Bitcoin mining companies around the world faced major shifts in May 2025. Riot Platforms sold 475 Bitcoins in April, its first big sale in over a year. The company moved away from its long-time strategy of holding all mined coins. Riot made about $38.8 million from the sale.
It produced 1,530 Bitcoins in Q1 and saw revenue hit $161.4 million, mostly from mining. Cipher Mining produced 174 Bitcoin in April but sold 350 to manage its treasury. The company ended the month with 855 Bitcoins, including 379 held as collateral. Cipher’s operating hashrate reached 13.5 EH/s.
American Bitcoin, backed by the Trump family, announced a merger with Gryphon Digital. The deal will take the new company public under the name ABTC. Hut 8, which owns 80% of American Bitcoin, will continue to manage its operations. Meanwhile, Hut 8 reported a $134.3 million loss in Q1, citing the halving and equipment upgrades.
Core Scientific Revenue falls over 55%
Russia proposed a new tax on companies that lease mining hardware or offer hashrate to foreign clients. The law aims to close loopholes in cross-border mining services. Officials estimate it could bring 50 billion rubles in annual tax revenue.
Bitmain launched a new mining machine with 9.5 J/TH energy efficiency. The release comes as miners seek to lower costs after April’s halving reduced rewards. Core Scientific posted a large net income of $581 million in Q1. However, most of it came from a non-cash fair value adjustment.
Revenue dropped 55.6% year-over-year. The firm plans to offer MW of hosting power to CoreWeave by year-end. Bitfarms increased revenue by 33% year-over-year to $67 million but still lost $36 million in Q1. TeraWulf lost $61.4 million, up sharply from a year earlier. Mining revenue fell due to the halving and weather issues in New York.
Regulation and risk redefine Bitcoin Mining
Cango mined 1,541 Bitcoins in Q1, generating nearly all of its RMB 1.1 billion revenue. Its cost per Bitcoin stood at $70,602. KULR entered Bitcoin mining for the first time and launched a blockchain supply chain tool. It reported a net loss of $18.81 million.
Illegal mining remained a concern. Police in Malaysia raided setups that stole power. In Paraguay, authorities arrested four suspects in an attempted mining equipment theft.
Regulation, rising costs, and mergers reshaped the mining sector in May. Firms shifted strategies, trimmed expenses, and braced for a more competitive future.
