Global Crypto Mining News in May: Bitmain Launches New Miner at 9.5 J/TH, Riot Sells Bitcoin for the First Time in Nearly Two Years, etc
1.
Cipher Mining (NASDAQ: CIFR) released its unaudited production and operations update for April 2025. Cipher produced 174 BTC in April. As part of its regular treasury management process, Cipher sold 350 BTC in April, ending the month with a balance of 855 BTC ，and includes 379 BTC pledged as collateral. Cipher Mining‘s month end operating hashrate is 13.5 EH/s.
2.
Riot Platforms (NASDAQ: RIOT) announced its financial results for the first quarter of 2025, reporting total revenue of $161.4 million, primarily driven by an increase in Bitcoin mining revenue, which rose to $142.9 million. During the quarter, the company produced a total of 1,530 Bitcoins, with a mining cost per Bitcoin (excluding depreciation) of $43,808 — significantly higher than $23,034 in the same period last year — mainly due to the Bitcoin halving and the increase in overall network hashrate. As of March 31, the company held 19,223 unrestricted Bitcoins. In addition, Riot’s data center project in Corsicana, Texas, continues to progress, with plans to build a total power capacity of 1 GW. In April, the company completed the acquisition of Rhodium’s mining assets at the Rockdale site.
3.
Core Scientific reported Q1 2025 financial results, with net income of $581 million, up $370 million year-over-year, primarily due to a $622 million non-cash fair value adjustment of warrants and contingent equity rights. Total revenue decreased 55.6% YoY to $79.525 million, including $67.179 million from proprietary mining, $3.773 million from hosted mining, and $8.573 million from hosting services. Adjusted EBITDA was -$6.107 million, compared to $87.996 million in the same period last year. The company expects to provide 250MW of hosting capacity to CoreWeave by the end of 2025, potentially generating $360 million in annual hosting revenue in 2026.
4.
Bitcoin mining company Hut 8 Corp reported Q1 2025 results, with revenue down 58% YoY to $21.8 million and a net loss of $134.3 million, compared to net income of $250.7 million in the same period last year. CEO Asher Genoot cited the Bitcoin halving and operational disruptions due to mining equipment upgrades as primary causes. Recently, Hut 8 partnered with Eric and Donald Trump Jr. to launch American Bitcoin Corp and plans to continue investing in the company and accumulating Bitcoin. It is also developing a high-performance computing data center in Louisiana to serve AI enterprises.
5.
Bitcoin miner TeraWulf reported a net loss of $61.4 million for Q1 2025, significantly higher than the $9.6 million loss in Q1 2024. Revenue fell YoY to $34.4 million, while cost of revenue soared to $24.5 million, representing 71.4% of revenue. TeraWulf stated the revenue drop was mainly due to the Bitcoin halving, which reduced block rewards from 6.25 BTC to 3.125 BTC. Additionally, increased network difficulty and severe weather in New York affected mining operations.（Cointelegraph）
6.
Bitcoin mining firm Bitfarms reported Q1 2025 revenue of $67 million, up 33% YoY. Bitcoin mining gross margin was 43%, down from 63% in the same period last year. The company posted a net loss of $36 million for the quarter. As of May 13, Bitfarms held about $150 million in liquid assets and 1,166 Bitcoins.
7.
NYSE-listed company Cango reported Q1 2025 revenue of RMB 1.1 billion ($145.2 million), with Bitcoin mining contributing RMB 1 billion ($144.2 million). The company mined 1,541 Bitcoins during the quarter, at an average cost of $70,602 per Bitcoin. As of March 31, Cango held RMB 2.5 billion ($347.4 million) in cash and short-term investments.
8.
Russia’s Ministry of Finance has submitted a bill to impose VAT on domestic companies that lease mining equipment or provide real-time hashrate services to foreign clients. The bill aims to close legal loopholes regarding VAT for cross-border mining services. According to the Russian tax agency, there are currently 606 registered miners and 116 mining infrastructure operators nationwide. The mining sector is expected to contribute about 50 billion rubles annually in tax revenue.
9.
Energy management company KULR Technology reported Q1 2025 revenue increased 40% YoY to $2.45 million. However, due to adjustments in the market value of its Bitcoin holdings, net loss widened to $18.81 million. The company now holds 716.2 Bitcoins valued at approximately $74.4 million and reported $250,000 in Bitcoin mining revenue for the first time. KULR also launched a blockchain-based supply chain system on the Base chain to track product data and generate NFTs.（The Block）
10.
In Terengganu, Malaysia, local police and national utility TNB’s SEAL unit raided illegal Bitcoin mining operations in Hulu Terengganu and Marang, seizing 45 mining machines worth about MYR 225,000 (approx. RMB 360,000). The syndicate allegedly tapped electricity illegally from residential and commercial premises, causing losses of around MYR 36,000 per month.
12.
UK-registered crypto asset firm BTC Mining Limited has been shut down for alleged fraud. Users from Estonia, Mauritania, Iran, and other countries reported paying for mining services but receiving no returns and being unable to withdraw funds. The UK’s Action Fraud agency received six formal complaints, totaling over $18,000 in losses, though actual victims may be more numerous. The company had no legal address, its website is no longer accessible, and sole director Stibich Martins Yhaicha Luzia has been unreachable since the company’s founding in January 2024. Manchester High Court ordered the company’s closure on April 28.
13.
Bitcoin mining company Bit Digital has filed to raise up to $500 million through an at-the-market (ATM) offering, exceeding its current $429 million market cap. The funds will support expansion into high-performance computing and cloud services, and cover mining equipment purchases, operating capital, and potential acquisitions.
（The Miner Mag）
14.
In April 2025, Riot Platforms sold 475 Bitcoins, marking its first major sale since January 2024 and signaling a departure from its long-standing 100% Bitcoin holding strategy. The sale included 463 BTC mined in April and 12 BTC from reserves, generating approximately $38.8 million. Riot stated the move aims to support operations and reduce reliance on equity financing to prevent shareholder dilution.
15.
Luxor said if a future Trump administration imposes sweeping tariffs on Bitcoin mining machines, Russia could become the biggest beneficiary. Most mining hardware is still produced in China and other parts of Asia, so tariffs would increase costs for U.S. miners. While some manufacturers are trying to localize production in the U.S., full domestic manufacturing could take years. Analysts suggest global hashrate distribution may shift to Russia, Canada, Africa, and South America in the short term, slowing U.S. mining expansion. Bitdeer said it is advancing its “Made in America” mining hardware initiative in response to policy uncertainty.
16.
Bitcoin miner BTC Digital Ltd. has acquired a 62-acre property with supporting infrastructure in Vienna, Georgia, for $2.1 million to expand its crypto mining operations. The site includes 20 MW of power capacity. BTCT plans to invest another $5 million to build an energy-efficient mining facility capable of housing about 6,000 machines. Remaining land will be used for storage and logistics.
17.
American Bitcoin, a mining firm backed by the Trump family, will go public via a stock-for-stock merger with Gryphon Digital Mining. The new entity will trade on NASDAQ under the ticker “ABTC” and retain its current management and board, including Eric Trump. American Bitcoin is 80% owned by Hut 8, with the Trump family holding the remaining 20%. The merger is expected to close in Q3 2025. Hut 8 will remain the exclusive infrastructure and operations partner.
18.
Malaysia’s national energy company TNB revealed that in 2023 there were 2,397 cases of electricity theft linked to illegal crypto mining, nearly four times the number in 2018. The total losses exceeded MYR 3.4 billion (approx. $720 million). These illegal operations, often located in homes or commercial buildings, tampered with meters to run high-power mining equipment, straining the national grid and increasing the risk of voltage instability and fires.
19.
Crypto asset management firm Galaxy Digital has completed its corporate redomicile from the Cayman Islands to Delaware, USA, and will officially list on NASDAQ under the ticker “GLXY” on May 16. The company reported a net loss of $295 million for Q1 2025, mainly due to the crypto market downturn and the closure of its Helios mining operations, resulting in impairment and disposal costs. As of the end of the quarter, Galaxy held $908 million in digital assets and $1.1 billion in cash and stablecoins.（The Block）
20.
Tokyo Stock Exchange-listed Kitanihon Spinning announced plans to enter the crypto and real-world asset (RWA) sectors, to be reviewed at the June shareholders’ meeting. The company plans to hold Bitcoin, develop renewable energy-based mining equipment, issue tokens for product payments and plastics recycling, and create a Web3 wallet. A dedicated crypto asset management division will be established in July to oversee the new initiatives.（CoinDesk）
21.
Police in Coronel Bogado, Paraguay, foiled an attempted theft of crypto mining servers, arresting four Chinese suspects. Three were deported, while one remains hospitalized under custody due to serious injury. The suspects tried to illegally access a restricted mining area and steal equipment, claiming to be programmers employed by the facility. Their employment status remains under investigation due to a lack of valid documentation.（CryptoSlate）
22.
At the 2025 World Digital Mining Summit (WDMS), Bitmain unveiled its latest Antminer S23 Hydro series. The new model boasts an energy efficiency of 9.5 J/TH, with a hashrate of 580 TH/s and power consumption of 5,510 W.
23
At the Bitcoin 2025 conference, Donald Trump’s sons Don Jr. and Eric Trump predicted Bitcoin could surpass $170,000 by the end of 2026. Influenced by Michael Saylor, they are backing several crypto initiatives, including mining company American Bitcoin (in partnership with Hut 8) and a DeFi project called World Liberty Financial. (The Block)
24.
Russian police in the Irkutsk region arrested a 26-year-old suspect involved in a crypto mining fraud scheme totaling 270 million rubles (approx. $3.2 million) with over 100 victims. The suspect and two accomplices lured victims into a fake “mining hotel” project, collected ASIC miners and funds, and then sold the equipment and embezzled the money. Authorities have filed criminal fraud charges and are pursuing the remaining suspects while continuing to interview victims.(CoinDesk)
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