Miner Weekly: Asia Investors the New Bagholders in Bitcoin Mining?

This article first appeared in Miner Weekly, BlocksBridge Consulting’s weekly newsletter curating the latest news in bitcoin mining and data analysis from TheEnergyMag. Subscribe to receive in your inbox once a week.

Bitmain is finding a new class of buyers in Hong Kong, just as U.S. institutions slow their appetite for fresh capacity. Two public companies listed in Hong Kong — DL Holdings and International Business Settlement Holdings (IBS) — have signed deals in recent weeks to absorb nearly 1.7 EH/s of the Antminer S21 rigs, underscoring how Asia investors are stepping in to fill the demand gap. But their scale raises the question: are they big enough to survive the squeeze?

DL Holdings, a $700 million family office and wealth manager, late last month agreed to purchase 2,200 Antminer S21XP Hydros totaling 1.04 EH/s, with the machines already racked in the U.S. and likely to be hosted at Bitmain-operated sites. The purchase price of $21.5/TH/s mirrors the level Bitmain advertises on its website, and the same rate that Cipher and IREN locked in when they placed bulk preorders at the start of 2025. The key difference: when Cipher and IREN committed capital, bitcoin’s hashprice was around $60/PH/s. Today, despite bitcoin’s rally back to $118,000, hashprice hovers just above $50/PH/s as the network hashrate keeps climbing. DL is paying the same sticker price, but for less revenue potential.