Global Crypto Mining News in March: Trump's Second Son Launches Mining Company, U.S. Begins Releasing Chinese Mining Machines, Canaan Releases 2024 Earnings, BitDeer Releases New Mining Machines, etc
1.
Canaan announced that it mined 82 bitcoins in February, increasing its total bitcoin holdings to 1,355 and bring its total hashrate to 0.93 EH/s. The company also launched the Avalon Q, an app-controlled home mining machine, and expects Q4 revenue to reach approximately $89 million, narrowing its gross loss to $6-$10 million.
2.
Bitcoin mining firm Hut 8 took $331 million in net income in 2024. The firm benefited significantly from the rise in bitcoin’s price over the year. Hut 8 finished the year with a reserve of 10,171 BTC, worth approximately $905 million at the time of writing. The vast majority of this reserve has been pledged as collateral to purchase more ASIC mining machines. Hut 8 secured a colocation deal from Bitmain that is expected to generate $125 million in annual revenue, it is also teaming up with the firm to develop a next-generation ASIC miner. Its subsidiary, Highrise AI, signed a five-year customer agreement for GPU-as-a-Service. The company also closed a $150 million strategic investment from Coatue to support AI development.（CoinDesk）
3.
CoreWeave, an AI firm in close partnership with bitcoin miner Core Scientific, filed for an IPO. The company is expected to raise $4 billion, with a valuation of more than $35 billion. The filing showed the company had seen $1.9 billion in revenue in 2024, resulting in a net loss of $863 million due to the firm’s AI-related investments. CoreWeave has enlisted Core Scientific’s assistance to build 500 megawatts (MW) of infrastructure for AI-related purposes. The latter company used to be CoreWeave’s biggest GPU supplier when the former was still mining ether.（CoinDesk）
4.
Argo is pleased to announce that it entered into a non-binding term sheet for up to $40 million in senior secured convertible loans. The initial tranche of the financing would be $15 million with follow-on tranches of up to $25 million over the next 18 months. Three multinational organizations are participating (no information on the names of the organizations has been disclosed) and will join Argo’s board of directors, and the new funds will be used to expand its Baie Comeau mining facility, strengthen its balance sheet and make a series of potential M&A deals.
5.
Belarus President Alexander Lukashenko has instructed his energy minister to develop the country’s cryptocurrency mining industry, signaling growing intent to generate revenue from surplus energy. Citing U.S. plans to build reserves of cryptocurrencies like bitcoin and ethereum, Lukashenko emphasized global trends and stated that if mining is profitable, it should be pursued. The decision was announced shortly after forming his new government, in which he prioritized renovating the country’s 5,700-kilometer power grid.（Cointelegraph）
6.
U.S. authorities have recently begun releasing seized Chinese-made cryptocurrency mining equipment. Thousands of units have already been released. Synteq Digital CEO Taras Kulyk noted that some CBP agents hold a negative view of bitcoin mining, which has created obstacles for the industry. Luxor Technology COO Ethan Vera confirmed that while some devices have been released, most remain detained. He added that concerns about radio-frequency emissions from mining equipment are unfounded.
7.
Users of the online project RedStone have expressed frustration over a lack of airdrops despite years of participation in activities such as S1–S3 mining seasons, Zealy tasks, and Chinese New Year events. Officially eligible roles include Vein Master, Deep Miner, Professor, and IRL participants. However, fewer than 2% of RedStone Discord’s 230,000 members hold any of these roles. Although the leaderboards list over 170,000 participants, only 2,296 addresses qualified for the airdrop — roughly 4,000 from a community of 200,000.
8.
Since last year, Angola has continued its “Searchlight” special operation to crack down on illegal cryptocurrency mining. Recently, law enforcement has intensified efforts and uncovered several cases involving Chinese nationals. The Chinese Embassy in Angola reminded citizens to comply with local laws — specifically not to provide sites, electricity, or storage for virtual currency mining equipment.
9.
Bitdeer (Nasdaq: BTDR) announced successful testing of its SEAL03 Bitcoin mining ASIC chip, achieving a power efficiency of 9.7 J/TH — aligning with its 10 J/TH target. The chip will be used in SEALMINER A3 rigs, with mass production beginning in Q2. Bitdeer paid $52.8 million to TSMC for chip production and revealed two A3 chip versions during its Q4 earnings call. The company plans to add 32 EH/s to its proprietary hashrate in 2025, with 7 EH/s of A2 production allocated for external clients.（The Miner Mag）
10.
Cybercriminals are blackmailing YouTube creators to embed crypto-mining malware into their videos, according to research from Kaspersky. The malware, SilentCryptoMiner, is based on the XMRig open-source miner and has infected around 2,000 computers in Russia. It is used to mine tokens including Ethereum, Ethereum Classic, Monero, and Ravencoin.
11.
Bitdeer announced its unaudited mining and operations update for February 2025. The company generated 110 BTC from self-mining, down from January due to the shorter month. Its total bitcoin holdings currently stand at 1,039 BTC.
12.
Law enforcement in Russia’s Irkutsk region seized 96 illegal cryptocurrency mining machines from an orphanage in Kazatchye village. Operated by a local nonprofit, the mine allegedly violated energy use and fire safety laws. Prosecutors have filed charges against its director. Despite a winter ban, illegal mining remains widespread in Siberia, prompting the Tyumen Oblast government to propose year-round restrictions by April 1st.
13.
The British Columbia Court of Appeal upheld the province’s decision to limit electricity to Bitcoin miners, rejecting Conifex Timber’s appeal for unrestricted access. Conifex sought to use 2.5 million MWh annually — nearly half the output of the Site C dam. The court sided with BC Hydro, prioritizing public interest and electricity stability. BC, Manitoba, and Quebec have restricted crypto mining, while Alberta remains a mining-friendly jurisdiction.（The Miner Mag）
14.
The Kentucky Senate unanimously passed a bill aimed at protecting Bitcoin self-custody rights and digital asset mining operations. With a decisive 37–0 vote, the legislation, titled AN ACT relating to blockchain digital assets (HB 701), now moves to the Governor’s desk for final approval. If signed, Kentucky will become one of the more Bitcoin-friendly states in the country.
15.
Thai police confiscated mining rigs, controllers, routers, signal boosters, modified meters, computers, and bank passbooks from three abandoned homes after reports of electricity theft. The illegal operation caused over 11 million baht (approx. $327,000) in damages. No arrests have been made, as the operation was remotely controlled. The CIB is now seeking a warrant to track suspects, citing fire hazards and excessive power use.
16.
Bitdeer has launched its latest self-developed Bitcoin mining machines, the SEALMINER A2 Pro series. The line includes the air-cooled A2 Pro Air and hydro-cooled A2 Pro Hyd models, both delivering a power efficiency of 14.9 J/TH ±5%. The A2 Pro Air offers 255–270 TH/s with 3,790–4,050W consumption, while the A2 Pro Hyd delivers 500–530 TH/s with 7,450–7,900W usage.
17.
Stablecoin giant Tether has increased its stake in bitcoin miner Bitdeer (BTDR), according to a filing with the U.S. Securities and Exchange Commission (SEC). According to the filing, Tether and its subsidiaries, Tether International and Tether Investments, now collectively own 31,891,689 shares of Bitdeer’s Class A common stock, bringing their stake to 21.4 percent.（Blockspace）
18.
The SEC clarified that mining and mining pool activities under proof-of-work do not constitute the issuance of securities and are not subject to Securities Act or Exchange Act registration. PoW miners contribute computational resources to validate transactions and maintain network integrity, and are rewarded through network protocol — not through the efforts of others — thus failing the Howey Test for investment contracts.
19.
In Belarus, Mogilev region has begun preparing sites for the construction of mining farms, with the initiative receiving support from President Alexander Lukashenko. Earlier, Lukashenko instructed the country’s energy minister to promote the development of the domestic cryptocurrency mining industry and to utilize the country’s surplus electricity to generate additional revenue. （Cointelegraph）
20.
Riot Platforms announced that a wholly-owned subsidiary has entered into a non-binding term sheet to potentially acquire specific assets from Rhodium at Riot’s Rockdale Facility. The agreement also includes a motion to approve the settlement. According to the term sheet, Whinstone (or an affiliate) will provide Rhodium with $185 million in total consideration, including $129.9 million in cash. In return, Rhodium will transfer ownership of all tangible property at the Rockdale Facility. Rhodium filed for Chapter 11 bankruptcy in the Southern District of Texas in August, reporting up to $100 million in debt.
21.
The Bhutan government transferred $63 million worth of Bitcoin to three wallets on March 24, according to Onchain Lens, which analyzed data from Arkham Intelligence. One of the wallets now holds 600 BTC, valued at approximately $53 million. Bhutan has leveraged its abundant hydroelectric power to mine Bitcoin since 2019. Arkham identified the wallet as being tied to Druk Holdings, the country’s investment arm. Following the transfers, the wallet holds $889.9 million in Bitcoin.（Cointelegraph）
22.
NYDIG, a leading bitcoin and power firm, announced that it has entered into a definitive agreement to acquire Crusoe’s Bitcoin mining operations. As part of the transaction, NYDIG will acquire over 270 MW of power generation technology, expanding its role in supporting Bitcoin’s proof-of-work network. Crusoe’s Digital Flare Mitigation (DFM) technology — part of the broader Stone Ridge ecosystem — is a natural fit for NYDIG. DFM captures natural gas that would otherwise be flared and converts it into electricity for powering modular data centers located on-site. Crusoe’s mining operation includes over 20 sites across seven U.S. states and a joint venture in Argentina. NYDIG will integrate the business into its existing Power & Bitcoin Mining division.
23.
Canaan Inc. announced its unaudited financial results for the fourth quarter and full year of 2024. Total Q4 revenue was $88.8 million, an 80.9% year-over-year increase. Mining revenue reached $15.3 million, up 312.5%, with 186 bitcoins mined. For the full year 2024, total revenue was $269.3 million, a 27.4% increase from $211.5 million in 2023. Annual mining revenue was $44.0 million, up 29.6% from $34.0 million the previous year.
24.
Conglomerate Group (NASDAQ: ICG) announced the Goldshell Byte product, which features a standard dual-slot mining base and a pluggable mining chip card. Similar to a gaming console, users can swap mining cards based on market conditions, offering flexibility to capitalize on opportunities. The Byte currently supports Dogecoin and Aleo mining, with more cards expected in the future. Market prices range from $254 to $691, with an estimated daily yield of around $2.
25.
Cryptographer and early Bitcoin developer Adam Back, along with two affiliated companies, is seeking to enforce a $28 million arbitration award against Chinese chipmaker Innosilicon in U.S. court. The petition alleges that Innosilicon knowingly supplied defective Bitcoin miners, having discovered cracks in the chips as early as March 2018 — months before delivery. Despite this, the company allegedly proceeded with the shipment in September 2018 without remediation. The HKIAC tribunal found Innosilicon in breach of all three contracts and awarded damages for lost Bitcoin: 425.98 BTC to Blockstream, 1,393.79 BTC to Thigmotropism, and 51.84 BTC to Back.
26.
Bitcoin mining company Marathon Digital has announced a $2 billion market-directed equity offering. The proceeds will primarily be used to purchase additional bitcoins and for general corporate purposes. Marathon has entered into agreements with BTIG, Cantor Fitzgerald, and other firms to act as sales agents for the offering.
27.
Eric Trump, son of former President Donald Trump, and Hut 8 Mining have announced the formation of a new Bitcoin mining company, American Bitcoin. Hut 8 will contribute the majority of its ASIC miners to American Data Centers — a company backed by Eric and Donald Trump Jr. — which will be renamed American Bitcoin upon completion of the transaction. The new company aims to reach a hashrate of over 50 EH/s with an average efficiency below 15 J/TH. It also plans to go public independently, with Hut 8 serving as its exclusive infrastructure and operations partner.
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