ChainCatcher message, according to a report released by NiceHash and Digital Mining Solutions on January 7, publicly listed Bitcoin mining companies are following in the footsteps of MicroStrategy by increasing their Bitcoin treasury holdings.The report states: "In 2024, there has been a significant shift among Bitcoin mining companies, with many choosing to retain more of their mined Bitcoin or not selling it at all."Mining companies may choose not to sell Bitcoin for various reasons, including expectations of further appreciation in BTC prices or strengthening their balance sheets, as well as for hedging against currency devaluation.The report mentions that MARA Holdings, Riot Platforms, and Hut 8 have used borrowed funds to increase their Bitcoin holdings, further expanding their treasury strategies. Four of the largest 16 Bitcoin-holding companies are mining firms.The report states that, in addition to their core mining operations, by 2024, some mining companies "will further diversify into high-performance computing and artificial intelligence to generate predictable revenue streams to buffer against mining volatility."This trend is particularly evident in the United States, where "the harsh mining economics and lucrative AI/HPC business are enticing them to diversify into other computing fields." In addition to increasing their BTC holdings, mining companies like CleanSpark have also chosen to retain most of the BTC produced in recent months. Several Bitcoin miners with a market capitalization of at least $100 million have generated significant revenue from AI and HPC initiatives. For example, in the first three quarters of 2024, HPC/AI revenue accounted for nearly 8% of Hut 8's revenue and nearly 7% of Hive Digital's revenue.

ChainCatcher news, according to the Financial Times, as competition for resources intensifies, U.S. Bitcoin miners are accumulating cryptocurrency funds to help them withstand tightening profit margins. Companies including Mara Holdings, Riot Platforms, and CleanSpark have raised over $3.7 billion from investors since last November, capitalizing on the surge in Bitcoin prices, and then using those funds to purchase Bitcoin. They typically raise funds through zero-interest (or near-zero-interest) convertible bonds.Core Scientific's Chief Development Officer Russell Cann stated, "It's not as simple as everyone being happy after the Bitcoin price goes up. There are still complex challenges regarding profitability and grid access." Miners' plans also include expanding artificial intelligence capabilities, marking a sharp turnaround in the industry's prospects. The industry has been struggling for the past eight months following the Bitcoin mining reward halving. Cann also mentioned, "The demand for artificial intelligence in the U.S. will greatly impact the scale of Bitcoin mining." He predicts that in the coming years, most of Bitcoin's computing power will come from outside the United States.

ChainCatcher news, according to investors, U.S. investment bank HC Wainwright stated this week that the total market value of Bitcoin mining companies is expected to exceed $10 billion.It is reported that the investment bank lists MARA, RIOT, and CLSK as "pure mining companies," and CORZ, BTDR, WULF, Hut 8, IREN, BTBT, and HIVE as "mixed mining companies."

ChainCatcher news, according to an announcement from Cango Inc., the company's Bitcoin production reached 569.9 coins in December 2024, a 56% increase from 363.9 coins in November. The Bitcoin holdings at the end of the month rose to 933.8 coins, with no Bitcoin sold during the period. The company's average hash rate reached 30.4 EH/s, a month-on-month increase of 2%.Previous news, in December last year, Shanghai-based automotive trading service platform Cango announced the purchase of mining machines from Bitmain for $256 million as part of its transformation into Bitcoin mining, and reported a production of 393 coins in November.

ChainCatcher news, Bitcoin mining company Riot Platforms announced the completion of a $594.4 million convertible senior note offering. After deducting the initial purchaser's discount and commissions as well as the estimated offering expenses payable by Riot, the net proceeds from the issuance of the 2030 notes are approximately $579.2 million. Riot has used a significant portion of the net proceeds from this offering to purchase additional Bitcoin.

ChainCatcher news, CoinShares' latest research report shows that the average cash mining cost for publicly listed Bitcoin mining companies rose to $55,950 in the third quarter, an increase of 13% from $49,500 in the second quarter. When accounting for non-cash costs such as depreciation and equity incentives, the average mining cost will reach $106,000.The report points out that the rise in mining costs is mainly influenced by three factors: the AI boom has diverted expansion funds for mining companies; some mining companies are focusing on a holding strategy (HODL) rather than expanding their operations; and the increase in electricity costs during the summer in Texas has affected mining production. In terms of specific company performance, Marathon has become the mining company with the lowest cash costs, mainly benefiting from increased Bitcoin production and tax incentives; TeraWulf ranked third due to a significant 92% decrease in debt expenditures and a 20% reduction in costs; Riot, despite improvements in operational efficiency, has dropped to seventh place.

ChainCatcher news, CoinShares' latest research report shows that the average cash mining cost of publicly listed mining companies for Bitcoin in the third quarter rose to $55,950, an increase of 13% from $49,500 in the second quarter. When accounting for non-cash costs such as depreciation and stock-based compensation, the average mining cost will reach $106,000.The report points out that the rise in mining costs is mainly influenced by three factors: the AI boom has diverted expansion funds from mining companies; some mining companies are focusing on a holding strategy (HODL) rather than expanding their operations; and the summer electricity costs in Texas have impacted mining production.In terms of specific mining company performance, Marathon has become the mining company with the lowest cash costs, mainly benefiting from increased Bitcoin production and tax incentives; TeraWulf saw a significant decrease in debt expenses by 92%, reducing costs by 20%, ranking third; Riot, despite improving operational efficiency, has dropped to seventh place.Looking ahead to 2025, the report predicts that AI business may bring new opportunities for mining companies like TeraWulf and Cipher; machine costs may increase with the rise in Bitcoin prices; and some mining companies may face financial pressure, suggesting a focus on risks.

ChainCatcher news, JPMorgan (JPM) stated in a report on Wednesday that Michael Saylor's software company MicroStrategy (MSTR) is not the only company making large-scale purchases of Bitcoin (BTC). Cryptocurrency mining companies are also adopting accumulation strategies.The report noted that the shift towards accumulating Bitcoin is driven by increasing profit pressures, stemming from the halving of rewards in April and rising network hash rates.Analysts wrote, "This may prompt mining companies to hoard Bitcoin or seek further investments in Bitcoin, or venture into artificial intelligence/high-performance computing businesses."

ChainCatcher news, JPMorgan upgrades the ratings of Bitcoin mining companies Cipher, CleanSpark, and MARA. JPMorgan raised the rating of Cipher Mining and CleanSpark from neutral to overweight, and upgraded MARA's rating from underweight to neutral. JPMorgan downgraded IREN's rating from overweight to neutral.JPMorgan also set a new target price of $8 for Cipher and raised its target price for CleanSpark from $10.50 to $17.JPMorgan stated that it is introducing a new sum-of-the-parts (SOTP) valuation framework for mining companies, which takes into account the company's mining operations, respective land and power portfolios, and their holding balances to reflect the Bitcoin that the company may hold on its balance sheet.

ChainCatcher news, since June of this year, seven publicly listed Bitcoin mining companies have raised a total of $5.2 billion through convertible bonds. Of this, 70% (i.e., $3.6 billion) was raised in the past four weeks.MARA and Core Scientific have raised over $2.4 billion through zero-coupon convertible bonds in recent weeks, with MARA alone raising $1.85 billion. The conversion prices for both companies are about 40% higher than the average stock price at the time of issuance.

ChainCatcher news, according to a report by Decrypt, JPMorgan released a research report on Monday showing that as Bitcoin's price broke through $99,500 last month, the stock prices of some publicly listed Bitcoin mining companies also significantly increased. The report noted that the market capitalization of the 14 Bitcoin mining companies tracked by JPMorgan grew by 52% month-over-month, reaching $36.2 billion. Among the best-performing companies in November, Singapore's Bitdeer saw its stock price rise by 83% during this period, reaching $14.27.Overall, last month, the stock prices of publicly listed Bitcoin mining companies rose after the U.S. elections, with Argo Blockchain being the only mining company to report a loss at the end of November, as its stock price fell by 3% during the month to $1.08 last Friday.Analysts stated that Bitcoin mining revenue has decreased by 50% since the halving event in April. Although the rewards remain relatively low, the rise in Bitcoin prices has led to an increase in mining returns in November. Based on 1 EH, the daily revenue of Bitcoin mining companies in November grew by 24% from about $42,000 in October to $52,000.

ChainCatcher news, Bitcoin mining company MARA announced that the total principal amount of its 0.00% convertible senior notes maturing in 2031 has been increased to $850 million (initially announced as $700 million).MARA also granted the initial purchasers of the notes an option to purchase up to $150 million in total principal amount of the notes within 13 days from the date of the initial issuance of the notes. The net proceeds will be used to purchase more Bitcoin and for general corporate purposes, which may include working capital, strategic acquisitions, expansion of existing assets, and repayment of additional debt and other outstanding obligations.

ChainCatcher news, Cointelegraph disclosed on the X platform that the total market capitalization of listed mining companies has surpassed $40 billion, growing 100% in nearly seven months. The leading companies include:Marathon Digital with a market cap of $9.03 billion;Core Scientific with a market cap of $5.26 billion;Riot Platforms with a market cap of $4.53 billion;Cleanspark with a market cap of $4.14 billion;Terawulf with a market cap of $3.16 billion.

ChainCatcher news, according to Cointelegraph, based on year-to-date data, 16 publicly listed crypto mining companies have spent a total of $3.6 billion on property, plant, and equipment (PP&E) upgrades, including new mining hardware. So far in 2024, these 16 mining companies have raised over $5 billion, with the third quarter being the highest period for PP&E spending since the first quarter of 2022. Spending on mining hardware accounts for the majority of PP&E expenditures. Since 2023, publicly listed mining companies have spent a total of $2 billion on hardware upgrades. The report explains that the lifespan of crypto mining hardware typically averages 3-5 years and must be upgraded regularly to maintain profitability. Additionally, crypto companies are shifting from equity financing to debt financing.Regarding the PP&E expenditures of mining companies in November 2024, Bitfarms signed a miner hosting agreement with Stronghold on November 1, which includes terms for hosting an additional 10,000 Bitcoin mining devices at its facility in Pennsylvania. Around the same time, CleanSpark, a company focused on renewable Bitcoin mining, announced plans to build 400 megawatts of mining infrastructure after acquiring mining company GRIID in October 2024. On November 11, Hive Digital purchased 6,500 application-specific integrated circuits (ASICs) for the company's upcoming facility in Paraguay.

ChainCatcher news, Bitcoin miners Marathon Digital and Riot Platforms announced that their monthly Bitcoin production has reached its highest level since the Bitcoin halving in April, marking a strong rebound since the miner rewards halved.Marathon produced 717 Bitcoins, worth $48.8 million. Marathon CEO Fred Thiel explained that the company attributes part of this to its powered hash rate rising over 14%, exceeding 40 exahashes per second. Riot mined 505 Bitcoins in October, worth $34.4 million, a month-over-month increase of 22.6%.

ChainCatcher news, according to Coindesk, based on data from Glassnode, the seven-day moving average of Bitcoin's hash rate has reached a historic high of 703 EH/s (currently at 725.20 EH/s, peaking at 791.62 EH/s), marking the first time the network's hash rate has surpassed 700 EH/s. Since the halving event in April, Bitcoin's hash rate has grown by nearly 13%.Data from Bitcoin mining analyst Sebastian Ski shows that in September, 12 leading publicly listed mining companies contributed 28.9% to the total hash rate, equivalent to over 200 EH/s. Their contribution to the hash rate has been steadily increasing month by month, having jumped nearly 10% since October 2022. Ski suggests that "publicly listed mining companies are capturing market share from other miners globally."Ski also mentioned that the companies with the largest hash rate growth over the past 12 months are: CleanSpark (CLSK), MARA Holdings (MARA), Riot Platforms (RIOT), and IREN. This aligns with the monthly production growth of leading Bitcoin mining companies in September. Weaker miners will have to exit the network, while the companies with the lowest energy costs or the strongest balance sheets will continue to increase their share of the network.

ChainCatcher news, according to CoinDesk, JPMorgan stated in a research report that the combined hash rate of 14 publicly listed Bitcoin mining companies tracked by the investment bank currently accounts for 28.9% of the network hash rate, reaching a historic high.Analysts Reginald Smith and Charles Pearce wrote, "The total hash rate of the 14 U.S. listed miners tracked has grown by about 70% (80 EH/s) so far this year, reaching 194 EH/s, while the network hash rate has increased by 33%, currently accounting for a record approximately 28.9% of the global network hash rate." The bank noted that this figure has grown by nearly 8% since the Bitcoin halving event earlier this year, reflecting the efficiency and financing advantages of some publicly listed miners.Additionally, as Bitcoin rises, mining stocks have increased in the first two weeks of this month, while companies in the high-performance computing (HPC) sector continue to attract interest from hyperscale enterprise transactions.

According to ChainCatcher news, as reported by CoinDesk, Bitcoin mining companies are at a critical crossroads: they can choose to pivot towards artificial intelligence (AI) and high-performance computing (HPC) to boost their stock prices, or they can stick to their core Bitcoin mining business and expand their market share while facing sluggish stock prices.In September, the largest market cap mining companies, MARA Holdings (MARA), Riot Platforms (RIOT), and CleanSpark (CLSK), all increased their share of the total Bitcoin mined. These companies have stronger balance sheets and larger mining operations, which help them cope with the decline in profitability following the Bitcoin halving in April. However, investors have not rewarded these companies' stocks with a premium, and their performance remained lackluster in September.In contrast, mining companies focusing on AI and HPC, such as Core Scientific (CORZ), TerraWulf (WULF), and IREN (IREN), have seen their stock prices outperform Bitcoin. The halving in April reduced Bitcoin mining rewards by 50%, intensifying competition in mining and narrowing profit margins.Additionally, the recently approved spot Bitcoin ETF in the U.S. has also diminished investors' interest in mining stocks. Instead, investors are rewarding those mining companies that utilize part of their data centers to host AI and HPC-related machines for revenue diversification.AI and HPC computing require a significant amount of electricity, and Bitcoin miners have already secured these resources, making them ideal candidates for rapidly expanding AI and HPC companies. In September, the stock prices of large-cap mining companies rose by 4% to 9%, while those associated with AI and HPC saw price increases of up to 25%.

ChainCatcher news, according to The Block, Macquarie, the Australian multinational investment bank, has given "outperform" ratings to several Bitcoin mining companies including MARA, Riot Platforms, Core Scientific, CleanSpark, and Cipher Mining. Analysts believe these companies are shifting focus from cryptocurrency to artificial intelligence (AI) and high-performance computing (HPC) models.Macquarie analysts Paul Golding and Emma Liang noted that in recent years, Bitcoin mining businesses have become increasingly diversified, a trend that has accelerated following Bitcoin's fourth halving in April this year. Some mining companies view their unique power resource advantages as opportunities to diversify into non-crypto-related hosting businesses, while others focus on accumulating Bitcoin assets.

ChainCatcher news, CryptoQuant co-founder Ki Young Ju expressed his views, pointing out that the dominance of Bitcoin hash power is shifting towards American mining companies.According to Ki Young Ju, Chinese mining pools currently operate 55% of the network hash power, while American mining pools manage 40% of the hash power. He further explained that American mining pools primarily serve institutional miners in the U.S., while Chinese mining pools support relatively smaller Asian miners.