Wu Shuo May Mining News: Bitmain Launches Latest Miner with 9.5 J/TH, Riot Sells Bitcoin for the First Time in Nearly Two Years, Russian Mining Benefits from US Tariff War, etc.
Powered by ChatGPTRiot Platforms (NASDAQ: RIOT) announced its Q1 2025 financial report, achieving total revenue of 161.40 million USD, mainly driven by Bitcoin mining revenue increasing to 142.90 million USD.
Author | Wu Shuo Blockchain
1. Nasdaq-listed Bitcoin mining company Cipher Mining released its unaudited production and operation update report for April, with Bitcoin mining output of 174 BTC, sold 350 BTC, holding reduced to 855 BTC, and month-end hash rate of 13.5 EH/s.
2. Riot Platforms’ Q1 2025 financial report shows total revenue of 161.40 million USD, Bitcoin mining revenue of 142.90 million USD, production of 1,530 Bitcoins, unit mining cost of 43,808 USD, higher than 23,034 USD in the same period last year. They hold 19,223 unrestricted Bitcoins, advancing a 1 GW power capacity data center project in Corsicana, Texas, and acquiring Rhodium mining machine assets.
3. Core Scientific’s Q1 2025 net revenue was 581 million USD, up 370 million USD year-over-year, with total revenue down 55.6% to 79.53 million USD, self-mining revenue at 67.18 million USD, and adjusted EBITDA of -6.11 million USD. It is expected to provide 250 MW hosting capacity to CoreWeave by the end of 2025, with annual hosting revenue in 2026 possibly reaching 360 million USD.
4. Hut 8 Corp’s Q1 2025 revenue fell 58% to 21.80 million USD, net loss was 134.30 million USD, impacted by Bitcoin halving and mining machine upgrades. They partnered with Donald Trump’s son to establish American Bitcoin Corp, planning to invest in and accumulate Bitcoin and develop AI data centers.
5. TeraWulf reported a Q1 2025 net loss of 61.40 million USD and revenue of 34.40 million USD, with a revenue cost ratio of 71.4%, affected by Bitcoin halving, rising network difficulty, and adverse weather conditions impacting mining operations.
6. Bitfarms’ Q1 2025 financial report showed revenue of 67 million USD, a 33% increase year-over-year, gross margin of 43%, net loss of 36 million USD, holding 1,166 Bitcoins.
7. NYSE-listed company Cango reported Q1 2025 revenue of 1.10 billion RMB (145.20 million USD), with Bitcoin mining business contributing 1 billion RMB, producing 1,541 Bitcoins at an average cost of 70,602 USD, holding cash and short-term investments worth 2.50 billion RMB.
8. The Russian Ministry of Finance plans to impose VAT on renting mining equipment to foreign customers or providing computing power services, potentially generating about 50 billion rubles in annual tax revenue for the industry.
9. KULR Technology’s Q1 2025 revenue grew 40% year-over-year to 2.45 million USD, net loss expanded to 18.81 million USD, Bitcoin holdings increased to 716.2 BTC, first recognized 250,000 USD in mining revenue, and launched a blockchain supply chain system based on the Base chain.
10. Malaysian police seized an illegal Bitcoin mining gang’s 45 miners worth approximately 225,000 MYR, suspected of illegal electricity tapping causing losses.
12. UK’s BTC Mining Limited was shut down for alleged fraud, with users losing over 18,000 USD; investigations found no legal registered address and the website was inaccessible.
13. Bit Digital applied to raise up to 500 million USD via ATM financing to expand high-performance computing and cloud services.
14. Riot Platforms sold 475 Bitcoins in April 2025, with transaction proceeds of about 38.80 million USD, abandoning the long-term 100% holding strategy.
15. Luxor stated that US taxation on miners will benefit Russia, with global hash power possibly shifting to Russia, Canada, Africa, and South America.
16. BTC Digital Ltd. acquired 62 acres of land in Georgia for 2.10 million USD, planning to build an efficient and energy-saving mining farm.
17. American Bitcoin will list through a share swap merger with Gryphon Digital Mining, with Hut 8 holding 80% and the Trump family holding 20% stakes.
18. Illegal mining in Malaysia has led to a surge in electricity theft cases, with cumulative losses exceeding 3.40 billion MYR.
19. Galaxy Digital completed its re-registration in Delaware, USA, reported a Q1 2025 net loss of 295 million USD, holding a digital asset exposure of 908 million USD.
20. North Japan Spinning plans to engage in crypto assets and RWA business, intending to hold Bitcoin and participate in renewable energy mining equipment construction.
21. Paraguayan police foiled an attempted crypto mining farm theft, arresting four Chinese suspects.
22. Bitmain launched the Antminer S23 Hydro series with energy efficiency of 9.5 J/TH, hash rate of 580 TH/s, and power consumption of 5,510 watts.
23. Donald Trump’s son expects Bitcoin to surpass 170,000 USD by the end of 2026, promoting multiple crypto projects.
24. Russian police arrested suspects involved in an illegal mining farm scam, with the amount involved totaling 270 million rubles.