What On-Chain Data Reveals

On-chain data shows that MARA executed several high-value transactions across different destinations. In a single transfer, approximately 653.773 BTC was sent to an address associated with Two Prime, a firm active in crypto lending and trading. At the time of the transaction, this transfer was valued at roughly $42.01 million. Shortly afterward, an additional 8.999 BTC, worth about $578,000, was sent to the same address.

Beyond this, MARA moved around 300 BTC in two separate transactions to a wallet linked to BitGo, a well-known digital asset custody provider. These transfers carried a combined value of approximately $20.4 million at execution. The company also transferred 305 BTC, valued near $20.72 million, to a newly created wallet. The dispersion of funds across multiple addresses has led to questions about whether these actions are purely operational or tied to liquidity management needs.

Mining Economics Under Pressure

Bitcoin has recently been trading just above $63,000, marking one of its lowest price ranges since October 2024. This decline has placed significant strain on mining economics. Lower prices directly reduce revenue, while fixed operational costs—especially energy—remain elevated.

Data referenced by Bloomberg indicates that the hash price index, a key metric for miner profitability, has dropped to around $0.03 per terahash. For miners operating with higher electricity costs, this level significantly compresses margins. Meanwhile, research firm Newhedge projects that the upcoming difficulty adjustment could result in a decline of more than 13%, potentially the sharpest drop since China’s 2021 mining ban.

Mining Stocks Reflect the Stress

Equity markets have not been immune to these pressures. MARA shares fell by more than 18%, while CleanSpark declined 19.13% and Riot Platforms dropped 14.7%. According to Google Finance data, MARA stock has lost over 30% in the past five days and 34% over the past month.

Additional pressure came from recent insider-related activity. On January 30, 2026, 14,301 common shares were withheld at $9.50 per share to cover tax obligations following the vesting of restricted stock units.

Energy Costs Add Another Layer of Risk

Beyond price action, miners have also faced operational challenges due to severe winter storms across parts of the United States. Regions such as Texas and Tennessee, which are critical hubs for mining activity, experienced power disruptions and rising energy costs. CleanSpark executive Harry Sudock noted that the current environment reflects a combination of market-driven selling pressure and weather-related operational strain.

Taken together, these factors suggest that Bitcoin miners may continue to navigate a challenging period, with liquidity management and cost control becoming increasingly critical in the months ahead.

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Bitcoin Mining Difficulty and December Forecast

The next Bitcoin mining difficulty adjustment is scheduled for December 11 at block 927,360. According to CoinWarz, difficulty will increase slightly from 149.30 trillion to 149.80 trillion, placing additional pressure on miners. The previous adjustment reduced difficulty from 152.2 trillion to 149.3 trillion, shortening the average block time to about 9.97 minutes.

Rising difficulty directly impacts miners’ operational costs and decision-making. Hashprice values play a critical role in determining whether miners continue running their machines or scale back operations.

Hashprice and Miner Behavior

Hashrate Index reports that hashprice is currently 38.3 PH/s per day, a recovery from the record low below 35 PH/s seen on November 21. When hashprice falls below 40 PH/s, miners must decide whether to power down machines or optimize energy use.

Behavioral analysis in the mining sector shows that low hashprice periods slow operations and extend block production times. This can temporarily affect Bitcoin network security and transaction confirmation speeds.

What Is Mining Difficulty?

Bitcoin mining difficulty is a metric used to balance block production. It determines how easy or hard it is to find a new block.

The network aims to create a block roughly every 10 minutes. If miners find blocks too quickly, difficulty rises; if they are slow, difficulty decreases, keeping block times stable.

Difficulty depends on total network computing power. Adding more miners or stronger hardware makes blocks easier to find, prompting the network to increase difficulty.

In practice:

• Low difficulty allows miners to find blocks with less energy.

• High difficulty requires more energy and computing power, raising mining costs.

This mechanism ensures Bitcoin network security while affecting miner profitability.

Supply Chain and Geopolitical Risks

The mining industry also faces geopolitical risks. The United States is investigating Bitmain, the world’s largest mining hardware manufacturer. The DHS is checking whether their machines could be accessed remotely for espionage.

Bitmain dominates 80% of the ASIC market used in proof-of-work cryptocurrencies. U.S. restrictions or sanctions could disrupt hardware supply, indirectly affecting hashprice and miner decisions.

The combination of rising difficulty in December, persistently low hashprice, and geopolitical risks highlights the critical importance of strategic operational decisions for Bitcoin miners.

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Project is designed as Solana’s first and only true native store of value. While bridged tokens like USDT and WBTC carry third-party risks, Ore is fully Solana-native, eliminating bridge hacks, oracle manipulations, or centralized custody risks entirely.

What is Ore?

The project creates a digital gold standard using Solana’s fast, low-cost, and highly scalable infrastructure. Total supply is capped at 5,000,000 ORE; new tokens are produced exclusively through mining. The project is built on the principle of “mining = value creation”—a hybrid approach merging Proof of Work (PoW) fair distribution with Solana’s Proof of History (PoH) speed. It also aims to be the cornerstone of decentralized finance. With hundreds of DeFi protocols, NFT marketplaces, and gaming ecosystems on Solana, a native store of value was missing. Ore fills this gap. Mining with SOL, staking with ORE, deflation through burning—all operate within a single smart contract.

The project redefines fair launch. Zero team allocation, zero VC lockup, zero pre-mining—the first ORE goes to the first miner. This is an ecosystem growing through the collective effort of the Solana community.

How Does the System Work?

The project is an SPL standard token. Its smart contract is written in Rust, fully auditable, and immutable (non-upgradable). The protocol uses verifiable random function (VRF)—Solana’s on-chain randomness ensures unpredictable and tamper-proof winning block selection.

The mining grid is 5×5—total 25 blocks. Each miner stakes SOL to claim space in one or more blocks. At the end of each round:

• 1 winning block is selected
• All SOL from the 24 losing blocks is distributed proportionally to miners on the winning block
• +1 ORE reward:
  • 50% chance shared among all winning miners
  • 50% chance one random miner takes it all

This system is a lottery + PoW hybrid. Higher stake = higher win probability, but fully random—no miner has guaranteed rewards.

Motherlode Mechanism

Each round, +0.2 ORE is added to the motherlode pool.

• 1 in 625 chance it triggers → pool distributed proportionally to winning block miners
• If not triggered, it accumulates → potentially millions of ORE in jackpots
• Example: No trigger for 1,000 rounds → 200 ORE accumulated → 200 ORE distributed in one round

Motherlode rewards long-term miners. The growing pool drives mining participation and fuels the protocol’s viral growth.

Refining Mechanism

10% of mining rewards is deducted as a refining fee. This fee:

• Is distributed proportionally to miners who delay claiming their rewards
• The longer you wait, the more tokens you get
• Short-term dumping is penalized
• Long-term holders are rewarded

Example:

• 100 ORE mining reward
• Claim immediately → receive 90 ORE
• Wait 30 days → receive 95–110 ORE (depending on refining pool)

This shifts token distribution toward long-term holders—creating deflationary pressure + holder incentives.

Key Features

1. True Solana-Native Store of Value
   • No bridges → zero risk
   • Mining with SOL → native liquidity
   • 5M fixed supply → inflation-free
   • SPL standard → works in all Solana wallets
2. Fair Launch
   • Zero pre-mining
   • Zero team allocation
   • Zero VC lockup
   • First token → first miner
   • All code open-source
3. Deflationary Burning & Buyback
   • 100% of transaction fees burned
   • Protocol revenue (10% SOL) → $ORE buyback
   • 90% burned (remintable, but circulation drops)
   • 10% to stakers
4. Staking & Yield (Revenue Share)
   • Stake $ORE → receive $stORE
   • Buybacks from protocol revenue → added to $stORE pool
   • $stORE / $ORE ratio continuously increases
   • No lockup → instant unstake
   • Stakers “double-dip”: benefit from buyback and revenue share
5. Motherlode Jackpot
   • +0.2 ORE accumulates per round
   • 1/625 trigger → massive payout
   • Can grow to millions of ORE
   • Explodes mining participation

Ore Tokenomics

Total Supply: 5,000,000 ORE (fixed) Circulating Supply: Increases via mining (0 at TGE)

Emission:

• +1 ORE per minute (mining)
• +0.2 ORE per round (motherlode pool)

Revenue & Burning:

• Protocol revenue (10% SOL) → $ORE buyback
• 90% burned (remintable)
• 10% to stakers

Fees:

• Refining: 10% (to patient miners)
• Admin: 1% SOL (development)
• Deposit: 0.00001 SOL
• Auto-miner: 0.000005 SOL/round

Allocation:

• Mining: 100%
• Team/VC: 0%

Earnings Optimization

• Motherlode hunting: Higher stake → higher jackpot chance
• Refining: Claiming immediately → 10% loss
• Staking: $ORE → $stORE → royalty + value growth
• Pool mining: Spread risk, share rewards

Staking & Yield

• Stake $ORE → receive $stORE
• Protocol revenue → $ORE buyback → added to $stORE pool
• $stORE / $ORE ratio continuously rises
• Unstake freely → instant exit
• Stakers “double-dip”:
  1. Buyback → boosts $ORE price
  2. Royalty → increases $stORE value

Investors

Raised: $3M (Seed – September 13, 2024)

• Santiago Roel Santos (Angel)
• Solana Ventures
• Foundation Capital
• Colosseum
• Third Kind VC
• BJ Studios, Dead King Society

Roadmap

Q4 2025:

• $ORE TGE (official listing)
• Mining v2 (higher jackpots, dynamic grid)
• Mobile miner (iOS/Android)

Q1-Q2 2026:

• Ore DEX (native AMM, $ORE/SOL pool)
• Ore Lending (Aave-like)
• Cross-chain bridges (Ethereum, Base)

Q3 2026+:

• Ore Pay (SOL payments, $ORE reserves)
• Ore NFT marketplace (blind bidding)
• Institutional staking (custody solutions)

Team

The project is led by Hardhat Chad with a minimalist team. Chad, a legendary miner in the Solana community, built Ore single-handedly from scratch. The team is committed to decentralized mining and fair distribution. Development, operations, and maintenance are funded through protocol revenue (1% SOL).

Ore is Solana’s digital gold. Born through mining, grows with staking, becomes scarcer with burning. $ORE holders invest in Solana’s future. Miners, stakers, and holders—all are part of the same ecosystem.

Official Links

• Website
• X (Twitter)
• Whitepaper

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National Exchange and Market Infrastructure

Chebeskov emphasized the market’s need for its own infrastructure. Therefore, a national framework is necessary for a wide ecosystem, from mining to payments. In addition, the infrastructure will operate through a national exchange that includes miners, investors, and companies working with crypto assets. For this reason, the Bank of Russia has also begun preparations for the development of this infrastructure.

You May Be Interested: Bitcoin Move from Russia’s Largest Exchange!

Crypto-Friendly Russia: Pilot Programs and Legal Trials

Moscow has softened its stance toward crypto in recent months. In March, the Central Bank launched a pilot program for certain investors. The program allows investors to trade crypto on a limited basis for three years. Its goal is to secure investments while maintaining strict rules for individual use.

In April, the Ministry of Finance and the Central Bank worked to establish a crypto exchange open only to qualified investors. The experimental legal system will last three years. This system shows that Russia is testing crypto in a controlled yet increasingly friendly framework.

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Yet, alongside this rapid accumulation, concerns are emerging about shrinking transaction fees — a trend that could challenge Bitcoin’s long-standing “digital gold” narrative.

Corporate Bitcoin Holdings at Record Levels

From corporate treasuries to mining firms and ETF issuers, the role of public companies in Bitcoin markets has expanded significantly over the past few years.

At the top of the leaderboard sits Strategy, co-founded by Michael Saylor, which began aggressively purchasing Bitcoin back in 2020.

In second place is MARA Holdings, with 52,477 BTC under its control — adding 705 BTC in August alone.

New entrants are also making their mark. Jack Mallers’ XXI already holds 43,514 BTC, while the Bitcoin Standard Treasury Company owns 30,021 BTC.

Other notable players include Bullish (24,000 BTC), Metaplanet (20,000 BTC), and publicly traded names such as Riot Platforms, Trump Media & Technology Group, CleanSpark, and Coinbase.

The Hidden Risk: Transaction Fees in Decline

While Wall Street’s Bitcoin exposure is growing, the network faces a different challenge: falling transaction fees. Following the most recent halving, block rewards were reduced, and transaction fees now account for less than 1% of miner revenue.

This leaves miners increasingly reliant on price appreciation alone to sustain profitability. As a result, some are forced to liquidate reserves or shut down operations entirely.

Beyond economics, this dynamic could also impact Bitcoin’s decentralization and security. A decline in miner participation risks concentrating hash power into the hands of a few dominant pools. In fact, Foundry and Antpool already command nearly half of the network’s total hash rate.

The 2028 Halving: An Even Greater Test

The next halving will cut block rewards further, down to 1.5625 BTC per block. For miners, this represents an even steeper challenge to stay profitable.

Unless new use cases emerge to boost demand for block space, Bitcoin’s security model could weaken. Such a shift would push the “digital gold” narrative further away from the economic incentives that underpin the network’s resilience.

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What Is Lnfi Network (LN)?

The Lightning Network has transformed Bitcoin by enabling instant, low-cost payments. However, its core design is optimized for unilateral transfers, such as simple one-way transactions. Lnfi Network builds a decentralized application layer on top of Lightning, introducing three key capabilities:

• Programmable Logic: Complex, conditional financial agreements are embedded in the off-chain layer, powered by Nostr.
• Secure Bilateral Settlements: Trustless, atomic value exchanges (e.g., swaps, trades) are enabled on the Lightning Network, with finality secured on the Bitcoin blockchain.
• Native Multi-Asset Support: Diverse assets, including Taproot Assets, RGB assets, real-world assets (RWAs), stablecoins, and in-game items, are seamlessly issued, managed, and transferred on Lightning.

These features transform the Lightning Network from a payment channel into a robust platform for open, programmable finance.

LN Exchange

To understand Lnfi’s capabilities, consider LN Exchange, a decentralized order book-based exchange (DEX):

• Order Logic (Nostr): Users broadcast orders through the decentralized Nostr network.
• Matching Logic (Nostr): Orders are matched peer-to-peer via Nostr relays.
• Settlement Execution (Lightning Network): Matched orders trigger an instant, secure atomic swap within a Lightning channel using Lnfi’s infrastructure. For instance, swapping BTC for a stablecoin or RWA is executed with finality on the Bitcoin blockchain.

Without Lnfi, this functionality is unattainable, as base Bitcoin and Lightning lack the programmability for conditional swap logic and bilateral settlement mechanisms. Lnfi provides the critical settlement layer and asset flexibility.

Beyond the Exchange

Lnfi is not merely an exchange. Its foundation—programmability, bilateral settlements, and multi-asset support—powers a broader ecosystem, including token launches (Launchpad/Launchpool), verifiable asset locking, peer-to-peer (P2P) marketplaces, and instant token gifting (LN Gift). All operate with Bitcoin’s security and Lightning’s speed.

Complete Token Lifecycle Support

Lnfi supports the full lifecycle of Taproot and RGB assets, from issuance to launch, listing, and trading. For those looking to issue a new token, launch a campaign, or develop applications, Lnfi provides a comprehensive multi-asset financial layer to support projects from inception to scale.

Infrastructure for a Hyper-Bitcoinized Future

Bitcoin is evolving from digital gold into the foundation of global finance: a trustless, decentralized monetary layer. However, transitioning to a hyper-bitcoinized future—where Bitcoin underpins savings, trade, and contracts—requires more than a base layer. Lnfi is designed to build this ecosystem.

By combining Bitcoin’s security, Lightning’s instant settlements, Nostr’s censorship-resistant communication, and multi-asset functionality, Lnfi creates the essential infrastructure for an open, decentralized, and interoperable internet:

• Real-world assets, stablecoins, and tokenized assets settle peer-to-peer at Lightning speed.
• Anyone can issue, settle, and manage tokenized capital markets on Bitcoin-native infrastructure.
• Programmable money eliminates intermediaries, enabling borderless, trust-minimized commerce.

This is not speculation—it is infrastructure. As inflation erodes legacy currencies and nations seek neutral monetary standards, institutions will demand:

• Security anchored to Bitcoin’s proof-of-work
• Scalability beyond blockchain limitations
• Sovereignty through non-custodial interoperability

Lnfi delivers this through protocols like LN Exchange (decentralized trading), LN Issue (asset tokenization), and LN Starter (verifiable token launch campaigns).

Core Features

Lnfi transforms the Lightning Network with the following features:

• Multi-Asset Financial Layer: A comprehensive layer for issuing, sending, trading, staking, and managing Taproot and RGB assets.
• Tokenize Anything: Applications can issue protocol tokens on Lightning for fundraising, user rewards, payments, or community building. Tokens can represent protocols, commodities, corporate equity, government debt, stablecoins, or even loyalty points.
• Beyond Payments: Lnfi enables off-chain logic for DeFi, GameFi, SocialFi, DePIN, and AI-native applications, free from blockchain constraints.
• Ultra-Low Fees: Settlements on Lightning ensure near-zero-cost, gasless transactions.
• Transparency: User actions are stored as Nostr events on decentralized relays and IPFS, ensuring full visibility without compromising privacy.
• Speed: Targets over 1 million transactions per second (TPS) on the Lightning Network.

Technology

Lnfi integrates Bitcoin’s most advanced innovations: Bitcoin’s security, Lightning Network’s scalability, Nostr’s programmability and digital identity, and multi-asset issuance via Taproot Assets and RGB protocols. These technologies enable multi-asset DeFi on Lightning.

• Bitcoin: With over 900 quintillion hashes per second, it is the world’s most secure network.
• Lightning Network: Peer-to-peer channels enable instant, low-cost settlements.
• Nostr: Provides censorship-resistant communication and coordination.
• Taproot Assets: Allows asset issuance on Bitcoin with fast Lightning transfers.
• RGB: Offers privacy-preserving smart contracts, ideal for sensitive financial instruments.

LN Issue

LN Issue enables projects or users to issue Taproot and RGB assets with a few clicks. A one-time issuance fee covers asset creation, launching campaigns on LN Starter or Airdrop, and listing on the P2P Marketplace. Issuers retain 50% of future trading fees generated by their assets on the marketplace.

LN Starter

LN Starter is a token launch platform for Taproot and RGB assets, supporting Initial Lightning Offerings (ILOs) for fair and transparent community funding or user base growth:

• LN Launchpad:
  • Open Sales: Permissionless launches allow projects to connect directly with communities.
  • Featured Sales: Curated, high-quality projects receive dedicated support from the Lnfi team.
• LN Zodiac Mint: A fair token launch mechanism based on Bitcoin block hashes, offering token sales or raffles.

LN Exchange

LN Exchange is the first and largest spot and perpetual order book exchange on the Lightning Network, enabling fast, liquid trading of Bitcoin, Taproot Assets, and RGB assets.

LN Node

LN Node is an open-source, self-custodial Lightning node that allows users to earn yields on Bitcoin, Taproot, and RGB assets. Features include:

• Built-in mining rewards
• Simplified, no-technical-setup management
• AI-driven optimization
• Taproot and RGB asset integration

LN Node is supported by Nostr Wallet Connect (NWC) and LN Link, enabling native payments within Nostr applications.

Channel Mining

LN Node users can earn rewards through channel mining by providing liquidity and facilitating transactions (estimated 10%+ APR). Channels with 1,000,000 to 10,000,000 sat capacity are eligible, with rewards distributed in $TRICK/$TREAT tokens.

Lnfi Network (LN) Tokenomics

• Total Supply: 1 billion LN
• Public Sale: 0.05% (500,000)
• Community: 60%
• Team and Advisors: 22%
• Liquidity Management: 6.25%
• Ecosystem: 6%
• Other: 5.75%

Lnfi Network (LN) Investors and Backers

Lnfi Network is backed by prominent venture capital firms, including HashKey Capital, CMS Holdings, Waterdrip Capital, UTXO Management, and Wolf. These investors support Lnfi’s vision on the Lightning Network and contribute to its ecosystem growth.

Lnfi Network (LN) Team

Founded in 2023, Lnfi Network is led by Luke (Founder) and Darius Koh (Co-founder and COO). The team is focused on developing Bitcoin-native infrastructure to drive a hyper-bitcoinized future.

Official Links

• Website
• X (Twitter)
• Whitepaper

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The board has approved up to $250 million in crypto purchases. The portfolio includes altcoins like Bitcoin, Ether, Solana, Ripple, Litecoin, and Dogecoin. Thumzup is actively collaborating with technology providers in the sector to accelerate its mining operations. 

The company plans to use net proceeds to explore crypto accumulation and mining equipment acquisitions, as well as for working capital and general corporate purposes. With a current ratio of 3.36, Thumzup maintains strong liquidity but continues to report a negative EBITDA of $5.36 million over the last twelve months. The completion of the IPO will enable Thumzup to implement its digital asset strategies. 

IPO and the Role of the Trump Family 

Thumzup sold its shares at $10, generating gross proceeds from investors. SEC filings reveal that Donald Trump Jr. held approximately 350,000 TZUP shares before the IPO. In July, 3,250,000 TZUP shares were sold along with 11 other sellers, with Trump Jr. as the largest individual seller. Net proceeds from the IPO are expected to reach $46.5 million. 

Other sellers included Valkyrie fund managers, American Ventures real estate group, and select private investors. Thumzup’s IPO took place under the shelf registration submitted on May 2, which the SEC approved on May 30. 

CEO Robert Steele stated, “This step is transformative for Thumzup’s evolution. With an enhanced capital base, we are entering high-growth areas of the digital economy. Our goal is to build revenue-generating, enduring assets while positioning the company as a leader in crypto mining and treasury management.” 

The Trump family has played an active role in the crypto sector, managing American Bitcoin investments through the DeFi and stablecoin project World Liberty Financial. Bloomberg reports the family earned $620 million from crypto ventures in recent months. Eric Trump serves as CSO of American Bitcoin, while Donald Jr. was a major shareholder. The family attributes their interest in crypto to banking barriers and censorship concerns. 

The stock trades at a price-to-book ratio of 39.95 and is considered overvalued according to InvestingPro. The IPO allows Thumzup to expand its crypto and altcoins investments and strengthen its presence in the sector. 

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According to Phoenix Group’s announcement, the newly formed digital asset treasury consists of 514 Bitcoin and 630,000 Solana (SOL) tokens. This reserve is considered part of the company’s long-term strategic vision.

Co-founder and CEO Munaf Ali stated:

“Holding Bitcoin and other strategic digital assets isn’t just about exposure; it’s a step that aligns with our company’s vision. We believe in the long-term value these networks represent, and our treasury strategy reflects that belief.”

In the second quarter of 2025, Phoenix Group’s shares rose by over 72%, making it one of the top five most-traded and best-performing stocks on the ADX.

Institutional Investors Are Now Looking Beyond Bitcoin

Recently, more Bitcoin mining firms have started incorporating not just BTC but also altcoins into their balance sheets. This shift indicates that institutional investors are expanding their interest beyond Bitcoin, showing growing confidence in the broader digital asset market.

A notable example is BitMine Immersion Technologies. The company revealed plans to acquire up to 5% of the total Ethereum supply. As of now, BitMine holds 625,000 ETH, representing 0.52% of the total circulating supply. This acquisition is part of a $1 billion stock buyback initiative.

Phoenix Group’s Financial Report: Mining Revenue and Asset Valuation

Phoenix Group reported a revenue of $29 million for the second quarter of 2025, along with a total of 336 BTC mined. Of this, 214 Bitcoin were generated through the company’s own mining operations. However, this figure represents a 51% drop compared to the first quarter, during which Phoenix mined 689 BTC.

Despite the decline, the company’s self-mining revenue surged by 219% over two years — rising from $13 million in the first half of 2023 to over $41.7 million in the first half of 2025. The company achieved a 31% gross profit margin from self-mining and reduced energy costs by 14%.

On the downside, Phoenix reported a non-cash loss of $29 million due to revaluations in its digital asset portfolio and adjustments under revised accounting standards. Additionally, it disclosed $16 million in outstanding debt.

Looking ahead, Phoenix Group expects a “partial rebound in asset valuations” in the third quarter, driven by recent price recoveries in key holdings such as Solana.

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Bitcoin Miners Shift to Accumulation 

In April, when Bitcoin dropped to $75,000, miners changed their behavior. According to Glassnode, BTC in miner wallets rose from 1,794,622 on April 12 to 1,797,330 by May 13—a 0.15% increase. Though small, this shift signals the end of the selling trend that began in late 2023. Institutional buying is also outpacing miners’ daily BTC production, supporting upward price movement. 

Miners’ accumulation is boosting market confidence. Glassnode data confirms the 2,700 BTC increase in miner wallets, potentially marking the end of the 2023 selling trend. The Hash Ribbons indicator further supports a strong buy signal. Following its March signal, BTC rose 20%. 

Additionally, Bitcoin miners are undergoing a transformation shaped by energy costs and regulations. In the U.S., Trump-backed American Bitcoin plans to go public through a merger with Hut 8. Ethiopia, with state-backed mining, holds 2.5% of the global hashrate. However, Kuwait has imposed restrictions on mining due to energy concerns. As a result, miners are turning to renewable energy and exploring new markets. 

Hash Ribbons Signals Strong Buy 

Hash Ribbons, a reliable indicator of miner behavior developed by Capriole Investments, uses two moving averages of hashrate. Since its “buy” signal in late March, BTC/USD has gained 20%. Crypto investor Mister Crypto predicts further price increases in May, noting the signal’s continuation. Hash Ribbons identifies miner capitulation periods, offering market entry opportunities. 

Miners have stopped selling.

Extremely bullish for Bitcoin! pic.twitter.com/bLuCM5GMgL

— Mister Crypto (@misterrcrypto) May 14, 2025

In conclusion, miners’ accumulation and the positive Hash Ribbons signal paint a bullish picture for Bitcoin. 

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American Bitcoin and Gryphon Unite Under One Roof

In a significant crypto industry move, Gryphon Digital Mining is merging with American Bitcoin via a stock-for-stock transaction. The resulting entity will operate under the American Bitcoin name and feature Eric Trump on its board of directors. His involvement adds a political layer to this already monumental business event.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

Following the merger announcement, Gryphon’s stock skyrocketed. The share price jumped from $0.52 on May 9 to $2.15 by May 12—an increase of over 313%.

IPO Strategy Highlights Independence and Expansion

American Bitcoin is majority-owned by energy and data center company Hut 8. According to CEO Asher Genoot, taking the company public is a strategic move to boost Bitcoin accumulation capacity while securing growth capital independently of Hut 8’s balance sheet. The company also aims to generate stable revenue through long-term infrastructure agreements.

After the merger, about 98% of the new company will be owned by existing American Bitcoin shareholders—indicating strong control from Trump-backed investors.

At The Crossroads Of Finance And Politics

Founded in late March with support from Donald Trump Jr. and Eric Trump, American Bitcoin acquired Hut 8’s mining hardware and aims to become the world’s largest and most efficient pure-play Bitcoin miner. By building strategic reserves, the company seeks a dominant position in the crypto market—not just economically, but politically.

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