🪆 Russia Uses BTC and USDt for Oil Trades With China and India Despite Sanctions

Russian oil companies are reportedly using Bitcoin and Tether’s USDt for trade with China and India despite international sanctions, according to a Reuters report. The transactions, amounting to tens of millions of dollars monthly, involve intermediaries who facilitate payments through offshore accounts.

Buyers, such as Chinese firms, pay in yuan to a middleman, who then converts the funds into crypto before transferring it through multiple accounts and eventually converting it to Russian rubles.

While Russia’s finance minister confirmed in late 2024 that the country can use Bitcoin for foreign trade, this is the first time its use in oil transactions with China and India has been reported. A source cited by Reuters emphasized that crypto will continue to play a role in Russian oil trade, regardless of sanctions, due to its speed and convenience.

Meanwhile, the Bank of Russia has proposed legalizing cryptocurrency investments for high-net-worth individuals. Although Russia has grown more open to Bitcoin, China remains restrictive, having banned most crypto transactions in 2021.

However, despite its stance, China remains a global leader in Bitcoin mining, and some industry observers believe it cannot ignore Bitcoin’s rising role in global finance. Reports suggest the Chinese government may hold at least 193,000 BTC.

🐝 Hive Expands BTC Treasury Strategy to Avoid Debt and Equity Dilution

Hive Digital is reinforcing its long-term Bitcoin treasury strategy, using the recent market downturn to expand mining capacity and acquisition targets. CFO Darcy Daubaras emphasized the importance of retaining mined Bitcoin to benefit from potential price appreciation rather than relying on debt or equity dilution, common strategies in the industry.

While Hive has sold some Bitcoin for strategic acquisitions, such as Bitfarms’ 200 MW facility in Paraguay, it aims to sell BTC selectively to fund accretive investments while maintaining a strong balance sheet. In late 2024, Hive increased its Bitcoin holdings to 2,805 BTC, signaling confidence in its long-term approach.

To navigate industry challenges such as price volatility, rising competition, and increasing electricity costs, Hive has diversified into AI data centers and prioritized renewable energy. By repurposing Nvidia GPUs for AI tasks, Hive has significantly improved revenue potential, earning over $2 per hour compared to just $0.12 per hour from crypto mining.

⛏️ In The News

• The SEC clarified that POW mining does not violate U.S. securities law, as miners do not rely on third-party efforts for profits, marking a shift under the pro-crypto Trump administration.

• Speculation is growing that the U.S. Department of Defense may enter Bitcoin mining, fueled by cryptic social media posts.

• CNN portrays Bitcoin mining as a parasitic industry draining clean energy, exacerbating power shortages, and harming vulnerable communities, while downplaying its role in stabilizing grids and driving renewable investment.

• HIVE has completed the acquisition of Bitfarms' Yguazú hydro-powered facility in Paraguay, increasing its mining capacity by 317%, from 6 EH/s to 25 EH/s by September 2025.

• Cango joins the Bitwise Bitcoin Standard Corporations ETF, reflecting its successful pivot to Bitcoin mining and strong industry performance with 32 EH/s hashrate and top productivity metrics.

📰 Mining Updates

🧑‍🌾 Bitfarms Advances U.S. Strategy with Completion of Stronghold Digital Mining Acquisition

• Bitfarms completed the acquisition of Stronghold Digital Mining, strengthening its U.S. footprint and PJM market leadership.

• The acquisition boosts Bitfarms' energy portfolio to 623 MW and adds a 1.1 GW growth pipeline in Pennsylvania.

• PJM demand response programs are expected to reduce electricity costs.

• The energy portfolio will rebalance to 80% North American and 20% international by the end of 2025.

• Bitfarms plans to develop two power campuses for HPC/AI, with Stronghold sites prioritized for conversion.

• The acquisition adds nearly 1 EH under management, bringing the total to 18 EH under Management, with Stronghold's hosting agreements now converted to self-mining.

• The merger positions Bitfarms as a leader in the PJM market with scalable infrastructure for both Bitcoin mining and HPC/AI.

• The stock-for-stock merger included a $44.5m payment to retire Stronghold’s loans.

👁️ IREN Secures 2.75GW for Datacenters in West Texas with New 600MW Grid Connection Agreement

• IREN signed a 600MW grid connection agreement for Sweetwater 2, advancing its 2GW Sweetwater data center hub in West Texas.

• The company now has 2.75GW of fully contracted capacity in West Texas, minimizing development risk and ensuring deliverable power.

• West Texas offers scalable, low-cost electricity, high-bandwidth fiber paths, low latency (~6ms to Dallas), and efficient closed-loop liquid cooling.

• Sweetwater 2 is strategically located on >500 acres near Sweetwater 1 and Abilene, with plans for a direct fiber loop between the two sites.

• The grid connection agreement includes $4.1m in non-refundable costs and $26.9m in refundable deposits, with energization planned for late 2027.

• Future plans include fiber interconnections, colocation agreements, and procurement for energization of Sweetwater 1 in 2026 and Sweetwater 2 in 2027.

🖥️ BitDigital and Shadeform Partner to Provide On-Demand Access to NVIDIA B200 GPUs

• Bit Digital's subsidiary WhiteFiber and Shadeform announced a strategic partnership to provide on-demand access to NVIDIA B200 GPUs starting in April 2025.

• WhiteFiber specializes in high-performance AI/ML-optimized GPU cloud infrastructure, while Shadeform operates a multi-cloud GPU marketplace.

• The partnership enables organizations and developers in over 100 regions to access cutting-edge AI infrastructure without long-term commitments or up-front costs.

• The collaboration aims to democratize access to powerful GPU technology, unlocking new opportunities for startups and enterprises.

• WhiteFiber’s NVIDIA B200 GPUs will be available through Shadeform’s platform, optimizing performance and efficiency for AI and machine learning applications.