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Digital infrastructure and cryptocurrency mining company Ionic Digital announced its fiscal year 2024 financial report, achieving Bitcoin mining revenue of $138.4 million, operating income of $41.5 million, and net profit of $40.1 million during the reporting period. By the end of 2024, the company held cash and 2,393.42 Bitcoins, with a total fair value of $271.8 million.
The Trump family-associated company Thumzup Media Corporation provided $2.5 million in funding to DogeHash Technologies to expand its Dogecoin mining capacity and accelerate the deployment of next-generation ASIC miners. It is expected to add over 500 ASIC miners, increasing the total number of mining machines to over 4,000 this year.
Nasdaq-listed Bitcoin mining company CleanSpark released its September data, reporting that it held 13,011 Bitcoins, with a year-on-year production increase of 27% to 629 Bitcoins for the month, selling 445 Bitcoins at an average price of $109,568, generating approximately $48.7 million; its hash rate efficiency improved by 26% year-on-year, with an average operational hash rate of 45.6 EH/s. (Cointelegraph)
Cango (NYSE: CANG) announced its Bitcoin mining data for September 2025: the monthly output was 616.6 Bitcoins, with an average daily output of about 20.55 Bitcoins; the total number of Bitcoins held at the end of the month reached 5,810. The company deployed a hash rate of 50 EH/s, with an average operational hash rate of 44.85 EH/s.
Bitcoin-listed mining company Cipher Mining (CIFR) released its unaudited production and operational update for September 2025, reporting a mining output of approximately 251 BTC and sales of 158 BTC. As of the end of September, the company held a total of 1,500 BTC and deployed 114,000 mining machines. With the full implementation of all previous mining plans, Cipher Mining will continue to focus on high-performance computing (HPC) business.
Bitcoin mining company IREN announced the issuance of $875 million in convertible senior bonds, expected to settle on October 14, 2025, and provided underwriters with an additional $125 million over-allotment option. The bond matures on July 1, 2031, with an initial conversion price of $85.63 per share and includes capped options trading up to $120.18 per share. IREN expects to net approximately $856.5 million, using about $49.6 million for capped option costs, with the remainder for general corporate purposes and working capital.
Mining company Bitdeer (BTDR) is significantly expanding its self-operated Bitcoin mining business to respond to weak demand in the mining machine market. According to documents cited by Bloomberg, Bitdeer's self-owned hash rate is expected to nearly triple to 22.5 EH/s between the end of 2024 and July 2025, aiming to rank among the top five Bitcoin mining companies globally. In August, Bitdeer mined a total of 375 BTC, ranking sixth globally, behind MARA, IREN, Cango, CleanSpark, and Riot.
Canaan Technology announced that it will increase its self-operated mining hash rate to a deployment scale of 9.30 EH/s in September, with an average electricity cost of $0.042 per kilowatt-hour; it holds 1,582 Bitcoins and 2,830 Ethereum, setting a historical high; it received a purchase order for over 50,000 Avalon A15 Pro mining machines from a U.S. customer, marking the largest single order in three years.
Bitmain is being sued by Wyoming-based company 1969 LLC over a $20.8 million "hash rate" sales dispute. The lawsuit indicates that the two parties signed an agreement in April involving 6,933 Antminer S21 mining machines (total hash rate of 1.386 EH/s), deployed at a mining site in Puryear, Tennessee. The plaintiff accuses Bitmain of failing to repair faulty equipment and unlawfully terminating the contract, violating Houston arbitration clauses. (The Miner Mag)
Canaan Technology announced a joint mining agreement with Canadian energy infrastructure company Aurora AZ Energy to launch a "gas-to-power" pilot project in Alberta. Canaan will deploy approximately $2 million worth of Avalon A15 Pro mining machines and containerized data cabins at natural gas wellheads, with a total hash rate load of about 2.5 megawatts. The project aims to convert flared natural gas into low-cost electricity, reducing carbon dioxide equivalent emissions by approximately 12,000 to 14,000 tons annually, and plans to participate in grid demand response to increase revenue. Canaan Technology stated that the project aims to validate the technical and commercial feasibility of the "wellhead gas-power-hash rate" integrated path, providing green low-carbon solutions for future distributed AI and high-performance computing infrastructure.
Bitcoin mining company Bitfarms plans to raise funds by issuing $300 million in unsecured convertible bonds, maturing in 2031. Bitfarms stated that the raised funds will be used for "general corporate purposes," including mitigating equity dilution risk from bond conversions through hedging transactions (capped call). (The Block)
DL Holdings (Hong Kong Stock Exchange code: 1709) announced a strategic cooperation with Nasdaq-listed fintech company Antalpha, totaling up to $200 million, covering tokenized gold assets and Bitcoin mining infrastructure. The cooperation includes investments and distribution of up to $100 million in tokenized gold assets on Tether Gold (XAU₮) over the next year, as well as an additional $100 million for Bitcoin hash rate expansion. Antalpha will provide liquidity, custody, and lending services for XAU₮.
Bitcoin mining company Bitfarms announced the completion of pricing for $500 million in 1.375% convertible senior notes (due 2031). The issuance scale was increased from the previously announced $300 million. The transaction is expected to settle around October 21, 2025. The raised funds will be used for general corporate purposes and partially for purchasing capped options to hedge against stock dilution risk.
The New York State Assembly proposed Bill A9138 on October 18, to be implemented alongside the previous Senate version S8518, which aims to impose a tiered consumption tax on cryptocurrency mining companies using proof-of-work (PoW) mechanisms based on electricity consumption. Companies consuming more than 2.25 million kilowatt-hours annually will be taxed, with rates ranging from $0.02 to a maximum of $0.05 per kilowatt-hour, with proceeds going to energy subsidy programs. Mining sites using renewable energy and operating off-grid will be exempt. If passed, the bill will take effect in January 2027. (Decrypt)
The government of British Columbia, Canada, announced on Monday that it will propose legislation to limit the electricity usage of artificial intelligence data centers and plans to permanently ban new cryptocurrency mining projects. The province's energy department stated that it will prioritize providing grid connections for other industries, such as mining and gas facilities, as these sectors can create more jobs and income for BC residents.
Hong Kong-listed company Derlin Holdings Group (1709) announced that it has signed a placement and subscription agreement, expecting to raise approximately HK$973 million. This will involve placing and subscribing for 255 million shares each, and issuing 63.8 million shares to Evergreen Wealth Investment Limited, with a placement price of HK$3.05 per share, approximately 11.34% lower than the previous closing price. The funds will be allocated as follows: 56% for Bitcoin mining expansion, 24% for developing gold-related RWA tokenized products, 10% for strategic investments, and 10% for working capital.
Cryptocurrency mining company Argo Blockchain's largest creditor, Growler Mining, will take over the company through a debt-to-equity swap, acquiring 87.5% of Argo's shares, while existing shareholders will retain only 2.5%, and unsecured bondholders will receive 10%. This restructuring aims to avoid bankruptcy and maintain its Nasdaq listing, with Argo also delisting from the London Stock Exchange. The company will inject new capital and integrate Growler's new mining machine assets into Argo, shifting its capital market focus to the U.S. (Cointelegraph)
Cryptocurrency lending platform Arch is launching a new service called TaxShield, aimed at helping high-income Bitcoin holders reduce taxes by investing in Bitcoin mining machines while earning monthly mining revenue. TaxShield utilizes the "accelerated depreciation" policy in U.S. tax law §168(k), allowing investors to deduct the entire cost of equipment from taxable income in the year of purchase, significantly reducing income tax liability. Arch co-founder Himanshu Sahay stated that a client with $1 million in taxable income could reduce their federal tax bill by about $400,000 while continuing to hold BTC and receive miner rewards. (CoinDesk)
Cryptocurrency mining company TeraWulf Inc. plans to expand its data center construction by issuing $3.2 billion in high-yield bonds, setting a record for the largest junk bond issuance led by a single Wall Street firm. Insiders say this bond has not yet been tested by the market due to its structure, but the deal attracted over $11 billion in orders, thanks to guarantees provided by Google, a subsidiary of Alphabet Inc. This guarantee will take effect once the data center is operational and leased by the UK startup Fluidstack.
Bitcoin mining company Core Scientific (NASDAQ: CORZ) announced its third-quarter 2025 financial report, with revenue of $81.1 million and a net loss of $147 million. Self-operated mining revenue was $57.4 million, with Bitcoin production down 55%. As of the end of the quarter, the company held $453 million in cash and $241 million in Bitcoin. Its merger vote with CoreWeave will be held on October 30.
Bitcoin accumulation platform American Bitcoin Corp (NASDAQ: ABTC) announced the acquisition of approximately 1,414 additional Bitcoins, increasing its total holdings to about 3,865 Bitcoins. The company accumulates Bitcoin through self-operated mining and strategic purchases, with some Bitcoins used for custody or as collateral in procurement agreements with Bitmain for mining machines.
Canaan Technology unveiled its next-generation Avalon A16 series Bitcoin mining machines during the Blockchain Life 2025 summit in Dubai, with the first model A16XP supporting air cooling configurations, achieving a hash rate of 300 TH/s and power efficiency of 12.8 J/TH. This series will be produced and shipped in North America, East Asia, and Southeast Asia, and pre-sales are now open.
Pavel Durov announced the launch of Cocoon at the Blockchain Life 2025 conference, which is an open network for confidential computing built on the TON and Telegram ecosystem, utilizing GPU mining and focusing on privacy and confidential AI computing. Telegram will actively participate in the project's development, with an expected official launch in November 2025. Durov also mentioned that third-party developers have earned over $1 billion through Telegram Mini Apps in the past year.
Riot Platforms released its third-quarter 2025 financial report, with revenue reaching $180 million, more than doubling year-on-year, of which Bitcoin mining revenue was $161 million, primarily driven by the rise in Bitcoin prices and hash rate growth; net profit was $105 million, compared to a loss of $154 million in the same period last year; adjusted EBITDA was $197 million, including a $133 million gain from holding Bitcoin on the books. The company produced a total of 1,406 Bitcoins in the quarter, with an average mining cost of $46,324. Riot also announced the commencement of core construction for two buildings in its Corsicana data center campus in Texas, holding approximately 19,287 Bitcoins, with a market value of about $2.2 billion.
Related: Opinion: Fintech Companies and New Banks Drive Stablecoin Adoption into a New Era
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