❤️ Block Green Acquired by POW.RE

Block Green has signed a letter of intent to be acquired by POW.RE, a leading sustainable Bitcoin mining company.

This strategic combination will merge POW.RE’s hashrate management and infrastructure with our Bitcoin-native financial services - creating a stronger, more integrated platform for miners and investors.

The deal includes an equity swap and additional consideration in BTC and USD. Post-transaction, POW.RE will commit a large hashrate baseload to our marketplace for 24 months, accelerating growth.

The Block Green team will stay on, with our CEO Sebastien Hess joining POW.RE’s board. Final terms are expected within 90 days.

🗞️ In the News

• MARA nearly tripled its BTC holdings over the past year, bringing their value close to $5b due to BTC price surge to $103,000.

• HIVE Digital Technologies announced it has surpassed 8 EH/s of hashrate, is on track to reach 25 EH/s by Q4 2025 through new facilities in Paraguay, and strategically used its Bitcoin treasury to fund ASIC orders for this expansion.

• Tether purchased $458.7m worth of BTC for Twenty One Capital, increasing its holdings to become the third-largest corporate BTC holder as it awaits a merger to rival Strategy's Bitcoin accumulation strategy.

• American Bitcoin is set to go public through a stock-for-stock merger with Gryphon Digital Mining, with the combined entity operating under the American Bitcoin brand, aiming to become a major player in Bitcoin accumulation.

• U.S. Vice President JD Vance will speak at the Bitcoin 2025 conference in Las Vegas.

• Eric Trump stated, at Consensus 2025, that there's a global rush to accumulate BTC among various entities, from families to government funds. 

• The Abu Dhabi sovereign wealth fund increased its stake in BlackRock's Bitcoin ETF in Q1 2025, reflecting growing institutional interest in these investment vehicles.

🩺 Miner Q1

🧑‍🌾 Bitfarms

• Q1 revenue increased 33% YoY from $50.38m to $67m while the net loss in the first quarter widened YoY from a $6m loss to negative $36m.

• In response to the market changes, Bitfarms is shifting its focus by investing in high-performance computing (HPC) for artificial intelligence applications.

• Bitfarms is also expanding its presence in the United States as a strategy to mitigate potential trade war impacts.

• The company sees its mining business as a stable foundation providing free cash flow to support the growth of its US-based HPC/AI data centers.

• The hardware and power infrastructure used in Bitcoin mining are also applicable to high-performance computing needs in AI.

• In April, Bitfarms secured a $300m credit line to fund the development of an HPC facility in Pennsylvania.

• In January, Bitfarms sold a Bitcoin mining facility in Paraguay for $85m.

👁️ IREN Q3

• Revenue of $148.10m missed by $1.24m, marking a 172.49% YoY increase. Profit after tax grew by 28%.

• Bitcoin mining revenue rose 24% YoY to $141.2m. AI Cloud revenue increased 33% YoY to $3.6m. 1,514 BTC were mined.

• Electricity costs rose to $36.5m due to increased hashrate. Adjusted EBITDA hit a record $83.3m.

• AI Cloud run-rate revenue is $28m. Horizon 1 AI Data Center targets Q4 2025.

• Horizon 1 AI Data Center is on track for H2 2025. Mining expansion paused at 50 EH/s for AI focus.

• Installed mining capacity reached 40 EH/s. Hashrate grew 326% YoY. All-in hashcost was $23. All-in BTC cost was $41k.

• Sweetwater AI hub development continues. Focus is on funding and partners.

• Advisors are engaged for debt financing. US GAAP reporting starts July 1, 2025.

🦌 Bitdeer

• Bitdeer's Q1 revenue in 2025 decreased by over 40% YoY to $70.1m with an operating loss of $3.2m, a decline from the $34.1m profit Q1 2024.

• Despite the revenue drop and operating loss, Bitdeer reported a net income exceeding $400m for Q1 2025. This significant net income was primarily attributed to gains from convertible notes and warrants issued to Tether in 2024.

• Bitdeer is expanding its self-mining operations and aims to reach a self-mining hashrate of 40 EH by the end of 2025.

• The company is also selling its own energy-efficient Bitcoin mining hardware to compensate for reduced mining revenue after the Bitcoin halving event.

• As of March 2025, Tether held a 21% stake in Bitdeer. Bitdeer is reportedly investing in its expansion within the United States.

🦘 Cango

• Cango's Q1 2025 total revenue significantly increased YoY to $145.2m from $64.4m, mainly due to Bitcoin mining. They mined 1,541 BTC.

• Adjusted EBITDA was $3.8m, down YoY from $108.4m. Net loss was $28.6m, compared to a $12.4m net income YoY.

• Bitcoin mining revenue reached $144.2m. Automotive trading revenue decreased YoY to $1.0M from $64.4m.

• Operating costs were $166.7m, mainly for Bitcoin mining. Loss from operations was $21.4m, compared to $10.2m income YoY.

• Cash, equivalents, and short-term investments totaled $347.4m. Deployed hashrate is 32 EH/s, aiming for 50 EH/s by July.

• Average Bitcoin mining cost was $70,602.1. They adopted a "Mine and Hold" strategy, prioritizing self-mining.

💻️ Bit Digital

• Bit Digital's Q1 2025 total revenue decreased by 17% YoY to $25.1m, missing estimates by $1.27m.

• Bitcoin mining revenue fell 64% YoY to $7.8m post-halving. Cloud services revenue grew 84% YoY to $14.8m. They earned 83.3 BTC, an 80% YoY decrease.

• Colocation services generated $1.6m, a new revenue stream. ETH staking revenue increased 72% YoY to $0.6m.

• Digital asset mining contributed 31% of total revenue, down from 72% YoY. Adjusted EBITDA was -$44.5m, down from $58.5m YoY.

• Treasury held 417.6 BTC and 24,434.2 ETH. Active Bitcoin mining hashrate was 1.5 EH/s.

🌳 Greenidge

• Greenidge reported Q1 2025 revenue of $19.2m. They had a net loss from operations of $5.6m. EBITDA was $0.4m, and adjusted EBITDA was $1.0m. Cryptocurrency mining revenue was $4.2m.

• Datacenter hosting revenue reached $5.8m. Power and capacity revenue was $9.2m.

• Total Bitcoin production was 112 BTC. Debt was reduced to $60.2m, a 16.6% decrease.

• Miner fleet efficiency improved to 23.8 J/TH. A new Mississippi site was purchased for expansion.