1.

Bitfarms said it is exploring ways to enter the artificial intelligence and high-performance computing space, as bitcoin miners continue to explore alternatives following last April’s bitcoin halving. Bitfarms has engaged Appleby Strategy Group and World Wide Technology Bitfarms has engaged two expert consultants in AI and HPC strategy, Appleby Strategy Group and World Wide Technology, to conduct a feasibility analysis on all its North American sites and advise on its global HPC/AI strategy. (The Block)

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2.

Russia’s Ministry of Energy announced that it plans to establish a single registry for crypto mining equipment, making registration mandatory for all crypto mining operations. If implemented, crypto mining without registering one’s equipment to the system would be made “impossible,”. This plan, led by Deputy Minister of Energy Yevgeny Grabchak, is part of proposed amendments on existing mining regulations that aim to better identify domestic mining activities, especially held in regions where mining is not allowed. (The Block)

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3.

Bitcoin miner Stronghold Digital has been fined more than $1.4 million by the Federal Energy Regulatory Commission (FERC) for violating energy market rules and prioritizing the supply of electricity to bitcoin mining, of which $678,600 is to be refunded to PJM and $741,400 is to be paid to the U.S. Department of the Treasury as a civil penalty.The FERC investigation found that Stronghold’s Scrubgrass power plant failed to fulfill its contractual obligation to provide available power to the PJM grid between June 2021 and May 2022 by diverting power to bitcoin mining during 57% of day-ahead market hours and 59% of real-time market hours, respectively. In addition, Stronghold was alleged to have purchased power at wholesale prices and incorrectly categorized a portion of its power usage as “Station Power”. Following the probe, Stronghold exited PJM’s capacity market in June 2022 via a bilateral transaction but may still be required to participate in future capacity auctions unless it formally applies for an exemption or converts to an energy-only resource.

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4.

Bitdeer has acquired land and a license for a 101 MW permitted site in Alberta, Canada, for $21.7 million as part of its strategy to become a fully integrated Bitcoin mining firm. The company announced that it acquired a fully licensed power project on 19-acre land near Fox Creek, Alberta, from power company Kiwetinohk Energy. The acquisition enables Bitdeer to build an on-site natural gas power plant with approval for a 99 MW grid interconnection with the Alberta Electric System Operator (AESO). According to the company, site preparation and initial infrastructure development are set to begin in Q2 2025, with full energization expected in Q4 2026.Bitdeer estimates the natural gas power plant will require $90 million in additional capital investment. The Bitcoin mining data center infrastructure is projected to cost another $30 million, or $300,000 per megawatt. As of December 2024, Bitdeer managed 21.7 EH/s of hashing power, including 8.9 EH/s of proprietary hashrate and 12.8 EH/s of hosted hashrate for clients.

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5.

Russia is rewriting the crypto mining rulebook. Under new regulations, miners must report earnings by the 20th of each month, and only approved entities will be permitted to operate. Additionally, individuals with financial criminal records will be banned from participating in cryptocurrency mining activities. Russia will establish a national miner registration system to strengthen the regulation of the cryptocurrency mining industry. (Bitcoin.com)

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6.

Bitcoin miner CleanSpark reported Q4 2024 revenues of $162.3 million, quarterly net income of $241.7 million, adjusted EBITDA of $321.6 million, and a 6% decrease in marginal cost per bitcoin for own mining to approximately $34,000. As of December 31, 2024, CleanSpark had total assets of $2.8 billion, including $929.1 million in bitcoin, total liabilities of $757.7 million, shareholders’ equity of $2.0 billion and working capital of $1.2 billion.

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7.

As of February 8, 2025, Marathon Digital (MARA) held the most BTC of any listed Bitcoin mining company with 45,659, followed by Riot Platforms (RIOT) with 18,221, CleanSpark (CLSK) with 10,556, and Hut 8 (HUT) with 10,208 BTC. Hut 8 (HUT) has 10,208. Other major mining companies, such as HIVE, FUFU, CANGO and CANAAN, have less than 3,000 pieces.

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8.

Bitmain has suffered delays in recent deliveries of bitcoin mining machines to U.S. customers due to increased scrutiny by U.S. Customs, affecting several large mining companies. Inspections of the equipment were tightened after the US Department of Homeland Security blacklisted Bitmain’s artificial intelligence subsidiary, Xiamen-based Sophgo Technologies, in January. Bitmain controls 90% of the market, but increased U.S. Customs scrutiny could impact American mining companies, particularly as tariffs rise and equipment replacement costs increase.

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9.

Sergei Potapenko and Ivan Turõgin, Estonian nationals who operated the defunct cloud mining service HashFlare, have pleaded guilty to multiple charges in a cryptocurrency Ponzi scheme involving $577 million. Potapenko and Turõgin are set for sentencing on May 8, 2025, and face up to 20 years in prison. HashFlare ceased operations in 2018 after suspending its mining services.

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10.

Las Vegas man Brent Kovar has appeared in court on charges of wire fraud, mail fraud and money laundering. Brent Kovar is accused of falsely advertising Profit Connect as a cryptocurrency mining and trade verification firm, promising 15%-30% annualized returns with a 100% money-back guarantee. Authorities allege he defrauded 400 investors out of $24 million. Kovar used the investment funds for personal expenses and disguised the repayments as income from cryptocurrency mining. If convicted, Kovar faces up to 330 years in prison and a $4.5 million fine.

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11.

The Securities and Exchange Commission has paused its fraud lawsuit against crypto mining firm Geosyn Mining and its executives after US federal prosecutors brought similar charges against the company’s CEO and two former executives. The executives allegedly defrauded customers of their funds by promising to purchase and host bitcoin miners for them, but actually misappropriated the funds for personal expenses, public documents show.The SEC previously alleged in its lawsuit that Geosyn, its chief executive officer, Caleb Joseph Ward, and former chief operating officer, Jeremy George McNutt, defrauded approximately 64 investors in the amount of $5.6 million between November 2021 and December 2022 through service agreements in the form of securities sold for $5.6 million. Geosyn, its CEO, Caleb Joseph Ward, and former COO, Jeremy George McNutt, defrauded approximately 64 investors between November 2021 and December 2022 to the tune of $5.6 million through service agreements sold as securities.(Cointelegraph)

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12.

The Russian power grid company Rosseti Group suffered losses of over 1.3 billion Russian rubles (about $14.2 million) in 2024 due to illegal crypto mining. Illegal mining causes overloading of the power grid, resulting in voltage drops, which in turn damage electrical equipment and household appliances. The largest theft of electricity occurred in Novosibirsk, where more than 32,000 mining machines were involved, resulting in an estimated loss of 197 million rubles.

13.

The second-largest publicly traded corporate bitcoin holder, MARA Holdings (MARA), has announced the completion of the acquisition of a wind farm in Texas, adding 114 megawatts of nameplate wind capacity and 240 megawatts of interconnection capacity to its operations. MARA is the second-largest publicly traded corporate bitcoin holder, with 45,659 BTC on its balance sheet.(CoinDesk)

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14.

Bitcoin mining and data center operator Core Scientific has expanded its high-performance computing (HPC) hosting footprint to Auburn, Alabama, by leasing an existing facility from AUBix. Core Scientific announced that it has become the operator of the facility after signing the lease and plans to exercise an option to purchase the infrastructure. Core Scientific plans an initial capital investment of $135 million in the facility, with total project costs expected to exceed $400 million. Scientific CEO Adam Sullivan. Auburn Mayor Ron Anders noted that the city projects Core’s $400 million investment will “result in a local tax generation of $1.5 million per year.” The company resumed a full “hodl” strategy in January, retaining 100% of its monthly production and increasing its total Bitcoin holdings to over 500 BTC.

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15.

Canaan released an unaudited monthly update on its bitcoin mining operations as of January 31, 2025, in which it disclosed that 88 bitcoins were mined in January 2025, the number of bitcoins held on Canaan’s balance sheet at the end of the month was 1,319 bitcoins, the end-of-month deployed hashrate was 6.43 EH/s, and the end-of-month operating hashrate was 5.53 EH /s.

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16.

BitFuFu announced that it has signed a definitive agreement and acquired a majority ownership in a 51 MW operational Bitcoin mining data center in Oklahoma. The transaction, priced at $400,000 per MW, is funded with cash from BitFuFu’s balance sheet and common stock. This will enable BitFuFu to mine one Bitcoin at a cash cost as low as $18,000 at this site, assuming the deployment of AntMiner S21 XP, excluding depreciation of miners and facilities.

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17.

Crypto mining rig manufacturer Bgin Blockchain Limited has filed to go public in the US in an offering that’s predicted to generate $50 million In a Feb. 21 filing to the US Securities and Exchange Commission, Bgin said it would offer around 59.54 million Class A ordinary shares and 15.69 million Class B ordinary shares. Its registration statement also said it had applied to Nasdaq to list its Class A shares under the ticker “BGIN.” Bgin’s filing didn’t share how it would price its offering, but investment advisory firm Renaissance Capital said in a Feb. 21 note that Bgin’s initial public offering (IPO) could raise up to $50 million.(Cointelegraph)

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18.

Riot reported $376.7 million in 2024 revenue, a 34.2% increase year-over-year. Its net income expanded to $109.4 million last year, compared to a net loss of $49.4 million in 2023. Riot produced fewer bitcoins in 2024, totaling 4,828 compared to 6,626 the year before, due to the surge in mining costs. The average cost for Riot to mine each bitcoin, excluding depreciation, climbed to $32,216 in 2024, up from $3,831 in 2023.(The Block)

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19.

Bitdeer paid $240 million to TSMC in Q4, aiming for a 40 EH/s hashrate target in 2025 with its proprietary SEALMINER hardware. In other notable news, Bitdeer CEO Jihan Wu has entered into a 10b5–1 trading plan, under which he may sell up to 4 million Bitdeer shares at pre-determined dates from March to June 2025, provided a minimum price threshold is met.(MinerMag)

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20.

The Quai Network mainnet, the first scalable PoW blockchain, is now fully operational, utilizing an innovative Proof of Entropy Minimum (PoEM) consensus mechanism that combines execution sharding with merge mining. Currently, the network has over 150,000 GPU miners, 3.3 million transactions, and hundreds of consensus nodes worldwide. Its native token QUAI debuted via TGE in February 2025, surpassing $120 million in trading volume and reaching a $1 billion FDV.

21.

Newly disclosed court documents recently show that bitcoin financial services firm Swan Bitcoin allegedly breached its contract in a bitcoin mining joint venture with stablecoin giant Tether. Court documents allege Swan Bitcoin leveraged its stake in 2040 Energy to secure unauthorized financing from Ripple Labs. Swan’s dispute with Tether has triggered an exchange of lawsuits between the two parties in the UK and US courts regarding a dispute over control of their mining operations.

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