The Download: how people fall for pig butchering schemes, and saving glaciers
This is today’s edition of The Download, our weekday newsletter that provides a daily dose of what’s going on in
The Paper News: Your Daily Dose of Future Thinking in AI, Bitcoin and Power.
This is today’s edition of The Download, our weekday newsletter that provides a daily dose of what’s going on in
CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.
IntroductionBitMine Immersion Technologies (OTCQX: BMNR), a growing player in the Bitcoin mining industry, faced a very common industry opportunity &
CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.
CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.
In a statement posted on its site on Wednesday, Norwegian oil and gas operator DNO ASA announced “an important oil
CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.
Canacol Energy Ltd. has reported $25.4 million, or $0.75 per share, in net loss for the fourth quarter (Q4), compared
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This is today’s edition of The Download, our weekday newsletter that provides a daily dose of what’s going on in the world of technology. Inside a romance scam compound—and how people get tricked into being there Gavesh’s journey had started, seemingly innocently, with a job ad on Facebook promising work he desperately needed.Instead, he found himself trafficked into a business commonly known as “pig butchering”—a form of fraud in which scammers form romantic or other close relationships with targets online and extract money from them. The Chinese crime syndicates behind the scams have netted billions of dollars, and they have used violence and coercion to force their workers, many of them people trafficked like Gavesh, to carry out the frauds from large compounds, several of which operate openly in the quasi-lawless borderlands of Myanmar. We spoke to Gavesh and five other workers from inside the scam industry, as well as anti-trafficking experts and technology specialists. Their testimony reveals how global companies, including American social media and dating apps and international cryptocurrency and messaging platforms, have given the fraud business the means to become industrialized.
By the same token, it is Big Tech that may hold the key to breaking up the scam syndicates—if only these companies can be persuaded or compelled to act. Read the full story. —Peter Guest & Emily Fishbein
How to save a glacier There’s a lot we don’t understand about how glaciers move and how soon some of the most significant ones could collapse into the sea. That could be a problem, since melting glaciers could lead to multiple feet of sea-level rise this century, potentially displacing millions of people who live and work along the coasts. A new group is aiming not only to further our understanding of glaciers but also to look into options to save them if things move toward a worst-case scenario, as my colleague James Temple outlined in his latest story. One idea: refreezing glaciers in place. The whole thing can sound like science fiction. But once you consider how huge the stakes are, I think it gets easier to understand why some scientists say we should at least be exploring these radical interventions. Read the full story. —Casey Crownhart This article is from The Spark, MIT Technology Review’s weekly climate newsletter. To receive it in your inbox every Wednesday, sign up here.
MIT Technology Review Narrated: How tracking animal movement may save the planet Researchers have long dreamed of creating an Internet of Animals. And they’re getting closer to monitoring 100,000 creatures—and revealing hidden facets of our shared world. This is our latest story to be turned into a MIT Technology Review Narrated podcast, which we’re publishing each week on Spotify and Apple Podcasts. Just navigate to MIT Technology Review Narrated on either platform, and follow us to get all our new content as it’s released. The must-reads I’ve combed the internet to find you today’s most fun/important/scary/fascinating stories about technology. 1 Donald Trump has announced 25% tariffs on imported cars and partsThe measures are likely to make new cars significantly more expensive for Americans. (NYT $)+ Moving car manufacturing operations to the US won’t be easy. (WP $)+ It’s not just big businesses that will suffer, either. (The Atlantic $)+ How Trump’s tariffs could drive up the cost of batteries, EVs, and more. (MIT Technology Review) 2 China is developing an AI system to increase its online censorship A leaked dataset demonstrates how LLMs could rapidly filter undesirable material. (TechCrunch)
3 Trump may reduce tariffs on China to encourage a TikTok dealThe Chinese-owned company has until April 5 to find a new US owner. (Insider $)+ The national security concerns surrounding it haven’t gone away, though. (NYT $) 4 OpenAI’s new image generator can ape Studio Ghibli’s distinctive styleWhich raises the question of whether the model was trained on Ghibli’s images. (TechCrunch)+ The tool’s popularity means its rollout to non-paying users has been delayed. (The Verge)+ The AI lab waging a guerrilla war over exploitative AI. (MIT Technology Review)
5 DOGE planned to dismantle USAID from the beginningNew court filings reveal the department’s ambitions to infiltrate the system. (Wired $)+ Can AI help DOGE slash government budgets? It’s complex. (MIT Technology Review) 6 Wildfires are getting worse in the southwest of the USWhile federal fire spending is concentrated mainly in the west, the risk is rising in South Carolina and Texas too. (WP $)+ North and South Carolina were recovering from Hurricane Helene when the fires struck. (The Guardian)+ How AI can help spot wildfires. (MIT Technology Review) 7 A quantum computer has generated—and verified—truly random numbersWhich is good news for cryptographers. (Bloomberg $)+ Cybersecurity analysts are increasingly worried about the so-called Q-Day. (Wired $)+ Amazon’s first quantum computing chip makes its debut. (MIT Technology Review) 8 What’s next for weight-loss drugs 💉Competition is heating up, but will patients be the ones to benefit? (New Scientist $)+ Drugs like Ozempic now make up 5% of prescriptions in the US. (MIT Technology Review) 9 At least we’ve still got memesPoking fun at the Trump administration’s decisions is a form of online resistance. (New Yorker $) 10 Can you truly be friends with a chatbot?People are starting to find out. (Vox)+ The AI relationship revolution is already here. (MIT Technology Review)
Quote of the day “I can’t imagine any professional I know committing this egregious a lapse in judgement.” —A government technology leader tells Fast Company why top Trump officials’ decision to use unclassified messaging app Signal to discuss war plans is so surprising.
The big story Why one developer won’t quit fighting to connect the US’s grids September 2024 Michael Skelly hasn’t learned to take no for an answer. For much of the last 15 years, the energy entrepreneur has worked to develop long-haul transmission lines to carry wind power across the Great Plains, Midwest, and Southwest. But so far, he has little to show for the effort. Skelly has long argued that building such lines and linking together the nation’s grids would accelerate the shift from coal- and natural-gas-fueled power plants to the renewables needed to cut the pollution driving climate change. But his previous business shut down in 2019, after halting two of its projects and selling off interests in three more. Skelly contends he was early, not wrong, and that the market and policymakers are increasingly coming around to his perspective. After all, the US Department of Energy just blessed his latest company’s proposed line with hundreds of millions in grants. Read the full story. —James Temple We can still have nice things A place for comfort, fun and distraction to brighten up your day. (Got any ideas? Drop me a line or skeet ’em at me.) + Severance’s Adam Scott sure has interesting taste in music. + While we’re not 100% sure if Millie is definitely the world’s oldest cat, one thing we know for sure is that she lives a life of luxury.+ Hiking trails are covered in beautiful wildflowers right now; just make sure you tread carefully.+ This is a really charming look at how girls live in America right now.
IntroductionBitMine Immersion Technologies (OTCQX: BMNR), a growing player in the Bitcoin mining industry, faced a very common industry opportunity & challenge: how to bring hashrate online in the best way possible. The complexities of sourcing energy, power infrastructure, site development, running operations, ASIC procurement, software optimization, and hashrate management require a holistic approach and entail many operational risks.An experienced capital allocator, BitMine was familiar with these risks owing to deep experience in similar markets prior to founding the company. However, they were open to support. Enter Soluna and Luxor, two industry leaders partnering to provide a complementary solution. Soluna provided power, infrastructure, and operational expertise. Luxor delivered financing, hedging, procurement, software optimization via LuxOS, and monetization of hashrate via Luxor Pool. Together, they formed a game-changing partnership that addressed BitMine’s needs, setting a new standard for turnkey mining solutions.This case study explores how the collaboration between BitMine, Soluna, and Luxor streamlined deployment, mitigated risk, and unlocked new growth opportunities.BitMine’s Opportunity: Bringing Hashrate Online With Low Operational RiskBitMine had a clear vision: to scale its mining operations efficiently while minimizing risk. However, they knew the pitfalls associated with deployments. This creates vulnerabilities, especially when deals are structured poorly, for example:Power Pricing Pitfalls: Many miners enter long-term hosting agreements with fluctuating rates, or worse, hidden pass-through costs that explode when energy prices spike. Some hosting providers lock clients into contracts that shift all the risk onto the miner.Overpaying for Equipment: Without direct industry relationships, miners may buy hardware at retail prices or from intermediaries with significant mark ups. This happened during the 2021 bull run when desperate new entrants paid $10,000–$15,000 per ASIC, only to watch prices crash to $3,000 during the next bear market.Inefficient Machine Deployment: Delays, customs, DOAs – there are a lot of things that can go wrong in the procurement phase. After the machines have arrived, firmware adjustments, cooling, and heat can affect downtime, all resulting in significantly less hashrate and associated declines in returns. If uptime and efficiency are poor, larger sites can underperform smaller, well-optimized sites.Cash Flow Mismatches: Mining revenue is volatile, fluctuating with network difficulty and Bitcoin price action. Some miners finance their operations with loans assuming steady returns, only to get caught in a bear market where mining rewards drop, electricity bills stay fixed, and debt payments become unmanageable.This is why partnerships with experienced service providers who understand the nuances of power markets, hardware procurement, optimization, and financial hedging are critical. Those who fail to manage these risks effectively often end up selling distressed assets at the bottom of the cycle, exiting the industry with heavy losses, while more sophisticated players continue to scale.The Solution: A Turnkey Approach with Soluna & LuxorRecognizing BitMine’s needs, Soluna and Luxor combined their strengths to offer a comprehensive and predictable end-to-end solution. Soluna: Reliable Infrastructure & Stable PowerBitMine expanded its relationship with Soluna from ~3 MWs at the Project Sophie data center to adding an additional ~10MW at the new Project Dorothy facility. With Soluna currently providing 13MW hosting capacity, this eliminated uncertainty related to fluctuating energy prices and power interruptions, ensuring BitMine had a dedicated, stable source of power.Luxor: Financial, Operational, and Strategic ExpertiseLuxor played a critical role in enabling BitMine’s expansion by leveraging all aspects of its business:Hashrate Forward Contract: Luxor structured a hedging strategy that secured BitMine’s profitability by locking in a fixed hashprice for a 12-month term.Capital & Equipment Financing: Luxor facilitated financing for ASIC machine procurement through a forward hashrate sale, ensuring BitMine could scale without facing capital constraints.Logistics Support: Luxor managed the entire shipping & logistics process to minimize downtime.Fleet Optimization & Management: Luxor firmware was deployed across BitMine’s fleet, unlocking dynamic mining strategies through LuxOS to maximize revenue and efficiency.Why This Model Stands OutThis partnership redefined the traditional mining setup by integrating infrastructure, software & financial services, and operations management into a turnkey solution. By reducing risk across deployment, price volatility, and operational uncertainty, BitMine was able to scale confidently and predictably while focusing on its core business activities.Results: Unlocking More Hashrate, More ASICs, and More EfficiencyThe collaboration between BitMine, Soluna, and Luxor delivered tangible results:Tripled BitMine’s deployed ASIC capacity, significantly boosting its hashrate.Secured long-term power stability, mitigating energy price fluctuations.Locked in hashprice terms, reducing financial exposure to market volatility.Streamlined deployment process, cutting down hardware lead times and ensuring rapid scaling.Enhanced operational efficiency, leveraging LuxOS firmware and running around 10% more efficiently than other miners, leading to improved profitability and lower downtime.This approach provided BitMine with greater financial stability, operational certainty, and a faster growth trajectory, proving the effectiveness of a fully integrated mining solution.Conclusion: The Future of Integrated Mining SolutionsThis partnership between BitMine, Soluna, and Luxor showcases the value of turnkey mining solutions. Each party benefited:BitMine: Gained a complete, risk-mitigated mining solution with price certainty, reliable power, and operational efficiency.Soluna: Secured a long-term customer for its power capacity, reinforcing its role as a leader in sustainable Bitcoin mining.Luxor: Demonstrated the power of its full-service model, proving that its comprehensive approach can drive long-term success for mining companies.As mining economics continue to evolve, integrated win-win-win solutions like this will become increasingly essential. Soluna and Luxor plan to replicate and scale this model, bringing more miners into a stable, profitable framework.For mining companies looking for a reliable, end-to-end solution, this case study validates the effectiveness of strategic partnerships in an industry where efficiency and risk management are critical.Can We Help You?Given the success of this collaboration, Soluna and Luxor are exploring ways to expand this model. If you’re a miner looking for a scalable, turnkey solution, get in touch to learn how this approach can work for you.About BitMine Immersion Technologies, Inc.BitMine is a technology company focused on Bitcoin mining using immersion technology, an advanced cooling technique where computers are submerged in specialized oil circulated to keep units operating at optimal ambient temperature. Immersion technology is more environmentally friendly than conventional mining methodologies while lowering operating expenses and increasing yield. BitMine’s operations are located in low-cost energy regions in Trinidad, Pecos, Texas, and Murray, Kentucky.About Soluna Holdings, Inc. (SLNH)Soluna is on a mission to make renewable energy a global superpower, using computing as a catalyst. The company designs, develops, and operates digital infrastructure that transforms surplus renewable energy into global computing resources. Soluna’s pioneering data centers are strategically co-located with wind, solar, or hydroelectric power plants to support high-performance computing applications, including Bitcoin Mining, Generative AI, and other compute-intensive applications. Soluna’s proprietary software MaestroOS(™) helps energize a greener grid while delivering cost-effective and sustainable computing solutions and superior returns. To learn more, visit solunacomputing.com. Follow us on X (formerly Twitter) at @SolunaHoldings. About Luxor Technology CorporationLuxor Technology Corporation is a Bitcoin mining software and services company that offers a suite of products catered toward the mining and compute power industry. Luxor’s suite of software and services includes an open auction ASIC Marketplace, a Bitcoin mining pool, a Hashrate Derivatives Desk, an Antimer ASIC Firmware, and a Bitcoin mining data platform.If you are interested in contacting the Luxor Derivatives Desk, please email [email protected].DisclaimerThis content is for informational purposes only, you should not construe any such information or other material as legal, investment, financial, or other advice.
CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.
The CoinDesk 20 is currently trading at 2731.35, up 0.4% (+11.44) since 4 p.m. ET on Wednesday.
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Twelve of 20 assets are trading higher.
Leaders: SUI (+7.1%) and AAVE (+3.6%).
Laggards: DOT (-1.6%) and XRP (-1.4%).
The CoinDesk 20 is a broad-based index traded on multiple platforms in several regions globally.
Canacol Energy Ltd. has reported $25.4 million, or $0.75 per share, in net loss for the fourth quarter (Q4), compared to a net profit of $29.9 million for the same three-month period in 2023.
The natural gas exploration and production company, based in Canada but operating in Colombia, attributed the gap to a deferred income tax expense of $28.9 million for Q4 2024 and a deferred income tax recovery of $31.7 million for Q4 2023.
However, Canacol’s adjusted earnings before interest, depreciation, amortization and exploration for Q4 2024 rose 43 percent year-on-year to $76.1 million, according to results published online by the company. That is thanks to a higher operating netback, offset by lower realized contractual volumes.
Operating netback grew 39 percent year-over-year to $6.12 per thousand cubic feet in Q4 2024. “The increase is due to an increase in average sales prices, net of transportation expenses, offset by an increase in royalties”, Canacol said.
Revenues, net of royalties and transport expenses, increased 23 percent to $98.3 million. Canacol attributed the increase to higher sales prices, offset by lower sales volumes.
Realized contractual gas sales volumes fell 4 percent year-on-year to 158 million cubic feet a day.
Net capital expenditures dropped to $28.6 million, from $72.2 million for Q4 2023. “The decrease is due to reduced spending on land and seismic, workovers, and drilling and completion”, Canacol said.
It ended the year with $79.2 million in cash and cash equivalents and $45.5 million in working capital surplus.
“The Corporation expects that commodity pricing will remain strong for the remainder of 2025, and for this reason, in 2025, the Corporation lowered its take-or-pay volumes to maximize exposure to the spot sales market”, Canacol said.
“In line with maintaining and growing Canacol’s reserves and production in its core assets in the LMV [Lower Magdalena Valley), the Corporation plans to optimize its production and increase reserves by drilling up to 11 exploration and three development wells, installing new compression and processing facilities as required, and completing workovers of producing wells in its key gas fields”.
Canacol had 105.1 million barrels of oil equivalent (MMboe) in proven and probable reserves at the end of 2024. Proven developed producing reserves stood at 11.9 MMboe. Proven developed but not producing reserves totaled 26.4 MMboe. Proven undeveloped reserves were 6.3 MMboe, according to a separate report by Canacol.
“During the year ended December 31, 2024, the Corporation recorded increases in certain reserve categories due to both new gas discoveries and positive technical revisions of existing producing gas fields”, Canacol said.
To contact the author, email [email protected]
Transaction fees drop to lowest point in three yearsDeveloped in collaboration with OEMs, HashHouse’s solutions offer streamlined design-to-deployment in as little as 90 days. Visit www.hashhouse.tech to learn more.As March 2025 draws to a close, Bitcoin’s transaction fees have experienced another notable decline, now making up only 1.25% of the total block rewards, according to TheMinerMag’s analysis of Bitcoin blocks this month so far.This marks the lowest percentage of transaction fees in three years, since April 2022, signaling a significant shift in the network’s dynamics. In 2025, Bitcoin fees have consistently accounted for less than 2% of the monthly block rewards.For context, transaction fees in March 2025 have totaled 155 BTC so far, which is not yet half of the 361 BTC from three years ago. Has the halving come for transaction fees, too?Meanwhile, Bitcoin’s seven-day moving average hashpower has quietly recovered, climbing back to 840 EH/s from just below 800 EH/s a week ago. The quiet and steady rise in hashrate indicates that confidence remains strong among large, efficient players, despite Bitcoin’s hashprice—the revenue miners earn per terahash per second—remaining stagnant below $50/PH/s.Thanks for reading Miner Weekly! Subscribe for free and support our work.With the hashrate recovery, the network is expected to undergo a difficulty adjustment in approximately 10 days, which is projected to rise by 5%. With more miners competing for the same block subsidies and fewer fees to go around, this increase in difficulty could further strain profitability for miners with higher operational costs.Without a significant uptick in Bitcoin’s market price or a revival in transaction fees, these miners may soon face an unmanageable situation: they may no longer be able to compete.According to TheMinerMag’s analysis of earnings reports, the median hashcost—the direct cost miners incur per terahash per second—among publicly listed mining companies was around $34/PH/s in the latest quarter. This leaves only about $15/PH/s as gross margin, even for the largest institutional mining operations.This environment is setting the stage for further consolidation within the Bitcoin mining industry. Larger players, with more efficient equipment and better access to cheaper energy, are positioned to absorb market share as smaller miners struggle to stay afloat.Regulation NewsProof-of-Work Crypto Mining Doesn’t Trigger Securities Laws, SEC Says – CoinDeskPakistan Considers Bitcoin Mining to Help Offset Surplus Power Supply – TheMinerMagArkansas auto salesman’s plan for new Vilonia cryptomine must win over wary locals – KATVHardware and Infrastructure NewsTVP and Demand Pool announce upcoming launch of first Stratum V2 Bitcoin mining pool – LinkBitcoin Hashprice Remains Flat After Moderate Difficulty Uptick – TheMinerMagAuradine Launches Hydro Bitcoin Miner with 14.5 J/TH Efficiency – TheMinerMagCanaan Signs US Hosting Deals to Boost Bitcoin Hashrate by 4.7 EH/s – TheMinerMagCorporate NewsArgo Names New CEO Amid Hosting Search for Bitcoin Miners – TheMinerMagNYDIG Set to Expand Hashrate after Acquiring Crusoe’s Bitcoin Mining Assets – TheMinerMagBitfarms Appoints HPC Executive as Bitcoin Miners Diversify Amid Industry Headwinds – TheMinerMagArgo Seeks $27M Stock Deal to Acquire GEM Mining – TheMinerMagCango Extends Deadline on 18 EH/s Bitcoin Miner Deal Amid Takeover Talks – TheMinerMagFinancial NewsBernstein cuts price targets for Bitcoin miners amid underperformance relative to BTC in 2025 – The BlockRiot Seeks to Acquire Rhodium’s Rockdale Bitcoin Mining Assets in $185M Deal to Settle Disputes – TheMinerMagArgo Seeks $27M Stock Deal to Acquire GEM Mining – TheMinerMagFeatureBitcoin Miners Feel Squeeze as Hashprice Erases Post-Election Gains – CoindeskAuradine’s AH3880 Server Rack ASIC Miner w/ Sanjay Gupta – The Mining PodBitcoin in the bush – the crypto mine in remote Zambia – BBC
Tether, issuer of $144 billion dollar stablecoin USDT, has boosted its stake in Latin American agricultural firm Adecoagro (AGRO).
The $12.41 per share offer, which is subject to certain closing conditions, would take Tether’s stake in Adecoagro from 51% to 70%, according to an announcement on Thursday.
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AGRO shares jumped over 7% to $11.95 in pre-market trading following the announcement.
Adecoagro’s business is focused on sugar, ethanol, dairy and crop production Argentina, Brazil, and Uruguay. It owns 210,400 hectares of farmland and several industrial facilities across these countries.
The company has a market cap of just under $1.12 billion.
Tether views its Adecoagro’s investment as one in the safe haven of land that complements its holdings in bitcoin (BTC) and gold.
“Our investment aligns with Tether’s broader strategy to back infrastructure, technology, and businesses that advance economic freedom and resilience,” Tether CEO Paolo Ardoino said in Thursday’s announcement.
Tether is also increasing its exposure to the entertainment industry, acquiring a 30.4% stake in Italian media company Be Water for 10 million euros ($10.8 million).
This investment follows Tether’s announcement last month of taking a minority stake in Ardoino’s favorite team Juventus FC, arguably the largest soccer club in Italy.
This is today’s edition of The Download, our weekday newsletter that provides a daily dose of what’s going on in the world of technology. Inside a romance scam compound—and how people get tricked into being there Gavesh’s journey had started, seemingly innocently, with a job ad on Facebook promising work he desperately needed.Instead, he found himself trafficked into a business commonly known as “pig butchering”—a form of fraud in which scammers form romantic or other close relationships with targets online and extract money from them. The Chinese crime syndicates behind the scams have netted billions of dollars, and they have used violence and coercion to force their workers, many of them people trafficked like Gavesh, to carry out the frauds from large compounds, several of which operate openly in the quasi-lawless borderlands of Myanmar. We spoke to Gavesh and five other workers from inside the scam industry, as well as anti-trafficking experts and technology specialists. Their testimony reveals how global companies, including American social media and dating apps and international cryptocurrency and messaging platforms, have given the fraud business the means to become industrialized.
By the same token, it is Big Tech that may hold the key to breaking up the scam syndicates—if only these companies can be persuaded or compelled to act. Read the full story. —Peter Guest & Emily Fishbein
How to save a glacier There’s a lot we don’t understand about how glaciers move and how soon some of the most significant ones could collapse into the sea. That could be a problem, since melting glaciers could lead to multiple feet of sea-level rise this century, potentially displacing millions of people who live and work along the coasts. A new group is aiming not only to further our understanding of glaciers but also to look into options to save them if things move toward a worst-case scenario, as my colleague James Temple outlined in his latest story. One idea: refreezing glaciers in place. The whole thing can sound like science fiction. But once you consider how huge the stakes are, I think it gets easier to understand why some scientists say we should at least be exploring these radical interventions. Read the full story. —Casey Crownhart This article is from The Spark, MIT Technology Review’s weekly climate newsletter. To receive it in your inbox every Wednesday, sign up here.
MIT Technology Review Narrated: How tracking animal movement may save the planet Researchers have long dreamed of creating an Internet of Animals. And they’re getting closer to monitoring 100,000 creatures—and revealing hidden facets of our shared world. This is our latest story to be turned into a MIT Technology Review Narrated podcast, which we’re publishing each week on Spotify and Apple Podcasts. Just navigate to MIT Technology Review Narrated on either platform, and follow us to get all our new content as it’s released. The must-reads I’ve combed the internet to find you today’s most fun/important/scary/fascinating stories about technology. 1 Donald Trump has announced 25% tariffs on imported cars and partsThe measures are likely to make new cars significantly more expensive for Americans. (NYT $)+ Moving car manufacturing operations to the US won’t be easy. (WP $)+ It’s not just big businesses that will suffer, either. (The Atlantic $)+ How Trump’s tariffs could drive up the cost of batteries, EVs, and more. (MIT Technology Review) 2 China is developing an AI system to increase its online censorship A leaked dataset demonstrates how LLMs could rapidly filter undesirable material. (TechCrunch)
3 Trump may reduce tariffs on China to encourage a TikTok dealThe Chinese-owned company has until April 5 to find a new US owner. (Insider $)+ The national security concerns surrounding it haven’t gone away, though. (NYT $) 4 OpenAI’s new image generator can ape Studio Ghibli’s distinctive styleWhich raises the question of whether the model was trained on Ghibli’s images. (TechCrunch)+ The tool’s popularity means its rollout to non-paying users has been delayed. (The Verge)+ The AI lab waging a guerrilla war over exploitative AI. (MIT Technology Review)
5 DOGE planned to dismantle USAID from the beginningNew court filings reveal the department’s ambitions to infiltrate the system. (Wired $)+ Can AI help DOGE slash government budgets? It’s complex. (MIT Technology Review) 6 Wildfires are getting worse in the southwest of the USWhile federal fire spending is concentrated mainly in the west, the risk is rising in South Carolina and Texas too. (WP $)+ North and South Carolina were recovering from Hurricane Helene when the fires struck. (The Guardian)+ How AI can help spot wildfires. (MIT Technology Review) 7 A quantum computer has generated—and verified—truly random numbersWhich is good news for cryptographers. (Bloomberg $)+ Cybersecurity analysts are increasingly worried about the so-called Q-Day. (Wired $)+ Amazon’s first quantum computing chip makes its debut. (MIT Technology Review) 8 What’s next for weight-loss drugs 💉Competition is heating up, but will patients be the ones to benefit? (New Scientist $)+ Drugs like Ozempic now make up 5% of prescriptions in the US. (MIT Technology Review) 9 At least we’ve still got memesPoking fun at the Trump administration’s decisions is a form of online resistance. (New Yorker $) 10 Can you truly be friends with a chatbot?People are starting to find out. (Vox)+ The AI relationship revolution is already here. (MIT Technology Review)
Quote of the day “I can’t imagine any professional I know committing this egregious a lapse in judgement.” —A government technology leader tells Fast Company why top Trump officials’ decision to use unclassified messaging app Signal to discuss war plans is so surprising.
The big story Why one developer won’t quit fighting to connect the US’s grids September 2024 Michael Skelly hasn’t learned to take no for an answer. For much of the last 15 years, the energy entrepreneur has worked to develop long-haul transmission lines to carry wind power across the Great Plains, Midwest, and Southwest. But so far, he has little to show for the effort. Skelly has long argued that building such lines and linking together the nation’s grids would accelerate the shift from coal- and natural-gas-fueled power plants to the renewables needed to cut the pollution driving climate change. But his previous business shut down in 2019, after halting two of its projects and selling off interests in three more. Skelly contends he was early, not wrong, and that the market and policymakers are increasingly coming around to his perspective. After all, the US Department of Energy just blessed his latest company’s proposed line with hundreds of millions in grants. Read the full story. —James Temple We can still have nice things A place for comfort, fun and distraction to brighten up your day. (Got any ideas? Drop me a line or skeet ’em at me.) + Severance’s Adam Scott sure has interesting taste in music. + While we’re not 100% sure if Millie is definitely the world’s oldest cat, one thing we know for sure is that she lives a life of luxury.+ Hiking trails are covered in beautiful wildflowers right now; just make sure you tread carefully.+ This is a really charming look at how girls live in America right now.
IntroductionBitMine Immersion Technologies (OTCQX: BMNR), a growing player in the Bitcoin mining industry, faced a very common industry opportunity & challenge: how to bring hashrate online in the best way possible. The complexities of sourcing energy, power infrastructure, site development, running operations, ASIC procurement, software optimization, and hashrate management require a holistic approach and entail many operational risks.An experienced capital allocator, BitMine was familiar with these risks owing to deep experience in similar markets prior to founding the company. However, they were open to support. Enter Soluna and Luxor, two industry leaders partnering to provide a complementary solution. Soluna provided power, infrastructure, and operational expertise. Luxor delivered financing, hedging, procurement, software optimization via LuxOS, and monetization of hashrate via Luxor Pool. Together, they formed a game-changing partnership that addressed BitMine’s needs, setting a new standard for turnkey mining solutions.This case study explores how the collaboration between BitMine, Soluna, and Luxor streamlined deployment, mitigated risk, and unlocked new growth opportunities.BitMine’s Opportunity: Bringing Hashrate Online With Low Operational RiskBitMine had a clear vision: to scale its mining operations efficiently while minimizing risk. However, they knew the pitfalls associated with deployments. This creates vulnerabilities, especially when deals are structured poorly, for example:Power Pricing Pitfalls: Many miners enter long-term hosting agreements with fluctuating rates, or worse, hidden pass-through costs that explode when energy prices spike. Some hosting providers lock clients into contracts that shift all the risk onto the miner.Overpaying for Equipment: Without direct industry relationships, miners may buy hardware at retail prices or from intermediaries with significant mark ups. This happened during the 2021 bull run when desperate new entrants paid $10,000–$15,000 per ASIC, only to watch prices crash to $3,000 during the next bear market.Inefficient Machine Deployment: Delays, customs, DOAs – there are a lot of things that can go wrong in the procurement phase. After the machines have arrived, firmware adjustments, cooling, and heat can affect downtime, all resulting in significantly less hashrate and associated declines in returns. If uptime and efficiency are poor, larger sites can underperform smaller, well-optimized sites.Cash Flow Mismatches: Mining revenue is volatile, fluctuating with network difficulty and Bitcoin price action. Some miners finance their operations with loans assuming steady returns, only to get caught in a bear market where mining rewards drop, electricity bills stay fixed, and debt payments become unmanageable.This is why partnerships with experienced service providers who understand the nuances of power markets, hardware procurement, optimization, and financial hedging are critical. Those who fail to manage these risks effectively often end up selling distressed assets at the bottom of the cycle, exiting the industry with heavy losses, while more sophisticated players continue to scale.The Solution: A Turnkey Approach with Soluna & LuxorRecognizing BitMine’s needs, Soluna and Luxor combined their strengths to offer a comprehensive and predictable end-to-end solution. Soluna: Reliable Infrastructure & Stable PowerBitMine expanded its relationship with Soluna from ~3 MWs at the Project Sophie data center to adding an additional ~10MW at the new Project Dorothy facility. With Soluna currently providing 13MW hosting capacity, this eliminated uncertainty related to fluctuating energy prices and power interruptions, ensuring BitMine had a dedicated, stable source of power.Luxor: Financial, Operational, and Strategic ExpertiseLuxor played a critical role in enabling BitMine’s expansion by leveraging all aspects of its business:Hashrate Forward Contract: Luxor structured a hedging strategy that secured BitMine’s profitability by locking in a fixed hashprice for a 12-month term.Capital & Equipment Financing: Luxor facilitated financing for ASIC machine procurement through a forward hashrate sale, ensuring BitMine could scale without facing capital constraints.Logistics Support: Luxor managed the entire shipping & logistics process to minimize downtime.Fleet Optimization & Management: Luxor firmware was deployed across BitMine’s fleet, unlocking dynamic mining strategies through LuxOS to maximize revenue and efficiency.Why This Model Stands OutThis partnership redefined the traditional mining setup by integrating infrastructure, software & financial services, and operations management into a turnkey solution. By reducing risk across deployment, price volatility, and operational uncertainty, BitMine was able to scale confidently and predictably while focusing on its core business activities.Results: Unlocking More Hashrate, More ASICs, and More EfficiencyThe collaboration between BitMine, Soluna, and Luxor delivered tangible results:Tripled BitMine’s deployed ASIC capacity, significantly boosting its hashrate.Secured long-term power stability, mitigating energy price fluctuations.Locked in hashprice terms, reducing financial exposure to market volatility.Streamlined deployment process, cutting down hardware lead times and ensuring rapid scaling.Enhanced operational efficiency, leveraging LuxOS firmware and running around 10% more efficiently than other miners, leading to improved profitability and lower downtime.This approach provided BitMine with greater financial stability, operational certainty, and a faster growth trajectory, proving the effectiveness of a fully integrated mining solution.Conclusion: The Future of Integrated Mining SolutionsThis partnership between BitMine, Soluna, and Luxor showcases the value of turnkey mining solutions. Each party benefited:BitMine: Gained a complete, risk-mitigated mining solution with price certainty, reliable power, and operational efficiency.Soluna: Secured a long-term customer for its power capacity, reinforcing its role as a leader in sustainable Bitcoin mining.Luxor: Demonstrated the power of its full-service model, proving that its comprehensive approach can drive long-term success for mining companies.As mining economics continue to evolve, integrated win-win-win solutions like this will become increasingly essential. Soluna and Luxor plan to replicate and scale this model, bringing more miners into a stable, profitable framework.For mining companies looking for a reliable, end-to-end solution, this case study validates the effectiveness of strategic partnerships in an industry where efficiency and risk management are critical.Can We Help You?Given the success of this collaboration, Soluna and Luxor are exploring ways to expand this model. If you’re a miner looking for a scalable, turnkey solution, get in touch to learn how this approach can work for you.About BitMine Immersion Technologies, Inc.BitMine is a technology company focused on Bitcoin mining using immersion technology, an advanced cooling technique where computers are submerged in specialized oil circulated to keep units operating at optimal ambient temperature. Immersion technology is more environmentally friendly than conventional mining methodologies while lowering operating expenses and increasing yield. BitMine’s operations are located in low-cost energy regions in Trinidad, Pecos, Texas, and Murray, Kentucky.About Soluna Holdings, Inc. (SLNH)Soluna is on a mission to make renewable energy a global superpower, using computing as a catalyst. The company designs, develops, and operates digital infrastructure that transforms surplus renewable energy into global computing resources. Soluna’s pioneering data centers are strategically co-located with wind, solar, or hydroelectric power plants to support high-performance computing applications, including Bitcoin Mining, Generative AI, and other compute-intensive applications. Soluna’s proprietary software MaestroOS(™) helps energize a greener grid while delivering cost-effective and sustainable computing solutions and superior returns. To learn more, visit solunacomputing.com. Follow us on X (formerly Twitter) at @SolunaHoldings. About Luxor Technology CorporationLuxor Technology Corporation is a Bitcoin mining software and services company that offers a suite of products catered toward the mining and compute power industry. Luxor’s suite of software and services includes an open auction ASIC Marketplace, a Bitcoin mining pool, a Hashrate Derivatives Desk, an Antimer ASIC Firmware, and a Bitcoin mining data platform.If you are interested in contacting the Luxor Derivatives Desk, please email [email protected].DisclaimerThis content is for informational purposes only, you should not construe any such information or other material as legal, investment, financial, or other advice.
CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.
The CoinDesk 20 is currently trading at 2731.35, up 0.4% (+11.44) since 4 p.m. ET on Wednesday.
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Twelve of 20 assets are trading higher.
Leaders: SUI (+7.1%) and AAVE (+3.6%).
Laggards: DOT (-1.6%) and XRP (-1.4%).
The CoinDesk 20 is a broad-based index traded on multiple platforms in several regions globally.
Canacol Energy Ltd. has reported $25.4 million, or $0.75 per share, in net loss for the fourth quarter (Q4), compared to a net profit of $29.9 million for the same three-month period in 2023.
The natural gas exploration and production company, based in Canada but operating in Colombia, attributed the gap to a deferred income tax expense of $28.9 million for Q4 2024 and a deferred income tax recovery of $31.7 million for Q4 2023.
However, Canacol’s adjusted earnings before interest, depreciation, amortization and exploration for Q4 2024 rose 43 percent year-on-year to $76.1 million, according to results published online by the company. That is thanks to a higher operating netback, offset by lower realized contractual volumes.
Operating netback grew 39 percent year-over-year to $6.12 per thousand cubic feet in Q4 2024. “The increase is due to an increase in average sales prices, net of transportation expenses, offset by an increase in royalties”, Canacol said.
Revenues, net of royalties and transport expenses, increased 23 percent to $98.3 million. Canacol attributed the increase to higher sales prices, offset by lower sales volumes.
Realized contractual gas sales volumes fell 4 percent year-on-year to 158 million cubic feet a day.
Net capital expenditures dropped to $28.6 million, from $72.2 million for Q4 2023. “The decrease is due to reduced spending on land and seismic, workovers, and drilling and completion”, Canacol said.
It ended the year with $79.2 million in cash and cash equivalents and $45.5 million in working capital surplus.
“The Corporation expects that commodity pricing will remain strong for the remainder of 2025, and for this reason, in 2025, the Corporation lowered its take-or-pay volumes to maximize exposure to the spot sales market”, Canacol said.
“In line with maintaining and growing Canacol’s reserves and production in its core assets in the LMV [Lower Magdalena Valley), the Corporation plans to optimize its production and increase reserves by drilling up to 11 exploration and three development wells, installing new compression and processing facilities as required, and completing workovers of producing wells in its key gas fields”.
Canacol had 105.1 million barrels of oil equivalent (MMboe) in proven and probable reserves at the end of 2024. Proven developed producing reserves stood at 11.9 MMboe. Proven developed but not producing reserves totaled 26.4 MMboe. Proven undeveloped reserves were 6.3 MMboe, according to a separate report by Canacol.
“During the year ended December 31, 2024, the Corporation recorded increases in certain reserve categories due to both new gas discoveries and positive technical revisions of existing producing gas fields”, Canacol said.
To contact the author, email [email protected]
Transaction fees drop to lowest point in three yearsDeveloped in collaboration with OEMs, HashHouse’s solutions offer streamlined design-to-deployment in as little as 90 days. Visit www.hashhouse.tech to learn more.As March 2025 draws to a close, Bitcoin’s transaction fees have experienced another notable decline, now making up only 1.25% of the total block rewards, according to TheMinerMag’s analysis of Bitcoin blocks this month so far.This marks the lowest percentage of transaction fees in three years, since April 2022, signaling a significant shift in the network’s dynamics. In 2025, Bitcoin fees have consistently accounted for less than 2% of the monthly block rewards.For context, transaction fees in March 2025 have totaled 155 BTC so far, which is not yet half of the 361 BTC from three years ago. Has the halving come for transaction fees, too?Meanwhile, Bitcoin’s seven-day moving average hashpower has quietly recovered, climbing back to 840 EH/s from just below 800 EH/s a week ago. The quiet and steady rise in hashrate indicates that confidence remains strong among large, efficient players, despite Bitcoin’s hashprice—the revenue miners earn per terahash per second—remaining stagnant below $50/PH/s.Thanks for reading Miner Weekly! Subscribe for free and support our work.With the hashrate recovery, the network is expected to undergo a difficulty adjustment in approximately 10 days, which is projected to rise by 5%. With more miners competing for the same block subsidies and fewer fees to go around, this increase in difficulty could further strain profitability for miners with higher operational costs.Without a significant uptick in Bitcoin’s market price or a revival in transaction fees, these miners may soon face an unmanageable situation: they may no longer be able to compete.According to TheMinerMag’s analysis of earnings reports, the median hashcost—the direct cost miners incur per terahash per second—among publicly listed mining companies was around $34/PH/s in the latest quarter. This leaves only about $15/PH/s as gross margin, even for the largest institutional mining operations.This environment is setting the stage for further consolidation within the Bitcoin mining industry. Larger players, with more efficient equipment and better access to cheaper energy, are positioned to absorb market share as smaller miners struggle to stay afloat.Regulation NewsProof-of-Work Crypto Mining Doesn’t Trigger Securities Laws, SEC Says – CoinDeskPakistan Considers Bitcoin Mining to Help Offset Surplus Power Supply – TheMinerMagArkansas auto salesman’s plan for new Vilonia cryptomine must win over wary locals – KATVHardware and Infrastructure NewsTVP and Demand Pool announce upcoming launch of first Stratum V2 Bitcoin mining pool – LinkBitcoin Hashprice Remains Flat After Moderate Difficulty Uptick – TheMinerMagAuradine Launches Hydro Bitcoin Miner with 14.5 J/TH Efficiency – TheMinerMagCanaan Signs US Hosting Deals to Boost Bitcoin Hashrate by 4.7 EH/s – TheMinerMagCorporate NewsArgo Names New CEO Amid Hosting Search for Bitcoin Miners – TheMinerMagNYDIG Set to Expand Hashrate after Acquiring Crusoe’s Bitcoin Mining Assets – TheMinerMagBitfarms Appoints HPC Executive as Bitcoin Miners Diversify Amid Industry Headwinds – TheMinerMagArgo Seeks $27M Stock Deal to Acquire GEM Mining – TheMinerMagCango Extends Deadline on 18 EH/s Bitcoin Miner Deal Amid Takeover Talks – TheMinerMagFinancial NewsBernstein cuts price targets for Bitcoin miners amid underperformance relative to BTC in 2025 – The BlockRiot Seeks to Acquire Rhodium’s Rockdale Bitcoin Mining Assets in $185M Deal to Settle Disputes – TheMinerMagArgo Seeks $27M Stock Deal to Acquire GEM Mining – TheMinerMagFeatureBitcoin Miners Feel Squeeze as Hashprice Erases Post-Election Gains – CoindeskAuradine’s AH3880 Server Rack ASIC Miner w/ Sanjay Gupta – The Mining PodBitcoin in the bush – the crypto mine in remote Zambia – BBC
Tether, issuer of $144 billion dollar stablecoin USDT, has boosted its stake in Latin American agricultural firm Adecoagro (AGRO).
The $12.41 per share offer, which is subject to certain closing conditions, would take Tether’s stake in Adecoagro from 51% to 70%, according to an announcement on Thursday.
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AGRO shares jumped over 7% to $11.95 in pre-market trading following the announcement.
Adecoagro’s business is focused on sugar, ethanol, dairy and crop production Argentina, Brazil, and Uruguay. It owns 210,400 hectares of farmland and several industrial facilities across these countries.
The company has a market cap of just under $1.12 billion.
Tether views its Adecoagro’s investment as one in the safe haven of land that complements its holdings in bitcoin (BTC) and gold.
“Our investment aligns with Tether’s broader strategy to back infrastructure, technology, and businesses that advance economic freedom and resilience,” Tether CEO Paolo Ardoino said in Thursday’s announcement.
Tether is also increasing its exposure to the entertainment industry, acquiring a 30.4% stake in Italian media company Be Water for 10 million euros ($10.8 million).
This investment follows Tether’s announcement last month of taking a minority stake in Ardoino’s favorite team Juventus FC, arguably the largest soccer club in Italy.
This is today’s edition of The Download, our weekday newsletter that provides a daily dose of what’s going on in the world of technology. Inside a romance scam compound—and how people get tricked into being there Gavesh’s journey had started, seemingly innocently, with a job ad on Facebook promising work he desperately needed.Instead, he found himself trafficked into a business commonly known as “pig butchering”—a form of fraud in which scammers form romantic or other close relationships with targets online and extract money from them. The Chinese crime syndicates behind the scams have netted billions of dollars, and they have used violence and coercion to force their workers, many of them people trafficked like Gavesh, to carry out the frauds from large compounds, several of which operate openly in the quasi-lawless borderlands of Myanmar. We spoke to Gavesh and five other workers from inside the scam industry, as well as anti-trafficking experts and technology specialists. Their testimony reveals how global companies, including American social media and dating apps and international cryptocurrency and messaging platforms, have given the fraud business the means to become industrialized.
By the same token, it is Big Tech that may hold the key to breaking up the scam syndicates—if only these companies can be persuaded or compelled to act. Read the full story. —Peter Guest & Emily Fishbein
How to save a glacier There’s a lot we don’t understand about how glaciers move and how soon some of the most significant ones could collapse into the sea. That could be a problem, since melting glaciers could lead to multiple feet of sea-level rise this century, potentially displacing millions of people who live and work along the coasts. A new group is aiming not only to further our understanding of glaciers but also to look into options to save them if things move toward a worst-case scenario, as my colleague James Temple outlined in his latest story. One idea: refreezing glaciers in place. The whole thing can sound like science fiction. But once you consider how huge the stakes are, I think it gets easier to understand why some scientists say we should at least be exploring these radical interventions. Read the full story. —Casey Crownhart This article is from The Spark, MIT Technology Review’s weekly climate newsletter. To receive it in your inbox every Wednesday, sign up here.
MIT Technology Review Narrated: How tracking animal movement may save the planet Researchers have long dreamed of creating an Internet of Animals. And they’re getting closer to monitoring 100,000 creatures—and revealing hidden facets of our shared world. This is our latest story to be turned into a MIT Technology Review Narrated podcast, which we’re publishing each week on Spotify and Apple Podcasts. Just navigate to MIT Technology Review Narrated on either platform, and follow us to get all our new content as it’s released. The must-reads I’ve combed the internet to find you today’s most fun/important/scary/fascinating stories about technology. 1 Donald Trump has announced 25% tariffs on imported cars and partsThe measures are likely to make new cars significantly more expensive for Americans. (NYT $)+ Moving car manufacturing operations to the US won’t be easy. (WP $)+ It’s not just big businesses that will suffer, either. (The Atlantic $)+ How Trump’s tariffs could drive up the cost of batteries, EVs, and more. (MIT Technology Review) 2 China is developing an AI system to increase its online censorship A leaked dataset demonstrates how LLMs could rapidly filter undesirable material. (TechCrunch)
3 Trump may reduce tariffs on China to encourage a TikTok dealThe Chinese-owned company has until April 5 to find a new US owner. (Insider $)+ The national security concerns surrounding it haven’t gone away, though. (NYT $) 4 OpenAI’s new image generator can ape Studio Ghibli’s distinctive styleWhich raises the question of whether the model was trained on Ghibli’s images. (TechCrunch)+ The tool’s popularity means its rollout to non-paying users has been delayed. (The Verge)+ The AI lab waging a guerrilla war over exploitative AI. (MIT Technology Review)
5 DOGE planned to dismantle USAID from the beginningNew court filings reveal the department’s ambitions to infiltrate the system. (Wired $)+ Can AI help DOGE slash government budgets? It’s complex. (MIT Technology Review) 6 Wildfires are getting worse in the southwest of the USWhile federal fire spending is concentrated mainly in the west, the risk is rising in South Carolina and Texas too. (WP $)+ North and South Carolina were recovering from Hurricane Helene when the fires struck. (The Guardian)+ How AI can help spot wildfires. (MIT Technology Review) 7 A quantum computer has generated—and verified—truly random numbersWhich is good news for cryptographers. (Bloomberg $)+ Cybersecurity analysts are increasingly worried about the so-called Q-Day. (Wired $)+ Amazon’s first quantum computing chip makes its debut. (MIT Technology Review) 8 What’s next for weight-loss drugs 💉Competition is heating up, but will patients be the ones to benefit? (New Scientist $)+ Drugs like Ozempic now make up 5% of prescriptions in the US. (MIT Technology Review) 9 At least we’ve still got memesPoking fun at the Trump administration’s decisions is a form of online resistance. (New Yorker $) 10 Can you truly be friends with a chatbot?People are starting to find out. (Vox)+ The AI relationship revolution is already here. (MIT Technology Review)
Quote of the day “I can’t imagine any professional I know committing this egregious a lapse in judgement.” —A government technology leader tells Fast Company why top Trump officials’ decision to use unclassified messaging app Signal to discuss war plans is so surprising.
The big story Why one developer won’t quit fighting to connect the US’s grids September 2024 Michael Skelly hasn’t learned to take no for an answer. For much of the last 15 years, the energy entrepreneur has worked to develop long-haul transmission lines to carry wind power across the Great Plains, Midwest, and Southwest. But so far, he has little to show for the effort. Skelly has long argued that building such lines and linking together the nation’s grids would accelerate the shift from coal- and natural-gas-fueled power plants to the renewables needed to cut the pollution driving climate change. But his previous business shut down in 2019, after halting two of its projects and selling off interests in three more. Skelly contends he was early, not wrong, and that the market and policymakers are increasingly coming around to his perspective. After all, the US Department of Energy just blessed his latest company’s proposed line with hundreds of millions in grants. Read the full story. —James Temple We can still have nice things A place for comfort, fun and distraction to brighten up your day. (Got any ideas? Drop me a line or skeet ’em at me.) + Severance’s Adam Scott sure has interesting taste in music. + While we’re not 100% sure if Millie is definitely the world’s oldest cat, one thing we know for sure is that she lives a life of luxury.+ Hiking trails are covered in beautiful wildflowers right now; just make sure you tread carefully.+ This is a really charming look at how girls live in America right now.
IntroductionBitMine Immersion Technologies (OTCQX: BMNR), a growing player in the Bitcoin mining industry, faced a very common industry opportunity & challenge: how to bring hashrate online in the best way possible. The complexities of sourcing energy, power infrastructure, site development, running operations, ASIC procurement, software optimization, and hashrate management require a holistic approach and entail many operational risks.An experienced capital allocator, BitMine was familiar with these risks owing to deep experience in similar markets prior to founding the company. However, they were open to support. Enter Soluna and Luxor, two industry leaders partnering to provide a complementary solution. Soluna provided power, infrastructure, and operational expertise. Luxor delivered financing, hedging, procurement, software optimization via LuxOS, and monetization of hashrate via Luxor Pool. Together, they formed a game-changing partnership that addressed BitMine’s needs, setting a new standard for turnkey mining solutions.This case study explores how the collaboration between BitMine, Soluna, and Luxor streamlined deployment, mitigated risk, and unlocked new growth opportunities.BitMine’s Opportunity: Bringing Hashrate Online With Low Operational RiskBitMine had a clear vision: to scale its mining operations efficiently while minimizing risk. However, they knew the pitfalls associated with deployments. This creates vulnerabilities, especially when deals are structured poorly, for example:Power Pricing Pitfalls: Many miners enter long-term hosting agreements with fluctuating rates, or worse, hidden pass-through costs that explode when energy prices spike. Some hosting providers lock clients into contracts that shift all the risk onto the miner.Overpaying for Equipment: Without direct industry relationships, miners may buy hardware at retail prices or from intermediaries with significant mark ups. This happened during the 2021 bull run when desperate new entrants paid $10,000–$15,000 per ASIC, only to watch prices crash to $3,000 during the next bear market.Inefficient Machine Deployment: Delays, customs, DOAs – there are a lot of things that can go wrong in the procurement phase. After the machines have arrived, firmware adjustments, cooling, and heat can affect downtime, all resulting in significantly less hashrate and associated declines in returns. If uptime and efficiency are poor, larger sites can underperform smaller, well-optimized sites.Cash Flow Mismatches: Mining revenue is volatile, fluctuating with network difficulty and Bitcoin price action. Some miners finance their operations with loans assuming steady returns, only to get caught in a bear market where mining rewards drop, electricity bills stay fixed, and debt payments become unmanageable.This is why partnerships with experienced service providers who understand the nuances of power markets, hardware procurement, optimization, and financial hedging are critical. Those who fail to manage these risks effectively often end up selling distressed assets at the bottom of the cycle, exiting the industry with heavy losses, while more sophisticated players continue to scale.The Solution: A Turnkey Approach with Soluna & LuxorRecognizing BitMine’s needs, Soluna and Luxor combined their strengths to offer a comprehensive and predictable end-to-end solution. Soluna: Reliable Infrastructure & Stable PowerBitMine expanded its relationship with Soluna from ~3 MWs at the Project Sophie data center to adding an additional ~10MW at the new Project Dorothy facility. With Soluna currently providing 13MW hosting capacity, this eliminated uncertainty related to fluctuating energy prices and power interruptions, ensuring BitMine had a dedicated, stable source of power.Luxor: Financial, Operational, and Strategic ExpertiseLuxor played a critical role in enabling BitMine’s expansion by leveraging all aspects of its business:Hashrate Forward Contract: Luxor structured a hedging strategy that secured BitMine’s profitability by locking in a fixed hashprice for a 12-month term.Capital & Equipment Financing: Luxor facilitated financing for ASIC machine procurement through a forward hashrate sale, ensuring BitMine could scale without facing capital constraints.Logistics Support: Luxor managed the entire shipping & logistics process to minimize downtime.Fleet Optimization & Management: Luxor firmware was deployed across BitMine’s fleet, unlocking dynamic mining strategies through LuxOS to maximize revenue and efficiency.Why This Model Stands OutThis partnership redefined the traditional mining setup by integrating infrastructure, software & financial services, and operations management into a turnkey solution. By reducing risk across deployment, price volatility, and operational uncertainty, BitMine was able to scale confidently and predictably while focusing on its core business activities.Results: Unlocking More Hashrate, More ASICs, and More EfficiencyThe collaboration between BitMine, Soluna, and Luxor delivered tangible results:Tripled BitMine’s deployed ASIC capacity, significantly boosting its hashrate.Secured long-term power stability, mitigating energy price fluctuations.Locked in hashprice terms, reducing financial exposure to market volatility.Streamlined deployment process, cutting down hardware lead times and ensuring rapid scaling.Enhanced operational efficiency, leveraging LuxOS firmware and running around 10% more efficiently than other miners, leading to improved profitability and lower downtime.This approach provided BitMine with greater financial stability, operational certainty, and a faster growth trajectory, proving the effectiveness of a fully integrated mining solution.Conclusion: The Future of Integrated Mining SolutionsThis partnership between BitMine, Soluna, and Luxor showcases the value of turnkey mining solutions. Each party benefited:BitMine: Gained a complete, risk-mitigated mining solution with price certainty, reliable power, and operational efficiency.Soluna: Secured a long-term customer for its power capacity, reinforcing its role as a leader in sustainable Bitcoin mining.Luxor: Demonstrated the power of its full-service model, proving that its comprehensive approach can drive long-term success for mining companies.As mining economics continue to evolve, integrated win-win-win solutions like this will become increasingly essential. Soluna and Luxor plan to replicate and scale this model, bringing more miners into a stable, profitable framework.For mining companies looking for a reliable, end-to-end solution, this case study validates the effectiveness of strategic partnerships in an industry where efficiency and risk management are critical.Can We Help You?Given the success of this collaboration, Soluna and Luxor are exploring ways to expand this model. If you’re a miner looking for a scalable, turnkey solution, get in touch to learn how this approach can work for you.About BitMine Immersion Technologies, Inc.BitMine is a technology company focused on Bitcoin mining using immersion technology, an advanced cooling technique where computers are submerged in specialized oil circulated to keep units operating at optimal ambient temperature. Immersion technology is more environmentally friendly than conventional mining methodologies while lowering operating expenses and increasing yield. BitMine’s operations are located in low-cost energy regions in Trinidad, Pecos, Texas, and Murray, Kentucky.About Soluna Holdings, Inc. (SLNH)Soluna is on a mission to make renewable energy a global superpower, using computing as a catalyst. The company designs, develops, and operates digital infrastructure that transforms surplus renewable energy into global computing resources. Soluna’s pioneering data centers are strategically co-located with wind, solar, or hydroelectric power plants to support high-performance computing applications, including Bitcoin Mining, Generative AI, and other compute-intensive applications. Soluna’s proprietary software MaestroOS(™) helps energize a greener grid while delivering cost-effective and sustainable computing solutions and superior returns. To learn more, visit solunacomputing.com. Follow us on X (formerly Twitter) at @SolunaHoldings. About Luxor Technology CorporationLuxor Technology Corporation is a Bitcoin mining software and services company that offers a suite of products catered toward the mining and compute power industry. Luxor’s suite of software and services includes an open auction ASIC Marketplace, a Bitcoin mining pool, a Hashrate Derivatives Desk, an Antimer ASIC Firmware, and a Bitcoin mining data platform.If you are interested in contacting the Luxor Derivatives Desk, please email [email protected].DisclaimerThis content is for informational purposes only, you should not construe any such information or other material as legal, investment, financial, or other advice.
CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.
The CoinDesk 20 is currently trading at 2731.35, up 0.4% (+11.44) since 4 p.m. ET on Wednesday.
STORY CONTINUES BELOW
Don’t miss another story.Subscribe to the Crypto for Advisors Newsletter today. See all newsletters
Sign me up
By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy.
Twelve of 20 assets are trading higher.
Leaders: SUI (+7.1%) and AAVE (+3.6%).
Laggards: DOT (-1.6%) and XRP (-1.4%).
The CoinDesk 20 is a broad-based index traded on multiple platforms in several regions globally.
Canacol Energy Ltd. has reported $25.4 million, or $0.75 per share, in net loss for the fourth quarter (Q4), compared to a net profit of $29.9 million for the same three-month period in 2023.
The natural gas exploration and production company, based in Canada but operating in Colombia, attributed the gap to a deferred income tax expense of $28.9 million for Q4 2024 and a deferred income tax recovery of $31.7 million for Q4 2023.
However, Canacol’s adjusted earnings before interest, depreciation, amortization and exploration for Q4 2024 rose 43 percent year-on-year to $76.1 million, according to results published online by the company. That is thanks to a higher operating netback, offset by lower realized contractual volumes.
Operating netback grew 39 percent year-over-year to $6.12 per thousand cubic feet in Q4 2024. “The increase is due to an increase in average sales prices, net of transportation expenses, offset by an increase in royalties”, Canacol said.
Revenues, net of royalties and transport expenses, increased 23 percent to $98.3 million. Canacol attributed the increase to higher sales prices, offset by lower sales volumes.
Realized contractual gas sales volumes fell 4 percent year-on-year to 158 million cubic feet a day.
Net capital expenditures dropped to $28.6 million, from $72.2 million for Q4 2023. “The decrease is due to reduced spending on land and seismic, workovers, and drilling and completion”, Canacol said.
It ended the year with $79.2 million in cash and cash equivalents and $45.5 million in working capital surplus.
“The Corporation expects that commodity pricing will remain strong for the remainder of 2025, and for this reason, in 2025, the Corporation lowered its take-or-pay volumes to maximize exposure to the spot sales market”, Canacol said.
“In line with maintaining and growing Canacol’s reserves and production in its core assets in the LMV [Lower Magdalena Valley), the Corporation plans to optimize its production and increase reserves by drilling up to 11 exploration and three development wells, installing new compression and processing facilities as required, and completing workovers of producing wells in its key gas fields”.
Canacol had 105.1 million barrels of oil equivalent (MMboe) in proven and probable reserves at the end of 2024. Proven developed producing reserves stood at 11.9 MMboe. Proven developed but not producing reserves totaled 26.4 MMboe. Proven undeveloped reserves were 6.3 MMboe, according to a separate report by Canacol.
“During the year ended December 31, 2024, the Corporation recorded increases in certain reserve categories due to both new gas discoveries and positive technical revisions of existing producing gas fields”, Canacol said.
To contact the author, email [email protected]
Transaction fees drop to lowest point in three yearsDeveloped in collaboration with OEMs, HashHouse’s solutions offer streamlined design-to-deployment in as little as 90 days. Visit www.hashhouse.tech to learn more.As March 2025 draws to a close, Bitcoin’s transaction fees have experienced another notable decline, now making up only 1.25% of the total block rewards, according to TheMinerMag’s analysis of Bitcoin blocks this month so far.This marks the lowest percentage of transaction fees in three years, since April 2022, signaling a significant shift in the network’s dynamics. In 2025, Bitcoin fees have consistently accounted for less than 2% of the monthly block rewards.For context, transaction fees in March 2025 have totaled 155 BTC so far, which is not yet half of the 361 BTC from three years ago. Has the halving come for transaction fees, too?Meanwhile, Bitcoin’s seven-day moving average hashpower has quietly recovered, climbing back to 840 EH/s from just below 800 EH/s a week ago. The quiet and steady rise in hashrate indicates that confidence remains strong among large, efficient players, despite Bitcoin’s hashprice—the revenue miners earn per terahash per second—remaining stagnant below $50/PH/s.Thanks for reading Miner Weekly! Subscribe for free and support our work.With the hashrate recovery, the network is expected to undergo a difficulty adjustment in approximately 10 days, which is projected to rise by 5%. With more miners competing for the same block subsidies and fewer fees to go around, this increase in difficulty could further strain profitability for miners with higher operational costs.Without a significant uptick in Bitcoin’s market price or a revival in transaction fees, these miners may soon face an unmanageable situation: they may no longer be able to compete.According to TheMinerMag’s analysis of earnings reports, the median hashcost—the direct cost miners incur per terahash per second—among publicly listed mining companies was around $34/PH/s in the latest quarter. This leaves only about $15/PH/s as gross margin, even for the largest institutional mining operations.This environment is setting the stage for further consolidation within the Bitcoin mining industry. Larger players, with more efficient equipment and better access to cheaper energy, are positioned to absorb market share as smaller miners struggle to stay afloat.Regulation NewsProof-of-Work Crypto Mining Doesn’t Trigger Securities Laws, SEC Says – CoinDeskPakistan Considers Bitcoin Mining to Help Offset Surplus Power Supply – TheMinerMagArkansas auto salesman’s plan for new Vilonia cryptomine must win over wary locals – KATVHardware and Infrastructure NewsTVP and Demand Pool announce upcoming launch of first Stratum V2 Bitcoin mining pool – LinkBitcoin Hashprice Remains Flat After Moderate Difficulty Uptick – TheMinerMagAuradine Launches Hydro Bitcoin Miner with 14.5 J/TH Efficiency – TheMinerMagCanaan Signs US Hosting Deals to Boost Bitcoin Hashrate by 4.7 EH/s – TheMinerMagCorporate NewsArgo Names New CEO Amid Hosting Search for Bitcoin Miners – TheMinerMagNYDIG Set to Expand Hashrate after Acquiring Crusoe’s Bitcoin Mining Assets – TheMinerMagBitfarms Appoints HPC Executive as Bitcoin Miners Diversify Amid Industry Headwinds – TheMinerMagArgo Seeks $27M Stock Deal to Acquire GEM Mining – TheMinerMagCango Extends Deadline on 18 EH/s Bitcoin Miner Deal Amid Takeover Talks – TheMinerMagFinancial NewsBernstein cuts price targets for Bitcoin miners amid underperformance relative to BTC in 2025 – The BlockRiot Seeks to Acquire Rhodium’s Rockdale Bitcoin Mining Assets in $185M Deal to Settle Disputes – TheMinerMagArgo Seeks $27M Stock Deal to Acquire GEM Mining – TheMinerMagFeatureBitcoin Miners Feel Squeeze as Hashprice Erases Post-Election Gains – CoindeskAuradine’s AH3880 Server Rack ASIC Miner w/ Sanjay Gupta – The Mining PodBitcoin in the bush – the crypto mine in remote Zambia – BBC
Tether, issuer of $144 billion dollar stablecoin USDT, has boosted its stake in Latin American agricultural firm Adecoagro (AGRO).
The $12.41 per share offer, which is subject to certain closing conditions, would take Tether’s stake in Adecoagro from 51% to 70%, according to an announcement on Thursday.
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AGRO shares jumped over 7% to $11.95 in pre-market trading following the announcement.
Adecoagro’s business is focused on sugar, ethanol, dairy and crop production Argentina, Brazil, and Uruguay. It owns 210,400 hectares of farmland and several industrial facilities across these countries.
The company has a market cap of just under $1.12 billion.
Tether views its Adecoagro’s investment as one in the safe haven of land that complements its holdings in bitcoin (BTC) and gold.
“Our investment aligns with Tether’s broader strategy to back infrastructure, technology, and businesses that advance economic freedom and resilience,” Tether CEO Paolo Ardoino said in Thursday’s announcement.
Tether is also increasing its exposure to the entertainment industry, acquiring a 30.4% stake in Italian media company Be Water for 10 million euros ($10.8 million).
This investment follows Tether’s announcement last month of taking a minority stake in Ardoino’s favorite team Juventus FC, arguably the largest soccer club in Italy.
This is today’s edition of The Download, our weekday newsletter that provides a daily dose of what’s going on in the world of technology. Inside a romance scam compound—and how people get tricked into being there Gavesh’s journey had started, seemingly innocently, with a job ad on Facebook promising work he desperately needed.Instead, he found himself trafficked into a business commonly known as “pig butchering”—a form of fraud in which scammers form romantic or other close relationships with targets online and extract money from them. The Chinese crime syndicates behind the scams have netted billions of dollars, and they have used violence and coercion to force their workers, many of them people trafficked like Gavesh, to carry out the frauds from large compounds, several of which operate openly in the quasi-lawless borderlands of Myanmar. We spoke to Gavesh and five other workers from inside the scam industry, as well as anti-trafficking experts and technology specialists. Their testimony reveals how global companies, including American social media and dating apps and international cryptocurrency and messaging platforms, have given the fraud business the means to become industrialized.
By the same token, it is Big Tech that may hold the key to breaking up the scam syndicates—if only these companies can be persuaded or compelled to act. Read the full story. —Peter Guest & Emily Fishbein
How to save a glacier There’s a lot we don’t understand about how glaciers move and how soon some of the most significant ones could collapse into the sea. That could be a problem, since melting glaciers could lead to multiple feet of sea-level rise this century, potentially displacing millions of people who live and work along the coasts. A new group is aiming not only to further our understanding of glaciers but also to look into options to save them if things move toward a worst-case scenario, as my colleague James Temple outlined in his latest story. One idea: refreezing glaciers in place. The whole thing can sound like science fiction. But once you consider how huge the stakes are, I think it gets easier to understand why some scientists say we should at least be exploring these radical interventions. Read the full story. —Casey Crownhart This article is from The Spark, MIT Technology Review’s weekly climate newsletter. To receive it in your inbox every Wednesday, sign up here.
MIT Technology Review Narrated: How tracking animal movement may save the planet Researchers have long dreamed of creating an Internet of Animals. And they’re getting closer to monitoring 100,000 creatures—and revealing hidden facets of our shared world. This is our latest story to be turned into a MIT Technology Review Narrated podcast, which we’re publishing each week on Spotify and Apple Podcasts. Just navigate to MIT Technology Review Narrated on either platform, and follow us to get all our new content as it’s released. The must-reads I’ve combed the internet to find you today’s most fun/important/scary/fascinating stories about technology. 1 Donald Trump has announced 25% tariffs on imported cars and partsThe measures are likely to make new cars significantly more expensive for Americans. (NYT $)+ Moving car manufacturing operations to the US won’t be easy. (WP $)+ It’s not just big businesses that will suffer, either. (The Atlantic $)+ How Trump’s tariffs could drive up the cost of batteries, EVs, and more. (MIT Technology Review) 2 China is developing an AI system to increase its online censorship A leaked dataset demonstrates how LLMs could rapidly filter undesirable material. (TechCrunch)
3 Trump may reduce tariffs on China to encourage a TikTok dealThe Chinese-owned company has until April 5 to find a new US owner. (Insider $)+ The national security concerns surrounding it haven’t gone away, though. (NYT $) 4 OpenAI’s new image generator can ape Studio Ghibli’s distinctive styleWhich raises the question of whether the model was trained on Ghibli’s images. (TechCrunch)+ The tool’s popularity means its rollout to non-paying users has been delayed. (The Verge)+ The AI lab waging a guerrilla war over exploitative AI. (MIT Technology Review)
5 DOGE planned to dismantle USAID from the beginningNew court filings reveal the department’s ambitions to infiltrate the system. (Wired $)+ Can AI help DOGE slash government budgets? It’s complex. (MIT Technology Review) 6 Wildfires are getting worse in the southwest of the USWhile federal fire spending is concentrated mainly in the west, the risk is rising in South Carolina and Texas too. (WP $)+ North and South Carolina were recovering from Hurricane Helene when the fires struck. (The Guardian)+ How AI can help spot wildfires. (MIT Technology Review) 7 A quantum computer has generated—and verified—truly random numbersWhich is good news for cryptographers. (Bloomberg $)+ Cybersecurity analysts are increasingly worried about the so-called Q-Day. (Wired $)+ Amazon’s first quantum computing chip makes its debut. (MIT Technology Review) 8 What’s next for weight-loss drugs 💉Competition is heating up, but will patients be the ones to benefit? (New Scientist $)+ Drugs like Ozempic now make up 5% of prescriptions in the US. (MIT Technology Review) 9 At least we’ve still got memesPoking fun at the Trump administration’s decisions is a form of online resistance. (New Yorker $) 10 Can you truly be friends with a chatbot?People are starting to find out. (Vox)+ The AI relationship revolution is already here. (MIT Technology Review)
Quote of the day “I can’t imagine any professional I know committing this egregious a lapse in judgement.” —A government technology leader tells Fast Company why top Trump officials’ decision to use unclassified messaging app Signal to discuss war plans is so surprising.
The big story Why one developer won’t quit fighting to connect the US’s grids September 2024 Michael Skelly hasn’t learned to take no for an answer. For much of the last 15 years, the energy entrepreneur has worked to develop long-haul transmission lines to carry wind power across the Great Plains, Midwest, and Southwest. But so far, he has little to show for the effort. Skelly has long argued that building such lines and linking together the nation’s grids would accelerate the shift from coal- and natural-gas-fueled power plants to the renewables needed to cut the pollution driving climate change. But his previous business shut down in 2019, after halting two of its projects and selling off interests in three more. Skelly contends he was early, not wrong, and that the market and policymakers are increasingly coming around to his perspective. After all, the US Department of Energy just blessed his latest company’s proposed line with hundreds of millions in grants. Read the full story. —James Temple We can still have nice things A place for comfort, fun and distraction to brighten up your day. (Got any ideas? Drop me a line or skeet ’em at me.) + Severance’s Adam Scott sure has interesting taste in music. + While we’re not 100% sure if Millie is definitely the world’s oldest cat, one thing we know for sure is that she lives a life of luxury.+ Hiking trails are covered in beautiful wildflowers right now; just make sure you tread carefully.+ This is a really charming look at how girls live in America right now.
IntroductionBitMine Immersion Technologies (OTCQX: BMNR), a growing player in the Bitcoin mining industry, faced a very common industry opportunity & challenge: how to bring hashrate online in the best way possible. The complexities of sourcing energy, power infrastructure, site development, running operations, ASIC procurement, software optimization, and hashrate management require a holistic approach and entail many operational risks.An experienced capital allocator, BitMine was familiar with these risks owing to deep experience in similar markets prior to founding the company. However, they were open to support. Enter Soluna and Luxor, two industry leaders partnering to provide a complementary solution. Soluna provided power, infrastructure, and operational expertise. Luxor delivered financing, hedging, procurement, software optimization via LuxOS, and monetization of hashrate via Luxor Pool. Together, they formed a game-changing partnership that addressed BitMine’s needs, setting a new standard for turnkey mining solutions.This case study explores how the collaboration between BitMine, Soluna, and Luxor streamlined deployment, mitigated risk, and unlocked new growth opportunities.BitMine’s Opportunity: Bringing Hashrate Online With Low Operational RiskBitMine had a clear vision: to scale its mining operations efficiently while minimizing risk. However, they knew the pitfalls associated with deployments. This creates vulnerabilities, especially when deals are structured poorly, for example:Power Pricing Pitfalls: Many miners enter long-term hosting agreements with fluctuating rates, or worse, hidden pass-through costs that explode when energy prices spike. Some hosting providers lock clients into contracts that shift all the risk onto the miner.Overpaying for Equipment: Without direct industry relationships, miners may buy hardware at retail prices or from intermediaries with significant mark ups. This happened during the 2021 bull run when desperate new entrants paid $10,000–$15,000 per ASIC, only to watch prices crash to $3,000 during the next bear market.Inefficient Machine Deployment: Delays, customs, DOAs – there are a lot of things that can go wrong in the procurement phase. After the machines have arrived, firmware adjustments, cooling, and heat can affect downtime, all resulting in significantly less hashrate and associated declines in returns. If uptime and efficiency are poor, larger sites can underperform smaller, well-optimized sites.Cash Flow Mismatches: Mining revenue is volatile, fluctuating with network difficulty and Bitcoin price action. Some miners finance their operations with loans assuming steady returns, only to get caught in a bear market where mining rewards drop, electricity bills stay fixed, and debt payments become unmanageable.This is why partnerships with experienced service providers who understand the nuances of power markets, hardware procurement, optimization, and financial hedging are critical. Those who fail to manage these risks effectively often end up selling distressed assets at the bottom of the cycle, exiting the industry with heavy losses, while more sophisticated players continue to scale.The Solution: A Turnkey Approach with Soluna & LuxorRecognizing BitMine’s needs, Soluna and Luxor combined their strengths to offer a comprehensive and predictable end-to-end solution. Soluna: Reliable Infrastructure & Stable PowerBitMine expanded its relationship with Soluna from ~3 MWs at the Project Sophie data center to adding an additional ~10MW at the new Project Dorothy facility. With Soluna currently providing 13MW hosting capacity, this eliminated uncertainty related to fluctuating energy prices and power interruptions, ensuring BitMine had a dedicated, stable source of power.Luxor: Financial, Operational, and Strategic ExpertiseLuxor played a critical role in enabling BitMine’s expansion by leveraging all aspects of its business:Hashrate Forward Contract: Luxor structured a hedging strategy that secured BitMine’s profitability by locking in a fixed hashprice for a 12-month term.Capital & Equipment Financing: Luxor facilitated financing for ASIC machine procurement through a forward hashrate sale, ensuring BitMine could scale without facing capital constraints.Logistics Support: Luxor managed the entire shipping & logistics process to minimize downtime.Fleet Optimization & Management: Luxor firmware was deployed across BitMine’s fleet, unlocking dynamic mining strategies through LuxOS to maximize revenue and efficiency.Why This Model Stands OutThis partnership redefined the traditional mining setup by integrating infrastructure, software & financial services, and operations management into a turnkey solution. By reducing risk across deployment, price volatility, and operational uncertainty, BitMine was able to scale confidently and predictably while focusing on its core business activities.Results: Unlocking More Hashrate, More ASICs, and More EfficiencyThe collaboration between BitMine, Soluna, and Luxor delivered tangible results:Tripled BitMine’s deployed ASIC capacity, significantly boosting its hashrate.Secured long-term power stability, mitigating energy price fluctuations.Locked in hashprice terms, reducing financial exposure to market volatility.Streamlined deployment process, cutting down hardware lead times and ensuring rapid scaling.Enhanced operational efficiency, leveraging LuxOS firmware and running around 10% more efficiently than other miners, leading to improved profitability and lower downtime.This approach provided BitMine with greater financial stability, operational certainty, and a faster growth trajectory, proving the effectiveness of a fully integrated mining solution.Conclusion: The Future of Integrated Mining SolutionsThis partnership between BitMine, Soluna, and Luxor showcases the value of turnkey mining solutions. Each party benefited:BitMine: Gained a complete, risk-mitigated mining solution with price certainty, reliable power, and operational efficiency.Soluna: Secured a long-term customer for its power capacity, reinforcing its role as a leader in sustainable Bitcoin mining.Luxor: Demonstrated the power of its full-service model, proving that its comprehensive approach can drive long-term success for mining companies.As mining economics continue to evolve, integrated win-win-win solutions like this will become increasingly essential. Soluna and Luxor plan to replicate and scale this model, bringing more miners into a stable, profitable framework.For mining companies looking for a reliable, end-to-end solution, this case study validates the effectiveness of strategic partnerships in an industry where efficiency and risk management are critical.Can We Help You?Given the success of this collaboration, Soluna and Luxor are exploring ways to expand this model. If you’re a miner looking for a scalable, turnkey solution, get in touch to learn how this approach can work for you.About BitMine Immersion Technologies, Inc.BitMine is a technology company focused on Bitcoin mining using immersion technology, an advanced cooling technique where computers are submerged in specialized oil circulated to keep units operating at optimal ambient temperature. Immersion technology is more environmentally friendly than conventional mining methodologies while lowering operating expenses and increasing yield. BitMine’s operations are located in low-cost energy regions in Trinidad, Pecos, Texas, and Murray, Kentucky.About Soluna Holdings, Inc. (SLNH)Soluna is on a mission to make renewable energy a global superpower, using computing as a catalyst. The company designs, develops, and operates digital infrastructure that transforms surplus renewable energy into global computing resources. Soluna’s pioneering data centers are strategically co-located with wind, solar, or hydroelectric power plants to support high-performance computing applications, including Bitcoin Mining, Generative AI, and other compute-intensive applications. Soluna’s proprietary software MaestroOS(™) helps energize a greener grid while delivering cost-effective and sustainable computing solutions and superior returns. To learn more, visit solunacomputing.com. Follow us on X (formerly Twitter) at @SolunaHoldings. About Luxor Technology CorporationLuxor Technology Corporation is a Bitcoin mining software and services company that offers a suite of products catered toward the mining and compute power industry. Luxor’s suite of software and services includes an open auction ASIC Marketplace, a Bitcoin mining pool, a Hashrate Derivatives Desk, an Antimer ASIC Firmware, and a Bitcoin mining data platform.If you are interested in contacting the Luxor Derivatives Desk, please email [email protected].DisclaimerThis content is for informational purposes only, you should not construe any such information or other material as legal, investment, financial, or other advice.
CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.
The CoinDesk 20 is currently trading at 2731.35, up 0.4% (+11.44) since 4 p.m. ET on Wednesday.
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Twelve of 20 assets are trading higher.
Leaders: SUI (+7.1%) and AAVE (+3.6%).
Laggards: DOT (-1.6%) and XRP (-1.4%).
The CoinDesk 20 is a broad-based index traded on multiple platforms in several regions globally.
Canacol Energy Ltd. has reported $25.4 million, or $0.75 per share, in net loss for the fourth quarter (Q4), compared to a net profit of $29.9 million for the same three-month period in 2023.
The natural gas exploration and production company, based in Canada but operating in Colombia, attributed the gap to a deferred income tax expense of $28.9 million for Q4 2024 and a deferred income tax recovery of $31.7 million for Q4 2023.
However, Canacol’s adjusted earnings before interest, depreciation, amortization and exploration for Q4 2024 rose 43 percent year-on-year to $76.1 million, according to results published online by the company. That is thanks to a higher operating netback, offset by lower realized contractual volumes.
Operating netback grew 39 percent year-over-year to $6.12 per thousand cubic feet in Q4 2024. “The increase is due to an increase in average sales prices, net of transportation expenses, offset by an increase in royalties”, Canacol said.
Revenues, net of royalties and transport expenses, increased 23 percent to $98.3 million. Canacol attributed the increase to higher sales prices, offset by lower sales volumes.
Realized contractual gas sales volumes fell 4 percent year-on-year to 158 million cubic feet a day.
Net capital expenditures dropped to $28.6 million, from $72.2 million for Q4 2023. “The decrease is due to reduced spending on land and seismic, workovers, and drilling and completion”, Canacol said.
It ended the year with $79.2 million in cash and cash equivalents and $45.5 million in working capital surplus.
“The Corporation expects that commodity pricing will remain strong for the remainder of 2025, and for this reason, in 2025, the Corporation lowered its take-or-pay volumes to maximize exposure to the spot sales market”, Canacol said.
“In line with maintaining and growing Canacol’s reserves and production in its core assets in the LMV [Lower Magdalena Valley), the Corporation plans to optimize its production and increase reserves by drilling up to 11 exploration and three development wells, installing new compression and processing facilities as required, and completing workovers of producing wells in its key gas fields”.
Canacol had 105.1 million barrels of oil equivalent (MMboe) in proven and probable reserves at the end of 2024. Proven developed producing reserves stood at 11.9 MMboe. Proven developed but not producing reserves totaled 26.4 MMboe. Proven undeveloped reserves were 6.3 MMboe, according to a separate report by Canacol.
“During the year ended December 31, 2024, the Corporation recorded increases in certain reserve categories due to both new gas discoveries and positive technical revisions of existing producing gas fields”, Canacol said.
To contact the author, email [email protected]
Transaction fees drop to lowest point in three yearsDeveloped in collaboration with OEMs, HashHouse’s solutions offer streamlined design-to-deployment in as little as 90 days. Visit www.hashhouse.tech to learn more.As March 2025 draws to a close, Bitcoin’s transaction fees have experienced another notable decline, now making up only 1.25% of the total block rewards, according to TheMinerMag’s analysis of Bitcoin blocks this month so far.This marks the lowest percentage of transaction fees in three years, since April 2022, signaling a significant shift in the network’s dynamics. In 2025, Bitcoin fees have consistently accounted for less than 2% of the monthly block rewards.For context, transaction fees in March 2025 have totaled 155 BTC so far, which is not yet half of the 361 BTC from three years ago. Has the halving come for transaction fees, too?Meanwhile, Bitcoin’s seven-day moving average hashpower has quietly recovered, climbing back to 840 EH/s from just below 800 EH/s a week ago. The quiet and steady rise in hashrate indicates that confidence remains strong among large, efficient players, despite Bitcoin’s hashprice—the revenue miners earn per terahash per second—remaining stagnant below $50/PH/s.Thanks for reading Miner Weekly! Subscribe for free and support our work.With the hashrate recovery, the network is expected to undergo a difficulty adjustment in approximately 10 days, which is projected to rise by 5%. With more miners competing for the same block subsidies and fewer fees to go around, this increase in difficulty could further strain profitability for miners with higher operational costs.Without a significant uptick in Bitcoin’s market price or a revival in transaction fees, these miners may soon face an unmanageable situation: they may no longer be able to compete.According to TheMinerMag’s analysis of earnings reports, the median hashcost—the direct cost miners incur per terahash per second—among publicly listed mining companies was around $34/PH/s in the latest quarter. This leaves only about $15/PH/s as gross margin, even for the largest institutional mining operations.This environment is setting the stage for further consolidation within the Bitcoin mining industry. Larger players, with more efficient equipment and better access to cheaper energy, are positioned to absorb market share as smaller miners struggle to stay afloat.Regulation NewsProof-of-Work Crypto Mining Doesn’t Trigger Securities Laws, SEC Says – CoinDeskPakistan Considers Bitcoin Mining to Help Offset Surplus Power Supply – TheMinerMagArkansas auto salesman’s plan for new Vilonia cryptomine must win over wary locals – KATVHardware and Infrastructure NewsTVP and Demand Pool announce upcoming launch of first Stratum V2 Bitcoin mining pool – LinkBitcoin Hashprice Remains Flat After Moderate Difficulty Uptick – TheMinerMagAuradine Launches Hydro Bitcoin Miner with 14.5 J/TH Efficiency – TheMinerMagCanaan Signs US Hosting Deals to Boost Bitcoin Hashrate by 4.7 EH/s – TheMinerMagCorporate NewsArgo Names New CEO Amid Hosting Search for Bitcoin Miners – TheMinerMagNYDIG Set to Expand Hashrate after Acquiring Crusoe’s Bitcoin Mining Assets – TheMinerMagBitfarms Appoints HPC Executive as Bitcoin Miners Diversify Amid Industry Headwinds – TheMinerMagArgo Seeks $27M Stock Deal to Acquire GEM Mining – TheMinerMagCango Extends Deadline on 18 EH/s Bitcoin Miner Deal Amid Takeover Talks – TheMinerMagFinancial NewsBernstein cuts price targets for Bitcoin miners amid underperformance relative to BTC in 2025 – The BlockRiot Seeks to Acquire Rhodium’s Rockdale Bitcoin Mining Assets in $185M Deal to Settle Disputes – TheMinerMagArgo Seeks $27M Stock Deal to Acquire GEM Mining – TheMinerMagFeatureBitcoin Miners Feel Squeeze as Hashprice Erases Post-Election Gains – CoindeskAuradine’s AH3880 Server Rack ASIC Miner w/ Sanjay Gupta – The Mining PodBitcoin in the bush – the crypto mine in remote Zambia – BBC
Tether, issuer of $144 billion dollar stablecoin USDT, has boosted its stake in Latin American agricultural firm Adecoagro (AGRO).
The $12.41 per share offer, which is subject to certain closing conditions, would take Tether’s stake in Adecoagro from 51% to 70%, according to an announcement on Thursday.
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AGRO shares jumped over 7% to $11.95 in pre-market trading following the announcement.
Adecoagro’s business is focused on sugar, ethanol, dairy and crop production Argentina, Brazil, and Uruguay. It owns 210,400 hectares of farmland and several industrial facilities across these countries.
The company has a market cap of just under $1.12 billion.
Tether views its Adecoagro’s investment as one in the safe haven of land that complements its holdings in bitcoin (BTC) and gold.
“Our investment aligns with Tether’s broader strategy to back infrastructure, technology, and businesses that advance economic freedom and resilience,” Tether CEO Paolo Ardoino said in Thursday’s announcement.
Tether is also increasing its exposure to the entertainment industry, acquiring a 30.4% stake in Italian media company Be Water for 10 million euros ($10.8 million).
This investment follows Tether’s announcement last month of taking a minority stake in Ardoino’s favorite team Juventus FC, arguably the largest soccer club in Italy.
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