TheEnergyMag used to track 19 companies, but Stronghold got merged into Bitfarms, while Bit Digital (NASDAQ: BTBT), Argo, and Terawulf (NASDAQ: WULF) no longer issue monthly updates.
So far, eight companies have published their April production updates. Collectively, they sold about 70% of their mined bitcoin during the month—the highest sell-through ratio since January 2024.
Riot Platforms (NASDAQ: RIOT) and CleanSpark (NASDAQ: CLSK) notably changed course in April. Both had been holding almost 100% of their production in previous months. Riot ended that streak by selling slightly more than it mined during the month—over 100%—while CleanSpark liquidated approximately 65% of its BTC production. Both companies also recently entered into bitcoin-backed loan facilities to make use of their bitcoin reserves.
The uptick in bitcoin sales reflects tightening economics as hashprice remains at $50/PH/s. As more firms report April figures in the coming weeks, the extent of the shift away from accumulation (or “hodl”) could become even clearer.
Only three companies so far —MARA (NASDAQ: MARA), Cango (NYSE: CANG) and BitFuFu (NASDAQ: FUFU)—fully retained their mined bitcoin last month. In MARA’s case, the firm has continued to fund operations through equity markets rather than dipping into reserves. It filed for a new $2 billion at-the-market equity offering in March, reinforcing its commitment to a full hodl strategy. BitFuFu, on the other hand, had a small increase of 61 BTC, resulting from its proprietary mining and bitcoin inflow from cloud mining customers.
Cango’s situation is more nuanced. The company entered into a master loan agreement with Antalpha, pledging its mined bitcoin as collateral to borrow cash for hosting payments to Bitmain. Given Cango’s ongoing transformation into a mining proxy for Bitmain via Antalpha’s proposed takeover bid, following its divestiture from auto-financing operations, the loan deal amounts to an intercompany transaction. In effect, Bitmain/Antalpha is the one holding the bitcoin mined by Cango.
Read more: Bitmain’s Secret Mining Proxy? The Cango Connection
Hardware and Infrastructure News
- Bitfarms Joins Peer Bitcoin Miners in Halting Hashrate Expansion, Citing HPC Focus – TheEnergyMag
- Cipher to Energzies 2.5 EH/s Bitcoin Hashrate as Texas Buildout Progress Accelerates – TheEnergyMag
- IREN Closes Gap with CleanSpark as Realized Bitcoin Hashrate Jumps 25% in April – TheEnergyMag
Corporate News
- CleanSpark Faces Local Pushback Over Proposed Bitcoin Mine in Tennessee – TheEnergyMag
- Tether May Invest $25M in Antalpha’s Bitcoin Mining IPO – TheEnergyMag
- Riot Sells Bitcoin Production for First Time in 15 Months – TheEnergyMag
- Synteq Digital Announces Acquisition of Crunchbits, Accelerating its Expansion into HPC Data Center Services – Link
Financial News
Feature
- Spain and Portugal blackout blamed on solar power dependency – FT
