Alex Whitfield
Marathon Earnings Beat on AI Diversification as Pure-Play Mining Margin Narrows
MARA reported a 12% revenue beat on Wednesday, driven largely by its HPC colocation business. Pure-play hash revenue margins compressed again, as they have every quarter since the halving.
Stablecoin Market Cap Tops $200 Billion for the First Time as USDC Closes the Gap on Tether
Circle has added $12 billion in supply this quarter, narrowing Tether's lead to the smallest margin since 2021. The composition of who is holding what has changed, too.
Solana Recovers Above $200 as Firedancer Mainnet Soak Test Begins
After a brief network hiccup earlier this week, traders are repricing the chain's reliability narrative on the back of Jump Crypto's long-awaited client.
Bitmain's S23 Pro Shortage Is Reshaping the ASIC Resale Market
Next-gen Antminer delivery timelines have slipped by an average of 11 weeks. Second-hand S21 Pros are trading at a premium. The supply chain story is, as usual, the real story.
Nomura Pulls $600M Tokenized REIT STO After Transfer Agent Tech Stack Fails Audit
A pre-launch audit flagged unreconciled on-chain and off-chain cap tables in the transfer agent layer. The offering has been withdrawn, not repriced.
First Dedicated Nuclear-Powered Mining Site Goes Live in Pennsylvania
A 280MW operation has begun drawing power directly from Talen Energy's Susquehanna nuclear plant. The pilot is the first of its kind in the United States to use a behind-the-meter structure.
Post-Halving Mining Economics Are Forcing New Revenue Models Into the Open
Hash-backed lending, block template auctions, and MEV-style extraction are all being built out simultaneously. The pure-hashrate-for-block-reward model is not enough at current margins.
CoinList Relaunches With Compliance-First Playbook and Three New Sales
After a two-year period of dormancy following its 2023 enforcement settlement, CoinList is back with a significantly narrower product scope and a renewed institutional desk.