Canaan Creative announced that it mined 82 Bitcoins in February, increasing its total Bitcoin holdings to 1,355 and its total hash rate to 0.93 EH/s. The company also launched its home mining machine, Avalon Q, and expects total revenue for Q4 to be approximately 89 million, with gross losses narrowing to between 6 million and 10 million. Bitcoin mining company Hut 8 reported a net income of 331 million for 2024 and is collaborating with Bitmain to develop a new generation of ASIC mining machines. CoreWeave submitted its IPO application with a valuation exceeding 35 billion. The U.S. has begun to release cryptocurrency mining machines manufactured in China. Binance has launched a new project, RedStone, but community users have reported that they did not receive airdrops after participating in tasks. The President of Belarus is promoting the development of the domestic cryptocurrency mining industry. A Canadian court upheld the power limit policy for Bitcoin mining. Kentucky has passed a bill supporting digital asset mining businesses.

<div>Author | Wu Says Blockchain1、Jiangnan Technology announced that it mined 82 bitcoins in February, increasing its total bitcoin holding to 1,355 coins, with a total computing power rising to 0.93 EH/s. The company also launched a home mining machine, Avalon Q, and expects total revenue of approximately 89 million USD in Q4, with gross losses narrowing to 6-10 million USD.2、Bitcoin mining company Hut 8 reported a net income of 331 million USD for 2024, driven by rising bitcoin prices. The company held 10,171 bitcoins at the end of the year, valued at about 905 million USD, most of which was used as collateral for purchasing ASIC miners. The company reached a hosting agreement with Bitmain, expecting annual revenue of 125 million USD, and is collaborating on the development of a new generation of ASIC miners. Meanwhile, Hut 8's Highrise AI signed a five-year GPU-as-a-Service agreement and received a 150 million USD strategic investment from Coatue to support its AI business. (CoinDesk)3、AI company CoreWeave, closely collaborating with bitcoin mining firm Core Scientific, submitted an IPO application, aiming to raise 4 billion USD, with a valuation exceeding 35 billion USD. The prospectus showed that the company achieved 1.90 billion USD in revenue in 2024, but faced a net loss of 863 million USD due to AI-related investments. CoreWeave has invited Core Scientific to assist in building a 500 MW AI infrastructure. While CoreWeave is still engaged in Ethereum mining, the latter was once the largest GPU supplier for the former. (CoinDesk)4、Bitcoin mining company Argo Blockchain announced it has signed a priority guaranteed convertible loan agreement with a financing scale of 40 million USD, with an initial financing amount of 15 million USD; the remaining 25 million USD will be completed over the next 18 months. Three multinational institutions are participating (specific names not disclosed) and will join the Argo board. The new funds will be used to expand its mining facilities in Baie Comeau, strengthen the balance sheet, and pursue a series of potential mergers and acquisitions.5、Belarusian President Alexander Lukashenko directed the energy minister to promote the development of the domestic cryptocurrency mining industry, utilizing excess domestic electricity to create additional revenue. According to BelTA, Lukashenko referenced the U.S. plan to establish reserves of cryptocurrencies such as bitcoin and Ethereum, emphasizing global economic trends, and stated that if mining is profitable, it should be promoted. This decision comes amid a government restructuring in Belarus, where Lukashenko emphasized upgrading the national 5,700 km power grid infrastructure to meet the growing electricity demand. (Cointelegraph)6、The U.S. recently began releasing some previously seized Chinese-manufactured cryptocurrency mining machines, with up to 10,000 devices having been stuck at various entry points. Synteq Digital CEO Taras Kulyk disclosed that thousands of devices have been released, noting that some U.S. Customs and Border Protection (CBP) personnel have a negative attitude toward bitcoin mining, causing obstacles for the industry. Luxor Technology COO Ethan Vera confirmed that some of the seized devices have been released, but a significant portion remains unreleased, pointing out that the regulators' concerns about the RF emissions from mining machines are unfounded.7、Binance launched a new project, RedStone, and a large number of community users reported that they participated in many tasks over the years (such as mining activities in seasons S1-S3, hundreds of tasks on Zealy, Spring Festival activities, etc.), yet still did not receive airdrops. The official stated that eligible roles include Vein Master, Deep Miner, Professor, and IRL (those who participated in offline activities), while less than 2% of the nearly 230,000 community members in the RedStone Discord hold any of these roles. The leaderboard has over 170,000 people, but only 2,296 addresses are eligible. Among approximately 200,000 members in the community, only about 4,000 ultimately meet the criteria for airdrop eligibility.8、According to the official account of the Chinese Embassy in Angola, since last year, Angola has been continuously conducting the "Spotlight" operation to crack down on cryptocurrency mining activities across the country and has recently intensified law enforcement efforts, solving several cases involving Chinese citizens in "mining" activities. The Chinese Embassy in Angola reminds Chinese citizens to operate legally and compliantly while in Angola, especially to avoid providing venues for virtual currency "mining," not to provide electricity access for virtual currency "mining," and not to store "mining" equipment.9、Bitdeer (Nasdaq: BTDR) announced that its SEAL03 bitcoin mining ASIC chip testing achieved 9.7J/TH, meeting the 10J/TH target. This chip is planned to be integrated into the SEALMINER A3 mining machine and is expected to be mass-produced in Q2, but final energy efficiency remains uncertain. In addition, Bitdeer paid 52.80 million USD to TSMC in Q4 to complete the wafer fabrication and disclosed that it has developed two versions of the A3 chip. Currently, the company plans to increase its self-operated computing power to 32 EH/s by 2025 and provide 7 EH/s capacity for external clients.(The Miner Mag)10,Kaspersky, a cybersecurity company, disclosed that hackers are extorting YouTube creators through false copyright complaints by embedding malicious cryptocurrency mining software SilentCryptoMiner in video descriptions, infecting over 2,000 computers in Russia. This malware is based on the open-source miner XMRig, mining Ethereum, Monero, and others, stealthily injecting itself into system processes and allowing remote control. Users are advised to be cautious about download sources and not to disable antivirus software.11,Bitcoin mining company Bitdeer released an unaudited mining and operations update report for February 2025, which disclosed that it mined 110 BTC in February, a decrease from January 2025 due to the shorter month. The company's current Bitcoin holdings stand at 1,039 BTC.12,The Irkutsk regional prosecutor's office reported that law enforcement officials seized 96 illegal cryptocurrency mining machines at an orphanage in the Kazachie village of the Bokhansky district and have disconnected the equipment from power. The mining operation was run by an unnamed non-profit organization in Siberia, suspected of violating energy usage and fire safety regulations, and the prosecutor's office has filed a lawsuit against its head. Illegal mining continues to thrive in Siberia, despite a ban on mining during the winter months in Irkutsk region; however, the low electricity prices and cold climate attract many miners. The governor has called for a year-round mining ban in most areas before 2031. Additionally, the Tyumen regional government plans to propose measures to combat illegal mining before April 1st.13,The British Columbia Court of Appeal upheld the government's power restriction policy on Bitcoin mining, rejecting Conifex Timber's request for an unrestricted power supply. Conifex plans to consume 2.50 million MWh of electricity per year, close to half the capacity of the Site C hydroelectric dam. The court supported BC Hydro, emphasizing the maintenance of public interest, ensuring power supply, and preventing electricity price hikes. Currently, provinces like BC, Manitoba, and Quebec have restrictions on cryptocurrency mining, while Alberta has become a haven for mining due to market liberalization. (The Miner Mag)14,The Kentucky State Senate passed a bill with a vote of 37 to 0, aimed at protecting the self-custody rights of Bitcoin and supporting digital asset mining businesses. The bill (HB 701) had previously passed the state House of Representatives with a 91 to 0 vote on February 28, and is currently sent to the governor's office for final signing. If the bill is ultimately signed into law, Kentucky will become one of the most supportive states for Bitcoin in the United States.15,The Central Investigation Bureau (CIB) of Thailand seized 63 illegal cryptocurrency mining machines in Pathum Thani, valued at approximately 2 million Thai Baht (about 60 thousand USD). After local residents reported power theft, police raided three abandoned houses and discovered that the mining operation was expected to cause losses of over 11 million Thai Baht (about 327 thousand USD) to the electricity authority. Police confiscated mining machines, controllers, modified electric meters, and are investigating the illegal operation's connection to a luxury villa in Bangkok. Currently, the CIB is applying for a search warrant to apprehend related suspects. Authorities pointed out that, in addition to causing damage to the electricity department, illegal mining equipment also poses significant fire hazards, consuming huge amounts of electricity without supervision.16,Bitdeer launched the SEALMINER A2 Pro series mining machines, including the A2 Pro Air air-cooled version and A2 Pro Hyd water-cooled version, both with an energy efficiency ratio of 14.9 J/TH. The SEALMINER A2 Pro Air has a maximum hash rate of 270 TH/s with power consumption of 3,790W-4,050W; the SEALMINER A2 Pro Hyd has a maximum hash rate of 530 TH/s with power consumption of 7,450W-7,900W and supports an inlet water temperature of 60°C, optimizing operation in high-temperature environments.17,According to a document submitted to the US Securities and Exchange Commission (SEC), stablecoin giant Tether has increased its stake in Bitcoin mining company Bitdeer (BTDR). The document shows that Tether and its subsidiaries, Tether International and Tether Investments, now jointly hold 31,891,689 shares of Class A common stock in Bitdeer, accounting for 21.4% of the total shares. (Blockspace)18,The US Securities and Exchange Commission issued a statement clarifying that miners and mining pool activities under the PoW mechanism do not involve securities issuance, and thus do not need to comply with the registration requirements of the Securities Act and the Exchange Act. The statement pointed out that miners engaging in Protocol Mining on PoW networks only involve the investment of computing resources to verify transactions and maintain network security, with rewards obtained from executing network protocol rules rather than relying on the entrepreneurial or managerial efforts of others, thus not meeting the definition of an investment contract under the Howey Test.19,The Mogilev region of Belarus has begun preparing sites for building cryptocurrency mining farms, a move supported by President Alexander Lukashenko. Previously, Lukashenko instructed the country's energy minister to promote the development of the domestic cryptocurrency mining industry, utilizing the country's excess electricity to create additional revenue. (Cointelegraph)20,Bitcoin mining company Riot Platforms, Inc.The company has announced that it has signed a non-binding term sheet for its wholly-owned subsidiary Whinstone to potentially acquire certain assets of the Bitcoin mining company Rhodium Encore LLC at the Rockdale facility. According to the terms, Whinstone will provide Rhodium with a total consideration of $185 million, including $129.90 million in cash. Rhodium will transfer ownership of all tangible property located at the Rockdale facility. Rhodium voluntarily filed for Chapter 11 bankruptcy in the Southern District of Texas last August, disclosing debts of up to $100 million.21,The government of Bhutan transferred $63 million worth of Bitcoin to three wallets on March 24, one of which holds approximately 600 Bitcoins valued at about $53 million. Since 2019, Bhutan has been utilizing its abundant hydropower to mine Bitcoin, and a wallet associated with investment firm Duke Holdings still holds $889.90 million worth of Bitcoin after the transfer. (Cointelegraph)22,Power and financial services company NYDIG announced that it has signed an agreement to acquire Crusoe's Bitcoin mining business and integrate its 270 MW power generation technology into NYDIG's Power and Bitcoin Mining division. This integration will further promote NYDIG's use of Crusoe's Digital Flare Mitigation (DFM) technology to convert stranded natural gas into electricity for modular data centers. The transaction is pending regulatory approval and customary conditions.23,Bitmain Technologies announced its unaudited financial results for the fourth quarter and the full year of 2024. Total revenue for the fourth quarter of 2024 was $88.80 million, a year-on-year increase of 80.9%. Mining revenue was $15.30 million, a year-on-year increase of 312.5%, with a total of 186 Bitcoins mined. Total revenue for the full year of 2024 was $269.30 million, representing a 27.4% increase compared to $211.50 million in 2023. Mining revenue was $44 million, a 29.6% increase compared to $34 million in 2023.24,Smart Chain Group (Nasdaq: ICG) has launched its Goldshell Byte product, which includes a standard dual-slot miner base and pluggable mining chip cards. Similar to Switch, buyers can replace different mining cards based on market conditions, providing investors with flexibility to capture market opportunities. The current market pricing ranges from $254 to $691, with a daily output of approximately $2.25,Adam Back and two affiliated companies are requesting a U.S. court to enforce a $28 million arbitration award against the Chinese mining chip manufacturer Innosilicon. According to the complaint, Innosilicon became aware of hidden cracks in the chips of these machines in March 2018 (a few months before delivery) but still completed the delivery in September 2018. The Hong Kong International Arbitration Centre ruled that Innosilicon breached all three contracts and ordered Innosilicon to compensate for damages: 425.98 Bitcoins to Blockstream, 1,393.79 Bitcoins to Thigmotropism, and 51.84 Bitcoins to Back.26,Bitcoin mining company Marathon Digital announced a $2 billion market-directed stock issuance, intending to primarily use the proceeds for purchasing additional Bitcoin and for general corporate purposes, having entered into agreements with sales agents such as BTIG and Cantor Fitzgerald.27,Eric Trump, the son of U.S. President Donald Trump, along with mining company Hut 8 Mining, announced the joint establishment of a new Bitcoin mining company named American Bitcoin. Hut 8 will inject most of its ASIC miners into American Data Centers, in which Eric Trump and Donald Trump Jr. are investors. After the transaction is completed, it will be renamed American Bitcoin, with Hut 8 holding an 80% stake. The new company plans to increase its hash rate to over 50 EH/s with an average energy efficiency of less than 15 J/TH, and seeks to pursue an independent listing in the future. Hut 8 will serve as its exclusive infrastructure and operations partner, providing long-term services.

Wu's March Mining News: Trump's second son establishes a mining company, the U.S. begins to allow Chinese mining machines, Canaan releases its 2024 financial report, Bitdeer launches a new mining machine, etc.