Wu said May Mining News: Bitmain launches the latest Mining Rig 9.5 J/TH, Riot sells Bitcoin for the first time in two years, and Russian mining benefits from the US tariff war, etc.

Author | Wu Talks Blockchain

1、

NASDAQ-listed Bitcoin mining company Cipher Mining released an unaudited production and operation update report for April, disclosing that its Bitcoin mining output for April was 174 BTC. However, due to operational needs, it sold 350 BTC that month, bringing its Bitcoin holdings down to 855 BTC (of which 379 BTC are used for collateral). The hash rate reached 13.5 EH/s by the end of the month.

2、

Riot Platforms (NASDAQ:RIOT) reported financial results for the first quarter of 2025 with total revenue of $161.4 million, driven by an increase in Bitcoin mining revenue to $142.9 million. A total of 1,530 bitcoins were produced in the quarter, and the unit mining cost (excluding depreciation) was $43,808, up from $23,034 in the same period last year, mainly due to the halving of the block reward and the increase in computing power across the network. As of March 31, the company held 19,223 unrestricted bitcoins, in addition to the company’s data center project in Cosicana, Texas, with plans to build a total of 1 GW of power capacity, and completed the acquisition of Rhodium’s mining rig assets at the Rockdale site in April.

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Core Scientific reported first-quarter 2025 net income of $581 million, up $370 million year-over-year, primarily due to non-cash fair value adjustments for warrants and contingent value interests of $622 million. Total revenue decreased by 55.6% year-on-year to $79.525 million, including $67.179 million from self-operated mining, $3.773 million from managed mining, and $8.573 million from custody. Adjusted EBITDA was -$6.107 million, compared to $87.996 million in the year-ago quarter. The company expects to provide 250MW of hosting capacity to CoreWeave by the end of 2025, with annual hosting revenue of US$360 million in 2026.

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Bitcoin mining company Hut 8 Corp announced its Q1 2025 financial report, with revenue down 58% year-on-year to $21.8 million and a net loss of $134.3 million, compared to a net income of $250.7 million in the same period last year. CEO Asher Genoot stated that the decline was mainly affected by the Bitcoin halving and operational disruptions caused by upgrading mining machines. Recently, Hut 8 collaborated with Trump’s sons Eric and Donald Trump Jr. to launch the mining company American Bitcoin Corp, and plans to continue investing in the company and accumulating Bitcoin, while also developing high-performance computing data center services for AI companies in Louisiana.

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Bitcoin mining company TeraWulf announced its Q1 2025 financial report, showing a net loss of $61.4 million, significantly higher than the $9.6 million loss in the same period last year. The company’s revenue fell to $34.4 million year-over-year, while the cost of revenue surged to $24.5 million, accounting for 71.4%. TeraWulf stated that the decline in revenue was mainly due to the Bitcoin halving, which reduced the block reward from 6.25 BTC per block to 3.125 BTC. Additionally, the increase in network difficulty and severe weather in New York state also impacted its mining operations. (Cointelegraph)

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Bitcoin mining company Bitfarms announced its Q1 2025 financial report, with revenue reaching $67 million, a year-on-year increase of 33%; the gross margin for Bitcoin mining was 43%, down from 63% in the same period last year. The net loss for this quarter was $36 million. As of May 13, Bitfarms held approximately $150 million in liquid assets and a total of 1,166 Bitcoins.

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Cango, a company listed on the New York Stock Exchange, announced its Q1 2025 financial report, with revenue reaching 1.1 billion RMB (145.2 million USD), of which the Bitcoin mining business contributed 1 billion RMB (144.2 million USD), producing 1,541 Bitcoins at an average cost of 70,602 USD per coin. As of March 31, the company held a total of 2.5 billion RMB (347.4 million USD) in cash and short-term investments.

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The Russian Ministry of Finance has submitted a bill proposing to levy value-added tax (VAT) on domestic companies renting mining equipment or providing real-time computing power services to foreign clients. The Ministry stated that the bill aims to eliminate the legal gap regarding VAT applicable to Russian taxpayers providing mining infrastructure to overseas clients. According to data from the Russian tax authority, there are currently 606 registered miners and 116 mining infrastructure operators nationwide. Industry insiders expect that the mining sector could bring approximately 50 billion rubles in tax revenue to Russia each year.

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Energy management company KULR Technology reported a 40% year-on-year revenue increase in the first quarter of 2025 to $2.45 million, but due to adjustments in the market value of its Bitcoin holdings, net losses widened to $18.81 million. The company announced an increase in Bitcoin holdings to 716.2 coins, valued at approximately $74.4 million, and confirmed for the first time that it has achieved $250,000 in Bitcoin mining revenue. KULR also launched a blockchain supply chain system based on the Base chain for recording product data and generating NFTs. (The Block)

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The police of Terengganu, Malaysia, in collaboration with the National Energy Company (TNB) SEAL team, conducted a raid in Ulu Dungun and Marang to crack down on an illegal Bitcoin mining gang, seizing 45 mining machines on the spot, valued at approximately 225,000 ringgit (about 360,000 RMB). The gang is suspected of illegally tapping electricity in residential and commercial areas, causing a monthly loss of about 36,000 ringgit.

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The UK cryptocurrency asset company BTC Mining Limited has been shut down due to suspected fraud, with users from multiple countries (including Estonia, Mauritania, Iran, and others) complaining that they did not receive promised returns after paying for mining services and are unable to withdraw funds. The UK anti-fraud agency Action Fraud received 6 formal complaints, with user losses exceeding $18,000, but the actual number of victims may be higher. Investigations revealed that the company has no legitimate registered address, its website is no longer accessible, and the sole director, Stibich Martins Yhaicha Luzia, has been unreachable since the company’s establishment in January 2024. The Manchester High Court ruled to close the company on April 28.

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Bitcoin mining company Bit Digital has applied to raise up to $500 million through the “at-the-market” (ATM) financing method, exceeding its current market capitalization of $429 million, to expand its high-performance computing and cloud services business. The funds will be used for expenditures on mining machines and cloud service equipment, operating capital, and potential acquisitions. (The Miner Mag)

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Riot Platforms sold 475 bitcoins in April 2025, marking its first large-scale sale of mined bitcoins since January 2024 and signaling the company’s abandonment of its long-standing 100% holding strategy. The sale included 463 BTC mined that month and an additional 12 BTC drawn from reserves, with total proceeds of approximately $38.8 million. Riot stated that this move aims to support operations and reduce the need for equity financing to prevent shareholder dilution.

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Luxor stated that if the Trump administration imposes comprehensive tariffs on Bitcoin mining machines, Russia may become the biggest beneficiary. Since most mining machines are still produced in Asian countries like China, tariffs will raise the costs for domestic miners in the U.S. Although some manufacturers are trying to produce in the U.S., full localization will still take several years. Analysts believe that in the short term, the global hash power distribution may shift towards Russia, Canada, Africa, and South America, with the expansion of U.S. companies slowing down. Miner Bitdeer stated that it is advancing its “Made in America” mining machine plan to address policy uncertainties.

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Bitcoin mining company BTC Digital Ltd. announced the successful acquisition of 62 acres of land and related facilities in Vienna, Georgia, USA for $2.1 million, aimed at expanding cryptocurrency mining. The site has a 20 megawatt power infrastructure, and BTCT plans to invest an additional $5 million to build an energy-efficient mining facility capable of accommodating approximately 6,000 mining machines, while the remaining land will be used for storage and logistics.

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The mining company American Bitcoin, supported by the Trump family, will go public through a stock swap merger with Gryphon Digital Mining. The new company will be traded on Nasdaq under the ticker ABTC and will retain the existing management team and board members, including Eric Trump. American Bitcoin is 80% owned by Hut 8, with the Trump family holding the remaining 20%. The transaction is expected to be completed in the third quarter of 2025. Hut 8 will continue as its exclusive infrastructure and operations partner.

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The National Energy Company of Malaysia (TNB) disclosed that in 2023, there were 2,397 cases of electricity theft due to illegal cryptocurrency mining, an increase of nearly four times compared to 2018, with cumulative losses exceeding 3.4 billion ringgit (approximately 720 million USD). TNB pointed out that these illegal mining operations are often located in residential or commercial buildings, stealing electricity by tampering with electric meters to operate high-power mining equipment, which places a severe burden on the national power grid and poses risks of voltage instability and fire hazards.

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The cryptocurrency asset management company Galaxy Digital announced the completion of its restructuring process from the Cayman Islands to Delaware, USA, and will officially list on Nasdaq under the code GLXY on May 16. At the same time, Galaxy reported a net loss of $295 million for Q1 2025, primarily due to the downturn in the crypto market and impairment and disposal costs from the closure of its Helios mining operations. As of the end of Q1, the company held $908 million in digital asset exposure and $1.1 billion in cash and stablecoins. (The Block)

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The Tokyo Stock Exchange listed company Kitanihon Spinning announced that it will engage in businesses related to crypto assets and RWA, with plans to review this at the shareholders’ meeting in June. The company intends to hold Bitcoin, participate in the construction of renewable energy mining equipment, and is considering issuing tokens for product payments and plastic recycling operations. Additionally, it will develop a Web3 wallet. The new business will be managed by the crypto asset management department to be established in July. (CoinDesk)

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The Paraguayan police thwarted an attempted theft targeting the servers of a cryptocurrency mining farm in Coronel Bogado, arresting four Chinese suspects, three of whom were deported, while the other was hospitalized due to serious injuries and remains in custody. The suspects attempted to illegally enter the restricted area of the mining farm to steal mining equipment. The four suspects claimed to be programmers employed by the mining farm, but their employment status is still under review due to a lack of legal documents. (CryptoSlate)

22、

Bitmain launched its latest Antminer S23 Hydro series at the 2025 World Digital Mining Summit (WDMS), claiming an energy efficiency of up to 9.5 J/TH for Bitcoin mining, with a hash rate of 580 TH/s and a power consumption of 5,510 watts.

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At the Bitcoin 2025 conference, Donald Trump’s sons Don Jr. and Eric Trump stated that Bitcoin is expected to exceed $170,000 by the end of 2026. Influenced by Michael Saylor, they are promoting several crypto projects, including the mining company American Bitcoin in collaboration with Hut 8 and the DeFi project World Liberty Financial. (The Block)

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Russian police arrested a 26-year-old suspect in the Irkutsk region on suspicion of involvement in an illegal crypto mine scam involving 270 million rubles (about $3.2 million) and more than 100 victims. According to a statement from the Home Office, the suspect and two accomplices tricked victims into delivering ASIC mining rigs and funds through a fake “mine hotel” project, and then sold the equipment and embezzled the money. Police have filed criminal charges against the suspect for fraud and are pursuing the remaining gang members and continuing to question the victims. (CoinDesk)