Network Overview

This was a strong week for Bitcoin miners, as Bitcoin crossed the $100,000 mark and continues to show signs of market strength. Network activity also picked up, boosting miner revenue through higher transaction fees. While fees now make up only a small portion of total mining rewards, every bit counts. The added income has already attracted some miners back to the network, with the hashrate beginning to rise in response. As a result, the next difficulty adjustment, expected next weekend, is likely to bring an increase in mining difficulty.

Malaysia Sees 300% Surge in Power Theft Tied to Illegal Crypto Mining

Malaysia’s largest power provider, Tenaga Nasional Berhad (TNB), reports a nearly 300% increase in electricity theft linked to illegal crypto mining from 2018 to 2024. Cases rose from 610 to 2,397 as unauthorized miners tampered with meters to access subsidized electricity, straining the power grid and causing financial losses in the hundreds of millions.

To combat the issue, TNB has expanded its smart meter network for real-time detection and partnered with national authorities to raid illegal setups. Some property owners unknowingly hosting mining operations received bills as high as $278,400. Malaysia’s Electricity Supply Act allows fines up to $212,000 or 10 years in prison for such offenses. Similar crackdowns are unfolding globally, including recent large-scale enforcement actions in Kuwait.

Source: decrypt.co

MARA Reports $214M in Q1 Revenue, Bitcoin Holdings Jump to 47,531 BTC

Marathon Digital Holdings (NASDAQ: MARA) reported $213.9 million in Q1 2025 revenue, up 30% from the previous year, alongside a 174% increase in Bitcoin holdings to 47,531 BTC, now worth approximately $3.9 billion. Despite the strong top-line growth, MARA posted a net loss of $533.4 million due to a $510 million unrealized loss from Bitcoin’s fair value drop at quarter-end.

In Q1, MARA mined 2,286 BTC, acquired another 340 BTC, and nearly doubled its hashrate year-over-year to 54.3 EH/s, while lowering operational costs by 25%. The company emphasized its pivot toward vertically integrated digital energy, including a 114 MW wind farm acquisition, gas-to-power deployments in North Dakota and Texas, Ohio data center expansion, and ongoing R&D in immersion cooling and ASICs via its partnership with chipmaker Auradine.

Source: bitcoinmagazine.com

CleanSpark Posts $181.7M in Q2 Revenue, Targets 50 EH/s Hashrate by June

CleanSpark reported $181.7 million in Q2 FY2025 revenue, a 62.5% year-over-year increase, while reaffirming its goal of reaching 50 EH/s hashrate by June. Despite strong top-line growth, the company recorded a net loss of $138.8 million and a negative $57.8 million in adjusted EBITDA, due to Bitcoin valuation swings.

As of March 31, CleanSpark held $97 million in cash and $979.6 million in Bitcoin, with total assets at $2.7 billion. It maintains a $50 million BTC-backed credit line and emphasizes its commitment to non-dilutive financing. CEO Zach Bradford also highlighted as CleanSpark’s advantages its infrastructure leadership, efficient cost structure, and focus on long-term value.

Source: bitcoinmagazine.com

Bitmain Antminer L7: Top Scrypt Miner for Litecoin and Dogecoin, But ROI Is Power-Price Dependent

The Bitmain Antminer L7, released in 2021 and currently sold out on Bitmain’s official site, is the most powerful ASIC miner for the Scrypt algorithm, supporting coins like Litecoin, Dogecoin, and Digibyte. It delivers 9,160 MH/s at 3,225 W with a power efficiency of 0.35 J/MH.

Profitability depends heavily on electricity costs. At $0.08/kWh, users can earn around $1,796/year, but at $0.14/kWh, profits drop to just $117/year. While the L7 leads the market in efficiency, its high cost ($4,500–$5,500) and diminishing resale value make it a risky option those seeking ROI rather than long-term mining exposure.

Source: coincodex.com

Kuwait Cracks Down on Illegal Crypto Mining, Questions 116 Suspects

Kuwait has intensified its crackdown on illegal crypto mining, questioning 116 people and investigating 31 cases across 59 homes accused of using subsidized electricity for mining. With power costs as low as 4.6 cents/kWh, authorities say these activities are overloading the grid and causing blackouts, especially concerning as summer temperatures are expected to top 52°C.

The government reaffirmed its 2023 ban on all crypto activities, calling unauthorized mining a public safety threat. Over 1,000 illegal sites have been identified, prompting coordinated raids and warnings to conserve electricity. Despite the crackdown, some argue crypto mining could eventually aid grid stability, especially as the industry shifts toward greener energy, now at 52.4% renewables, according to Cambridge data.

Source: decrypt.co

Russia Could Benefit Most if Trump’s Bitcoin Mining Tariffs Take Full Effect, Says Luxor

If Trump’s proposed tariffs on Bitcoin mining equipment are fully implemented, Russia may emerge as the biggest winner, according to Luxor Technologies. With most mining hardware still designed and manufactured in Asia, U.S. miners face rising costs and potential delays. Luxor COO Ethan Vera expects U.S. demand to fall, with hashpower shifting to countries like Russia, Canada, Northern Europe, and parts of South America and Africa.

A 90-day tariff pause is currently in effect (excluding China), but if lifted in July, tariffs on mining rigs could rise from 12.6% to as high as 38.6%. U.S. firms like Riot have already felt pressure, breaking their usual “hodl” strategy to sell BTC. BitFuFu and Bitdeer remain cautiously optimistic but acknowledge the long-term challenge of onshoring production, which may take years. Luxor and others are pushing for tariff exemptions to avoid derailing U.S. mining growth.

Source: theblock.co

Abandoned Crypto Mining Site in Pennsylvania Sparks Environmental Backlash

A former crypto mining site in Elk County, Pennsylvania, operated by Diversified Energy, is under fire after being decommissioned without proper gas well closure. The site, Longhorn Pad A, was reactivated in 2022 using natural gas power, but did so without an air quality permit and was later found vacant during a 2025 inspection, prompting a formal violation notice from the state’s DEP.

Diversified denies abandonment, citing possible future use, but failed to meet its 2021 agreement to seal the Longhorn well and 13 others. Critics argue the company profits from low-output wells without planning for proper remediation, a pressing concern in a state with 350,000+ abandoned wells. The issue has drawn federal scrutiny and mirrors growing local opposition to crypto mining across the U.S., from Arkansas to Texas, amid concerns over pollution, noise, and national security.

Source: cryptonomist.ch

China Reconsiders Crypto Mining as U.S. Dominance Grows Amid Tariffs and Global Shifts

A new Cambridge report shows the U.S. now accounts for 75.4% of global Bitcoin hashrate, overtaking China’s former lead. Though China banned crypto mining in 2021, analysts believe its “shadow” mining activity still contributes around 15% of the global hashrate. Rising U.S. dominance, along with Trump’s tariff pressures on mining hardware, may prompt China to quietly reassess its stance.

Experts suggest China won’t make a public policy reversal but may act strategically to regain influence, especially as it remains a key exporter of ASIC hardware. Others point to its broader digital yuan (e-CNY) initiatives and ongoing de-dollarization efforts as signs of a more nuanced crypto strategy. Some energy trades with Russia are reportedly already settled in Bitcoin, hinting at China’s evolving behind-the-scenes role in crypto markets.

Source: beincrypto.com

Wall Street Analyst Sees 5x Upside for Canaan Amid Expansion Into Self-Mining

Canaan (NASDAQ: CAN), the Singapore-based Bitcoin mining rig maker, could see its stock price quintuple, according to Benchmark analyst Mark Palmer, who initiated coverage with a buy rating and $3 price target—a sharp contrast to its current $0.62 share price. Palmer highlights that Canaan’s 1,408 BTC treasury (worth ~$133M) accounts for nearly 70% of its market cap, offering strong valuation support.

Palmer sees upside in Canaan’s dual strategy: selling ASIC chips and expanding its self-mining operations, especially in the U.S., where it aims to reach 10 EH/s by mid-2025 (15 EH/s globally). The company’s vertically integrated model and move into home mining rigs further diversify its revenue streams and differentiate it from competitors. Despite being down 72% YTD, Palmer believes the market undervalues both its mining capacity and Bitcoin holdings.

Source: coindesk.com