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Welcome to Mining Wednesday, where Blockspace covers the intersection of bitcoin mining, energy, and AI.

Today we cover an investor deck from American Bitcoin, and Riot’s dash to the exit for its Bitfarms position. Plus, prices, mining headlines, and Chart of the Week!

It’s about a 5 minute read. But before we dig in…

Market Opens

American Bitcoin targeting 15 EH/s of ASIC purchases, deck shows

American Bitcoin hit the ground running when it came out of stealth in March. But a new funding deck reviewed by Blockspace shows the company’s ambitions are growing, with American Bitcoin seeking an undisclosed amount of fundraising to increase its hashrate under capacity from 10 EH/s to 25 EH/s. 

American Bitcoin turned heads mid-March when it emerged as a subsidiary of Hut 8, peeling away Hut 8’s mining assets in return for Hut 8’s 80% stake in the company. Eric Trump joined the fledgling Bitcoin miner as co-Founder and chief strategy officer.

Read: Hut 8’s big bet on Trump-affiliated American Bitcoin

The investor deck Blockspace obtained reveals American Bitcoin will use an “asset light” strategy to funnel “nearly 100% of growth capital to ASICs and Bitcoin accumulation.” 

The deck goes on to state that the next leg of growth for American Bitcoin is the purchase of Hut 8’s 15 EH/s allocation of Bitmain’s U3S21EXPH. Assuming execution, American Bitcoin would place the units at Hut 8’s Vega site, a 205 megawatt facility in West Texas.

Hut 8 announced the installation of the direct-to-chip liquid cooled ASICs in September of last year in a hosting agreement with Bitmain. The deal gives Hut 8 the option to purchase the 15 EH/s of U3S21EXPHs in three tranches.

Based on current pricing sheets reviewed by Blockspace, American Bitcoin is staring down a hefty cost of $23.9 / TH. Pricing sheets reviewed by Blockspace last September during the initial announcement list units at $30.7/TH. At 15 EH/s, that would bring the total purchase price north of an estimated $300 million (coupons and delayed payment schemes will likely alter the final price considerably).

Riot sells 16% stake in Bitfarms, takes $100M haircut

Riot Platforms (RIOT) has sold its multi-million dollar stake in rival Bitfarms (BITF), aborting its attempt to influence the company’s direction and cutting its loses in the process.

Per a May 27, 2025 SEC filing, Riot has sold 90,110,912 BITF shares for $97.3 million, less than half of the $204 million it paid for the shares in multiple purchases last year. The stake represented roughly 16% of Bitfarms’ outstanding stock at the time of sale, versus 19.9% at the time of Riot’s last purchase in September 2024.

Riot originally offered to purchase Bitfarms for $950 million in April of last year, an offer Bitfarms swiftly rejected. After Bitfarms rebuffed the proposal, Riot began accumulating Bitfarms shares in what some called a hostile takeover attempt.

Bitfarms countered the takeover attempt with a proposed poison pill strategy to dilute Riot’s stake should it exceed 20%.

The two companies settled the dispute in September 2024. It ended with Riot agreeing to not purchase more than 20% of Bitfarms’ stock without board approval, and in exchange, Bitfarms appointed one of Riot’s proposed board members.

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Bitcoin Mining Headlines

CoreWeave signs 15-year, 250 MW lease with Applied Digital

Per SEC filings, AI/cloud computing startup, CoreWeave, has signed a 15-year lease for 250 MW of critical load from Applied Digital’s Ellendale, North Dakota site. The deal is valued at $7 billion and includes an option for CoreWeave to lease an additional 150 MW, for a total consideration of 400 MW. Applied Digital will aim to have the first 100 MW operational in Q4 2025 and the remaining 150 MW by the middle of 2026.

Cango completes ownership transition to Antalpha-linked firm

Per SEC filings, Cango has completed a corporate restructuring that will see Enduring Wealth Capital, a subsidiary of Bitmain’s financing arm, Antalpha, control the bulk (or nearly the bulk) of voting rights. Cango’s cofounders sold Enduring Wealth Capital 10 million class B shares for $70 million. Recently, Ursalpha, another offshoot of Antalpha, committed to buy Cango’s original auto-financing business for $320 million.

Sangha Renewables closes $14 million fundraising round

Per a company press release, the bitcoin mining company will turn its attention to West Texas to build out a solar-powered bitcoin mine. It has secured an agreement with an independent power producer for 19.9 MW of behind-the-meter power for the project.

Three public miners now operate ~14% of the entire bitcoin network

Per the MinerMag, Cleanspark, Riot, and MARA collectively increased their hashrate by 17.9 EH/s last month, a 15.5% increase. Between the three of them, these miners now operate 133 EH/s — roughly 14% of the entire Bitcoin mining network at the time of writing.

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