a net loss of $400,000 in the same period last year. The company’s total revenue was $179.3 million, with adjusted EBITDA of $88 million.
After S&P Global announced the inclusion of Marathon Digital in the small-cap index, the stock price of the Bitcoin miner rose by 18% on Monday, with the market value increasing by approximately $800 million. On the same day, Marathon also submitted an 8-K filing to the SEC outlining the executive bonus structure, with a cumulative value of $32.9 million. The executives who received bonuses include CEO Fred Thiel, CFO Salman Khan, and General Counsel Zabi Nowaid. However, Marathon Digital’s stock price has still fallen by 9.8% this year.
Other listed Bitcoin mining companies, including Bitfarms, Cipher, CleanSpark, Core Scientific, Riot, and Terawulf, have reported that the Bitcoin production in April decreased by only 6% to 12% due to the strong Bitcoin fee market, which temporarily offset the impact of the halving. However, as the hype around Bitcoin fees diminishes, it is expected that the Bitcoin production of major mining companies may significantly decrease in May.
Bitcoin mining equipment manufacturer Canaan has announced the launch of the Avalon A15 series product A1566. This upgraded Bitcoin miner has an energy efficiency ratio of 18.5J/T, a hash rate of 185T, and a power consumption of 3420W.
US Bitcoin mining company CleanSpark has released its latest quarterly financial report. As of March 31, 2024, the quarterly revenue increased to $111.8 million, with a net profit of $126.7 million and an adjusted EBITDA of $181.8 million. Additionally, CleanSpark held $323 million in cash and $358 million in Bitcoin at the end of the quarter.
Bitdeer has announced its Q1 2024 financial report, with a total revenue of $119.5 million, a year-on-year increase of 64.6%. The net profit was $600,000, compared to a net loss of $9.5 million in the same period in 2023. The adjusted profit was $8.4 million, and the adjusted EBITDA was $26 million. As of March 31, 2024, Bitdeer held $118.5 million in cash and cash equivalents and managed 226,000 ASIC mining machines. They mined 911 BTC in Q1 2024, with a total hash rate of 22.5 EH/s.
US President Biden has issued an order banning a Chinese-controlled cryptocurrency mining company from owning properties near an air force base in Wyoming due to national security risks. Biden further demanded the divestment of the property, which is located just one mile from the Francis E. Warren Air Force Base. The Chinese-controlled MineOne Partners Limited acquired the property in June 2022 and converted it for cryptocurrency mining operations.
Since September 2021, El Salvador has mined 473.5 BTC worth approximately $29 million, powered by geothermal energy generated by the country’s Tecapa volcano. The official government entity, “Bitcoin Office,” reports that the government treasury now holds 5,750 BTC worth approximately $354 million. Earlier this year, El Salvador installed 300 processors to mine BTC using the volcano, utilizing 1.5 MW of the 102 MW produced by state-owned power plants. The “Bitcoin Office” also stated that mining companies Foundry USA, Antpool, ViaBTC, F2Pool, and Binance Pool have pooled their resources to win rewards for launching a blockchain that can verify Bitcoin transactions from the power plants over the past three years.
Bitcoin mining company Bitfarms has increased the contracted power capacity of its Yguazu facility in Paraguay by 100%. Additionally, they have received confirmation from the Canadian tax authorities that the previously paid $24 million in value-added tax will be refunded, reducing the average direct production cost per BTC in Q1 2024 by $2,100. Bitfarms sold 941 BTC in Q1 2024 at an average price of $52,700, generating total revenue of $50 million. In April 2024, they sold 245 out of 269 BTC, earning $16 million.
Canaan, the parent company of Bitcoin mining firm BitFuFu, has released its Q1 2024 financial report. As of March 31, 2024, the total revenue was $144.4 million, with a net profit of $35.3 million. The combined balance of cash, cash equivalents, and digital assets was $163.7 million. They mined 1,103 BTC in Q1 2024, with an average mining cost of $39,000. The total mining capacity was 28.6 EH/s.
The government of Venezuela has announced the disconnection of all Bitcoin mining farms from the national power system due to frequent power outages, power supply issues, and a fraud investigation into the digital platform of the state oil company PDVSA. Furthermore, a recent search in the state of Aragua resulted in the confiscation of 2,300 Bitcoin mining machines.
Riot Platforms, a cryptocurrency mining company, is seeking to acquire Bitcoin mining company BitFarms. Riot Platforms has already acquired a 9.25% stake in Bitfarms and plans to make a public tender offer, but it was rejected by the company last month. Riot has proposed to acquire Bitfarms for $2.30 per share in cash and stock, equivalent to a total equity value of $950 million. Riot believes that recent management changes at Bitfarms indicate governance issues and plans to initiate a vote to increase the number of directors at the Canadian company.
The Abu Dhabi Agriculture and Food Safety Authority has issued a notice prohibiting the use of farms for cryptocurrency mining, with violators facing fines of up to AED 10,000 (approximately $2,722). However, the UAE remains a friendly region for Bitcoin mining, with data from 2023 showing that its Bitcoin mining capacity accounts for about 4% of the global hash rate.
Phoenix Group, a Bitcoin mining company and blockchain technology provider, has announced its Q1 financial report. The company achieved a net profit of $66.2 million in the first quarter, a year-on-year increase of 166%. Total assets increased by 237% from $26.1 million to $87.93 million. Total assets increased by 5% compared to the previous quarter, and revenue increased by 18% to $68.9 million. Gross profit increased by 82.8% to $23.28 million. The total comprehensive income increased by 312% to $102.28 million year-on-year and increased by 33.7% quarter-on-quarter. Earnings per share were $0.011.
The government of Laos has announced that due to cryptocurrency mining and unstable rainfall, the country is facing an increase in electricity demand, leading to power shortages. The establishment of data centers in 2021 has driven the prosperity of cryptocurrency mining businesses, which now account for more than one-third of Laos’ electricity demand. However, the decrease in rainfall has reduced hydroelectric power production, leading to power outages. Last year, Laos stated that it would not provide electricity to cryptocurrency projects that have not started operations.
BitFuFu, a Bitcoin mining company under Bitmain, has released its Q1 2024 financial report. As of March 31, 2024, the total revenue was $144.4 million, with a net profit of $35.3 million. The combined balance of cash, cash equivalents, and digital assets was $163.7 million. They mined 1,103 BTC in Q1 2024, with an average mining cost of $39,000. The total mining capacity was 28.6 EH/s.
Marathon Digital (MARA), a Bitcoin mining company, has reached an agreement with the Kenyan Ministry of Energy and Petroleum to invest over $80 million in developing energy infrastructure in Kenya. The collaboration aims to “monetize underutilized energy and jointly develop technology projects,” said Marathon CEO Fred Thiel. The investment will be used for green data centers, and the funding will include foreign investment, although the specific source of funding was not specified.
The Agricultural and Food Safety Authority of Abu Dhabi has issued a notice prohibiting the use of farms for cryptocurrency mining. Violators will face fines of up to AED 10,000 ($2,722). However, the UAE remains a friendly region for Bitcoin mining, with data from 2023 showing that its Bitcoin mining capacity accounts for about 4% of the global hash rate.
Riot Platforms, a cryptocurrency mining company, is seeking to acquire Bitcoin mining company BitFarms. Riot Platforms has already acquired a 9.25% stake in Bitfarms and plans to make a public tender offer, but it was rejected by the company last month. Riot has proposed to acquire Bitfarms for $2.30 per share in cash and stock, equivalent to a total equity value of $950 million. Riot believes that recent management changes at Bitfarms indicate governance issues and plans to initiate a vote to increase the number of directors at the Canadian company.