The Bitcoin mining industry faces a critical strategic pivot as companies navigate between traditional mining and emerging HPC/AI infrastructure opportunities with varying profitability models.

• Bitcoin price stability around $108-109k still leaves many miners unprofitable
• Several miners aggressively scaling up hash rates (Mara targeting 75 EH/s, CleanSpark and Iron at 50+ EH/s)
• Bit Digital and other miners considering complete divestment from Bitcoin mining to focus on HPC/AI
• Co-location model emerging as potentially most profitable HPC strategy with lower capital requirements
• Power costs represent 25-50% of Bitcoin mining revenue versus only 2% for HPC operations
• Data sovereignty becoming important trend with Canadian operations gaining strategic advantage
• Equipment replacement cycles (3-4 years) and halving events create ongoing profitability challenges
• Ethereum treasury management emerging as alternative strategy with BitDigital leading the trend
• Soluna Holdings reached full capacity at Dorothy 2 facility, demonstrating successful hosting strategy

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CoreWeave makes a $9 billion acquisition offer for Core Scientific in an all-stock deal valuing shares at $20.40, while BitDigital pivots to a full Ethereum treasury strategy causing shares to soar over 30%.

• CoreWeave's acquisition offer values Core Scientific below many analyst expectations
• Deal structure ties final value to CoreWeave's share price at closing, potentially in Q4 2024
• Bit Digital converts entire Bitcoin holdings to Ethereum, now holding over 100,000 ETH
• Bitcoin treasury companies like MetaPlanet and Smarter Web trading at 5-7x premiums to holdings
• CleanSpark and IREN both achieve 50 exahash milestone with June production of 685 and 620 Bitcoin
• IREN announces "Horizon 2" expansion plans for high-performance computing
• Bitcoin hash price near yearly highs at $58+ with difficulty adjustment coming July 11
• Miner Madness 4.0 competition begins with some participants already up double digits on day one

Let us know in the comment section below how you're feeling about the Bitcoin mining space, the Core Scientific offer price, and BitDigital's trading action today.

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Bitcoin surpasses $110,000 as mining stocks rally with significant volume increases, showing renewed investor interest in the sector amid improving fundamentals and strategic capital deployment.

• Bitcoin trading above $109,000 with miners showing strong share price performance
• Iren announces purchase of 2,400 NVIDIA Blackwell GPUs ($130M) for AI cloud expansion at Prince George facility
• DMG and Riot June production affected by curtailment, with Riot earning $5.6M from power sales
• Iron and Core Scientific market caps exceed $4B and $5B respectively
• Deep dive into ATM usage by major miners reveals they raised over $10B combined
• Mara approaching 50,000 BTC treasury worth $5B+ as they target 75 exahash
• CleanSpark paused ATM usage in November until share price reaches $20
• Iron achieved industry-leading efficiency at 15 joules/terahash with $41,000 production cost
• Mining companies transitioning from ATM financing to convertible notes

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