🌑 A $14.5 Billion Revelation: The Largest Bitcoin Hack Uncovered

In a jaw-dropping piece of crypto forensics, intelligence firm Arkham has brought to light what may be the single largest theft in Bitcoin’s history. The victim: LuBian, once the sixth-largest mining pool globally. Over two days in December 2020, hackers executed a daring heist, siphoning 127,426 BTC from LuBian’s holdings.

At the time, the stolen Bitcoin was worth $3.5b, and its value now hovers near an astounding $14.5b, making this theft far more valuable than the infamous Mt. Gox breach in USD terms

LuBian, touted as a "safest high-yielding mining pool," disappeared from the scene in 2021 after the hack. The culprits exploited a weak 32-bit entropy in the pool's private key generation, a glaring vulnerability that highlights once again how crucial robust cryptographic standards are.

What's more compelling is that the stolen funds haven’t vanished; the hacker continues to consolidate the holdings, now positioning them among the 13th-largest Bitcoin addresses globally.

Why This Matters

1. Scale of the Heist
   Even in a landscape marked by high-stakes breaches, this incident stands out. The sheer volume of BTC stolen, and its current value, underscores both the vulnerabilities and the stakes in safeguarding Bitcoin infrastructure.

2. Implications for Security
   The security flaw in LuBian’s key generation strategy serves as a cautionary tale for mining pools and operators worldwide. As Bitcoin matures, operational security must keep pace or risk similar catastrophic losses.

3. Persistent Risk in On-Chain Holdings
   The longevity of these stolen funds, still intact and being consolidated, means the crypto ecosystem could be sitting atop a time bomb. Their eventual movement might trigger dramatic price swings or a wave of policy scrutiny.

🚀 Cango Posts Record July Bitcoin Production, Strengthening Treasury

Chinese conglomerate Cango (CANG) mined 650.5 BTC in July, up sharply from 450 BTC in June and marking its strongest month since pivoting fully to Bitcoin mining three months ago.

The surge follows the company’s $256m purchase of Bitmain rigs, adding 32 EH/s of hashrate as part of a $400m investment strategy. Cango now holds 4,529.7 BTC worth roughly $512m, placing it among the top 20 publicly traded BTC holders and nearing peers like GameStop and ProCap BTC.

The pivot away from its former auto financing business has driven a 158% share price rally over the past year, despite volatility and China’s restrictive stance on mining. Leveraging existing infrastructure and digital asset management expertise, Cango aims to scale its operations amid record industry competition, further cementing its role as a major player in global Bitcoin mining.

🗞️ In the News

• 💸 Core Scientific’s Largest Shareholder Opposes $9B CoreWeave Buyout
  Two Seas Capital, holding a 6.5% stake in Core Scientific, will vote against CoreWeave’s $9b acquisition bid, calling it undervalued and risky for shareholders. The firm argues the deal unfairly favors CoreWeave, noting Core Scientific’s stock dropped 30% after the announcement. CoreWeave, which leases AI data centers from Core Scientific, aims to expand its AI infrastructure through the purchase, but Two Seas says the miner is well-positioned for long-term growth independently. Shares of both companies rose following the shareholder letter.

• 💸 Winklevoss Twins Invest in Trump-Linked American Bitcoin
  Gemini co-founders Cameron and Tyler Winklevoss have invested an undisclosed amount in American Bitcoin, the mining firm co-founded by Donald Trump Jr., Eric Trump, and others. The move deepens their ties to the Trump family, following past political donations, White House crypto summits, and attendance at the GENIUS Act signing.

• ⚡ Union Jack Oil to Mine Bitcoin from Stranded Gas
  Union Jack Oil will use stranded gas from its West Newton site to power Bitcoin mining rigs with partner 360 Energy, aiming to generate early cash flow and potentially launch one of the UK’s first corporate Bitcoin treasuries.

• ⚛️ France’s RN Party Backs Bitcoin Mining with Nuclear Energy
  France’s Rassemblement National is drafting a bill to mine Bitcoin using surplus nuclear power, a major shift from leader Marine Le Pen’s past anti-crypto stance. The plan, led by lawmaker Aurélien Lopez-Liguori, aims to turn unused electricity from EDF plants into profitable digital assets, framing Bitcoin as a tool for economic sovereignty despite internal party divisions over crypto.

• 🌏 Indonesia Explores National Bitcoin Reserve
  Bitcoin Indonesia says it pitched the vice president’s office on using Bitcoin mining as a national reserve strategy, leveraging the country’s hydro and geothermal resources. Discussions also covered Bitcoin education initiatives, with officials expressing support. The talks come as Indonesia raises taxes on crypto trading and mining, while maintaining its ban on crypto payments.

🗞️ Miner July Updates

👁️ IREN

• IREN mined 728 BTC in July, surpassing MARA’s 703 BTC despite a smaller hashrate, driving an 11.4% share price surge to $18.32 and a $4.11b market cap. July revenue hit $86m, including $2.3m from its growing AI cloud business powered by Nvidia Blackwell GPUs, highlighting its push to diversify beyond Bitcoin mining.

• Bitcoin mining revenue grew 28% MoM to $83.6m, with hardware profit up 29% to $63.3m at a 76% margin.

• AI Cloud revenue was stable at $2.3m with a 98% margin, supported by the initial delivery and full contracting of 256 Nvidia B200 GPUs from a 2,400-GPU order.

• July marked record total revenue of $86m and hardware profit of $66m, driven by higher Bitcoin prices and operational efficiency of 15 J/TH.

• Infrastructure expansion continued with a 50MW liquid-cooled AI data center on track for Q4 2025 and ongoing civil and electrical works at the 1,400MW Sweetwater 1 site.

🏃 MARA

• MARA produced 703 BTC in July, down 1% MoM, as higher network difficulty and reduced seasonal curtailment impacted block wins.

• BTC holdings reached 50,639 BTC, making MARA the second-largest publicly traded holder globally, with much of the treasury actively managed or pledged as collateral.

• Energized hashrate rose 3% to 58.9 EH/s, with preparations underway to begin energizing the Texas wind farm data center later this year.

• Despite higher-than-expected curtailment in Ohio, operational efficiency improved at Wolf Hollow and Kearney sites through productivity gains and supply chain streamlining.

• The company holds over $5b in liquid assets and has raised nearly $1b since June, positioning it to fund domestic growth and international expansion.

🧼 CleanSpark

• CleanSpark mined 671 BTC in July, bringing year-to-date production to 4,639 BTC, with total holdings up to 12,703 BTC (+5% MoM) despite selling 576 BTC at an average price of $112,351.

• Operational hashrate reached 50 EH/s, with an average operating hashrate of 41.9 EH/s and fleet efficiency of 16.07 J/Th.

• Total contracted power surpassed 1 GW (+2% MoM), with 808 MW utilized, highlighting the scalability of CleanSpark’s infrastructure-first approach.

• CEO Zach Bradford emphasized strategic Bitcoin accumulation, self-funding operations without equity dilution, and the role of flexible power agreements in supporting grid stability during heatwaves.

 👮 Riot

• Riot mined 484 BTC in July, up 8% MoM and 31% YoY, with average daily production rising to 15.6 BTC.

• Bitcoin holdings were flat MoM at 19,287 BTC (+99% YoY), with 475 BTC sold for $54.8M at an average price of $115,411 (+10% MoM).

• Average operating hashrate increased 1% MoM to 30.2 EH/s (+94% YoY), while deployed hashrate remained steady at 35.5 EH/s (+54% YoY).

• Total power credits surged 160% MoM and 291% YoY to $13.9M, driving all-in power costs down 37% MoM and 31% YoY to $0.028/kWh.

• The company acquired 238 more acres near its Corsicana, TX operations, bringing total owned land there to 858 acres to support 1 GW of potential data center capacity.

🦘 Cango

• Cango mined 650.5 BTC in July, up 45% MoM from 450 BTC in June, supported by the late-June addition of 18 EH/s in capacity.

• Average operating hashrate rose 37% MoM to 40.91 EH/s, while deployed hashrate hit 50 EH/s, up 56% MoM from 32 EH/s.

• Bitcoin holdings grew 17% MoM to 4,529.7 BTC, with the company maintaining a full HODL strategy and no sales planned.

• CEO Paul Yu highlighted strong operational efficiency, new leadership, and plans for vertical integration to diversify mining sites and energy infrastructure.

🐝 HIVE

• HIVE mined 203 BTC in July, up 24% MoM from 164 BTC in June, as Phase 2 of its Yguazú project pushed average hashrate to 12.8 EH/s with a peak of 15.1 EH/s.

• Annualized Bitcoin mining revenue run-rate has tripled since March 2025 to $315m, with revenue per share up 65% YTD, aided by the deployment of over 4 EH/s in Bitmain S21+ Hydro miners.

• The company remains on track to reach 18 EH/s by summer’s end and 25 EH/s by U.S. Thanksgiving, targeting ~12 BTC/day production at current difficulty.

• Expansion is funded via a $200m Bitcoin pledge strategy with no equity dilution or new debt, alongside community impact initiatives in Paraguay, including jobs, infrastructure upgrades, and school improvements.

📜 Miner Reports

🐺 TeraWulf Q2

• TeraWulf reported Q2 revenue of $47.6m (+34% YoY) with BTC mining capacity up 46% YoY to 12.8 EH/s, though self-mined BTC fell 31% YoY to 485 due to the April 2024 halving and the Nautilus facility divestiture.

• Value per BTC mined rose 49% YoY to $98,219, while power cost per BTC doubled to $45,555, reflecting halving impact, higher difficulty, and short-term power price volatility.

• Adjusted EBITDA declined to $14.5m from $19.5m a year earlier as cost of revenue increased 59% YoY to $22.1m.

• The company is on schedule to deliver 72.5 MW of HPC hosting to Core42 in 2025, with 500 MW grid interconnection secured at Lake Mariner and approvals pending for up to 750 MW.

• Management is targeting 200–250 MW operational by year-end 2026, with HPC hosting revenue set to begin in Q3 2025.

🛖 Hut8 Q2

• Hut 8 reported Q2 revenue of $41.3m (+17% YoY) with net income of $137.5m versus a $72.2m loss a year ago, and Adjusted EBITDA of $221.2m compared to ($57.5m) in Q2 2024.

• Strategic Bitcoin reserve rose 17% YoY to 10,667 BTC ($1.1b), supported by an expanded $130m BTC-backed credit facility with Coinbase at a fixed 9% interest rate.

• Energy capacity under management was 1,020 MW (-9% YoY) with a development pipeline of ~10,800 MW, including 3,100 MW under exclusivity.

• Advanced AI data center projects such as the 205 MW Vega facility, which will provide colocation capacity to BITMAIN and American Bitcoin, and progressed 430 MW of AI infrastructure opportunities.

• American Bitcoin, Hut 8’s mining subsidiary, completed a $220m oversubscribed private placement and is moving toward a Nasdaq listing via merger with Gryphon Digital Mining.

🧼 CleanSpark Q3

• CleanSpark posted record Q3 revenue of $198.6m (+91% YoY) and net income of $257.4m versus a $236.2m loss a year ago, with Adjusted EBITDA rising to $377.7m from ($12.6m) in Q3 2024.

• Operational hashrate reached 50 EH/s in June (+127% YoY), making CleanSpark the first public miner to do so exclusively with U.S. infrastructure.

• Bitcoin holdings grew to 12,703 BTC (~$1.08b) without equity dilution since November 2024, representing 5.8% of global hashrate under management and over 1 GW of contracted power.

• The company fully funded operations through monthly BTC production while expanding its treasury and launched a derivatives strategy via its Digital Asset Management team, generating early positive returns.