UpGate

Tag: Mining & Infrastructure

  • Binance to Discontinue Bitcoin Mining Pool Services in 2026, Shifts Focus to AI and TradFi

    Binance to Discontinue Bitcoin Mining Pool Services in 2026, Shifts Focus to AI and TradFi

    Binance, the world’s largest cryptocurrency exchange, will cease operations of its Bitcoin mining pool and related services, including Pool Savings, Cloud Mining, and Transaction Accelerator, effective November 10, 2026, at 07:00 UTC. This strategic move signals a significant redirection of the company’s focus towards artificial intelligence (AI) tools and traditional finance (TradFi) offerings.

    Miners currently using Binance Pool are required to migrate their operations to other mining pools before the November 10, 2026, deadline. Following this date, Binance Pool will no longer accept or process hashrate submissions or mining shares. User transaction history will remain accessible until November 24, 2026. Binance has not yet specified an automatic payout timetable or the precise mechanics for final settlements of outstanding rewards or refunds.

    The discontinuation impacts a range of services, including Stratum connections, mining-pool APIs, and associated email and Telegram alerts. Users are advised to close their Pool Savings accounts and complete all necessary transitions before the services are terminated. Any eligible outstanding rewards or refunds will be processed according to applicable product terms and compliance checks.

    Binance has characterized the closure as part of a broader product review, but has not detailed the specific financial reasons behind the decision. Binance Pool commenced operations in April 2020.

    This exit from Bitcoin mining aligns with Binance’s growing investments in other strategic areas. The exchange launched a free AI market assistant on October 12, following a beta test with approximately 150,000 users, which offers market guidance rather than autonomous trading. In parallel, Binance has expanded its traditional finance footprint, including its involvement with Nest Trading Limited for US equities and plans for physically settled options on over 1,000 US stocks and ETFs. This expansion is reflected in Binance’s TradFi perpetual-futures volume, which surged from $29.5 billion in January to $433.4 billion in August.

    Against this backdrop of operational shifts, Binance Coin (BNB) is trading around $740 as of October 14, with a market capitalization of approximately $98.57 billion and a daily trading volume of about $555.82 million. BNB is currently trading below its all-time high of $1,369.99, indicating recent selling pressure. Analysts suggest near-term support for BNB may lie in the $736–$718 region, with resistance expected around $746 and $775. A sustained move above these resistance levels could signal strengthening momentum, while a fall below support might increase downside risks. The performance of BNB is also influenced by broader cryptocurrency market sentiment and activity on the BNB Chain, where ecosystem adoption could potentially bolster demand.

    Binance has not elaborated on the financial rationale for discontinuing its mining operations or provided a specific timeline for final settlements. While the exchange’s expansion into AI and traditional finance provides context for its evolving product mix, it does not directly explain the decision to exit Bitcoin mining. Market observers are monitoring Bitcoin for broader market direction signals.

    Why This Matters

    The materials describe a narrow update: Binance will discontinue Binance Pool and associated services, including Pool Savings, Cloud Mining, and Transaction Accelerator, on November 10, 2026, at 07:00 UTC. The financial reasons for the closure of Binance Pool.

    Broader Context

    Source materials place the factual news in this context: Binance is developing AI tools and traditional-asset trading.

  • Bitcoin Miners Ease Selling Pressure: A Bullish Sign for BTC

    Bitcoin Miners Ease Selling Pressure: A Bullish Sign for BTC

    Bitcoin Miners Halt Aggressive Selling, Signaling Potential Boost for BTC

    Bitcoin miners have significantly reduced their selling pressure, a development that could provide a substantial tailwind for the cryptocurrency’s price, according to a recent report from CryptoQuant. The analysis indicates that miner revenues have surged 78% from their July lows, leading to improved profitability and a cessation of extreme outflows from mining operations.

    CryptoQuant, a prominent blockchain analytics firm, concluded that these key network participants have navigated their most challenging period of the year. The removal of consistent selling pressure from miners, the firm suggests, could further benefit Bitcoin’s price trajectory.

    The report highlighted that no extreme miner outflow events have been recorded since August 21. On that date, approximately 29,000 BTC were moved from wallets associated with miners as the cryptocurrency’s price climbed from below $65,000 to $76,000. The largest daily outflows observed since then have been around 12,000 BTC, a figure the analytics company considers within a normal operational range.

    Furthermore, older mining entities are also offloading significantly fewer coins. Excluding Bitcoin associated with the enigmatic Satoshi Nakamoto, miners from the Satoshi era moved roughly 600 units from their wallets in September. This represents a substantial decrease of approximately 70% compared to the 2,000 BTC moved in January. Despite this reduced selling, their combined holdings remain substantial, close to 590,000 bitcoins.

    This trend of reduced selling extends to larger, more modern mining operations. Addresses holding between 100 and 1,000 BTC saw their collective balance decrease by about 20%, from approximately 64,000 BTC in December 2025 to 51,000 BTC by early September. However, this figure has since stabilized, indicating a halt in the decline.

    While CryptoQuant acknowledged that miners are not yet actively accumulating Bitcoin, the report determined that the persistent selling pressure has effectively ended. This marks a notable shift from early August, when major miners, including Marathon Digital Holdings (MARA) and Riot Platforms, were reportedly moving Bitcoin to custodians like NYDIG amidst challenging industry and market conditions.

    The report attributes the miners’ reduced need to sell to Bitcoin’s recent rally. The cryptocurrency has surged 45% from under $58,000 at the start of July to over $83,000 this week. This price appreciation has boosted total daily miner revenue from $27 million to around $48 million, representing the aforementioned 78% increase. Transaction fees have also seen a recovery, rising from a seven-day average of $195,000 to $275,000, though they remain considerably below the peaks observed in 2025.

    CryptoQuant’s Miner Profit/Loss Sustainability Indicator has shifted from an “extremely underpaid” status between May and August to “fairly paid” after August 21. This suggests that miners are now earning sufficient revenue to cover their operating costs, reducing the necessity to liquidate Bitcoin simply to remain solvent.

    Bitcoin’s hash rate has also shown signs of recovery, increasing from under 900 exahashes per second (EH/s) in late July to over 960 EH/s. The drawdown from its previous peak has narrowed from 18% to 13%. CryptoQuant interprets this as a sign of mining capacity returning rather than a capitulation of mining operators.

    However, the report identified a crucial missing element: while miners have ceased aggressive selling, they have not yet begun to rebuild their Bitcoin balances. CryptoQuant believes that a sustained return to accumulation by miners would provide a stronger signal that the fundamental backbone of the Bitcoin network is transitioning from a source of market supply to that of long-term holders.

  • Nscale Secures $3.36B Pre-IPO Amid AI Infrastructure Boom

    Nscale Secures $3.36B Pre-IPO Amid AI Infrastructure Boom

    Nscale Secures $3.36 Billion in Pre-IPO Financing, Nvidia Commits $1 Billion

    Nscale, a rapidly expanding AI infrastructure company based in London, has announced a substantial $3.36 billion in pre-IPO financing. The significant funding round, led by hedge fund Third Point, includes a $1 billion commitment from chip giant Nvidia, signaling strong endorsement from the technology sector.

    NYSE Listing on the Horizon

    The company has filed its S-1 registration statement with the U.S. Securities and Exchange Commission, paving the way for a listing on the New York Stock Exchange under the ticker symbol NSCL. This move marks a remarkable transformation for Nscale, which was involved in Bitcoin mining just two years ago.

    Financing Structure and Valuation

    The financing is structured in two parts. An initial tranche of $2.36 billion is slated to convert into ordinary shares upon the completion of Nscale’s initial public offering. Nvidia’s $1 billion investment is expected to be finalized by mid-November, with the chipmaker receiving non-voting shares as part of the agreement.

    The conversion price for these pre-IPO investments will be set at a double-digit discount to the eventual IPO price, with a valuation cap of $30 billion. This cap suggests investors are anticipating a significant increase in valuation, as Nscale was valued at $14.6 billion following its $2 billion Series C funding round in March 2026, a mere six months prior.

    Robust Business Metrics

    Nscale reports a total contracted value exceeding $103 billion across its operations. The company also boasts a power pipeline of over 10 gigawatts, distributed across 14 regions globally.

    Strategic Pivot from Crypto Mining

    Nscale’s evolution is a compelling case study in strategic adaptation. Founded in May 2024 by Josh Payne, the company originated as an extension of a cryptocurrency mining operation. Payne identified the significant overlap between the GPU infrastructure and energy procurement expertise required for Bitcoin mining and the burgeoning demands of the artificial intelligence sector.

    The company previously raised $1.1 billion in a Series B round in 2025, which was at the time the largest venture funding round in European history. This was followed by the $2 billion Series C in early 2026, which more than tripled its valuation to $14.6 billion.

    Strategic Partnerships with Tech Giants

    Nvidia’s involvement extends beyond financial investment. Nscale has forged strategic partnerships with both Nvidia and Microsoft, focusing on GPU cloud services and sustainable power solutions for data centers. This dual role as a supplier and investor for Nvidia creates a powerful synergy, aligning Nvidia’s interest in expanding the deployment of its chips with Nscale’s need for preferential access to cutting-edge hardware.

  • Hut 8 Wins Bid for Two Poolin Texas Data Centers at $140 Million, Awaiting Court Approval

    Hut 8 Wins Bid for Two Poolin Texas Data Centers at $140 Million, Awaiting Court Approval

    Hut 8 has emerged as the winning bidder for two Texas data-center sites owned by the bankrupt mining company Poolin, with an offer of $140 million. The transaction is subject to approval from the U.S. Bankruptcy Court for the District of New Jersey, with a hearing scheduled for September 29.

    The winning bid significantly surpasses the initial stalking-horse offer, which totaled $52 million. This earlier offer included $15 million from Thor CALAP for the Pyote campus and $37 million for the Tarbush site. Other entities that participated in the bidding process included DigiPower X and Pecos Industrial Development, representing Fluidstack.

    Hut 8’s $140 million offer is contingent on bankruptcy court approval. Until this approval is finalized, the agreement is to be considered a winning bid rather than a completed purchase.

    Poolin filed for Chapter 11 bankruptcy in July, reporting approximately $173 million in obligations. These liabilities included funds owed to users of Poolin Wallet following a freeze on withdrawals in 2022.

    The acquisition of these Texas facilities by Hut 8, a company expanding beyond its origins as a pure Bitcoin miner into large-scale data-center and AI infrastructure, may reflect a broader market shift. There is increasing value placed on mining sites for their grid access and broader compute potential, extending beyond just Bitcoin hashing capabilities. The substantial increase from the initial auction bids to Hut 8’s final offer indicates significant competitive interest in these assets.

    Why This Matters

    The materials describe a narrow update: Hut 8 submitted the winning bid of $140 million for two data-center sites in Texas owned by the bankrupt mining company Poolin. Bankruptcy court approval for the sale is still required.

    Broader Context

    Source materials place the factual news in this context: Hut 8 has been named the winning bidder for two Poolin data-center sites in Texas with a $140 million offer.

  • Ethiopia Slashes Power to Bitcoin Miners Amidst Hydroelectric Shortfall

    Ethiopia Slashes Power to Bitcoin Miners Amidst Hydroelectric Shortfall

    Ethiopia’s state utility, Ethiopian Electric Power Corp. (EEP), has significantly reduced electricity supply to Bitcoin and other data-mining companies, cutting power by approximately 75% and leaving miners with about 23% of their contracted electricity.

    The reduction stems from lower-than-expected inflows into the nation’s hydroelectric dams, which generate about 95% of Ethiopia’s electricity. Incoming water levels are reportedly tracking at least 20% below expectations, a situation exacerbated by El Niño.

    EEP has reported losses of up to 50 megawatts per generating unit due to declining reservoir levels and has adjusted its revenue and supply forecasts. In the past financial year, Bitcoin-mining companies accounted for a substantial 35% of EEP’s revenue, consuming approximately one-third of the country’s total electricity production of 9,730 megawatts. While EEP’s installed generation capacity grew by 23% to 9,730 MW over the past year, capacity utilization fell to 60% against a target of 67%.

    Data mining operations generated 50.37 billion birr in the last fiscal year, underscoring the economic significance of this sector to Ethiopia’s power infrastructure. EEP plans to reassess its power supply position in October.

    This development highlights the operational risks for Bitcoin mining hubs dependent on hydropower. While the situation in Ethiopia reflects seasonal hydrological changes rather than direct climate change impacts, it serves as a reminder that low-carbon power sources are not always consistently reliable. The reliability of hydropower can be affected by environmental factors, impacting energy-intensive industries.

    Uncertainty remains regarding whether this dry spell is an isolated event or indicative of future trends for hydro-dependent mining hubs. The long-term impact of climate events on hydropower availability for mining operations is still unfolding.

    The news emerges as BTC USD trades around $76,850, showing a slight decrease over the past 24 hours and a more notable drop over the last seven days. For cryptocurrency market observers, this operational risk in a key mining region may be considered alongside broader macroeconomic factors influencing Bitcoin’s price action.

    EEP has stated that it may reassess its position in October. Broader claims about a 2025 permit freeze, tariff reform, or a formal transition plan for crypto mining in Ethiopia are outside the scope of verified facts related to this event.

    Broader Context

    Source materials place the factual news in this context: Bitcoin miners have spent years pitching hydropower as proof the network can run clean.

  • Illegal Crypto Mining Operation in Mexico Discovered Through Energy Consumption and Noise

    Illegal Crypto Mining Operation in Mexico Discovered Through Energy Consumption and Noise

    Mexican authorities have dismantled an illegal cryptocurrency mining operation in Tlaola, Puebla, after its significant energy consumption and noise alerted investigators. The operation was illegally drawing power from the Nuevo Necaxa hydroelectric dam, leading to the seizure of 300 mining machines, transformers, medium-voltage terminals, and satellite internet antennas.

    The discovery was reportedly made after the state security minister noted the unusual energy usage and noise emanating from the property, according to the state security ministry. This method of detection highlights a growing challenge for authorities worldwide as illegal mining operations seek to exploit energy infrastructure. While cryptocurrency mining is legal in Mexico, the theft of electricity to power these energy-intensive operations is not.

    Prosecutors are preparing charges for electricity theft, and investigations into potential money laundering are ongoing. The state government said it is examining whether assets produced by the operation were used for illicit financial activities. Mexico’s Federal Electricity Commission is also participating in the investigation.

    This incident is part of a larger pattern of electricity theft by crypto miners, which has resulted in substantial financial losses for utilities. Between January and July 2024, non-technical losses from electricity theft, meter tampering, and illegal connections in Mexico amounted to 6,346 gigawatt hours, valued at approximately 13.8 billion pesos ($817 million). This underscores the significant economic impact of such illicit activities.

    Authorities have previously cracked down on similar operations in the region. Three other mining operations were dismantled in Puebla and the neighboring state of Tlaxcala in 2025. Per reports in local media, a farm found near the same dam last year was allegedly operated out of properties belonging to the electrical workers’ union, though this claim has a low confidence level.

    Globally, the problem of illegal crypto mining and electricity theft is widespread. In Malaysia, authorities seized over 75,000 mining rigs last year due to power theft, with an estimated value of $1.1 billion. Similarly, Brazilian police shut down an illegal operation in Rio de Janeiro.

    Investigators are exploring whether this particular operation was part of a larger network exploiting the Sierra Norte’s hydroelectric infrastructure across neighboring states. The specific funding sources for the hardware and the full extent of any money laundering activities remain under investigation. The seized machines are described as GPUs, which could indicate they were used for mining cryptocurrencies other than Bitcoin, which typically relies on more specialized hardware.

    The detection of this operation through its energy footprint and noise provides a crucial insight into how authorities are beginning to combat these clandestine activities. The ongoing investigations aim to uncover the full scope of the illegal enterprise and hold those responsible accountable, while also addressing the broader risks posed to energy infrastructure and the significant financial losses incurred.

    Why This Matters

    Authorities seized 300 crypto mining machines, transformers, medium-voltage terminals, and satellite internet antennas from a property in Tlaola, Puebla. Who funded the hardware remains uncertain, as does whether assets produced were used to launder proceeds of crime.

    Broader Context

    Mining is legal in Mexico, but electricity theft is not.

  • IREN Reports $684 Million Loss Amid AI Transition, AI Revenue Surpasses Mining

    IREN Reports $684 Million Loss Amid AI Transition, AI Revenue Surpasses Mining

    IREN, a company transitioning from Bitcoin mining to AI data center operations, reported a significant $684 million loss for its fiscal year 2026. This financial outcome is largely attributed to substantial costs associated with the strategic pivot, including impairments and write-downs of its legacy Bitcoin mining hardware.

    In the latest quarter ending June 30, IREN’s AI cloud services generated $70.5 million in revenue, marking the first time this segment has surpassed its Bitcoin mining revenue, which stood at $66.7 million. Consequently, AI cloud services now represent 51.4% of the company’s quarterly revenue. Despite this shift, total revenue for the quarter saw a 5% decrease to $137.2 million, with Bitcoin mining revenue declining by 40% as IREN reallocated its sites for AI purposes.

    The fiscal year 2026 results were heavily impacted by the transition expenses. The quarterly loss included $450.4 million in impairments, primarily from retired mining hardware, and an additional $127.2 million in write-downs and losses on equipment. For the full fiscal year, revenue grew 41% to $707 million, but $638.8 million in impairments coincided with a net loss of $702.6 million, a significant change from the $86.9 million profit recorded in fiscal 2025.

    Adjusted EBITDA also experienced a sharp decline, falling 68% to $19.2 million in fiscal 2026 from $59.5 million in the prior period. IREN cited higher employee costs and investments made in anticipation of its AI cloud expansion as reasons for this decrease.

    Despite these financial challenges, IREN has secured substantial financing and major contracts to fuel its AI infrastructure growth. The company anticipates $4 billion in contracted annualized run-rate revenue (ARR) to be operational by year-end. It has secured $6.4 billion in GPU financing, including $3.6 billion for its five-year, $9.7 billion AI cloud agreement with Microsoft. This financing, combined with Microsoft’s prepayments, covers 96% of the associated costs. An additional $2.8 billion in GPU financing is designated for deployments with other clients.

    Furthermore, IREN entered into a $3.4 billion AI cloud contract with Nvidia in May. This agreement encompasses managed GPU services and is part of a partnership aimed at deploying up to 5 gigawatts of AI infrastructure.

    Bernstein analysts suggest that IREN will phase out its Bitcoin mining operations by 2030, as the company replaces mining hardware with GPUs for AI workloads. Daniel Roberts, Co-Founder and Co-CEO of IREN, commented, “Exponential AI consumption growth has fueled demand for compute capacity well beyond the available supply of infrastructure. IREN was built for this moment.”

    Key uncertainties persist regarding the precise timeline for IREN’s complete transition away from Bitcoin mining and the long-term profitability of its AI data center operations. The company’s ongoing investments and employee costs are also factors that may influence its future financial performance.

    Why This Matters

    The materials describe a narrow update: IREN reported a substantial loss in its fiscal 2026 results, primarily due to impairments and write-downs related to retired mining hardware and equipment as it converts mining sites for AI use. The exact timeline for IREN to fully wind down Bitcoin mining.

    Broader Context

    Source materials place the factual news in this context: IREN shares fell more than 8% after the Bitcoin miner turned AI data center operator reported a $684 million loss in its fiscal 2026 results.

  • Cypherpunk Launches World’s Largest Zcash Mining Fleet

    Cypherpunk Launches World’s Largest Zcash Mining Fleet

    Cypherpunk Launches Major Zcash Mining Operation, Bolstering Treasury Strategy

    Cypherpunk Technologies, a privacy-focused firm backed by Winklevoss Capital, has launched what it claims is the world’s largest Zcash mining operation. This move signifies an expansion beyond merely accumulating the privacy coin to actively producing it, further solidifying its strategy to build a substantial treasury around Zcash.

    The Nasdaq-listed company announced Monday the debut of Cypherpunk Mining, a venture established through a $33.33 million equity-based agreement with Winklevoss Capital. The deal facilitated the acquisition of the latest-generation Z15 Pro mining machines and their associated hosting agreements.

    The U.S.-based mining fleet is now operational, contributing approximately 4.2 GSol/s of Equihash hashrate to the Zcash network. The company estimates this represents roughly 18% of the total network hashrate. The acquisition was financed not with cash, but through a pre-funded warrant for approximately 43.3 million Cypherpunk shares, priced at $0.77 per share.

    Cameron and Tyler Winklevoss, co-founders of Winklevoss Capital, stated that this acquisition provides public market investors with a rare avenue to gain exposure to Zcash mining, an opportunity that has historically been difficult to access. Will McEvoy, Chief Investment Officer at Cypherpunk, framed the mining initiative as a crucial next step in the company’s privacy-centric strategy. He explained that the Zcash (ZEC) produced by the mining operation will fund further growth, enable additional coin acquisitions, and support investments in new privacy technologies.

    “Zcash hashrate has been concentrated in a small number of miners, pools, and ASIC makers—almost all of it outside the United States,” Cameron Winklevoss posted on X (formerly Twitter) following the announcement. “Cypherpunk is changing that. Our fleet is deployed across U.S. facilities, owned outright, and zero debt and power costs locked in low.”

    This mining expansion directly supports Cypherpunk’s treasury ambitions. The company is already the largest corporate holder of ZEC, possessing approximately 323,394 coins, which equates to roughly 1.92% of the circulating supply. The firm’s ultimate goal is to control 5% of the ZEC supply.

    With approximately 43,800 ZEC minted for miners each month, Cypherpunk stated that its mining operations will accelerate its treasury accumulation goals, with production costs anticipated to be below the prevailing market price. The company has also bolstered its mining division by bringing on industry veteran Kevin Zhang, formerly of Foundry, as its head of mining.

    The launch of Cypherpunk Mining follows a period of significant volatility for the company’s Zcash-focused strategy. The Cypherpunk treasury vehicle, launched with Winklevoss backing, initially benefited from a sharp ZEC rally in late 2025, during which the coin’s value increased even as Bitcoin experienced a decline. Zcash creator Zooko Wilcox joined the initiative towards the end of last year.

    However, the venture has not been without its challenges. The company’s stock price experienced a significant decline of nearly 40% at one point, attributed to a Zcash privacy bug. This event underscored the extent to which the firm’s financial performance is closely tied to a single, thinly traded asset. Zcash is currently trading just above $500, representing a roughly 7% increase over the past seven days, but a decline of approximately 28% from its peak near $700 last year.

    Cypherpunk acknowledged that its share price is likely to remain highly correlated with ZEC’s performance, a risk that carries potential for both upside and downside.

  • MARA Reports $611M Loss Amid 27% Revenue Drop

    MARA Reports $611M Loss Amid 27% Revenue Drop

    MARA Holdings, the largest publicly traded Bitcoin miner, reported a net loss exceeding $611 million for the second quarter of 2026, accompanied by a 27% decline in revenue, according to a shareholder letter released August 6.

    The quarter highlighted a growing disparity between MARA’s expanding computing power and the diminishing value of Bitcoin held on its balance sheet. The company’s Bitcoin holdings decreased by nearly a third, even as it mined more units compared to the previous year.

    Financial Performance

    MARA’s revenue in Q2 2026 fell 27% year-over-year to $174.9 million, down from $238.5 million in the same period last year. The company posted a net loss of $611.3 million, a stark contrast to the $808.2 million net income recorded a year prior. Adjusted EBITDA also saw a significant drop, moving from a positive $1.2 billion to a loss of $360.9 million.

    The company attributed a substantial portion of this downturn to the lower price of Bitcoin. While increased production contributed positively to revenue, a 28% year-over-year decrease in Bitcoin’s average price resulted in an estimated revenue reduction of approximately $65.9 million.

    Furthermore, MARA recorded an unrealized loss of $343 million on its digital asset holdings. This was driven by a roughly 45% drop in Bitcoin’s price compared to the same period last year, shifting from a significant mark-to-market gain in 2025 to a substantial paper loss in Q2 2026.

    Operational Expansion and Costs

    Operationally, the miner continued its expansion efforts. Energized hashrate increased by 22% to 70.3 EH/s, while production rose 3% to 2,422 BTC. The total number of blocks won also climbed to 700. The cost per petahash per day saw a 4% improvement. However, the purchased energy cost per Bitcoin increased to $38,690, as power expenses and network difficulty escalated at a faster pace than the company’s hashrate growth.

    As of the end of June, MARA held 35,577 BTC, valued at approximately $2.1 billion, representing a 29% decrease from the previous year. This holdings included 9,270 BTC that were either loaned out or pledged as collateral.

    During the quarter, the company mined 2,422 BTC and sold 2,213 BTC at an average price of $73,078. Additionally, MARA generated about $4.3 million in interest income by lending 4,742 BTC. Management indicated plans to continue selling its Bitcoin holdings opportunistically to bolster liquidity and fund capital projects when market conditions are favorable.

    Market Analysis and Future Outlook

    Spot On Chain’s Hupzy commented on the results, suggesting that MARA is “liquidating its BTC treasury to fund operations.” The analysis characterized this as a supply overhang rather than an isolated event, noting the modest 3% increase in production alongside a nearly one-third drop in holdings. The firm’s combined cash and Bitcoin reserves of approximately $2.5 billion were identified as a potential ceiling on further sales.

    This follows a significant sale of 15,133 BTC for about $1.1 billion between March 4 and 25. The proceeds were largely used to repurchase approximately $1 billion in convertible notes due in 2030 and 2031, and were accompanied by a roughly 15% workforce reduction. The company also transferred 200 BTC, valued at about $12.86 million, to NYDIG recently.

    MARA is now shifting its focus towards building infrastructure beyond Bitcoin mining. The shareholder letter indicated that the company is awaiting regulatory approval for its Long Ridge acquisition and has recently secured rights to a powered land site in Matagorda County, Texas. If approved, these projects could expand its power capacity to as much as 4.8 gigawatts, as the company continues to allocate capital towards AI and high-performance computing, in addition to its core Bitcoin mining operations.

  • Bitcoin Miners Resume Selling: BTC Offload Volume Revealed

    Bitcoin Miners Resume Selling: BTC Offload Volume Revealed

    Bitcoin Miners’ Selling Spree Threatens Price Recovery

    Bitcoin’s recent surge past the $64,000 mark may face headwinds as two of the largest players in the cryptocurrency’s mining ecosystem have initiated a significant sell-off of their holdings. Data from blockchain analytics firm Lookonchain indicates that MARA and Riot Platforms, prominent Bitcoin miners, have deposited substantial amounts of the cryptocurrency onto exchanges, signaling a likely intention to sell.

    Major Miners Deposit Large BTC Holdings

    Specifically, MARA, which reported over $600 million in losses during the second quarter but maintains a Bitcoin reserve valued at more than $2.3 billion, transferred 200 Bitcoin units to NYDIG on Thursday evening. Concurrently, Riot Platforms utilized the same platform to deposit another 381 Bitcoin, estimated to be worth $24.5 million, around the same time.

    Lookonchain’s report highlighted these transactions, stating: “MARA, which holds 36,303 $BTC ($2.34B), deposited 200 $BTC ($12.86M) into NYDIG 10 hours ago. Riot Platforms also continues to send $BTC to NYDIG, depositing another 381 $BTC ($24.51M) 10 hours ago.”

    Context of Miner Selling and Industry Pressures

    This move by MARA and Riot comes on the heels of reports from earlier in the year indicating that Bitcoin miners had offloaded a record 32,000 Bitcoin units in the first quarter of 2026. That previous selling spree was linked to a notable decline in the blockchain’s hash rate.

    The ongoing cryptocurrency bear market continues to exert pressure on smaller Bitcoin miners, forcing some out of operation. In a separate development, mining pool Poolin has filed for Chapter 11 bankruptcy protection in New Jersey, seeking court approval for the sale of its Texas mining assets valued at $52 million.

    On a more positive note for individual participants, a solo miner recently successfully solved a complex puzzle, earning a reward of 3.125 Bitcoin, which was valued at approximately $200,000 at the time of the discovery.