Network Overview

Bitcoin’s bullish momentum carried over into this week, with the price continuing to climb modestly. On the network side, most indicators suggest a resurgence in activity, seen in the growing transaction value and expanding mempool size. Mining difficulty saw a slight uptick, but with mining activity ramping up in response to the price rise, upcoming difficulty adjustments may be more significant. All in all, a moderately good week for Bitcoin miners.

Bitfarms Suspends Argentina Bitcoin Mining After Power Cut, 13% of Capacity Offline

Bitfarms has suspended all operations at its Río Cuarto mining facility in Argentina, which accounts for 13% of its total capacity, following an indefinite power cutoff by electricity supplier GMSA. The utility is undergoing financial restructuring and unexpectedly informed Bitfarms on May 12 that power would no longer be supplied, despite previous assurances.

VanEck’s Matthew Sigel commented that the issue appears isolated to GMSA’s financial troubles and doesn’t indicate a wider anti-crypto stance by Argentina’s government. Nonetheless, the announcement led to a 6% decline in Bitfarms’ share price. The company is assessing its options but hasn’t provided a timeline for restarting operations.

In Q1 2025, Bitfarms mined 693 BTC, reduced production costs, improved efficiency to 19 W/TH, and scaled its hashrate to 19.5 EH/s. It sold 778 BTC through April and now holds 1,166 BTC. The company is also expanding into AI and HPC infrastructure.

Source: thecryptobasic.com

Kazakhstan Proposes 70/30 Model to Fund Energy Upgrades Through Crypto Mining

Kazakhstan is advancing plans to modernize its energy infrastructure by integrating crypto mining into national development. In an op-ed, First Vice Minister Kanysh Tuleushin proposed a “70/30” model where foreign investors would fund upgrades to thermal power plants, with 70% of the resulting electricity sent to the national grid and 30% allocated to mining operations. He compared this approach to practices in the United States, where miners help balance power demand.

Tuleushin also suggested using associated petroleum gas, which is typically flared or wasted, to generate electricity for mining. This would reduce emissions and create value for oil producers. Since 2023, Kazakhstan has registered over 415,000 mining machines, issued 84 licenses, and accredited five mining pools.

The government is also considering expanding crypto trading beyond the AIFC zone. A 10% tax on the unregulated market could generate $372.9 million annually. Meanwhile, the country’s digital tenge pilot has issued 250 billion to date.

Source: crypto.news

Paraguay Deports Three Undocumented Immigrants After Crypto Mining Theft Attempt

Paraguayan authorities have deported three Chinese nationals and arrested a fourth person following an attempted theft at a crypto mining facility near the Itaipu hydroelectric dam. The group allegedly broke into a secured area of Teratech SA’s site in Coronel Bogado. While their exact affiliation with the company remains unclear, prosecutors suspect they may have previously worked as independent contractors.

The deported individuals: Jinping Duan, Tian Jianyun, and Zheng Guanglong, had no official entry records and are believed to have entered Paraguay illegally via Brazil or Bolivia. The fourth suspect, a legal resident named Nahun María Velázquez Garcete, is facing charges of aggravated theft and is currently in pretrial detention.

Authorities believe more individuals may be involved and continue to investigate. Paraguay remains a crypto mining hotspot due to its surplus hydropower, particularly from Itaipu Dam, which supplies all domestic electricity needs.

Source: cointelegraph.com

Bitdeer Q1 Revenue Falls Over 40% Year-Over-Year Despite Strong Net Income

Bitdeer reported a 41% year-over-year revenue drop in Q1 2025, down to $70.1 million, with an operating loss of $3.2 million compared to a $34.1 million profit in the same period last year. Despite this, the company posted over $400 million in net income, mainly due to gains tied to convertible notes and warrants issued to Tether, which now owns a 21% stake in Bitdeer.

To counter declining mining revenues after the 2024 halving, Bitdeer is expanding into AI-focused high-performance computing (HPC) and scaling sales of its own energy-efficient ASIC mining hardware. However, hardware sales have yet to offset mining losses. The company is also accelerating its self-mining operations, aiming to reach 40 EH/s by the end of 2025. Its SEALMINER rigs and global power capacity are expected to drive growth, while U.S. expansion continues amid geopolitical trade tensions.

Source: cointelegraph.com

Canadian Bitcoin Miner POW.RE to Acquire Swiss Firm Block Green

Canadian bitcoin mining company POW.RE Holdings has announced its intent to acquire Swiss-based Block Green AG, a bitcoin liquidity protocol, in a deal involving equity, bitcoin, and cash. The acquisition, expected to close within 90 days pending final agreements, will combine POW.RE’s hydro-powered mining operations with Block Green’s financial services for miners, including revenue-streaming and hedging tools.

Block Green is regulated under Swiss law and backed by investors like Founders Fund and Coinbase Ventures. POW.RE operates in Canada and Paraguay and specializes in hashrate management. The merger is expected to provide diversified revenue, stronger regulatory positioning, and expanded market access. POW.RE will commit a 24-month hashpower baseload to Block Green’s platform. Block Green CEO Sebastien Hess will join POW.RE’s board, and the Swiss team will remain in place. Both companies will continue operating out of Montreal and Rottreuz post-merger.

Source: news.bitcoin.com

Auradine Expands Bitcoin Mining Solutions With ASIC Chips, Cooling Systems, and Modular Containers

At the Bitcoin 2025 Conference, U.S.-based mining technology company Auradine introduced a new line of Bitcoin mining products, including advanced ASIC chips, customizable cooling systems, and modular 1 MW containers built for scalable, industrial deployments. The launch follows a $153 million Series C funding round supporting the company’s push into flexible infrastructure and third-party ASIC integration.

The new chips are designed for both home and large-scale miners and have already been adopted by MARA Holdings, FutureBit, and Deep South Operating. Auradine’s modular containers, developed with Fog Hashing and FBox, can house 100 to 200 miners each and have demonstrated improved energy efficiency for early adopter Merkle Standard. Auradine aims to provide tools that help miners scale more efficiently and plans to expand its hardware capabilities into AI and networking through its AuraLinks initiative.

Source: bitcoinmagazine.com

Nebraska Passes LB 526, Imposing New Restrictions on Bitcoin Mining Operations

Nebraska’s Legislature has unanimously passed Legislative Bill 526 (LB 526), a measure that introduces new requirements and operational burdens for large-scale Bitcoin miners. While framed as a neutral infrastructure bill, critics argue it disproportionately targets the mining industry. The law mandates that miners with loads of 1 megawatt or more must cover the full cost of grid infrastructure upgrades, submit to pre-approval and interconnection procedures, and accept mandatory curtailment during peak energy demand.

LB 526 also introduces a public reporting requirement on energy usage, something not imposed on other high-consumption sectors like cloud computing or AI. An earlier proposal for a 2.5¢/kWh tax was removed, but miners argue the remaining rules send a clear anti-mining message. Marathon Digital, Nebraska’s largest miner, warned that the bill could halt future investment.

Governor Jim Pillen is expected to sign the bill into law. It would take effect October 1.

Sources: bitcoinmagazine.com, beincrypto.com