🇧🇹 Small Nations with Big Impact on Bitcoin

The recent bitcoin rally has significantly boosted the value of El Salvador and Bhutan's bitcoin holdings. El Salvador's BTC stash now exceeds $500m, while Bhutan's holdings have surpassed $1b.

Notably, Bhutan's BTC holdings represent over one-third of its GDP, a much larger proportion compared to El Salvador's 1.5%.

Bhutan's bitcoin accumulation is primarily attributed to its active mining operations, leveraging its abundant hydroelectric power. Bhutan reportedly sold $33.5m in BTC today. This latest transaction occurred as BTC dipped below $90,000. With these sales, Bhutan has liquidated approximately $100m worth of BTC in the past month.

El Salvador, on the other hand, has been steadily acquiring bitcoin through dollar-cost averaging.

Despite initial concerns from the International Monetary Fund, El Salvador's fiscal situation appears to be improving, as evidenced by its recent decision to buy back a significant portion of its dollar-denominated debt.

⛏️ In the News

• CleanSpark comments on trading halt related to a clerical warrant conversion error, it resumed trading on Monday.

• MARA adds 372 MW of capacity in Ohio, with 152 MW operational and 220 MW in development.

• Hive Digital buys 6,500 ASICs, and starts Paraguay construction.

• Jack Dorsey's Block to prioritize bitcoin mining and wind down decentralized tech arm TBD.

Public Miner Q3s

🧑‍🌾 Bitfarms

• Bitfarms reported Q3 2024 revenue of $45m, up 8% sequentially and 30% YoY.

• The company achieved a gross mining margin of 38% and a current hashrate of 11.9 EH/s.

• Bitfarms improved its efficiency to 21 w/TH, a 16% improvement from the previous quarter.

• The company increased its synthetic HODL position to 802 BTC, up 286% from the previous quarter.

• Bitfarms announced the acquisition of Stronghold Digital Mining, which is expected to significantly increase the company's energy portfolio and U.S. presence.

• The company is actively expanding its operations, including the deployment of additional miners and the development of HPC/AI infrastructure.

🐺 TeraWulf

• TeraWulf reported strong Q3 2024 results, with revenue reaching $27.1m, a 42.8% YoY increase, driven by increased self-mining capacity and higher Bitcoin prices.

• The company significantly expanded its operational self-mining capacity to 10.0 EH/s, a 100% YoY growth.

• TeraWulf undertook several strategic initiatives, including the sale of its Nautilus JV interest, securing a new long-term ground lease at Lake Mariner, completing a $500m convertible note offering, and initiating a $200m share repurchase program.

• The company self-mined 442 BTC at the Lake Mariner facility during the quarter.

• Despite a 43.4% decrease in BTC self-mined compared to Q3 2023, the total value of BTC self-mined increased to $33.9m due to higher BTC prices.

• Power costs per BTC self-mined rose significantly to $30,448, primarily due to increased network difficulty and the Bitcoin halving event.

• Adjusted EBITDA for the quarter was $6.0m, a 33.6% decrease YoY.

• TeraWulf is actively expanding its HPC hosting infrastructure at Lake Mariner, with the completion of a 2.5 MW proof-of-concept project and ongoing construction of a 20 MW Tier 3-grade facility.

• The company is well-positioned for future growth, with a strong focus on high-performance computing and a robust financial position.

🛖 Hut8

• Hut 8 reported strong Q3 2024 results, with revenue of $43.7m and net income of $0.9m.

• The company achieved significant growth in its HPC business, with the launch of its GPU-as-a-Service business.

• Hut 8 successfully mined 234 BTC during the quarter, increasing its total Bitcoin holdings to 9,106.

• The company maintained a strong financial position, with total cash of $72.9m and BTC holdings valued at $576.5m.

• Hut 8 focused on cost reduction and operational efficiency, reducing energy costs per MWh by 33%.

• The company is expanding its mining operations through strategic partnerships with BITMAIN, aiming to increase its self-mining hashrate to 24 EH/s by Q2 2025.

• Hut 8 is well-positioned to capitalize on the growing demand for high-performance computing and digital assets.

🐝 Hive Digital

• HIVE Digital Technologies reported strong Q2 FY2025 results, with $22.6m in revenue and $5.6m in Adjusted EBITDA.

• The company achieved significant growth in its HPC business, with a $9.0m annualized run rate.

• HIVE successfully mined 340 BTC during the quarter, increasing its total BTC holdings to 2,604.

• The company maintained a strong financial position, with total digital currency assets valued at $165.2m.

• HIVE's focus on cost control and operational efficiency led to a 5% reduction in SG&A expenses YoY.

• Despite the Bitcoin halving, HIVE maintained stable revenue and improved cash flow through operational optimization and strategic partnerships.

• The company is expanding its mining operations in Paraguay, aiming to double its hashrate to 12.5 EH/s by late 2025.

• HIVE raised $4.5m through an ATM equity program to support future growth and strategic initiatives.

• The company is well-positioned to capitalize on the growing demand for blockchain and digital asset technologies.