Odaily News JPMorgan Chase said that Bitcoin mining profitability improved in May, with the total market value of the 13 mining companies it tracked rising by about 19% from April, and the average daily block reward gross profit increasing by 36% from April. (CoinDesk)

Odaily News Benchmark analyst Mark Palmer gave bitcoin mining machine maker Canaan Inc. (NASDAQ: CAN) its first "buy" rating and set a target price of $3, nearly five times higher than the current share price of $0.62. Palmer pointed out that Canaan's stock price fails to reflect its potential to expand its self-operated mining business in the United States. The company plans to increase its self-operated mining computing power in North America to 10 EH/s and its total global computing power to 15 EH/s by mid-2025. In addition, Canaan holds approximately 1,408 bitcoins, which is worth approximately $133 million at current prices, accounting for approximately 70% of its market value, which should help support its valuation. Palmer emphasized that Canaan's vertical integration strategy gives it a differentiated advantage in the field of bitcoin mining, enabling it to profit from both chip/mining machine sales and self-operated mining. (CoinDesk)

Odaily News Riot Platforms, one of the publicly traded bitcoin mining companies, said on Monday that it sold the bitcoin mined in April, the first sale of mined bitcoin in more than a year. The company sold 475 bitcoins for a net proceeds of approximately $38.8 million. The sale included 463 BTC mined in April and an additional 12 BTC in reserves. The last time Riot sold a large amount of bitcoin was in January 2024.

Odaily News Bitcoin mining companies with high-performance computing (HPC) operations underperformed BTC for three consecutive months in April, Wall Street bank JPMorgan Chase said in a research note on Thursday. To reduce their reliance on cryptocurrencies, some Bitcoin miners have turned to new areas, such as providing HPC services to the fast-growing artificial intelligence (AI) market. Mining profitability declined in April as the network hash rate rose, with daily block reward revenue down 6% from March. At the same time, the average hash rate rose by about 56 EH/s in April, up 6% month-on-month to 872 EH/s, the second-highest consecutive increase in the average monthly network hash rate in history. The total market value of the 13 U.S.-listed mining stocks tracked by the bank increased by 12% from March, with Greenidge (GREE) performing particularly well in April, up 46%. (CoinDesk)

Odaily News Z Squared, which focuses on Dogecoin (DOGE) mining, announced a merger agreement with biopharmaceutical company Coeptis (COEP), which is expected to be completed in the third quarter of 2025. After the merger, Z Squared will become a wholly-owned subsidiary of Coeptis, and the new entity will focus on mining DOGE and other cryptocurrencies such as Litecoin (LTC), with 9,000 DOGE mining equipment in the United States. Coeptis' pharmaceutical business will be spun off and operated independently. Z Squared CEO David Halabu said the listing will provide the company with broader capital market support to expand its mining business and pursue other strategic opportunities. DOGE currently has a market value of over $20 billion and is the eighth largest cryptocurrency. (CoinDesk)

Odaily News Gold stocks generally rose before the US stock market opened, with Harmony Gold (HMY.N) up more than 8%, Gold Fields (GFI.N) up nearly 8%, Anglogold up 6%, and Cordellen Mining (CDE.N) up more than 4%. (Jinshi)

Odaily News Cango announced the sale of its domestic auto finance business to Ursalpha Digital Limited, which is associated with Bitmain's subsidiary Antalpha, for $352 million. The transaction is part of Cango's comprehensive transformation into a bitcoin mining business. It is reported that the transaction includes an advance payment of $210.6 million paid by Ursalpha, and additional installments depend on fulfilling tax obligations and reducing the credit risk exposure of the divested entity. In addition, Cango mined 530 BTC in March and holds 2,475 coins. (Theminermag)

Odaily News IREN, an Australian-listed Bitcoin mining company, announced a major strategic adjustment. The company will suspend the expansion of the mine after completing the construction of the current 52EH/s computing power, and will fully turn to the field of artificial intelligence data centers and cloud computing services. According to CEO Daniel Roberts, the existing 35EH/s mining machine facilities are expected to reach full production within a few months, and the annual cash flow will reach US$528 million. This decision reflects the industry trend of the mining industry seeking diversified development after the Bitcoin halving, especially North American mining companies are accelerating their transformation to AI computing service providers by relying on their energy advantages. Influenced by this news, IREN's stock price fell 2.1% before the market opened, and the market paid attention to the progress of its supercomputing solution in cooperation with HP Enterprise. (CoinDesk)

Odaily News Bitcoin financial services company NYDIG announced a definitive agreement to acquire Crusoe's Bitcoin mining business. The acquisition includes 270 megawatts of power generation technology assets, which can convert associated natural gas into mining power. After the transaction is completed, the Crusoe team will be incorporated into NYDIG's power and Bitcoin mining departments, and the two parties will continue to maintain strategic cooperation in the field of AI data centers. NYDIG's parent company Stone Ridge holds 10GW of US natural gas assets, and this acquisition will form synergies with its energy business. Crusoe's "digital emission reduction" technology has been deployed in more than 20 mining sites in 7 states in the United States and Argentina. NYDIG founder Ross Stevens said that this integration will reduce the cost of Bitcoin network security operations while promoting the efficient use of energy resources.

<p>Odaily News Tether has significantly increased its stake in Bitdeer Technologies Group, a leading Bitcoin mining company. This strategic move highlights Tether&#39;s growing involvement in the Bitcoin mining ecosystem, expanding its portfolio beyond stablecoin operations. According to recent filings with the U.S. Securities and Exchange Commission (SEC), Tether and its subsidiaries currently hold a total of 31,891,689 Class A common shares of Bitdeer, representing approximately 21.4% of the company&#39;s total outstanding shares. Previously, Tether acquired $100 million of Bitdeer shares through a private placement in May 2024, with an option to purchase an additional $50 million worth of shares within 12 months.<br/> It is reported that Tether&#39;s relationship with Bitdeer is not just a passive investment, but a strategic cooperation aimed at strengthening Bitcoin infrastructure. By acquiring a large stake in a major mining company, Tether positions itself as a direct contributor to the stability and sustainability of the Bitcoin network. (Financefeeds)</p>